2022: The Million‑Dollar Resale Market Is Running Wild
By the time we hit the third quarter of 2022, the number of resale apartments blasting past the $1 million threshold has already eclipsed the entire 2021 tally. Talk about a runaway trend!
2021 Was Only the Start
Even a year ago, 2021 shattered records with a surge of million‑dollar listings. Now, the market has gone from “record‑breaking” to “surreal‑world‑record”. It feels like the glass‑citings have slipped off their countertops and the sky’s the limit.
Why These $1 M Calls Are the New Normal
- Don’t call it a luxury: In the past, such price tags were seen as a homeowner’s “big‑wig” indulgence or a reckless gamble.
- New reasons to buy: Today, buyers are looking at these high‑priced units for their prime locations, low maintenance, and future resale potential.
- The market’s rebranding: Whenever the price hits a million dollars, it’s less about extravagance and more about smart investment. Investors, homeowners, and dream‑seekers are all staring at the same shiny numbers.
So what’s the big deal? It’s clear that our eyes are now turned toward the thrill of owning a slice of Hongkong’s most coveted skyline. The resale market is no longer an outlier, but a new everyday benchmark.
Another record year for million-dollar flats
Million‑Dollar Homes Are Shooting Through the Roof
By the close of September 2022, 266 Singaporean flats crossed the one‑million‑dollar threshold—talk about a bullish market! That’s a leap from last year’s 259 high‑priced properties.
Prices Keep Climbing, No Breaks in Sight
- Resale flat prices have been on an upward roller‑coaster for 26 straight months.
- Average cost per square foot? $531 psf now, a 10% jump from last year’s $492.
Beyond the Buzz: Million‑Dollar Deals in Less‑Known Areas
It’s not just the old insurance‑section blocks that are skyrocketing—recent million‑dollar transactions are popping up in neighborhoods like Woodlands, Yishun, Hougang, Bukit Batok, and Punggol. If you thought you’d only see the elite right out of town, think again.
So whether you’re a seasoned investor or just curious about the ‘million‑dollar club’, keep an eye on the market. With the trend booming, your very own high‑end house might just be on the horizon.
SkyTerrace’s $1.4 M Loft: Luxury or Liar?
Still the most expensive resale flat in the city, SkyTerrace @ Dawson sold a five‑room loft for an eye‑watering $1.418 million. Sure, it looks like you’d have to pay for a private jet just to stroll across the balcony.
But why is it so… unique?
- Every one of its five rooms is sprinkled with that sky‑high vibe—no other listing offers the same layout at a comparable price.
- Comparable listings in the same area usually drop below $1 million, making this one a real outlier.
- So if you’re hunting a “like‑for‑like” home that just costs a bit less, you’ll probably end up with a completely different set of features.
Bottom line
In short, SkyTerrace @ Dawson is a one‑of‑a‑kind gem. The next time you see a “sky‑loft” on the market, expect it to play a trick on your budget—or get ready to brag about owning the actual sky.
What makes a million-dollar flat seem reasonable in 2022?
More Buyers Feeling the Price Cold
When the private property market gets a bit too hot, a wave of buyers finds themselves washed away.
- Limited flat supply gets a taste of reality: The rent‑pricking, yet still scarce, inventory is finally getting its fair correction.
- High-interest rates aren’t a death sentence: For some folks, those steamy rates are just a side note, not a roadblock.
- Decentralisation = Destiny in fresh‑off‑the‑market areas: In zones that haven’t hit their maturity milestone, spreading out is the secret sauce.
- Rising tide lifts all boats: When the market swells, everyone, even the boat‑small, gets a lift.
More buyers priced out of the private market
Condo Prices Are Rising – Are You Staying in the Black?
We’ve been watching the market for a while, and it’s clear that the new shiny launches are pushing up the cost ceiling for sweet‑tooth upgraders.
The “Bright‑New” Price Tag
- About $2,000 per square foot has become the new standard, which means a 1,000‑sq‑ft apartment (roughly a four‑room flat) now fetches around $2 million.
- Most buyers who’re looking to upgrade can only manage a slice of $1.6 million to $1.8 million.
Resale Reality
- According to Square Foot Research, resale condos average about $1,492 per square foot.
- So a 1,000‑sq‑ft unit would be priced around $1.49 million.
The Bishan Bargain
Now imagine you can snag a 1,500+ square foot Executive unit in the heart of Bishan for only $870,000 to $1.18 million. That’s a seriously sweet deal for anyone looking for space without breaking the bank.
Bottom Line
Prices are climbing fast, but there are still hidden gems if you know where to look. Keep an eye on places like Bishan, where you can get more square footage for every dollar.
Million‑Dollar Flat: It’s Not That Crazy
Picture a flat that costs a whole million dollars—yeah, that sounds like a dealer’s dream, right? But let’s break it down and see why it might actually be the smarter move.
Why It Makes Sense When You Dig a Deeper …
- More Space for Less – You end up with a bigger footprint than a high‑priced resale condo.
- Prime Locations – It folds right into the spot you want, instead of being awkwardly placed somewhere else.
- Lower Maintenance Fees – That extra cash you’d spend on condo upkeep gets saved for something fun.
Real Talk, 2022: Prices Are Up, Up, Up
In 2022 the private market was soaring. Even people who wanted to upgrade found that going for a larger flat could be less expensive than buying a tiny, pricey resale unit.
So, before you sheet‑up the million‑dollar plates and call yourself “expensive,” think: maybe the bigger flat is a smoother, cheaper ride.
A limited supply of flats that are just now being corrected
Housing Chaos: Turning 35% Flat Production into a Five‑Year Wait‑List
HDB’s latest announcement says it’s devouring 35 % more flats in 2021‑2022. Pretty neat on paper, but that graph hides a reality check: the BTO clock keeps ticking for up to five whole years.
Why that extra wait feels like a lifetime
- A raised 35 % production rate doesn’t magically erase every backlog.
- New BTO flats still spend years (and years!) grinding through application, approval and construction.
- “You’ll get a flat by 2027, right?” is the mouth‑watering promise every young couple dreams of—and every WFH‑senior hoping might actually happen.
Who gets stuck in the resale jungle?
There’s a twist for families with both partners as Permanent Residents. They’re frozen out of BTO—no matter how eager, you’ll be forced to sprint to the resale market.
Quick take‑aways
- Boosted production = more dots on the plan, not a Faster‑Car service.
- Five‑year wait = a marathon, not a sprint.
- PR couples may have to swipe the resale market; the BTO route is off the table.
In short: the numbers cheer you up, but the distribution still feels like the eternal “scheduling delay” sigh for many Singaporeans who just want a place to call home today.
What Buyers Are Up Against Right Now
When the market looks like a maze, buyers have only two routes:
- Go Private – take the road full of the same hiccups mentioned earlier.
- Take a Deep Breath and Pay – roll the dice on resale flats and accept astronomical Cash‑Over‑Valuation rates.
Honestly, it feels a bit like being asked to choose between a chocolate cake with extra frosting (but a cake that keeps exploding on your plate) or a plain one that’s been buried under a mountain of sugar.
Will the New BTO Flats Really Help?
We’re pretty confident that the surge in BTO units scheduled to roll out over the next couple of years will finally sprinkle some relief into the market. But for now, they’re just a hint of hope—like a faint drizzle that barely dries the thirst for lower prices.
Even high-interest rates may be a non-issue for some buyers
Home‑Buying Costs Hit the Skies: Why Buyers Still Don’t Buck It
When banks last gave a nod to fixed‑rate mortgages in 2018, interest lingered at a cozy 2%. Fast forward to today and that rate has hopped up into the 3% range— and reports suggest it might climb even higher. A steep jump like that is usually a full‑stop sign for those eyeing six‑figure condos and luxury lofts.
But here’s the twist: real‑estate agents are telling us that some buyers are blasting through those barriers with a grin.
What the Re‑Teller Is Saying
- “If you’re in the market in 2022, you’ll find two camps: right‑sizers (down‑size folks) and upgraders. Both are snatching up resale flats at the same time.”
- “Those who want to cash out are tapping into a gold rush. They’re selling their private homes while prices are at a peak, scoring a mountain of cash.”
- “A homeowner who sold a condo or landed property in 2022 can roll up a million‑dollar flat without breaking a sweat.”
And the best part? Many of these buyers carry no mortgage at all. One agent noted that “They can afford to pay the purchase price outright, or even finish a one‑ or two‑year payment plan.” In simpler terms, the interest hike doesn’t sting the strong‑wallet crowd.
At the end of the day, the market’s dynamic means that while rates are licking up, buyers are still moving in—sometimes at full speed—because their funds are already rearing its golden ears and they’re ready to click that final purchase.
For non-mature areas, decentralisation plays a big role
Billion‑Dollar Bungalows? Not Exactly, But Close!
It’s a scene straight out of a futuristic city‑slicker guide:
“With the flipped‑house price in Woodlands reaching a whopping one million bucks, only the locals know the secret.”Hold onto your wallets, folks—decentralisation is the real culprit.
Why the Avenue‑Hills Upgrade
Recall the days when mature estates were the go‑to spots. Those “mature” areas no longer enjoy that same matte‑silence glow. The good news: new, shiny developments are sprouting like wild rice in un‑touched plots.
- Jurong Lake District – Turned from a quiet drainage zone into a polar‑ice palace for investors.
- Punggol Waterway Point – Now a “next‑door” dreamscape with waterfront vibes.
- Better MRT links – They’re like the subway’s own SUV, whisking you from your couch to your office in record time.
- Just next door to malls – because who doesn’t want to shop and live the same day?
“Pricing Is Justifying The Threat”
Rumor has it a realtor chatted with a banker last week; and in that conversation, the message was clear: the price tags on executive flats will keep ticking up as Singapore disassembles its majority‑mature precincts. This matters because the market is on the brink of turning every “non‑mature” into a “million‑dollar” sort-of‑zone.
Life in Woodlands or Punggol?
Picture it: You’re walking down the street, stop! The sign simply reads “$1,000,000 from here.” No shock, no extremes. It’s just the new norm weighted by infrastructure—diverse transportation, modern conveniences, and the allure that “premium becomes mainstream.”
It’s set in motion by governmental planning to stretch the city’s spine far beyond the neighbourhood boundaries—a movement that’s hard to halt. This is the next wave of decentralization, pivoted by high‑tech condos.
Sure? Reality. The housing jungle is taming the franticness of the market. Let’s see if the price countdown rings in the identified benches by the whole nation.
5. A rising tide lifts all boats
Breaking the Price Barrier: The New Trend in Singapore’s Housing Market
It’s all about that “rising tide lifts all boats” vibe—except it’s not the sea, it’s the price tags on HDB flats.
From Being Shocked to Being Normal
- People hear about flats in the center of town hopping above $1.4 million, and more folks are finding the price tag creeping into the $1 million range.
- With time, the shock factor fades. The more folks cross that threshold, the more it feels like the new “normal.”
- So why bother with the hype? It’s basically a psychological hurdle waiting to be knocked down.
The Bannister Effect: A Lesson from the 1940s
Think back to the Great War era, when Roger Bannister went out of that four‑minute mile wrap (3:59.4) in 1954. Experts said it was impossible. Then he shattered the barrier—boom! Within two years, anyone willing to try could do it too.
This is the same process happening with HDB prices today. Once the record is broken, the rest of the league can follow suit.
Live Example: Bedok’s First Time‑Million
We’re concluding with a snapshot: a .jumbo flat in Bedok just sold for $1.04 million. A first for that estate. It’s a tiny footstep, but a footstep nonetheless.
Why Do People Lean Toward the $1 Million Mark?
- In 2022, private property prices were sky-high.
- Upgrading from a plain four‑room HDB to a bigger Maisonette and then to a condo felt like a less steep climb than going straight to the same size condo.
- It’s the sweet spot between a “big jump” and a “small pull” in a market that’s already steep.
A Final Thought
HDB resale prices are gaining momentum, and that once‑impossible “million‑flat” wave is just getting underway. As the narrative shifts, you’ll find more flats out across the city embracing the price spike—like a community striking up a new rhythm in the housing market.
Source: StackedHomes
