Singapore’s HDB Resale Market is So Hot It’s Practically On Fire
The latest numbers are throwing up a red flag: HDB resale flats kept climbing for the 27th straight month—that’s almost a quarter‑year of record sales. Even more eye‑catching luring the spotlight was the record 45 million‑dollar transactions in September, proving the market still has that irresistible “big‑spending” allure.
Prices Lifting Like a Hot Air Balloon (and Backing Up)
- In September, HDB resale prices surged 1.2%—the fastest climb since the market last kicked off a new wave of “lock‑in” policy changes.
- Back in August, sales were only up 0.4%. It’s like the market got the wind switched on the other day.
- These flash figures come straight from real‑estate portals such as 99.co and SRX, so you can trust the numbers are legit.
Government‑Made “Sleep‑Through” Rules — What That Means for Buyers
Okay, the new rules are basically a 15‑month “wait‑out” period for people who’ve downgraded from private property (wow, what a kettle of fish!). Plus, there will be stricter checks on how much loan people can grab.
Senior analyst Mohan Sandrasegeran from One Global Group says the full impact will show up in December onward—because it takes a good eight weeks to process a resale application.
Why These “Sleep‑Through” Rules Matter
When the HDB packs in a ton of buyers from the private property market (they’re basically looking for a cheaper, cheaper flip), everything in the resale market heats up. That’s why the first nine months of 2022 saw a crazy 7.8% jump in prices. The new curbs aim to give the market a breather, especially for the bigger units.
Million‑Dollar Magic — The Numbers of the Big‑Spenders
- September’s 45 million‑dollar flats make up a solid 1.7% of total transactions.
- That’s the highest monthly total for these monster deals—up from 36 in December 2021.
- In the whole of 2022 already, you’ve driven 277 million‑dollar bits, beating the 2021 total of 259 by three months. Brick‑by‑brick, the numbers are piling up.
What Buyers Are Actually Buying
Out of those 45 million‑dollar units, 17 were executive apartments or maisonettes, a jump from just 5 in August. These homes are the “the EVs of the housing world”—rare, large, and offering a sweet price tag.
Mark Yip from Huttons Asia says, “People are chasing space and the HDB resale market gives them it for a reasonably sweet price.”
Punggol, fresh off its first million‑dollar sale (a 149 sq‑m loft at Block 268C Punggol Field, clocking in at $1.198 million) made headlines. Yip added that buyers paid a cash over valuation (COV) of nearly $200,000, showing the spechucks are ready to flex a bit.
“Where Are the Buyers?” — The Intuition Behind the Numbers
In September, about 2,589 HDB resale flats changed hands—up 11.4% from August. Those who’re hunting for cheaper options are flocking to non‑mature estates, which now account for roughly 60% of all transactions. Older estates are still in the mix, but everyone’s got a new playground now.
Volcano‑Level New Condo Prices Push Buyers to HDB
Christine Sun, senior VP of research and analytics at OrangeTee & Tie, chalks it up to the “baby‑boomer” of condo launches: $2,000+ per square foot in the suburbs. That’s a lot of dough for new builds, so buyers are now leaning back into HDB.
Future Outlook
PropNex Realty’s research head Wong Siew Ying sees the demand for five‑room units—or bigger—cool down a little due to the new curbs. But with first‑timers and those switching from other HDB flats still looking for a bigger slice, she believes the million‑dollar club will pass 300 units this year.
So, even if the market feels a chill after some buying pauses, the HDB resale market still has a bright future. Plenty of room for folks looking to make a splash in the Singapore housing scene—just remember that there might be a wait-out time on your side!
