The HDB resale market in Singapore is witnessing an exceptional surge with transactions exceeding one million Singaporean dollars. This trend is rapidly changing the market scenario for buyers and sellers, extending beyond traditional prime areas to encompass all corners of the island.
April 07, 2024 10:00 AMThe HDB resale market in Singapore is witnessing an exceptional surge with transactions exceeding one million Singaporean dollars.
As a result, it is essential for anyone navigating the HDB resale market to comprehend the underlying dynamics.The HDB towns of Jurong West, Choa Chu Kang, Sembawang, and Sengkang remain the last strongholds in Singapore to have yet to see a resale transaction exceeding S$1 million. This trend indicates that high-value HDB resales are no longer limited to central or traditionally prime areas.Rather, buyers are increasingly drawn to premium HDB flats in non-central locations due to unit size and layout, unobstructed views, and strategic upgrades.A remarkable milestone was achieved in the first quarter of 2024, as a record number of 185 HDB resale flats were sold at a minimum price of S$1 million.
The market has seen a new wave of interest with the introduction of premium apartments and executive flats, some of which have reached their Minimum Occupation Period . The popularity of DBSS flats and other new developments, renowned for their generous floor plans and top-notch quality, is only adding to the momentum of this trend.As BTO flats are reclassified into Standard, Plus, and Prime categories, the HDB resale market is gearing up for a significant transformation.
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