PUBLISHED: MARCH 31, 2021

Million-dollar HDB flats: Where are they, and who buys them?

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NUMBER OF MILLION-DOLLAR HDB FLAT SALES FROM JULY 2012 TO FEBRUARY 2021, ACCORDING TO REAL ESTATE PORTAL SRX


Administrator Catherine Ng sold her flat in Clementi Cascadia for $1.08 million last December. In spite of the Covid-19 pandemic, 82 flats were sold for at least $1 million in 2020, compared with 64 in 2019.

















GROWING APPETITE

The first 2 months of 2021 saw 36 transactions involving flats sold for at least $1 million, compared with 8 for the same period last year.














What buyers look for

The 5-room flat Ms Ng sold was on the 31st floor. Big units on high floors with unblocked views in a convenient location are the common attributes of million-dollar flats.



Where are the million-dollar flats?

Fairly recent phenomenon

• The first million-dollar sale was recorded in 2012 for a Queenstown flat. 3 months later, a Bishan flat was sold for $1.01 million. • The most expensive flat is at The Pinnacle @ Duxton, sold for $1.25 million in 2020.

Who’s buying the million-dollar flats?

“These are people in their 50s or early 60s who want to sell and cash out their landed home to buy a quality HDB resale flat that is conveniently located to serve as their retirement home.”

SINGAPORE REALTORS INC PROPERTY AGENT JOANNE LEE, ON THE MOST COMMON GROUP OF BUYERS. SHE HAS SOLD 5 UNITS IN THE PINNACLE @ DUXTON FOR AT LEAST $1 MILLION SINCE 2019.




Property agents say dual-income couples in their 30s with high earning power are among such buyers. For example, a bank vice-president and her husband bought a flat at The Peak @ Toa Payoh for $1.05 million.

Cashing out
Cashing out

SOURCE: ST REPORTS BY MICHELLE NG; ST PHOTOS BY NG SOR LUAN AND KHALID BABA; ST GRAPHICS; GOOGLE MAPS

PRODUCED BY: DENISE CHONG

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