17 May 2024
Four HDB Estates - That Are Nearing Million-Dollar Deals
Property Insight

The report on "Four HDB Estates - That Are Nearing Million-Dollar Deals" provides a comprehensive analysis of the rising trend in HDB resale transactions crossing the million-dollar mark in Singapore, particularly focusing on non-mature estates.

Market Trends and Highlights:

In 2023, Singapore witnessed a 27.4% increase in million-dollar HDB resale transactions, totalling 470 deals, up from 369 in the previous year. This trend continued into the first two months of 2024, with 124 such transactions recorded, a significant increase from the 64 recorded during the same period in 2023. Despite these high-value sales, they constitute only a small fraction (1.8%) of the overall resale market.

Case Studies of Non-Mature Estates:

The report focuses on four non-mature estates: Choa Chu Kang, Jurong West, Sembawang, and Sengkang, providing insights into their individual market dynamics and development prospects.

Sengkang: Sengkang has seen a consistent increase in maximum resale prices, reaching approximately $963.0k in early 2024. The development of amenities such as Compass One mall and Sengkang General Hospital has significantly enhanced the area's residential appeal.

Sembawang: The average maximum resale price in Sembawang was around $782.8k in 2023. Developments like the Canberra MRT station and the upcoming North-South Corridor are expected to boost property values through enhanced accessibility and connectivity.

Jurong West: With an average maximum resale price of around $900.8k in 2023, Jurong West is poised for substantial transformation, including the development of Jurong Lake District and Jurong Innovation District, which are expected to establish it as a major economic and innovation hub.

Choa Chu Kang: This area has an upward trajectory in property values, with average maximum resale prices reaching $885.9k in early 2024. Upcoming developments, such as a new integrated hospital in nearby Tengah, are likely to impact property values positively.

Future Outlook:

The analysis suggests a strong potential for the first million-dollar transactions in these estates due to continuous improvements in amenities, connectivity, and the intrinsic appeal of newer, spacious housing units like Executive Maisonettes. The expected completion of significant infrastructural projects will further enhance the liveability and desirability of these areas, potentially pushing resale values to surpass the million-dollar threshold.

This research underscores the dynamic nature of Singapore's HDB resale market and highlights the growing attractiveness of non-mature estates as residential choices due to ongoing and planned developments.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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Looking ahead to 2025, the CCR is poised for further growth, with anticipated new launches such as Marina View Residences and Aurea expected to rekindle buyer interest. Marina View Residences, offering 683 units in District 1, is set to attract professionals and investors with its strategic location and exceptional accessibility. Aurea, with its heritage-inspired design and prime District 7 location, is positioned to appeal to buyers seeking contemporary urban living. The CCR remains Singapore’s premier residential region, characterized by its luxury offerings, strategic locations, and strong capital appreciation potential.

Click

here

for the full report 

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg


 

   

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In November 2024, Singapore's developer sales surged to a historic high, achieving 2,557 new home transactions (excluding Executive Condominiums, or ECs) and totaling 2,891 units with ECs included. This represented a significant 246.5% increase compared to October's 738 units. Notably, November marked the first time in over a decade that new home sales exceeded 2,000 units in a single month, a record last seen in March 2013. This exceptional performance was fueled by strategic launches and improved market sentiment driven by easing interest rates.

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District 19 emerged as the most sought-after area for landed homes, recording 309 transactions due to its mix of established enclaves and proximity to amenities. Other popular districts include Districts 15 and 28, which offer coastal lifestyles and suburban tranquility. The diversity of demand highlights the appeal of landed housing across various buyer segments.

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The landed market’s resilience is further reinforced by off-market transactions in the GCB segment, which cater to buyers’ preference for privacy. Despite challenges like inflationary pressures and high interest rates, the market's appeal as a secure asset class is undiminished.

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Click

here

for the full report 

Prepared By:

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Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

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