Since the time we launched the HDB Million Dollar Resale Tracker in Oct 2021, the market has moved so substantially in terms of price and volume for such transactions that the original report is no longer able to capture the dynamics of these movements. This is because many towns have jumped onto the million dollar bandwagon since then and price momentum remains firmly intact on the way up. As such, we have updated this report to offer a better analytical experience that comes with higher granularity and new metrics.
Let’s take a relook using the updated analytics report.
Volume of Million Dollar Transactions Accelerating
On an annual basis, million dollar transactions have accelerated in the past three years, from 369 in 2022 to 469 in 2023 and 1016 in 2024 (and there’s a few more working days to go in 2024!).
However, taking a look at the monthly figures, the peak was actually in the middle of the year in July 2024, when 120 such transactions took place. Since then, as show in the chart above, monthly transaction volumes have gone down.
Whether this downtrend can be sustained remains to be seen in 2025.
Record Prices Are Set On a Regular Basis
This is not surprising, as with more transactions moving past the $1million benchmark, the top end of the market will keep pushing the watermark up, in both transacted prices as well as PSF prices.
Percentage of Transactions Above $1mn Doubled From 2% to 4%
Based on the data provided by HDB, the share of million dollar HDB resale transactions out of all HDB resale transactions has more than doubled from 2.19% in Aug 2023 to 4.8% in Oct 2024. As seen from the chart above, this is an accelerating trend and it remains to be seen whether the authorities will take even firmer action to cool the market, through increasing supply in the private and public property markets or through measures curtailing buyer’s purchasing power.
Some Towns Have Seen a Surge of Such Transactions
This increasing share is most pronounced in towns like Toa Payoh, Bishan and Kallang/Whampoa, where million dollar transactions are beginning to dominate. In Kallang/Whampoa (see annotations above), the percentage of such transactions doubled from 2.8% in 2022 to 6.9% in 2023, then it doubled again to 16.9% in 2024.
In the case of Toa Payoh, such transactions comprise about 30-33% of all transactions in Toa Payoh in the months of Oct, Nov and Dec 2024. Think about it, about nearly a third of HDB flats sold in Toa Payoh crossed the $1mn mark during these 3 months.
We hope this updated report is now even more useful for consumers to make purchasing and sale decisions as well as for analysts in agencies, real estate research firms and government agencies keep track of the market closely for reporting purposes.
Please feel free to leave a comment at the bottom of the report if you require additional information. Here is the report: