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Independent Singapore
08-05-2025
- Business
- Independent Singapore
141 HDB resale flats sold for at least $1 million in April
SINGAPORE: Last month saw the highest number of Housing & Development Board (HDB) flats sold for $1 million or more, with 141 such units exchanging hands. This is the highest volume of transactions over the past year, according to a 99-SRX flash report. Data released by HDB revealed that the price of resale flats went up by just 1.6 percent last quarter compared to Q4 2024, year-on-year. However, resale prices in April were up by 9.3 per cent. April's 141 million-dollar flat sales show a significant increase from the 108 similar transactions in March. In total, 2,309 HDB resale flats were sold last month, which means that 6.1 per cent fetched prices of over one million dollars. The spike in pricey transactions could well be a temporary one, according to a Mothership report, which quotes the chief data and analytics officer at Luqman Hakim, as saying that the high number of sales in April could have been influenced by specific conditions, including the recent General Election, as well as tariffs and other economic considerations. 'The higher prices and rise in million-dollar flat sales could simply be a temporary spike, driven by near-term caution and opportunistic moves. As economic uncertainty settles or new policies are introduced, activity in the resale market could moderate in the months ahead,' he said. Among the resale flats sold last month, nearly three in five (59.7 per cent) are located at non-mature estates. For April's million-dollar flat transactions, 27 are located at Toa Payoh, including the most expensive one, a five-room unit at Lorong 1A Toa Payoh that sold for $1.49 million. There were 23 such pricey transactions at Bukit Merah, and 14 each at Queenstown and Kallang/Whampoa. Among the types of flats, the price of three-room units went up the most last month, year-on-year, a substantial 10.2 per cent price increase. Four-room flats went up by 9.5 per cent, meanwhile, and five-room flats increased in price by 8.5 per cent. Executive flats saw the lowest price increase, at 6.8 per cent. A number of commenters have weighed in on the matter, with some expressing concern. 'This is very worrying since BTO is pegged to resale prices,' opined one Reddit user. Another agreed that high prices for HDB flats are 'worrying for citizens'. Others seemed to accept this as part of the new normal for property prices. ' I am going to generalise. Any 5-room OR 4-room with more than 80 years lease and near MRT is likely to be close to $1M,' wrote one. Another pointed out that even a 3-room resale flat near Queenstown fetched a price approaching the million-dollar mark. '$1 million HDB flat is no longer newsworthy, unless it's for certain estates that have no such transaction yet,' another added. 'The fact that 1 million is no longer newsworthy is what's scary about it. Means it's already a norm,' a commenter agreed. /TISG Read also: Another Pinnacle @ Duxton flat resold for record $1.5 million
Independent Singapore
08-05-2025
- Business
- Independent Singapore
Newton condo resells for S$12M in April, resulting in S$6.5M profit
SINGAPORE: The resale market for condominiums, just like the rest of Singapore's property market, is alive and kicking, and an investment in a unit years ago can pay off very handsomely indeed. In April, the title of biggest winner for condo resales goes to the seller of a freehold unit at Ardmore Park at Newton, reported the property website earlier this week. The original owner bought a four-bedroom 2,885-sq-ft unit in January 2010 for S$5.5 million, paying S$1,907 per square foot (psf) at the time. This unit sold for S$12 million on Apr 9, with the buyer paying S$4,160 psf. This means the owner saw a cool S$6.5 million—or 118%—in profit after 15 years, which translates to S$427,631 per year. The seller's profit is more than twice as large as April's runner-up, a 2,142-sq-ft unit at The Waterside freehold development at Tanjong Rhu Road. It sold for S$4.88 million after 18-and-a-half years, giving its original owner S$3.13 million in profit. However, noted that 'The stark contrast between this profitable sale (at Ardmore Park) and the S$1.8 million loss at The Ritz-Carlton Residences this month showed how two properties in the same area—and even with similar characteristics—can deliver very different outcomes depending on timing, entry price, and long-term holding power.' It also pointed out that the highly profitable sale at Ardmore Park and the loss at the Ritz-Carlton took place in practically the same neighbourhood. However, Ardmore Park is turning out to be a standout in the condo resale market. This year, two other sales of four-bedroom units at the freehold condominium have also been highly profitable. On Jan 21, a unit on the seventh floor sold for S$13.2 million (S$4,576 psf), which meant a S$8.54 million profit (183%) for the owner, who sold it after almost 23 years. Less than two months later, on March 3, a buyer purchased a 10th-story unit for S$11.8 million (S$4,090 psf). The owner, who had the unit for only five years, made S$3.8 million (47.5%) profit from the sale. Ardmore Park, located in the prime District 10 area, is near other luxury condos such as Ardmore II, Ardmore Three, Sculptura Ardmore, and Nouvel 18, on Anderson Road, and One Draycott at Draycott Park. The development has three 30-floor towers with a total of 330 units, most of which are 2,885-sq-ft four-bedroom units, although it also has six 8,740-sq-ft duplex penthouses. According to a report in EdgeProp Singapore last month, most resale units have sold at around S$4,190 psf. /TISG Read also: Singapore condo resale prices rose 4% in December; volumes surged 29.9% year-on-year
