6 days ago
- Business
- South China Morning Post
Sales of Singapore's million-dollar public flats hit record high
A record number of
Singapore public housing units were sold for S$1 million (US$780,000) or more in the June quarter, a private data provider said on Wednesday, taking the number of high-value sales in the first half of the year to almost 75 per cent of last year's total.
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Eight out of 10 Singaporeans live in public housing built and sold by the government, and its affordability is a key issue for policymakers alongside high living costs.
According to real estate agency OrangeTee Group, a record 415 flats were sold at prices above S$1 million in the second quarter, a 75.8 per cent increase compared to the same period last year, after 348 sales in the first quarter.
Sales of million-dollar flats this year are 'on track to exceed last year's full-year record of 1,035 units', OrangeTee Group analysts said in a report.
The most expensive resale in the quarter was a 122-square-metre (1,313-square-foot) flat which sold for S$1,658,888, the report showed.
A public housing block in Singapore's Chinatown. Eight in 10 Singaporeans live in government-built flats.
Overall, resale prices rose 0.9 per cent on a quarterly basis, according to earlier government data. While prices have now risen for 21 straight quarters, it was the smallest rise since the second quarter of 2020, during the Covid-19 pandemic.
