3.3% Growth in HDB Resale Transactions as Demand Stabilises in November | Ohmyhome Insights

Mohan Sandrasegeran

Mohan Sandrasegeran

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Every month, the Housing Development Board (HDB) releases a comprehensive database of resale transaction information on Data.gov.sg. Ohmyhome analyses this huge chunk of data and picks out the most relevant points and trends for readers.  

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec. *Updated figures for October is reflected

HDB resale transactions had a 3.3% (m-o-m) growth for the month of November. Total transactions rose to 2,585 as compared to the 2,503 flats sold in October. About 42.0% of the flats transacted in November were 4-room flats. 

Rise in prices for 4-room & 5-room resale flats in 2021

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec 

The marginal growth in resale transactions could suggest a presence of buyer resistance and stabilizing of demand for the rest of the year. As average prices of 4-room and 5-room flats have been on the rise for the first 11 months of the year. 

Strong Interest for newer flats

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec

Sengkang and Punggol consistently remain as the popular towns among buyers for November. The demand for newer flats has garnered stronger interest in these 2 towns. About 46.3% of the HDB resale flats sold in Sengkang and Punggol have a remaining lease balance of 90 to 94 years. 

More appetite for million-dollar HDB flats – 29 deals in Nov   

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec

There were a total of 29 million dollar deals for the month of November, higher than the 20 deals in October. Including November’s transactions, the total number of million-dollar deals is at 223. 

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec

The most number of million dollar deals occurred in the Central Area with a total of 65 transactions, primarily from The [email protected] 

The second largest was the Queenstown area, with a total of 33 transactions. Further analysis showed that at least 17 of those transactions were from SkyVille @ Dawson. 

Source: Ohmyhome Research, Data.gov.sg as of 3 Dec

Based on the information gathered from data.gov.sg, the highest transacted price in November was a 5-room DBSS flat at City View @ Boon Keng on floor range of between 40 to 42, and was sold for $1.268 million ($990 psf). 

In 2016, a 5-room flat at City View @ Boon Keng with the same size of 1,281 sq ft on a similar range of floor level between 40 to 42 was transacted at a price of $1.004 million. 

This translates to a profit margin of 26.2% between these 2 transactions in 2016 and in November 2021.  While, The Pinnacle @ Duxton accumulated a total of 9 million dollar deals in November.

Overall HDB Resale transactions on track to surpass previous years

Source: Ohmyhome Research, HDB, data.gov.sg //*28,165 includes 1Q21-3Q21 HDB data & numbers from Oct-Nov 21 data.gov.sg as Dec 3

With an estimated 28,165 HDB resale transactions so far in 2021, there’s been a 13.8% increase as compared to the previous year, when a total of 24,748 resale flats were sold. 

On average, there have been about 2,000 HDB resale transactions each month. So taking that into account, we anticipate that the final overall HDB resale volume for the year could reach up to 29,000-30,000 flats.

Source: Ohmyhome Research, Data.gov.sg

An exceptionally higher number of HDB flats will reach MOP in 2022 – estimated total of 31,325 flats. 

This is a 22.7% rise as compared to the 25,530 flats that reached MOP in 2021. With more potential supply coming onto the resale market, it remains to be seen whether demand will be affected with concerns arising from a potential threat of the omicron variant and barring any further changes to the Vaccinated Travel Lanes (VTLs). 

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