Recently, you might have read news on flats selling for more than $1 million. In August 2020, there were five million-dollar flat transactions, with predictions of at least 70 such sales this year. Bear in mind this is in spite of the coronavirus situation. As to drive home the point, one of the million-dollar flats was sold in June – in the midst of the Circuit Breaker no less – and it was the first million-dollar resale flat to grace Ang Mo Kio.
To top it off, HDB resale volumes have been falling. In Q2 of this year, for instance, resale flat volumes plunged by 41.9 per cent. The number of resale flat transactions fell by a further 0.2 per cent in Q3, when HDB flat prices barely managed to edge up by 0.1 per cent. Overall, resale HDB flat transactions are still down by 11.3 per cent compared to last year.
This is likely due in part to the Coronavirus, but you get the point we’re making:
Some HDB flats are managing to fetch sky high prices, despite price movements and resale volumes being down for a long time.
The resale HDB flat market is quite frankly becoming a two-speed market, where flats of certain types – and in certain areas – outperform the average by so much, it’s as if they’re a whole different category of housing.
And while many of our property savvy readers know to point at Pinnacle @ Duxton – which is as far from a regular resale flat as an Orchard Road condo is from a Pasir Ris EC – there are a few other traits that mark out these top performing resale flats. Here’s a rundown on what they are: