Written Answer by Ministry of National Development on percentage increase of HDB resale flats that have been sold for over 1 million dollars in the past five years

Jul 4, 2022

Ms Nadia Ahmad Samdin: To ask the Minister for National Development what is the percentage increase of HDB resale flats that have been sold for over $1 million in the past five years.

Answer:

1          The number of HDB resale flats that have been sold for $1 million or more increased by 4.6 times from 46 flats in 2017 to 259 flats in 2021, largely due to the small base in 2017. These flats still form the small minority, at only 0.4% of all HDB resale transactions in the past five years. Flats that are transacted at high prices tend to be in very favourable locations or come with larger floor areas.

2          In Dec 2021, the Government announced more measures to promote continued housing affordability. For example, the Loan-to-Value (LTV) limit for HDB housing loans has been reduced from 90% to 85% to encourage financial prudence amongst home buyers. HDB will also ramp up the supply of new Build-To-Order (BTO) flats to meet the strong housing demand from Singaporean households, by launching up to 23,000 flats per year in 2022 and 2023, and up to 100,000 flats in total from 2021 to 2025, if needed.

3          We will continue to monitor the resale market closely to ensure that public housing remains affordable, accessible and inclusive for Singaporeans.