In 3Q2023, 128 flats sold at a minimum of $1 million set a new quarterly record. The previous record for a quarter was 111 units, set in 3Q2022. As 336 million dollar flats were already signed in the first nine month of this year, 2023 is likely to smash 2022’s record of 369 unit sales for a full year.

Sengkang may be the next city to witness a million dollar flat deal, given that ten apartments have already been sold at least for $900,000. Choa Chu Kang, Jurong West and Sembawang have each only recorded two million-dollar deals.

HDB resale price growth in 3Q2023, a 14. consecutive quarter of increases, was 1.2% qoq. The growth in 3Q2023, however, is less than the 1.5% increase in 2Q2023 or the 2.5% quarterly average growth in 2022. Prices have increased 3.8% year-to-date in the first nine month of this calendar year. This is lower than the 8% increase over the first three months of 2022.

Geylang recorded the largest drop of 3.6% q-o-q, followed by the Central Area (down 3.4%), Bukit Batok (down 2%) and Sembawang (1.8%). Geylang recorded the largest drop of 3.6% from quarter-to-quarter, followed by Central Area (down 2.8%), Bukit Batok (2%) and Sembawang (1.8%). Bukit Timah, Serangoon and Central Area saw the largest q-o q price increases in 3Q2023. These were 38.1% and 10% respectively.

HDB flat prices have been growing slower in the 3Q2023, indicating a price resistance. On the other hand, the number of million-dollar flats sold in the same period reached a new record. The slower growth in prices for the market as a whole and the price drops in some towns last quarter indicate that consumers are resisting further price increases.

Interest rates have been higher than expected for a longer period of time, which has affected the affordability of homebuyers.

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HDB resale transactions rose by 2.9% in the 3Q2023 despite falling prices. They reached 6,592. It could be because more grants were given to first-time buyers of HDB resale apartments, and the delayed launch of the Build-To-Order sales in August, which diverted many Singaporeans into the resale sector.

Similarly, the percentage of buyers who chose executive apartments increased from 5.5% up to 5.9%. Two-room apartments also increased in popularity, from 2.3% to 2,8%. Three-room apartments went from 23,1% to 24,6%.