The demand for HDB resale flats remained stable in April, with the resale volume rising by 16.2% to 2,384 units from 2,051 units resold in March. The increase in resale transactions snapped two straight months of decline in sales, amidst the seasonal lull and Lunar New Year festivities earlier in the year. When compared with April 2023, transactions were up by 9.5%.

Of note in April, Sengkang town posted its very first million-dollar resale flat transaction, with a 143-sq m maisonette changing hands for exactly $1 million. It is one of 68 flats resold for at least $1 million during the month. At the time of writing, only three HDB estates have not witnessed any million-dollar resale flat deals - being Jurong West, Choa Chu Kang, and Sembawang.  

Meanwhile, the average transacted resale price stayed relatively resilient from March to April, dipping slightly by 0.9% month-on-month to about $591,500 in April (see Chart 1). On a year-on-year basis, the average resale price was up by 3.0% from $573,981 in April 2023.  

In Q1 2024, the HDB resale price index climbed by 1.8% QOQ, building on the 1.1% QOQ growth in the previous quarter. This came as the resale volume in the quarter rose by 8% QOQ to 7,068 deals – the highest quarterly sales since Q3 2022 where 7,546 HDB resale flats were resold.

Chart 1: HDB resale volume and average transacted price by month

Source: PropNex Research, Data.gov.sg (as at 3 May 2024)

Table 1: Average transacted HDB resale flat prices by Flat Type in last six months

Source: PropNex Research, Data.gov.sg (as at 3 May 2024)

 By flat type, the average resale price of several room types rose MOM, with executive flats leading the increase, growing by 2.4% to $871,600 in April. Three-room flats also saw the average price climb from March to April, rising by 1.7% MOM to more than $430,000 in the month. Meanwhile, 5-room flats witnessed a 0.6% MOM increase in the average resale price (see Table 1). By contrast, the average price of 4-room flats dipped by 0.9% MOM in April, following two months of increase previously.

Looking at the transaction data by towns and flat types, the average resale price in several segments posted MOM increase. In particular, executive flats in mature towns rose by 5.7% MOM to more than $973,400 in April, supported by the sale of 15 “million-dollar” resale flats – in Ang Mo Kio, Bedok, Bishan, Bukit Timah, Geylang, Queenstown, Tampines, and Toa Payoh - in the month. This was followed by 4-room and 3-room flats where the average price rose by 1.9% MOM and 1.5% MOM respectively. Over in non-mature estates, it was the 3-room flat type which led price growth, increasing by 2.6% MOM to about $417,860 in April 2024 (see Table 2). 

Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns

Source: PropNex Research, Data.gov.sg (as at 3 May 2024)

In April 2024, mature towns made up the top 3 lists of estates in PropNex’s ranking of average transacted resale prices on a per square foot basis ($PSF) by flat types (see Table 3). The highest average PSF price for 4-room flats in April was $952 psf in Queenstown, while the Central Area and Bukit Timah garnered the highest average unit resale price for 5-room flats and executive flats in during the month at $955 psf and $854 psf, respectively.

Table 3: Top 3 towns by Average $PSF transacted price by flat type in April 2024 (and corresponding price in previous month)

4-Room
Top 3				Mar-24	Apr-24
QUEENSTOWN				$798	$952
KALLANG/WHAMPOA				$845	$846
BUKIT MERAH				$847	$833
5-Room			Executive
Top 3	Mar-24	Apr-24	Top 3	Mar-24	Apr-24
CENTRAL AREA	$969	$955	BUKIT TIMAH	-	$854
BUKIT MERAH	$702	$788	QUEENSTOWN	$724	$777
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