In spite of the Covid-19 pandemic, a total of 82 Housing Board flats were sold for at least $1 million last year, compared with 64 in 2019.

The first two months of this year saw 36 such transactions, compared with just eight in the same period last year.

HDB flats that crossed the $1 million mark have been a fairly recent phenomenon.

The first such sale was recorded in July 2012 for a 150 sq m executive apartment in Block 149 Mei Ling Street in Queenstown. Three months later, in October 2012, a 163 sq m executive maisonette in Block 194 Bishan Street 13 was sold for $1.01 million.

The appetite for such flats has grown over the years.

Up till last month, there have been 338 such transactions, according to data provided by real estate portal SRX.

The most expensive unit so far is a five-room flat in Block 1B at The Pinnacle @ Duxton that sold for $1.258 million in September last year.

Analysts, however, were quick to point out that million-dollar HDB transactions were few and far between. They made up just 0.3 per cent of total resale transactions in the first eight months of last year.

Here’s a look at the six most expensive flats sold in Singapore:

Why are people willing to fork out so much for an HDB flat?

The buyer who paid $1.232 million for a five-room flat at The Pinnacle @ Duxton – the third-most expensive flat sold here – said the convenience of living in a central area that he is familiar with outweighs the price tag.

Read more: Million-dollar HDB flats: Who’s buying them and where are they located in Singapore?

Where are these million-dollar flats?

Of the 338 flats that crossed the $1 million mark, 102 are in central Singapore. Bishan came in second with 65 transactions.

Besides location, property analysts say these units share some common attributes.
Find out what makes a million-dollar flat.
This article was first published by The Strait Times.