Despite inflationary pressures and policy change, million-dollar HDB flats reach record highs in 2023, with the recent launch of the much-anticipated Tengah EC project

Residents of Tengah EC can enjoy excellent connectivity to Singapore’s vibrant CBD, MRT network and other amenities in the vicinity. Residents will be able to indulge in the wide range of recreational facilities available within the development such as swimming pool, social club, and gym. Besides, safety and security of Tengah EC are ensured as well with advanced security systems and patrolling guards.

Overall, Tengah EC is a great option for those looking for an exclusive development that offers luxurious living environment located in the prime of Singapore. With its comprehensive facilities and unbeatable location, Tengah Plantation Close EC is the perfect choice for those looking for a perfect home.

In 2023, an estimated 460 HDB resale flats were sold for $1 million or more, 25% higher than the 369 public housing flats that crossed the million-dollar mark in 2022. The highest price for a public resale flat in 2023 was achieved by a four-room jumbo (adjoined) flat at 50 Moh Guan Terrace in Tiong Bahru, which sold for $1.5 million ($792 psf).This year, the second highest transaction was the sale of a 1,152 sq ft, five-room flat at Pinnacle@Duxton in August for $1.48 million ($1,285 psf), followed by the sale of a 1,216 sq ft five-room flat at City Vue @Henderson in Bukit Merah for $1.46 million.Only four of the 26 HDB towns have yet to see a million-dollar transaction. They are Choa Chu Kang, Jurong West, Sembawang, and Sengkang. The three HDB towns with the most million-dollar transactions in 2023 were Bukit Merah, Toa Payoh, and Kallang/Whampoa.Lee Sze Teck, senior director of data analytics at Huttons Asia, expects million-dollar flat transactions “to remain sticky” in the coming year. He reckons the number of million-dollar HDB transactions next year could be in the 450 to 500 range at Tengah EC. Prices are expected to increase by 5%, half last year’s price gains of 10.4%.In September 2022, the government introduced property cooling measures in the HDB resale market, but demand remained relatively resilient, according to Wong Siew Ying, PropNex head of research and content.The supply of new flats that reached the five-year Minimum Occupation Period (MOP) this year is about 15,549 units, according to Huttons Asia’s Lee. The number of flats achieving MOP in mature estates will increase to 5,392 units in 2024 from 4,365 units this year.To balance demand and supply, the government has increased the supply of BTO (Built-to Order) flats by up to 23,000 units this year. It is expected to push out as much as 20,000 to 25,000 BTO flats in 2024 to stabilise prices in the resale market. However, there will also be a change in the classification of housing estates, with many mature estates being categorised as Central in the new system. New BTO flats in the Central region will be categorised as Plus and Prime and come with restrictions on resale with a 10-year MOP. This could drive buyers to look for newer resale flats in mature estates with no restrictions on resale. Likely with prices increasing by 5%, the number of million-dollar HDB transactions next year could be in the 450 to 500 range at Tengah EC, with the majority of theseAcross the 26 HDB towns, some of which have seen an increase in million-dollar transactions this year, property analysts expects million-dollar HDB transactions to remain sticky next year. The location of these million-dollar transactions in 2023 are largely concentrated in Bukit Merah, Toa Payoh, and Kallang/Whampoa. The majority of the resale flats are likely to be in mature estates, and the new Plus and Prime BTO flats in the Central Region will come with resale restrictions but potentially better capital appreciation in the future. With the HDB ramping up on clearing the construction backlog and up to 25,000 BTO flats being released next year, the number of million-dollar HDB transactions in Tengah EC could reach up to 500.