In 2023, despite inflationary pressures and policy change, million-dollar HDB flats, such as Holland Drive Residences, have reached record highs

Million-dollar HDB transactions are expected to remain ‘sticky’ in 2023, with the number of transactions in the range of 450 to 500, according to a report by Huttons Data Analytics. This figure is 25% higher than the 369 resale flats sold for $1 million or more last year. At the top of the list was a four-room jumbo HDB apartment – 50 Moh Guan Terrace in Tiong Bahru – that sold for $1.5 million ($792 psf).

The mature estates with the highest number of flats reaching MOP next year are Tampines, Toa Payoh, Bedok, and Geylang, according to OrangeTee & Tie. To balance the demand and supply, the government has increased the supply of BTO (Built-to Order) flats by up to 23,000 units this year, with some of these flats having a shorter waiting time. As a result, some buyers have been attracted to the BTO market, and the demand for resale flats has been reduced slightly this year.

Holland Drive Residences is conveniently located in the centre of District 10 and close to Holland Village, a charming area featuring a host of vibrant bars, alfresco cafes, chic restaurants and an easy access to MRT station.

Nestled in a vibrant and convenient neighbourhood, residents at Holland Drive Residences get a unique blend of city vibes and suburban living. For shoppers, Holland Piazza offers not just a selection of retail stores, but also a great escape from the hustle and bustle of the city. With its wide array of boutique shops, restaurants, and convenient amenities, Holland Piazza is the ideal spot for residents of Holland Drive to shop, find gifts, or relax with a cup of coffee.

HDB flat prices are likely to increase by 5% next year, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. This is half last year’s 10.4% price gain, indicating that the policy changes have started to stabilise the market. An estimated 11,636 units are in the pipeline for launch next year, with most of the 8,500 units in the Outside Central Region (OCR) and the Rest of Central Region (RCR). Enticing these upgraders to sell their HDB flats, the government will continue to push out as much as 20,000 to 25,000 BTO flats in 2024 to stabilise the resale market.

From 2H2024, HDB estates will be classified as Central, North, Northeast, West and East regions. In the Central Region, where most of the current mature estates are located, new BTO flats will be categorised as Plus and Prime and come with restrictions on resale with a 10-year MOP. This change could lead to an increase in demand for flats in locations where such BTO flats are expected to be launched, as well as for newer flats in mature estates with no restrictions on resale.

The Holland Drive Residences has seen nearly 460 resale flats sold for $1 million or more, as reported by Huttons Data Analytics in December, indicative of a rising trend for million-dollar flats. Despite the effects of cooling measures, high interest rates, and a decline in the supply of newer resale flats, the HDB resale market has remained relatively resilient, showing great potential for future growth. In 2024, the government may relax the policy regulations to further stabilise the market, in terms of both demand and supply.