A Housing and Development Board resale flat in Sengkang was sold for S$1 million.

The sale of the the 1,539 sq ft maisonette at Block 205B Compassvale Lane, was facilitated by a Singapore Realtors Inc (SRI) salesperson.

The transaction in April 2024 marked a significant milestone for the estate, as it was the first time a resale flat hit the S$1 million mark.

The flat's lease commenced in 1999.

Its location is a roughly 10-minute walk to Buangkok MRT station and Sengkang Grand Mall.

There are a number of schools within the radius of 1km to 2km, including North Vista Primary School, Sengkang Primary School, and North Vista Secondary School.

According to Mohan Sandrasegeran, SRI's head of research and data analytics, the demand for larger flats is one of the significant driving forces behind million-dollar transactions in the HDB resale market.

Approximately 29 per cent of the 185-million-dollar resale flats sold in the first quarter of 2024 were executive flats, he said, owing to their scarcity.

HDB ceased the construction of new executive apartments and executive maisonettes, collectively known as executive flats, in August 1995, following the introduction of the executive condominium (EC) housing scheme.

Mohan added that the progression to the first million-dollar flat sale in Sengkang reflects the estate's increasing desirability among homebuyers.

By the first quarter of 2024, the highest resale price was nearing S$968,000, setting the stage for the area to finally breach the million-dollar threshold in April, he said.

Million-dollar flats not the norm

However, million-dollar transactions in the first quarter of 2024 accounted for only 2.7 per cent of the total 7,068 flats sold during the first three months of the year.

This indicates that while million-dollar deals capture significant attention, they represent a relatively small fraction of the overall resale market activity, underscoring the diversity in the HDB resale market with the bulk of transactions occurring at more moderate price levels, according to Mohan.

A total of 42.7 per cent of the resale transactions in the first quarter of 2024 occurred in the price range of S$400,000 to just under S$600,000, it was also noted.

Top photo via Google Maps