Resale prices rose in March for the sixth month running, despite a continued decline in volumes.

According to flash data released by SRX on Monday (8 Apr), resale values were up 0.3 percent month over month. Both mature and non-mature properties saw gains of 0.5 and 0.6 percent, respectively.

Comparing the same period of last year to this one, resale price increases were 6,2%. The resale price of mature and non-mature properties both rose by 6 percent.

The percentage of flats sold in mature estates has also increased to a six-month-high of 40.1%, but flats for sale in non-mature areas continue to account for the majority of resale volume (59.9%).

It is possible that more homeowners are downgrading to HDB resale apartments, as these buyers have more financial resources to pay for them.

The biggest gain was in five-room apartments, which rose 1 percent on the month. The four-room apartment rose by 0.5 percent. Three-room flats and executive apartments saw a decline in resale price, falling by 0.1 and 0.5 percent, respectively.

Resale prices of five-room apartments rose 6.8% on an annual basis, followed by those for four-room apartments, which grew 6.3 percent. Three-room apartments saw a 5.6% increase on the previous year. Executive flats also recorded a 4.4% gain.

Increased resale of larger apartments, especially those with five rooms or more. Former private property owners who have completed their 15-month waiting period are now entering the market.

In March, the proportion of flats with leases remaining of 90 years and more was 26,8 percent higher than in February.

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It is possible that the higher price of newer flats has helped support overall resale values.

The majority of transactions were for four-room apartments, accounting for 43,6 percent of the total volume, followed by five room flats with 25,2 percent. Twenty-four percent of the transactions were made by three-room flats, and six per cent by executive flats.

The total volume of resale deals was 59.9% flats on non-mature estates, and the rest were mature estate flats.

In March 2024, the number of HDB flats sold for more than S$1,000,000 increased by 22 percent. This is compared to 50 deals in February. These deals accounted for 3 percent of the total volume of resale in March.

These transactions included more than half resale apartments that were 15 years or younger, showing a preference by buyers for the newer properties.

Toa Payoh recorded the most million dollar deals during the month, with nine. The next four areas were Kallang, Whampoa and Bukit Merah. Clementi also registered seven transactions.

The remaining million-dollar resale apartment transactions were in Hougang (Central Area), Bishan, Queenstown (Queenstown), Serangoon (Ang Mo Kio), Bedok (Ang Mo Kio), Tampines, Jurong East and Yishun.

In March, the highest price paid for a resale apartment was S$1,45 million. This was for a five room flat on Boon Tiong Road. The highest price paid for a resale flat amongst non-mature estates was S$1.2m, which was an executive flat at Yishun Ave 4