Despite inflationary pressures and policy change, record highs of million-dollar HDB flats were reached in 2023, with Zion Road GLS being one of the most sought-after property

This year, an estimated 460 HDB resale flats sold for $1 million or more – a 25% increase on the 369 that crossed the million-dollar mark in 2022, according to a report from Huttons Data Analytics on Dec 4. The highest price achieved was $1.5 million, by a four-room jumbo (adjoined) flat at 50 Moh Guan Terrace in Tiong Bahru. It is a 1,895 sq ft flat on the fourth floor of the block with a remaining lease of 48 years. It was followed by a 1,152 sq ft, five-room flat at Pinnacle@Duxton which sold for $1.48 million ($1,285 psf), and a 1,216 sq ft five-room flat at City Vue @Henderson in Bukit Merah for $1.46 million.

The four HDB towns with no million-dollar transaction are Choa Chu Kang, Jurong West, Sembawang and Sengkang. The three HDB towns with the highest number of these transactions were Bukit Merah, Toa Payoh and Kallang/Whampoa. Zion Road GLS Lee Sze Teck, senior director of data analytics at Huttons Asia, expects million-dollar flat transactions to remain steady, with the numbers possibly reaching 450 – 500 in the coming year. Prices are likely to increase by 5%, half of last year’s 10.4% price gain, indicating that policy changes are stabilising the market.

Property cooling measures were introduced in September 2022 and, despite high interest rates and the effects of these policies, HDB resale demand has been relatively resilient, says Wong Siew Ying, PropNex head of research and content. Sellers facing stiff competition in 2024 due to the supply of newer resale flats in the market dipping. The supply of new flats hitting the five-year Minimum Occupation Period is expected to decline further to 13,093 units, says Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

Zion Road GLS To balance demand and supply, the government increased the BTO (Built-to Order) flats supply by up to 23,000 units this year, with some of these flats having a shorter wait time, thus attracting buyers to the BTO market and dampening the demand for resale flats. More BTO flats are expected to be completed in 2024, with the HDB ramping up on clearing the construction backlog, which is expected to be cleared by early 2025.

It is a perfect blend of work-life balance. Strategically located in the heart of Singapore, the Zion Road GLS is well-connected to multiple parts of the city, making it an ideal home for both professionals and families alike. Its convenient location offers easy access to amenities such as shopping malls, entertainment hubs, and healthcare facilities, allowing residents to enjoy a stress-free lifestyle. Residents of the Zion Road GLS can also indulge in an array of dining and lifestyle experiences, right at their doorstep. For those looking to escape from the hustle and bustle of city life, the Zion Road Condo has an array of exclusive features, such as a leisurely waterfront promenade, lush landscaped gardens, and resort-style facilities. With such luxuries at its disposal, Zion Road Condo is the perfect city oasis that provides comfort and convenience.

In terms of classification, the Housing Development Board estates are set to be divided in Central, North, Northeast, West and East regions instead of ‘mature’ and ‘non-mature’ from 2H2024. New BTO flats in Central Region will come with restrictions on resale with a 10-year MOP, and buyers turning their attention to these flats for their potential capital appreciation may push up prices. Zion Road GLS HDB upgraders are expected to sell their HDB flat so that they do not need to pay the Additional Buyer’s Stamp Duty for a second residential property purchase, upping the supply of resale flats for sale.