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Sales of Singapore’s million-dollar public flats hit record high

New figures released on Wednesday show sales of million-dollar public housing units this year are on track to exceed last year’s record

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A flat at Singapore’s SkyTerrace@Dawson sold for nearly S$1.7 million in June. Photo: Dawson Collection
Reuters
A record number of Singapore public housing units were sold for S$1 million (US$780,000) or more in the June quarter, a private data provider said on Wednesday, taking the number of high-value sales in the first half of the year to almost 75 per cent of last year’s total.

Eight out of 10 Singaporeans live in public housing built and sold by the government, and its affordability is a key issue for policymakers alongside high living costs.

According to real estate agency OrangeTee Group, a record 415 flats were sold at prices above S$1 million in the second quarter, a 75.8 per cent increase compared to the same period last year, after 348 sales in the first quarter.

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Sales of million-dollar flats this year are “on track to exceed last year’s full-year record of 1,035 units”, OrangeTee Group analysts said in a report.

The most expensive resale in the quarter was a 122-square-metre (1,313-square-foot) flat which sold for S$1,658,888, the report showed.

A public housing block in Singapore’s Chinatown. Eight in 10 Singaporeans live in government-built flats. Photo: Getty Images
A public housing block in Singapore’s Chinatown. Eight in 10 Singaporeans live in government-built flats. Photo: Getty Images

Overall, resale prices rose 0.9 per cent on a quarterly basis, according to earlier government data. While prices have now risen for 21 straight quarters, it was the smallest rise since the second quarter of 2020, during the Covid-19 pandemic.

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