SINGAPORE – Prices for Housing Board resale flats rose for the 26th straight month in August, with 33 flats changing hands for at least $1 million.

HDB resale flat prices are up by 10.8 per cent year on year, rising 0.4 per cent in August, a slower pace compared with July’s 0.7 per cent, according to flash data from real estate portals and SRX on Thursday.

Of the 33 million-dollar flats that were sold last month, eight were in Toa Payoh, seven in Bukit Merah, and six in Queenstown.

The most expensive resale flat last month was a five-room 1,259 sq ft unit at The Peak @ Toa Payoh, which sold for $1.35 million.

Property analysts said there may be more million-dollar resale transactions in the coming months.

ERA Realty head of research and consultancy Nicholas Mak said: “The sentiments in the HDB resale market are still positive, even in the face of rising interest rates.”

Rate hikes have caused some buyers to turn to non-mature estates where prices are more affordable, said Huttons Asia chief executive Mark Yip.

He added that this may have contributed to the 0.2 per cent price gain in such estates last month.

In non-mature estates, the highest price fetched was by a 2,067 sq ft executive apartment in Woodlands Avenue 1 that changed hands for $1.02 million.

The 33 million-dollar flats made up 1.4 per cent of last month’s total resale transactions. In July, the same number of million-dollar flats was sold.

Fewer HDB resale flats changed hands last month, dipping by 1.7 per cent to an estimated 2,323 units, reversing the 10.5 per cent rise in July.

Compared with August last year, the number of transactions was down by 15.5 per cent.