Million-dollar price tags on a record number of Singapore’s public housing sales are a sign the city-state is joining the frenzy gripping property markets from Hong Kong to Toronto.

Twenty-three resold government-subsidized flats were purchased for at least $1 million in February, a new monthly record, according to data from real estate portal SRX Property. Thirty-six sales in that price bracket were concluded in the first two months of the year, a 350% increase from a year earlier.

Singapore’s government-built homes bear little resemblance to low-income urban concentrations in other parts of the world, housing more than 80% of the country’s residents. The generally well-maintained flats can be found around the priciest locations such as its famed Orchard Road shopping belt, often returning profits for owners after a five-year holding period.

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