by OrangeTee & Tie Pte Ltd.

HDB resale prices rise for 23rd straight month; Woodlands, Pasir Ris see first million-dollar flats

SRX HDB Resale Data

Singapore, 09 Jun 2022

According to flash statistics from real estate portals 99.co and SRX on Thursday, prices for Housing Board resale flats increased for the 23rd consecutive month in May despite fewer units changing hands, indicating that demand continues to outpace supply (June 9). The first HDB resale flats worth a million dollars were lodged in Pasir Ris and Woodlands, a non-matured estate, in May.  

A 189 square meter executive apartment in Woodlands Street 83 sold for $1.04 million, while a similar apartment in Woodlands Street 81 went for $1.03 million.
For $1,138,888, an 189 square meter executive maisonette in Pasir Ris Street 13 was sold.

Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie, noted that more BTO flats - around 8,500 units - were launched in the first six months of this year compared with the previous five years' average of 7,000 units.

"Given the rising HDB resale prices over the past two years, cash-strapped Singaporeans may feel that they are increasingly priced out of the HDB resale market given that prices at many locations have risen by more than double digits and hit new record highs," she said.

The launch of the prime location public housing (PLH) model flats in popular mature locations, such as Bukit Merah and Rochor, have also given buyers more options, she added.

"As there will be more choice BTO flats to be released in the next few sales launches, price growth of HDB resale flats may slow down given the increased competition from the BTO market," she said.

Around 4,900 BTO apartments will be made available in August in towns like Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines, and Woodlands. Another 9,500 BTO apartments will be made available in November in cities like Bukit Batok, Kallang Whampoa, Queenstown, and Yishun.

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