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 data from real estate portals 99.co and SRX on Thursday, prices for Housing Board resale flats increased for the 23rd month in a row in May, despite fewer units changing hands, indicating that demand continues to surpass supply (June 9).

For $1,138,888, an 189 sq m executive maisonette on Pasir Ris Street 13 was sold. The most expensive HDB flat to date is a $1.4 million deal for a five-room 113 sq m HDB home in Henderson Road with a remaining lease of about 96 years, which was submitted last month.

In May, a total of 30 HDB resale flats changed exchanged for at least $1 million, up from 22 such transactions in April. According to the report, million-dollar flats accounted for 1.4 percent of the entire selling volume in May.

There have been at least 145 million-dollar HDB unit transactions this year as of Thursday. According to data, HDB resale prices grew 0.5 percent last month, a slower rate than the 1.1 percent witnessed in April. Prices have increased by 11% since May of last year. Price increases were recorded in all flat kinds and estates, both mature and non-mature.

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 flats will be available in August in Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines, and Woodlands, and another 9,500 BTO flats will be available in November in Bukit Batok, Kallang Whampoa, Queenstown, and Yishun.

This year, HDB plans to build up to 23,000 additional units.

To read full article: click here

For more news, research and information,