by OrangeTee & Tie Pte Ltd.

HDB resale prices rise for 22nd straight month; Pinnacle 4-room flat sells for record $1.228m

SRX HDB Resale Data

Singapore, 05 May 2022

The highest transacted price for a four-room Housing Board flat was $1.228 million for a four-room unit at Pinnacle@Duxton. Last month, another five-room condo in Pinnacle@Duxton  was sold for the same $1.228 million price. The $1.228 million asking price for both was the highest resale flat price in the month.

According to flash data from real estate portals 99.co and SRX on Thursday, HDB resale flat prices jumped 1.1 percent last month, faster than the 0.7 percent increase in March (May 5).

First-time home owners who turn to the Build-To-Order (BTO) market may face higher rents in the coming months while waiting for their new flats to be completed, said Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie.

"This is due to growing demand for rental units, rising inflation, interest rate hikes and higher property taxes that may exert upward pressure on rents," she said. The construction delays for some BTO flats could be exacerbated by the ongoing global supply chain disruptions and cost pressures, meaning that couples have to rent for a longer period, said Ms Sun. "Because of this, young couples may delay their home ownership or live with their parents temporarily. Others may purchase cheaper flats that are older or live further away from the city centre," she added.

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