by OrangeTee & Tie Pte Ltd.

HDB flat resale prices climb for 25th straight month; Queenstown resale flat sold for record $1.418m

HDB Quarterly Data

Singapore, 04 Aug 2022

Housing Board flat resale prices rose for the 25th consecutive month in July, with prices increasing by an average of 0.7 per cent compared with June.

Of the 2,363 flats transacted last month, 33 units were sold for at least $1 million, including a five-room premier apartment loft unit in Queenstown's SkyTerrace @ Dawson that sold for $1,418,000 - the most expensive resale flat in history.

Ms Christine Sun, senior vice-president of research and analytics at OrangeTee and Tie, said that while July's resale volumes are at a six-month high, the sales recovery has not been strong since the Government implemented measures to cool the property market in December last year.

The measures included raising additional buyer's stamp duty rates, as well as tightening the loan-to-value limit for flats, which determines how much money buyers can borrow to buy the property.

"Escalating home prices may have dampened sentiment as overall resale prices have already risen 6.1 per cent over the past six months," she said, adding that recent Build-To-Order launches may have drawn some demand away from resale flats.

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