Singapore, 31 Aug 2022 A NEW condominium in the suburbs now costs at least 50 per cent more than a 4-room million-dollar Housing and Development Board (HDB) flat in any location. This may explain the recent rising demand for such flats, even in non-mature locations, according to an OrangeTee report released on Wednesday (Aug 31).
Just in the first 8 months of this year, the price gap between new condos in the suburbs and 4-room million-dollar flats located in all regions stood at 53.6 per cent. The price gap was just 1.3 per cent in 2019, and 0.5 per cent in 2018.
“As million-dollar flats in mature estates get pricier, more buyers may seek cheaper alternatives in non-mature estates which may entail similar product attributes like big floor areas or spectacular views,” said Christine Sun, OrangeTee’s senior vice-president for research and analytics.