In March, HDB resale prices rise 0.3% even though fewer units sold.
Despite the slower rate of price growth over the last six month, the overall rate of growth has picked up speed.
HDB resale values increased by 3.8 percent between September 2023 and March 2024. This was higher than the increase of 2.3 percent in the previous six months, from March to September 2023.
Due to the price hikes that have been more pronounced in the last six month, the sales growth may have slowed.
The number of resale apartment sales in March was lower than expected, as transactions fell by 3.3 percent to an estimated 2 063 units, according to SRX and99.co data.
Resale volumes were 9.8 percent less in March 2023 compared to the previous year.
The HDB’s February sales campaign, which offered more than 4,100 Flats-on-Order and 1,500 Flats-on-Sale-of-Balance-flats, could have affected some demand.
Sixty one flats were sold in March for at least $1,000,000, an increase from the 50 transactions that took place in February.
In March, HDB resale units sold at a million dollars included 19 four room units, 24 five room flats, 16 executive apartments and two multigenerational flats.
The majority of these were in mature estates like Toa Payoh/Whampoa/Kallang/Bukit Merah/Clementi while nine others were in less mature towns such as Bukit Panjang/Yishun/Jurong East/Hougang.
This was an increase from the 2,3% in February.
bagnall haus balance units chart
The most expensive flat was a 1,202 sq ft, five-room unit at Block 9A Boon Tiong Road Tiong Bahru. This apartment sold for $1.45million.
A 1,765 sq ft, multi-generational apartment in Yishun Avenue 4 fetched 1.2 million dollars in March. This was the top deal in a young estate.
Six executive flats sold in Hougang for at least one million dollars each. This is the most transactions of this magnitude in the town.
There is a greater demand for flats with five rooms and more, which can be attributed by private home sellers who have sold their homes after waiting 15 months and entered the HDB resale markets.
The wait-out phase is temporary measure to cool the resale marketplace. It will be rolled out by September 2022.
The price of five-room apartments increased by 1 percent compared to February. However, the prices of three room flats decreased by 0.1 percent, and executive units fell by 0.5 cents.
Seven of the nine million dollar flat transactions in Toa Payoh took place at the Toa Payoh Crest Project, which recently achieved its five-year minimum occupancy period.
Toa Payoh Crest enjoys a convenient location near MRT stations, nearby schools and other amenities. More such transactions are expected in the months to come.
In March, flats with remaining leases of 90 or more years accounted for 26.8% of total transactions. This was slightly higher than in February when it was 26.4 percent.
Newer flats are more expensive, so it’s possible they have supported the overall resale market.
The number million-dollar apartment transactions will continue to be high in April. According to data collected on April 8, she reported that 16 resale apartment transactions have totaled at least $1,000,000 each.
Prices of Housing Board resale apartments in Singapore increased in March for the 6th consecutive month. Analysts attributed the increase to the strong demand for larger units, and the rise in the number of flat transactions worth more than $1 million.
The flash data released by 99.co and Singapore Real Estate Exchange on April 8 showed that prices were up 0.3 percent in March. That was a lower rate than the 0.5 percentage point increase in February.
The price of the product has increased by 6.2% in comparison to last year.
