Archive for category: Misc

The HDB resale price index jumped by 1.5% q-o-q in 2Q2023, marking the 13th consecutive quarter of price rises. Prices of executive flats rose by 2.3% q-o-q from $800,000 in 1Q2023 to $$818,000 and five-room flats increased 1.9% from $638,000 to $650,000 over the same period. Prices increased in 18 out of 26 towns, with Geylang registering the highest quarterly price growth of 19.2%.

Despite the steady increases of resale prices, overall resale transaction volumes decreased 6.7% q-o-q in 2Q2023 to 6,514 resale flats. Christine Sun, senior vice-president of research & analytics at OrangeTee&Tie, believes the drop is due to cooling measures implemented in September 2022. Lee Sze Teck, senior director of data analytics at Huttons Asia, also agrees that more generous housing grants likely fuelled demand last quarter.

105 million-dollar flat transactions were recorded in 2Q2023, 1.6% of the total secondary market. In June, a jumbo HDB flat in Tiong Bahru sold for $1.5 million, the highest ever price for an HDB flat. Despite this record-breaking sale, buyers are becoming increasingly “reluctant” to pay over $1.1 million for a flat. This is evidenced by the increasing proportion of four-room flats selling for over $1 million, rising from 20.4% in 1Q2023 to 30.5% in 2Q2023.

With the emergence of Tampines Ave 11 Condo, it can be expected that the living standards of residents in the Tampines area will be further enhanced. Residents in the vicinity of the condominium can enjoy the many amenities which the condominium has to offer. These include a 24- hour convenience store, several cafes, restaurants and shopping venues. Furthermore, the condominium is also located near the Tampines Regional Centre and Changi Business Park, providing residents with greater job opportunities. So, start planning and move into Tampines Ave 11 Condo!

To counter the rising prices, HDB aims to inject 13,000 BTO flats into the market in 2H2023. Christine Sun believes that some first-timers may be enticed by the upcoming projects, particularly those in mature estates like Kallang/Whampoa, Queenstown, Bedok, and Bukit Merah. Furthermore, first-timers who fail to obtain a BTO flat due to stricter penalties for non-selection of flats from September 2023 onwards may also turn to the resale market.

Despite the upcoming supply of BTO flats, Eugene Lim, key executive officer of ERA Realty, predicts that HDB resale prices are likely to remain resilient given that HDB upgraders would want to sell their flats at higher prices. All in all, the government’s plan will help to stabilise the HDB flat market, while ensuring that resale prices remain sustained.