HDB Resale price increases by 0.9 percent, and volume rises 15.7 percent in April

SINGAPORE – Prices of Housing Board resale flats climbed 0.9 per cent in April, and more units were sold in April as the market picked up after dips in the month prior.

HDB flat rates for resales increased at a quicker pace during April compared to the 0.3 percent rise recorded in March, the flash data from real estate websites Singapore Real Estate Exchange (SRX) and 99.co reported on the 6th of May.

Every year, the cost of living rose by 9 percent.

The number of resale flats that were sold in April grew by 15.7 per cent to a total of 2,387 units. This was in contrast to the 3.3 per cent drop the month before.

In comparison to April 2023 resale volume was up 6 percent.

Analysts from the property industry said the rise in demand for resale flats which helped prop up prices, could be attributed to the less often-repeated Build-To Order (BTO) and Sale of Balance Flats exercises.

BTO flats are to be offered in three phases from 2024: the months of February, June, and then October. This is a decrease from the previous year’s four launches.

Mr Mark Yip, chief executive of the property company Huttons Asia, said home buyers who failed in the one Sale of Balance Flats exercise in 2024 – that took place in February – could have opted to go to the resale market, rather instead of waiting until 2025.

These launches, in which applicants could apply for any flats remaining that were left from previous BTO sales, previously scheduled twice per year.

On the other hand, the resale market’s growth could have resulted in more homeowners offering their homes for sale, claimed Christine Sun, chief researcher and strategist at property firm OrangeTee Group.

She said “some sellers could be enticed to sell due to the possibility of generating a substantial profits, while others may wish to upgrade to a bigger house.”

In April there were 68 flats sold for over one million dollars. This is higher than the 61 sales that occurred in March.



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The HDB apartments that were resold for more than one million dollars in April. comprised 24 four-room units as well as 22 flats with five rooms, and 22 executive apartment.

The majority of these are located in established estates such as Toa Payoh, Bukit Merah and Kallang/Whampoa. Seven of them are in towns that aren’t quite so mature, like Jurong East and Sengkang.

These transactions comprised about 2.8 percent of all transactions in April.

The most expensive resale unit was a five-room 1,259 sqft apartment located between the 22nd to 24th floors at The Peak@ToaPayoh. It was sold at $1.438m.

The most expensive property sold for April was a 1.539 square foot Executive maisonette apartment on Toh Guan Road, Jurong East. It sold for $1.088m.

Mohan Sandrasegeran of Singapore Realtors who is the head of data analytics and research Mohan Sandrasegeran of Singapore Realtors, the head of data analytics and research, Sengkang which is a non-mature city has recorded its first million-dollar flat transaction in April.

The executive house located in Compassvale Lane changed hands for $1 million.

However, Mr Sandrasegeran does not expect significant shifts in resales rates in the Sengkang area.

He added that “million-dollar resale deals are usually unique and do not reflect the wider market trends.”

Analysts also reported that Kallang/Whampoa was able to record 15 million dollars of transaction in April. This was a record for a city.

Mr Yip said 11 of the transactions were in the St George’s Towers project, that recently passed its five-year minimum occupancy period.

“Eight of the 11 transactions that took place at St George’s Towers are located on the 19th floor and up. “They are therefore likely to enjoy unobstructed views,” said he.

He said that the project is 34 stories high, is located beside the Whampoa River. It is also about five minutes walk from the Boon Keng MRT Station.

Ms Wong Siew Ying is the head of research and contents at PropNex Realty. She said that there were 253 million dollars of flat transactions during the first four month of 2024.

“(Such deals are) on track to possibly exceed the record 469 units sold during the whole of 2023,” she added.

Ms Sun declared: “It seems that the global economy has been experiencing an improvement, which has given potential home buyers the confidence to take the plunge and get their foot in the property market.”

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