HDB Prices of resale up by 0.9%, volume grows 15.7% in April

The cost of Housing Board resale flats climbed 0.9 per cent in April. In addition, more units were sold as the market picked up after an initial dip in the month prior to.

HDB flat rates for resales increased faster during April than the 0.3 percent rise recorded in March, flash data from real estate portals Singapore Real Estate Exchange (SRX) and 99.co reported on May 6.

The price of food has increased by 9 percent in the past year.

In April, the amount of resale apartments sold grew by 15.7 percent to 2,387 units. This is compared with the decrease of 3.3 percent in the previous month.

Comparing April 2023 with April 2019, the sales volumes of resales were six percent more.

The less frequent Build-To-Order and Sale of Balance Flats activities could have contributed to the rebound in demand for resale apartments that helped to stabilize prices.

BTO flats will be sold in three phases starting 2024, namely February, June, and then October. This is less than four launches per year.

If you were not successful in the first Sale of Balance Flats in 2024, which took place in February, you could have resold your house instead of waiting until 2025.

The launches, which provide applicants the chance to apply for balance flats from previous BTO sale events, once took place twice yearly.

On the supply end, the healthy resale market could have resulted in increasing the number of homeowners who put up their flats for sale.

Some sellers are motivated by the chance of raking in a big profit. Others may wish to upgrade to a larger house.

Sixty-eight flats exchanged hands for at least $1 million each in April, more than the 61 transactions in March.

The Arcady Floorplan

Of the million-dollar HDB flats for resales sold in April 24, 24 are four-room units 22, 22 five-room flats, as well as 22 executive apartments.

The majority of them are located in mature estates like Kallang/Whampoa Toa Payoh and Bukit Merah Seven are located in towns that aren’t mature like Jurong East, Sengkang, Bukit Panjang and Hougang.

In April, these transactions accounted for about 2.8 percent of the total transactions.

The highest-priced resale apartment was a five-room, 1,259 sqft unit situated between the 22nd and 24th floors of the Peak@ToaPayoh. It was sold at $1.438m.

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

The town that is not mature Sengkang was the first town to record a million-dollar flat deal in April.

Compassvale Lane, a 1,539 square foot executive villette was sold for $1 million.

Still, it is not anticipated to cause significant changes in resale prices in the Sengkang area.

Million-dollar resale transactions are generally exceptional and not indicative of broader market trends.

In April, the Kallang/Whampoa logged 15 million dollars of flat transactions, which was a record high for the town.

The majority of the transactions were at the St George’s Towers project, which has recently completed the five-year mark for minimum occupation.

Eight out of 11 transactions at St George’s Towers take place at the 19th and higher. This means that they will enjoy unobstructed views.

The building that is 34 stories high, is located beside the Whampoa River. It is a 5 minutes stroll from Boon Keng MRT Station.

There were 253 million-dollar flat transactions in the initial four months of 2024.

These transactions are expected to possibly exceed the record number of units sold in the whole of 2023.

The global economy seems to be on the rise which gives potential buyers the confidence they need to be able to enter the market of real estate.

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