Price Of Hdb Flat In Singapore – In Singapore, HDB resale prices have risen for 10 consecutive quarters as the government implements cooling measures to try to dampen demand.
SINGAPORE: The average resale prices of Housing Board (HDB) houses have risen the most in central areas over the past two-and-a-half years, with towns such as Sembawang and The Woodlands seeing the biggest increases.
Price Of Hdb Flat In Singapore
The resale price index, which provides information on overall price movements in Singapore’s public resale housing market, has risen for 10 consecutive quarters.
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Data from the HDB shows that average resale property prices in some underdeveloped towns have risen by more than 40 per cent since the first quarter of 2020 – just ahead of the recent property boom.
The government introduced two tranches of cooling measures in less than a year: the first in December last year and the second on September 30 this year. The latest resale statistics for the third quarter of 2022 reflect market conditions before the latest cooling measures.
The figures show that the average sale price of five-bedroom flats across the country has risen by up to 40%.
The biggest jump was in Choa Chu Kang from S$420,000 to S$588,000. In The Woodlands, the average resale prices of five-bedroom flats jumped 38.3 per cent from S$408,000 to S$566,000 – a difference of S$155,000.
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Apart from these two central estates, the increase was most strongly felt in Bukit Batok, Sembawang and Ang Mo Kio.
Hybrid work arrangements due to the COVID-19 pandemic may be a key reason why people are spending more on larger apartments in underdeveloped cities, CNA analysts said.
Ms Christine Sun, senior vice president of research and analysis at OrangeTee and Tie, said five-bedroom apartments are gaining popularity mainly due to the lack of supply in the market and the growing need for larger living spaces.
5+1 flats tend to be bought by larger households and are available in fewer properties than 4+1 flats.
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Ms Sun said: “As more and more companies adopt a hybrid work mode and more people work from home, there is now a need for larger living spaces.
“Some people may use the space to create a home office, while others may have multiple family members working from home at the same time.”
As prices rise, some people may also want to buy larger units, fearing that such units may be “out of their financial reach” in the future, she added.
Mr Lee Sze Teck, senior director of research at Huttons Asia, pointed out that activities such as house building and buying had stopped or slowed dramatically during the COVID-19 “interrupter” in the second quarter of 2020.
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“The pandemic has made people realize the need for more space, as the home becomes an office, a school and a place to rest. As a result, there has been a shift in demand for five-bedroom and larger apartments,” said Mr Lee.
Ms Sun added that the number of five-bedroom build-to-order (BTO) flats offered for sale in recent years was “much less” than four-bedroom flats, particularly in older properties. This has resulted in demand exceeding supply.
The rise in demand for larger flats has also led to an increase in the number of multimillion-dollar HDB flat resale deals, said Nicholas Mack, head of research and consultancy at ERA Realty.
The next biggest jumps were seen in central areas. Sembawang saw a 46.7% increase from S$351,000 to S$515,000, followed by Choa Chua Kang with 45.7% growth.
A Tale Of Two Singles
Ms Sun said there could be more Minimum Occupancy (MOO) apartments in these properties. These apartments can be offered for sale at MOP and newer ones tend to command higher prices.
“Furthermore, as resale prices for apartments in older properties continue to rise, some may consider reselling apartments in older properties due to their affordability,” she added.
The ERA’s Mr Mack said that because resale flats in unfinished properties tend to be cheaper, there is “more room” for prices to jump.
“The increase in prices, expressed as a percentage, is more noticeable than for apartments, which are already expensive in places like Tiong Bahru and Marine Parade,” he added.
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Ms Sun said many private home owners may have wanted to buy five-bedroom resale flats in some old properties, but have left the market due to the new cooling measures.
As part of the latest cooling measures, there is now a 15-month waiting period for private homeowners buying HDB flats for resale. The waiting period does not apply to seniors aged 55 and over who are moving from their private property to a 4+1 apartment or a smaller resale apartment.
“As some of these buyers (private home owners) are leaving the market, first-time buyers or young couples may want to buy these (five-bedroom) apartments, but they may not be able to command as high a price as before. Therefore. , prices may fall or rise more slowly,” Ms. Sun said.
Mr Mack said: “I think that unless there is a recession, I don’t think the resale prices of HDB properties will drop significantly. There may be a small increase or it may be flat – up, down very little.”
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Average sales prices in Bukit Batok have also risen rapidly in the past two-and-a-half years, by 39.5 per cent, from S$253,000 to S$353,000. Kallang/Whampoa, Toa Payoh and Hougang followed.
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It’s no coincidence that many of the world’s richest people are involved in real estate in one way or another.
You won’t make millions like them, the tycoons, but you can always start small with an HDB flat in Singapore. We compared the average prices of HDB sale flats at the end of 2017 with the prices at the end of 2018 and processed the results:
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We have to say, with Geylang’s myriad of amenities and 24/7 dining options, it’s quite a lit – and not a red – district to live in.
Additionally, with redevelopment in the planning process and a newly established shopping center near Paya Lebar, the demand for housing in Geylang is very likely to increase.
The resale prices of HDB housing, regardless of size, saw a general increase. Most notably, the average price of 5-room HDB resale flats in the district increased by nearly US$100,000.
The selling prices of HDB flats in Kallang/Whampoa are also similar to BTO flats – for example, 4-room BTO flats in this estate were valued at US$562,000 in the May 2019 BTO exercise.
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The area is also close to the upcoming Bidadari Estate where the homes are expected to have significant capital appreciation.
In recent years, Punggol has become Singapore’s first eco-city, with the 4.2 km long Punggol Waterway and green housing initiatives winding through the city.
Despite the higher supply of HDB flats as more BTO projects take root, average selling prices continue to rise, with the price of a 5-room HDB flat increasing by US$56,388 over the past year.
Serangoon may already be a mature housing development, boosted by NEX, new transport links and more, but housing prices for larger apartments are not slowing down.
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However, the average prices of 3- and 4-room HDB resale flats in the district fell by US$12,243 and US$19,204 respectively.
A 4-room HDB flat in Clementi can sell for an average of US$54,199 higher than a year ago – an increase of more than 10%.
Clementi is also home to prestigious schools such as Nan Hua Primary School, Nan Hua High School, NUS High School, Singapore Polytechnic, NUS and SUSS, making it an ideal choice for families.
Fun Fact: A 5-room HDB flat in Clementi Towers, the first HDB project in Singapore to be integrated with a shopping mall and bus terminal, sold for $1,005,000, making Clementi the farthest property from the CBD to join the million dollar club!
Average Cost Of Housing In Sg
Of these, 5-bedroom apartments are the most profitable at resale with an average price increase of $53,050.
Even with all the debate about whether HDB flats could be a money-making asset – especially after the 99-year HDB tenancy issue came into focus – prices also depend on neighborhood amenities, the supply of new MOP flats. listed for sale etc.
Now that you’re armed with price patterns of resale HDB flats in each area, it’s time to start hunting for HDB flats (or consider selling if the time is right)! With these resale statistics, you can get a better idea of the movements in the resale market and make more informed decisions.
Average sales prices of registered resale requests Average sales prices by city and apartment type for sales cases registered in the 4th quarter
The Most Expensive Hdb Flats By Neighbourhood
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