Record 29 million-dollar HDB flats sold in November; resale prices rise at faster pace
SINGAPORE - Housing Board resale flat prices rose for the 17th consecutive month, climbing at a faster pace of 1.3 per cent in November compared with October, according to flash data from real estate portals 99.co and SRX on Thursday (Dec 9). Last month's resale prices had lodged the highest monthly growth since February this year when price rose by 1.4 per cent, and were 13.8 per cent higher than in November 2020, data showed. Price hikes were seen in both mature and non-mature estates and across all flat types. November also saw 29 HDB resale flats changing hands for at least $1 million, the highest number of million-dollar flats sold in a month, smashing the previous record of 26 such units in August. The most expensive flat sold last month was a $1.268 million five-room Design, Build and Sell Scheme unit at City View @ Boon Keng. The 29 million-dollar flats made up 1.1 per cent of last month's total resale transactions. This brings the total number of such flats to 223 in the first 11 months of this year, in what has already been a record year for million-dollar flats. There were 82 million-dollar flats for the whole of last year. November's record high number of million-dollar...
More HDB upgraders buying condos as resale flat prices rise
SINGAPORE - More Housing Board upgraders are snapping up condominium units in a buoyant property market, spurred by resale flat prices climbing faster than those for private housing. The robust HDB resale market has enabled them to upgrade more easily to private homes. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
HDB resale prices rise in August to just 0.1% below peak; record high of 26 million-dollar flats sold: SRX
SINGAPORE - Housing Board resale prices rose for the 14th consecutive month, climbing at a faster pace of 1.1 per cent in August compared with July, according to flash data from real estate portal SRX on Thursday (Sept 9). Prices are just 0.1 per cent off the peak in April 2013 according to SRX data, which means September prices are likely to hit a record high as strong demand continues to outstrip flat supply. With more construction delays expected, resale flat demand strengthened despite August being the Hungry Ghost month, when sales typically slow down. Last month, The Straits Times reported that five Build-To-Order (BTO) projects are facing even longer delays as their main contractor Greatearth has gone bust due to financial difficulties. The completion dates for these BTO projects, and many other ongoing ones, had already been pushed back because of manpower and supply disruptions in the construction sector caused by the Covid-19 pandemic. Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said more home seekers could have turned to the resale market in the face of uncertainty in the BTO market. "Some of the affected buyers may have chosen t...
HDB resale prices rise for 13th straight month in July, though growth pace slows
SINGAPORE - Demand for Housing Board resale flats remained strong in July, with prices continuing to climb and more flats changing hands despite tightened Covid-19 measures in the second half of the month. HDB resale prices rose for the 13th straight month, advancing 0.5 per cent in July compared with June, according to flash data from real estate portal SRX on Thursday (Aug 5). However, the pace of price gains slowed for the second month, which could be an indication of price resistance from buyers, noted Huttons Asia senior director of research Lee Sze Teck. Year on year, resale prices increased 13.2 per cent from July last year and are just 1.2 per cent off their peak in April 2013. The rise in prices for resale flats last month was broad-based, climbing for both mature and non-mature estates, and almost all room types. Only prices for executive flats dipped, by 0.6 per cent. A total of 2,662 resale flats changed hands last month, rising 15.2 per cent from the month before. On July 22, Singapore returned to phase two (heightened alert) where group sizes were cut to two people, among other measures. ERA Realty head of research and consultancy Nicholas Mak said that despite the vi...
HDB resale prices rise for 12th straight month; 19 million-dollar flats sold in June
SINGAPORE - The Housing Board resale market bounced back quickly last month, with prices continuing to climb and more flats changing hands as tightened Covid-19 measures were eased. HDB resale prices rose for the 12th straight month, advancing 0.9 per cent last month compared with May, according to flash data from real estate portal SRX on Thursday (July 8). The HDB resale market has "returned to business as usual", said ERA Realty head of research and consultancy Nicholas Mak, who added that the latest figures show that people are getting used to the safe distancing measures and restrictions imposed by the Government as a result of the pandemic. Year on year, resale prices increased 13.2 per cent from June last year, and are just 1.7 per cent off their peak in April 2013. The rise in prices for resale flats last month was broad-based, climbing for both mature and non-mature estates, as well as across all room types. A total of 2,311 resale flats changed hands last month, rising 17.5 per cent from the month before. Huttons Asia senior director of research Lee Sze Teck said the jump in transaction volume reflects the demand that was artificially constrained by viewing restrictions i...
BTO flat buyers affected by Covid-19 construction delays may be able to cancel booking without penalties
SINGAPORE - Home buyers affected by Build-To-Order (BTO) construction delays may be able to cancel their flat booking without penalties. They can appeal, and the Housing Board will consider each case depending on the individual circumstances. For instance, there could be buyers hoping to cancel their BTO booking to get a resale flat to meet urgent housing needs, the Ministry of National Development (MND) said in various written parliamentary replies on Monday (July 5). "We recognise the challenges faced by flat buyers given the Covid-19 situation and HDB will consider waiving forfeiture based on an assessment of the flat buyers' specific circumstances," said MND. Typically, buyers who cancel their flat booking will have to forfeit either their option fee which ranges from $500 to $2,000, or the 5 per cent of the flat purchase price paid in advance, depending on which stage of the process they are in. In addition, they have to wait out a one-year period before they can apply for another subsidised unit, either BTO or a resale flat with grants. "These measures are in place to ensure that buyers are serious when they buy a flat and do not deprive others with urgent housing needs of th...
HDB resale prices rise for 11th straight month as volume dips on tighter Covid-19 rules
SINGAPORE - Tightened Covid-19 measures had some cooling effect on the Housing Board resale market last month as fewer property viewings were conducted in person, resulting in fewer flats changing hands. However, HDB resale prices continued to climb for the 11th straight month, rising 1.2 per cent last month compared with April, according to flash data from real estate portal SRX released on Thursday (June 3). A total of 1,966 resale flats were sold last month, a 16 per cent fall from April. Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that the drop was not as drastic as during the circuit breaker period in April last year, when even tighter measures were introduced. Then, the HDB resale volume dropped by about 78.5 per cent, from 1,969 units in March to 423 units in the following month, she said. Resale volume for HDB flats in May was 440.1 per cent higher than the same month last year. Under the current phase two (heightened alert) measures, expected to be in place till June 13, households can receive only two unique visitors each day. PropNex head of research and content Wong Siew Ying said that this has affected property viewings t...
HDB resale prices climb for 4th straight quarter amid Covid-19 vaccine optimism
SINGAPORE - The Housing Board resale market remained steadily robust in the first quarter of this year amid Covid-19 vaccine optimism, with prices of resale flats rising for the fourth consecutive quarter even as fewer flats changed hands. The resale price index for the first three months of the year was logged at 142.2, an increase of 3 per cent over that in the fourth quarter of 2020, according to figures released by HDB on Friday (April 23). Prices rose 8.1 per cent year on year. Last quarter's HDB resale prices were just 4.8 per cent lower than their peak in the second quarter of 2013, said Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics. She noted that the roll-out of Covid-19 vaccines around the world and anticipated global economic recovery stoked a frenzy of property-buying activity worldwide, which in turn lifted market sentiment for the HDB resale market. The supply and demand imbalance of flats has also caused prices of HDB resale flats to climb in many locations, said Ms Sun. Prices for resale flats rose in 22 of the 26 HDB towns, with those in the central area clocking the highest median resale price at $910,000 for a four-room flat....
Almost $500 million in Enhanced CPF Housing Grants given to 15,600 first-time HDB flat buyers
SINGAPORE - Close to $500 million has been disbursed to about 15,600 first-time flat buyers since the Enhanced CPF Housing Grant (EHG) was launched in September 2019. Another $748 million in Proximity Housing Grants (PHG) has been given to about 40,200 households since August 2015, said the Housing Board in a statement on Sunday (Feb 21). Both figures were accurate as at Dec 31 last year. The EHG, which goes up to $80,000, is available to eligible first-time buyers regardless of whether they buy a new or resale flat, and has no restrictions on the flat type and location. Of the 15,600 households that received EHGs, 7,700 were first-time buyers of new flats who received about $270 million in total. A further 7,900 were first-timer households who bought resale flats, receiving a total of about $226 million in grants. Another 400 households who are buying resale flats and have applied for the EHG will receive it when their resale transactions are completed. The EHG was announced in 2019 by then National Development Minister Lawrence Wong, and replaced the Additional CPF Housing Grant (AHG) and the Special CPF Housing Grant (SHG), which each amounted up to $40,000. Mr Wong said then th...
4 property trends to watch in 2021
Singapore's property market witnessed a roller-coaster ride over the past year. Home sales plunged to historical lows during the April and May circuit breaker period. But at the end of the movement restrictions, property buying activities rebounded strongly across many market segments. Although the coronavirus may continue to cast a shadow over the broader economy, global markets have already looked past current headwinds and are banking hopes on the success of Covid-19 vaccines. The pandemic has accelerated some property trends and spawned new ones that may present attractive investment opportunities for buyers. We offer a preview of how the property market here may fare this year, and the key trends to keep an eye on. Singapore's property outlook hinges mainly on the country's ability - and global collective efforts - to rein in Covid-19. The real estate market is poised for a steady recovery and further price growth if our economy rebounds strongly this year. 1. Recovery to gather pace on fresh optimism Singapore's housing market is one of the sectors that are defying gravity. Despite the pandemic, we observed healthy sales for landed properties and the private and Housing Board...
82 HDB resale flats sold for at least $1m in 2020 as overall prices, sales rise: SRX
SINGAPORE - The number of Housing Board (HDB) resale flats sold for at least $1 million hit a new high last year amid a strong showing by the market despite the Covid-19 pandemic, according to flash data from real estate portal SRX released on Thursday (Jan 7). There were 82 million-dollar flats transacted in 2020, compared with 64 for 2019, after December saw 10 more of such transactions. They make up about 0.35 per cent of the total number of HDB resale flats sold last year. SRX's flash estimates for December also reveal that overall HDB resale prices rose for the sixth consecutive month, bringing the total price rise for 2020 to 6.4 per cent, much more the 0.3 per cent increase seen in 2019. ERA Realty head of research and consultancy Nicholas Mak said: "This performance of the HDB resale prices and transaction volume illustrated that the adverse impact of the pandemic and economic recession is like water off a duck's back." HDB advance estimates released last week showed that resale prices rose 2.9 per cent in the fourth quarter of 2020 from the previous three months, marking the biggest quarterly increase in over nine years. For all of 2020, resale prices rose 4.8 per cent, ac...
Sale of new, resale private homes on the rise
The private home market resumed its upward march in November, with sales up nearly 19 per cent compared with the previous month following a surge in the number of new homes launched. Last month's uptick in sales to 767 units from 645 in October came following a temporary pullback in October's sales after the Urban Redevelopment Authority clamped down on the re-issue of options to purchase. The market's resilience could well spill over into this month, analysts say. The private resale market also continued to recover, with flash figures from real estate portal SRX Property showing that resale prices and transaction volumes increased last month. The highest transacted price last month was for a resale luxury apartment at Nassim Jade, which sold for $11.7 million.
Number of HDB resale flats sold for at least $1m hits new high; 72 in first 11 months of 2020
SINGAPORE - The number of Housing Board (HDB) resale flats sold for $1 million or more each has hit a new high, following 13 transactions done in November, according to data from real estate portal SRX released on Thursday (Dec 10). The 72 million-dollar flats sold in January to November this year compare to 64 such units for the whole of 2019. SRX's flash estimates for November also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped. At the top end of the HDB resale market, a five-room unit at The Pinnacle @ Duxton sold for $1,248,000, which was the highest transacted price registered for a resale flat in November. Meanwhile, a five-room Design, Build and Sell Scheme (DBSS) flat in Parkland Residences in Hougang sold for $810,000, recording the highest resale price in non-mature estates. PropNex head of research and content Wong Siew Ying said buyers of million-dollar HDB flats may be willing to pay so much due to its central location, the convenience of being near to the city and the amenities available. She added that as private condo prices have remained resilient throughout the pandemic, some buyers may have turned to t...