HDB resale price up 0.9 percent, volume grows 15.7% in April

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

HDB resale flat prices grew faster in April than the 0.3 percent rise recorded in March, the flash data from real estate portals Singapore Real Estate Exchange (SRX) and 99.co revealed on May 6.

Prices have increased by 9 percent over the past year.

The number of flats resale in April rose by 15.7 percent to approximately 2,387 units contrary to the 3.3 per cent decline the month before.

Comparing April 2023 to April 2019, volume of resales was 6 percent higher.

The lack of Build-To-Order or Sale of Balance Flats activities may be a factor in the rise in the demand for resales of apartments, which helped prop up prices.

From 2024 onwards, BTO flats will be sold through three sales events – in March, June and Oct which is a reduction from the previous four sales per year.

Home seekers who were unsuccessful in the one Sale of Balance Flats exercise in 2024 – which was held in February could have opted to go to resales markets instead of waiting until 2025.

These launches, in which the applicants were able to apply for any flats remaining from previous BTO sales, were previously held twice a year.

The robust resale market may have prompted more homeowners to post their homes for auction.

Some sellers might be motivated by the possibility of making a large profit, while others may desire to buy larger residences.

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

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

Most of them are in mature estates like Kallang/Whampoa Toa Payoh and Bukit Merah Seven are located in non-mature towns including Jurong East, Sengkang, Bukit Panjang, and Hougang.

In April this month, these transactions accounted for approximately 2.8% of all transactions.

The most expensive flat resale was a five-room 1,259 square feet unit that was located between the 22nd and 24th floors at The Peak@ToaPayoh that sold for $1.438 million.

The highest price for April was a 1,539 sq ft Executive apartment situated on Toh Guan Road, Jurong East. It sold at $1.088m.

The non-mature town of Sengkang was the first town to record a million-dollar flat in April.

Compassvale Lane, a 1,539 square feet executive villette, changed hands for $1 Million.

Still, it is not likely to see significant changes in the resale price in the Sengkang area.

Resales of millions of dollars are extremely uncommon and don’t represent the entire market.

In April, Kallang/Whampoa logged 15 million-dollar transactions in flats which is a record for the town.

Sora Floorplan

St George’s Towers, which has just completed its minimum five-year occupancy period, accounted for 11 of the fifteen transactions.

Eight out of 11 transactions at St George’s Towers take place on the 19th floor and higher. Hence it is likely that they have unblocked views.

The project, which is 34 stories tall and is situated near the Whampoa River. It is a 5-minute stroll from Boon Keng MRT Station.

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

The transactions are set to exceed the record number of units sold in the whole of 2023.

It appears that the global economy has seen a resurgence which has given potential home buyers the confidence to take the plunge and get their foot in the property market.

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