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HDB resale prices rise 1.4% in third quarter

HDB resale prices rise 1.4% in third quarter

View of Housing Board Build-to-Order flats under construction. (File photo: CNA/Jeremy Long)

SINGAPORE: Resale prices in the public housing market rose 1.4 per cent in the third quarter, according to flash estimates released by the Housing and Development Board (HDB).

This comes after prices inched up 0.3 per cent in the second quarter and held steady in the first quarter.

The resale price index, which provides information on the general price movements in the resale public housing market, rose from 131.9 to 133.7.

READ: Private property prices up 0.8% in Q3 – URA flash estimates

Market performance was stronger than expected and may have been buoyed by stimulus measures and past property curbs, said Ms Christine Sun, OrangeTee & Tie's head of research and consultancy.

She noted that housing demand "spiked substantially" following the "circuit breaker" period.

Some buyers have switched to the resale market given the long completion periods for some recent Build-To-Order (BTO) launches, she said.

They have also chosen HDB resale flats as these are more affordable than private homes amid current economic uncertainties, she added.

HDB said it will launch about 9,300 BTO flats in various estates in the November and February sales exercises.

"As the COVID-19 pandemic is evolving, HDB is monitoring the situation, and will make adjustments where necessary," it said.

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The next Sale of Balance Flats exercise is also scheduled to be launched in November, together with the BTO exercise. HDB said it will announce more details when ready.

HDB's final resale price index for the full quarter will be released along with more detailed housing data on Oct 23.

Source: CNA/cy


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