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HDB resale transactions rise 10.7% in Q3

The median resale price for a five-room flat in Queenstown was S$894,000.

03:20 Min
Prices of resale HDB flats are rising but at a slower pace. The resale price index for the third quarter rose 2.6 per cent, lower than the 2.8 per cent in the preceding quarter. HDB said it does not reflect the latest round of cooling measures. Prices for private homes are rising faster. Rebecca Metteo reports.

SINGAPORE: Resale transactions for HDB flats rose by 10.7 per cent in the third quarter of 2022, according to data released by the Housing Development Board (HDB) on Friday (Oct 28).

In the third quarter of 2022, there were 7,546 transactions compared to 6,819 in the previous quarter.

HDB resale prices increased 2.6 per cent from the previous quarter, slightly higher than the 2.4 per cent in flash estimates provided by HDB earlier this month.

The resale price index, which provides information on the general price movements in the resale public housing market, was 168.1 in the third quarter, up from 163.9 in the second quarter. 

This marks 10 consecutive quarters of growth in the resale price index.

HDB noted in its press release that these latest resale statistics reflect market conditions prior to cooling measures implemented in September.

"HDB will continue to monitor the resale market closely to ensure that public housing remains affordable and accessible for Singaporeans," it said on Friday.

By flat type, four-room resale units were the most popular, with 3,147 applicants registered in the third quarter. This was followed by five-room flats with 1,913 applications and three-room flats with 1,790.

The highest median resale price for four-room flats was S$860,000 in Queenstown, while the lowest was S$460,000 in Jurong East.

Queenstown also recorded the highest median resale price for a five-room unit, at S$894,000.

In the rental market, HDB approved 8,192 applications in the third quarter, down from 9,309 in the previous quarter.

According to HDB data, the number of approved applications in the third quarter of 2022 was 21.4 per cent lower compared to the same quarter in 2021.

At the end of the third quarter of 2022, there were 56,372 HDB flats rented out, an increase of 0.6 per cent over the previous quarter's 56,014 units.

In November, HDB will offer about 9,500 Build-to-Order (BTO) flats in areas such as Bukit Batok, Kallang Whampoa, Queenstown, Tengah and Yishun.

About 2,900 to 3,900 BTO flats will be offered in towns and estates such as Kallang Whampoa, Queenstown and Tengah in February 2023.

"These numbers may change as more project details will be firmed up closer to the launch date," said HDB, adding that up to 23,000 BTO flats will be launched next year.

The agency reiterated that it is prepared to launch up to 100,000 flats in total from 2021 to 2025 "if needed, subject to prevailing demand".

"HDB will continue to monitor the housing demand and adjust the plans where necessary," it added.

Source: CNA/rc(jo)


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