HDB resale increase in March as prices of larger flats rise

Resale price growth in March was the sixth consecutive increase, but volumes declined.

SRX’s and 99.co’s flash data, released Monday (8th April), showed that resale rates were up 0.3 % month-over-month. Both mature and un-mature estates saw gains, with a 0.5 per cent increase and 0.6per cent respectively.

In comparison with the same quarter last year, the overall resale market prices rose by 6.2%. Both mature and not-mature resale values rose 6 per cent.

The proportion of flats resold in mature estates rose to a 6-month high of 40.1%. Deals for flats on non-mature Estates continue to represent the majority of the total resale (59.9%).

There are many private home owners who want to upgrade to HDB flats. These buyers usually have the financial ability to pay more.

In particular, the five-room apartment saw a 1% increase on a monthly basis. It was followed by flats with four rooms, which rose 0.5%. The resale value of three-room apartments and executive homes dropped by 0.1% and 0.5%, respectively.

Resale values for flats with five rooms rose by 6.8 percent, followed by flats with four rooms, which increased by 6.3 percent. Three-room apartment prices rose 5.6 percent on an annual basis, while executive apartments recorded a price increase of 4.4 percent.

The increased number of buyers who are former owners of private properties and have met the 15-month waiting-period requirements.

Pinetree Hill condo by UOL

In March compared to the previous month, there was a 26.8 % increase in the number of flats that were resold and had a lease term of 90 or more years.

The fact that newer apartments tend to sell for higher prices may have supported the resale market. There were also quite a number of transactions in HDB projects that recently exceeded their minimum occupancy period.

Most resale sales were four-room flats (43,6% of total volumes), followed by flats of five rooms (25.2%). The number of transactions accounted for by three-room apartments was 24.8%, while 6.4% came from executive flats.

In terms of total resale, 59.9% of all transactions were for flats located in non-mature areas.

HDB flats selling for more than S$1m jumped 22 percent to 61 transactions in March. That’s up from 50 in February 2024. These transactions represented 3 per cent in total resale activity for March.

This indicates that buyers are more likely to prefer flats under 15 years of age.

Toa Paioh had the highest number of million-dollar transactions, recording nine during the last month. Kallang, Whampoa Bukit Meah, Clementi and Whampoa followed with seven deals each.

The rest were located in Hougang.

The highest resale price in March for a five-room apartment at Boon Tiong Road was S$1.45million. The most expensive resold flat was a five-room executive apartment on Yishun Ave. 4 for S$1.2million.

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