Upbeat Start To HDB Resale Market In 2020 With More Flats Changing Hands In January

Singapore City From High Up
SINGAPORE – The Housing Development Board flat resale market began the current year on an upbeat note. More HDB flats transacted in January as compared to December, and their prices went up by 0.5%.

All in all, 1,920 HDB resale flats were transacted last month, 3.3% more than December, as revealed by flash estimates taken from property portal SRX on  Thursday (February 6). It reversed a 3% decline recorded in December from the previous month.

It was also 23.1% higher than the 1,560 units sold in January 2019.

Resale rates have climbed up by 0.5%, in contrast with December. Compared with January in the previous year, this was a 0.3% rise.

HDB Flats in non-mature estates climbed by 0.8% while flats in mature estates dropped by 0.1% in comparision with December.

The most expensive resale flat that transacted the previous month was an executive apartment located in Lorong 2 Toa Payoh, and it sold for $1.025 million. An executive maisonette in Hougang Street 21 sold for $853,000, the highest rate in a non-mature estate. That’s why Serangoon The Chuan Park location is going to be popular at its launch.

There were also 4 HDB resale flats which sold for at minimum $1 million in the earlier month. With more HDB sellers getting good returns from the sale of their flats, we are expecting many to upgrade to condos like Penrose which is near to town, amenities, education for children, and shopping malls.

Resale flat purchasers last month underpaid in accordance to what SRX estimates the market value for flats is expected to be. The general median transaction over X-value (TOX) was negative $500 in the earlier month, a drop of $1,500 as compared to December.

TOX calculates how much a purchaser is overpaying (positive value) or underpaying (negative value) for a real estate based on SRX’s computer-generated property market value. The data covers only districts with more than ten resale transactions.

HDB flats in Woodlands clocked in the highest median TOX at positive $10,500, next being flats in Bukit Batok, at positive $6,800.

In the meantime, flats in Punggol clocked in the lowest median TOX, at negative $6,500, next being flats in Toa Payoh, at negative $6,100.

OrangeTee & Tie research head Christine Sun mentioned last month’s numbers might be because of the festive season.

“Some home buyers could have come back after the year-end holidays. Those buyers who are in urgent need of a home could have chosen to settle their purchase prior to the Chinese New Year as property viewings are more difficult to arrange during the festive period,” she commented.

About 5,902 HDB flats will be eligible to partake in the HDB resale market in the next 3 months as these units reach their 5-year minimum occupation period.

Source: https://www.straitstimes.com/singapore/upbeat-start-to-hdb-resale-market-in-2020-with-more-flats-changing-hands-in-january

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