HDB resale values rise due to larger flats sold

Resale Prices in March rose for the 6th consecutive month, while Volumes continued to fall.

Based on the flash data from SRX and 99.co, released on Monday (8 April), resale price increases were 0.3 per cent. The prices of mature and nonmature estates both rose by 0.5 percent and 0.6 cents respectively.

Overall resale values were up 6.2% compared to the same time period last year. Prices for both mature and unmatured resale properties rose 6 percent.

The percentage of resale apartments transacted on mature estates reached a six month high of 40.1%. However, flats located in non-mature estates still accounted for the majority (59.9%) of all resale transactions.

The reason for this may be that there are more buyers of HDB resale properties, who have the means to pay a higher price.

Five-room apartments saw the largest increase in resale price, with a 1 per cent month-on-month gain. Four-room apartments followed, with a 0.5% increase. While three-room flats, and executive flats, saw their resale values drop by 0.1 percent and 0.5 cents, respectively.

Resale price increases for five-roomed flats were 6.8 percent, followed closely by the 6.3 percent increase in four-roomed flats. Three-room flats saw an increase of 5.6% on the year. Meanwhile, executive flats had a gain of 4.4%.

The increase in the number of resale transactions for five-room flats and larger due to an increased number of former private property owner entering the market following their 15-month requirement.

In March, there were 26.8 percent more flats sold with a lease remaining of at least 90 years compared to February.

Newer flats are more expensive, so it’s possible they helped support the overall resale price.

Find out more: Lentor Mansion

Four-room flats accounted for the majority of resale volumes (43,6%), followed by five-room units (25.2%). Two-room flats made up 24.8% of all transactions, while executive flats accounted 6.4 percent.

Flats in estates that are not mature accounted for 59.9 percent of the total resale volume, with mature estate flats accounting for the remaining 40.1%.

HDB flats that were resold at least S$1,000,000 in March grew by 22% compared to February 2024. These transactions accounted for 3% of the total resale volume in March.

The buyers prefer newer apartments, as more than half of the transactions were resale properties that were less than 15 years old.

Toa payoh was the place where the most deals worth a million dollars were recorded, nine of them. Kallang was the next most active area, followed by Whampoa Bukit Merah and Clementi with seven deals.

The rest of the million dollar resale transactions took place at Hougang and Bishan.

he highest price transacted for a flat resale in March was S$1,45m for a 5-room flat at Boon Tiong Road. The most expensive resale apartment among non-mature flats was S$1.2m for an executive unit at Yishun Ave 4, meanwhile.


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