Housing Board resale prices rose by 0.9 percent in April. The market recovered after a dip in the month before.
The 6th of May flash data from real estate websites Singapore Real Estate Exchange and 99.co showed that HDB prices for resales increased faster in April than March’s 0.3 percent rise.
The price of food has increased by 9 percent over the past year.
In April, the amount of apartments that were resold by 15.7 percent to 2,387 units. This compares to an increase of 3.3 percent in the previous month.
Comparing April 2023 with April 2019, the volume of resales was six percent more.
The fewer Build-to-Order and Sale of Balance Flats activities may be a factor in the rise in the demand for resales of apartments which boosted prices.
BTO flats will be offered in three phases beginning 2024, namely March, June and then October. This is a decrease from four launches per year.
If you didn’t succeed at the initial Sale of Balance Flats in 2024, which took place in February, then you may have been able to resell your property instead of staying put until 2025.
The launches, where the applicants were able to apply for any flats left from the previous BTO sales were held previously every two years.
The booming resale market could have prompted homeowners to put their homes for auction.
Many sellers are enticed by the prospect of making substantial profits. Some may want to improve their property.
In the month of April, 68 flats were purchased for over one million dollars. This is more than the 61 sales which took place in March.
The HDB resales apartments that were sold for more than one million dollars in April. consisted of 24 four-room flats and 22 five-room flats and 22 executive flats.
Most of them are in established estates such as Toa Payoh, Bukit Merah and Kallang/Whampoa. Seven are located in towns that aren’t as affluent, like Jurong East and Sengkang.
In the month of April, these transactions made up approximately 2.8 percent of the total transactions.
The most expensive resale unit was a five-room, 1,259 square feet unit that was situated between the 22nd and 24th floors of the Peak@ToaPayoh. It was sold at $1.438m.
The most expensive property sold for April was a 1,393 sq ft Executive apartment situated on Toh Guan Road, Jurong East. It was sold at $1.088m.
Sengkang is a town that isn’t yet mature has registered its first million-dollar flat-rate transaction in the month of April.
Compassvale Lane, a 1,539 square feet executive villette, was sold for $1 million.
It is highly unlikely that the price of resales in Sengkang will be significantly different.
Resales of millions of dollars are extremely uncommon and don’t reflect the overall market.
In April, the Kallang/Whampoa recorded 15 million dollars in flat transactions which is a record for the town.
St George’s Towers, which has just completed its minimum five-year occupancy period was responsible for 11 of the fifteen transactions.
Eight of the 11 transactions at St George’s Towers take place on the 19th floor or higher. Therefore, they are likely to have unobstructed views.
The building that is at 34 stories it is situated next to the Whampoa River. It is just a five-minute stroll to Boon Keng MRT Station.
In the first four months of 2024, there were 253 million dollars of flat transactions.
The transactions may surpass the 469 units that were sold in 2023.
The global economy appears to be growing and is giving potential buyers the confidence needed to get into the market of real estate.