HDB resale flats up 1.7% for 16th consecutive quarterly increase

SINGAPORE: In Singapore news, flash estimates released by the Housing Development Board (HDB) on Monday morning (April 1) showed that the price of resale flats increased by 1.7 per cent in the first quarter of 2024.

This is the 16th consecutive quarter that HDB resale flats have increased. Moreover, last quarter’s uptick is higher than the 1.1 per cent increase prices saw in the fourth quarter of last year.

The estimate of the 1st Quarter 2024 Resale Price Index (RPI) is 183.5, with HDB noting that “taken together, the 2.8 per cent increase over 4th Quarter 2023 and 1st Quarter 2024 is the same as the total increase over 2nd Quarter and 3rd Quarter 2023.”

Also, resale volume for the last quarter was up by 5.5 per cent (6,928) compared to the same period last year (6,567).

HDB noted that the resale market is stabilizing overall, given that resale prices only grew by 4.9 per cent last year. They rose by 12.7 per cent in 2021 and 10.4 per cent in 2022.

The agency added that global conflicts may precipitate negative supply and demand shocks and keep the economic outlook uncertain. It added that domestic mortgage rates are expected to stay higher than the low levels over the past ten years.

Because of this, HDB advises households to “continue to exercise financial prudence in their flat purchases,” adding that the government will “continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market.”

While the resale price index reflects general price movements in the resale public housing market, information on the transacted prices of individual flats by block and flat type may be found via e-services on HDB InfoWEB, HDB added.

 The agency also said on April 1 that it plans to launch around 19,600 Build-To-Order (BTO) flats this year.

HDB has set out to launch 100,000 flats from 2021 to 2025, and as of February 2024, more than 67,000 flats have been launched.

Homebuyers should look out for 6,800 BTO flats to be launched by June at Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.

“The supply is subject to review, as project details are firmed up closer to the launch date.  Flat buyers interested to apply for a flat must have a valid HFE letter.

We encourage all flat buyers to apply for an HFE letter early and submit all the required documents by 15 May 2024 if they wish to participate in the June 2024 BTO exercise,” HDB added. /TISG

Read also: HDB resale prices continued to climb upwards in Feb