Tuesday, 6 July 2021
Thursday, 24 June 2021
Singapore HDB Median Resale Prices Chart By Town & Flat Type (1st Quarter 2021) - HDB
Median Resale Prices For Registered Resale Applications
The median price is the fiftieth percentile amount of HDB resale flat purchases. This means that half of the flats transacted were purchased at amounts above the median price, and half of the flats were purchased at amounts below the median price. These figures are based on resale flat transactions recorded for the quarter, and sorted by town and flat type.
- 3-Room, 4-Room, 5-Room & Executive
Advertisement
- 3-Room HDB
Top 5 Town for 3-Room Median Resale Price
- Central - S$420,000.00
- Punggol - S$379,000.00
- Sengkang - S$368,000.00
- Queenstown - S$360,000.00
- Serangoon - S$350,000.00
- 4-Room HDB
Top 5 Town for 4-Room Median Resale Price
- Central - S$910,000.00
- Queenstown - S$790,000.00
- Bukit Merah - S$728,400.00
- Toa Payoh - S$603,500.00
- Kallang / Whampoa - S$577,500.00
- 5-Room HDB
Top 5 Town for 5-Room Median Resale Price
- Clementi - S$890,000.00
- Bukit Merah - S$821,500.00
- Queenstown - S$820,000.00
- Toa Payoh - S$808,000.00
- Bishan - S$757,500.00
Advertisement
- Executive HDB
Top 5 Town for Executive Median Resale Price
- Bedok - S$743,000.00
- Serangoon - S$731,500.00
- Hougang - S$689,600.00
- Tampines - S$689,000.00
- Bukit Panjang - S$680,000.00
Legend
Here are the notes and legends for the symbols used in the following table:
(-) indicates no resale transactions in the quarter
Asterisks (" * ") refer to cases where there are less than 20 resale transactions in the quarter for the particular town and flat type. The median prices of these cases are not shown as they may not be representative
The data excluded transactions that may not accurately reflect the market price, i.e. resale of part shares, resale between related parties, cases under the Conversion Scheme, resale of terrace flats, and converted flats
The figures are rounded to the nearest hundred dollars
Source: HDB (24 Jun 2021)
Advertisement
Tuesday, 27 April 2021
Punggol and Sengkang home to the most HDB resale transactions in 2021 to-date - EdgeProp
 |
| In January and February this year, 447 flats were transacted in Sengkang, this is the highest for a HDB town (Photo: Samuel Isaac Chua/The Edge Singapore) |
SINGAPORE (EDGEPROP) - HDB resale flats in mature estates that are near top primary schools and shopping malls have been traditionally more popular. However, newer flats in non-mature estates like Sengkang and Punggol are also gaining popularity.
Sengkang and Punggol are two of the most popular estates based on the number of HDB resale flats sold in January and February this year, according to data from data.gov.sg. In the two months, 447 flats were transacted in Sengkang while 446 flats were transacted in Punggol. They are followed by Tampines and Bedok, which saw 343 and 268 flats, respectively, changing hands in the two months.
Punggol and Sengkang also saw the largest increase in resale transactions in 2020 as compared to 2011, according to research done by Huttons Asia. Punggol experienced a 181.5% increase, while Sengkang achieved a 60.5% increase. They were followed by Bukit Panjang, which saw 34.5% more flats being transacted in 2020 compared to nine years ago, and Clementi, which saw a 20.1% increase.
ADVERTISEMENT
Mark Yip, CEO of Huttons Asia, says: “One reason for the increase in transactions in places like Punggol, Sengkang and Bukit Panjang, is that there are many BTO (Build-To-Order) projects in these towns and many of them have recently achieved the five-year minimum occupation period.” He adds: “Newer flats are popular and fetch higher prices because they are deemed to be as good as new.” (See another HDB BTO news)
Across the board, there are more resale transactions because there are more BTO flats achieving minimum occupancy period (MOP). In 2020, there were 24,500 flats that achieved MOP. This year, there will be 25,530 flats reaching MOP. This is because the government increased the supply of BTO flats from 2011 to 2014, says Nicholas Mak, head of research at ERA Realty Network.
“Punggol and Sengkang are the two most popular towns as there are many relatively new flats under 10 years old and young families residing there,” says Mak. These areas also offer outdoor recreational options for exercise, public transportation connectivity, and retail malls at the town centre, he adds.
In 2020, the top five towns where flats between five and nine years were sold were Sengkang (777 flats), Yishun (562 flats), Punggol (550 flats), Bukit Panjang (495 flats) and Tampines (276 flats), while in the first two months of 2021, the top five towns where flats between five and nine years were sold were Punggol (338 flats), Sengkang (211 flats), Bukit Panjang (91 flats), Yishun (82 flats) and Queenstown (60 flats).
ADVERTISEMENT
Rarer flat types also fetch higher prices, such as maisonettes and executive flats, says Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
“For the larger flats like five-room flats, the HDB has either reduced the supply or stopped building them. As such, buyers who prefer larger flats have turned to the resale market,” says Huttons’ Yip. He believes that the transactions of such flats grew around 10% y-o-y in 2020, presumably due to the need for more space as work-from-home (WFH) arrangements gathered pace and more empty-nesters moved to a smaller dwelling unit.
As for million-dollar HDB flats, Yip believes that they command such prices because of their location, size and design. “Million-dollar HDB flat transactions are a minority, making up less than 1% of total transactions in a year. Some of these are in the city like The Pinnacle at Duxton, larger flats like five-room or EM (executive maisonette) and DBSS (Design, Build and Sell Scheme) flats or terraces,” he adds.
ADVERTISEMENT
Resale home-buyer profile
More cash-rich buyers are considering HDB resale flats. This group includes downgraders from the private market, who could be doing so due to a softer employment market, says OrangeTee & Tie’s Sun.
At the same time, there are also empty-nesters who are older and want to free up capital to help their children buy properties, says Alan Cheong, executive director at Savills Singapore. Citing statistics that the population of Singapore residents aged between 50 and 69 who stay in private properties have almost tripled in the past 20 years, Cheong believes that this is a trend that could continue for the next 10 years.
Some HDB resale buyers are also ex-en bloc owners who have collected a large sum of money and can pay for a HDB resale flat in full. They can then use the balance cash for other forms of investment or retirement, Sun says.
These cash-rich buyers have the financial means to pay more for HDB resale flats that they like, especially the bigger, well-
located units that come with good views, says Sun. “Some also don’t mind buying slightly older but cheaper HDB resale flats, as long as the balance lease can last them until the end of their life,” she adds.
Couples who are not able to wait four to five years for BTO flats to complete will also consider buying from the resale market, says Sun. Huttons’ Yip adds that construction delays caused by Covid-19 have added to the uncertainty, prompting couples to consider resale flats.
Read more: BTO or resale flat?
Future developments
Future developments in a particular town also attract home buyers, says OrangeTee & Tie’s Sun. “The extensive masterplan to turn Punggol into the next Digital District played a pivotal role in propping up flat prices in Punggol and Sengkang, despite the growing supply of flats in these two estates,” says Sun. Under the URA Master Plan, the Singapore Institute of Technology campus and JTC’s Business Park spaces will be built to create Singapore’s first smart district, which will house key growth industries for the digital economy.
Over the next few years, Punggol will see a new university campus, market village, heritage trail, offices, logistic hub and amenities being established, which have enticed buyers to Punggol and Sengkang.
Employment hubs are expected to expand further in Changi, Tampines North and Pasir Ris, and more housing units and recreational spaces will be built there.
Increasing prices
Prices for resale flats rose 5% in 2020, while the number of transactions increased 4.4%, according to HDB. This trend is likely to continue this year.
OrangeTee & Tie’s Sun says that as the global economic outlook remains favourable this year, the worst of the pandemic could be over and key economies may fare better than last year. “Moreover, there is still ample liquidity circulating in the system as investment funds have reallocated a massive amount of capital from financial markets to real estate properties,” she adds.
“With more flats reaching MOP, we may expect more transactions this year. Therefore, we are optimistic that the HDB resale volume may rise further by up to 5% this year, to around 24,000 to 26,000 units. Prices of resale flats may continue to rise by 2% to 5% for the whole of 2021,” she adds.
Lee Sze Teck, director of research at Huttons Asia, says: “Based on data from the authorities, an estimated 21,520 three-room and larger flats will reach their MOP in 2021. Many of these flats are in Choa Chu Kang, Punggol, Yishun, Sengkang and Kallang/Whampoa.” He predicts transaction volume to be between 23,000 and 24,000 flats in 2021.
“These newer flats have made up a larger portion of the resale transactions and contributed to the increase in prices,” says Huttons’ Yip.
As to whether the government will introduce curbs on the pricing of HDB resale flats, Sun says that tightening the mortgage servicing ratio and the loan-to-value ratio could be two ways to do so.
Huttons’ Lee also says that the government could tweak the financing portion to dampen price growth. For instance, the cash component can be increased or the amount of CPF funds utilised can be reduced. He believes that transaction volume will be between 23,000 and 24,000 flats, and projects that HDB resale prices will grow between 2% and 4%, in 2021.
By Valerie Kor / EdgeProp Singapore | March 26, 2021 6:00 AM SGT
Source: EdgeProp
ADVERTISEMENT
Tuesday, 22 December 2020
The rise of resale HDBs - EdgeProp
SINGAPORE (EDGEPROP) - The red hot HDB market seems to be defying all expectations. The chart below sums up the plot of the HDB story this year. After average monthly sales volume plummeted 79% during the circuit-breaker months, the recovery was not only swift, but immense. Sales volume jumped 573% to more than 2,400 units per month in June and has remained high since.
 |
HDB resale prices are also inching up after being in the doldrums for years. From June’20 to Oct’20, average resale HDB prices jumped 7%, almost reaching the highs of 2012 -- that was when the HDB market was at its hottest before cooling measures were implemented.
Before getting into the reasons behind the rise of resale HDBs, we delved deeper into the different Singapore towns and their respective transactions for further insights. As usual, we turned to data for guidance.
Advertisement
A lot more deals done in newer North-East towns...
While almost all towns in Singapore saw more deals being done in Q3 vs. Q1 this year, the towns in the North-East region, namely Woodlands, Punggol, Sengkang and Tampines were the busiest (see heatmap). For example, in the new town of Punggol, transaction volume almost doubled from 306 units in Q1 to 596 units in Q3. Similarly in Tampines, there were 556 resale transactions in Q3 compared to 382 in Q1, an increase of almost 46%. The only town that experienced a decline in sales volume was Yishun, a much older estate that gained an unsavoury fame of late due to a spate of crimes and mysteries. In Q3 this year, there were 510 resale HDB transactions in Yishun compared to 519 transactions in Q1.
Most of the HDBs in these newer towns would have achieved its Minimum Occupancy Period (MOP) in the last 2 years. MOP is the minimum period owners are required to physically occupy the flat before they can sell it in the secondary market. In Punggol alone, we estimated that some 9,200 HDBs would have achieved its MOP in 2019 and 2020 compared to about 5,100 units in the two years prior. Newer HDBs are typically easier to sell due to its better renovated conditions and proximity to amenities.
... but price jumps seen primarily in mature towns in central and city-fringes
While the newer HDB towns grab all the headlines for the number of transactions, the real money deals occur in the city fringes. Million-dollar HDB flats, unheard of a mere few years back, are becoming regular news in areas like Tiong Bahru, Queenstown and Tanjong Pagar. In October alone, there were 13 million-dollar resale HDBs transacted, the highest ever on record. This equates the total number of million-dollar HDBs in the first quarter of the year.
Not surprisingly, these towns saw the highest price increases this year. Prices in the central area, driven by the landmark development Pinnacle @ Duxton grew 17% from Q1 to Q3 this year. Meanwhile, over in Queenstown, prices grew 13% as newer developments such as Skyville @ Dawson and Skyterrace @ Dawson achieved its MOP. These HDBs are designed by renowned architects and have facades which resemble private residential condominiums. Some also incorporate biophilic design such as rooftop gardens into the developments. Easy access to MRTs and proximity to city centers are other possible reasons which contribute to the growth in selling prices in Queenstown.
Advertisement
The need for space
Most analysts attribute this to the pent-up demand caused by limited activities during the barren circuit-breaker months. However, this alone cannot fully explain why sales stayed elevated for five consecutive months, and higher than the monthly sales in the previous years.
One key factor driving the rise in demand for HDBs is the need for space. Being locked down during the circuit breaker months and the continuance of working from home as the new routine have caused many buyers to re-evaluate their housing needs. Younger couples could also be looking out to get their own space instead of staying with their parents. HDBs are probably the most inexpensive asset class in Singapore on a per-square-foot basis to meet the need for space at times like these.
Lastly, upgraders and likewise downgraders (there must be a seller and buyer for each transaction) could be fueling the HDB transactions in the market space. Selling their HDBs could be an option for those seeking financial security due to the uncertainties in the employment market. As the current pandemic persists until a vaccine is made widely available, we expect the resale market for HDBs to remain vibrant throughout next year.
By Ida West / EdgeProp Singapore | November 20, 2020 9:07 AM SGT
Source: EdgeProp
Advertisement
Subscribe to:
Posts (Atom)