New Launches - Record for resale price in 17 of HDB's 26 towns year to date: OrangeTee & Tie

New Launches - Record for resale price in 17 of HDB's 26 towns year to date: OrangeTee & Tie

New Launches, RE-sale prices hit record levels in 17 of the 26 Housing and Development Board (HDB) towns this year, OrangeTee & Tie said on Thursday (July 13). OrangeTee said of the 17 towns, the highest registered price was for an apartment in Bukit Merah, which changed hands at S$1.5 million. This was followed by a S$1.42 million deal in Toa Payoh and S$1.4 million in Bishan.

A total of 105 resale New Launch Condo were sold for at least S$1 million in the second quarter, 103 more than the first quarter deals, the property consultancy said. It added that there are only five towns yet to have multi-million dollar apartment deals - Bukit Panjang, Choa Chu Kang, Jurong West, Sembawang and Sengkang.

Average resale price increased for 21 HDB towns, with Geylang recording the highest price increase with 18.7%. This is followed by Central with 8.6%, Bedok with 4.3% and Tampines with 4.1%.

Overall, HDB's resale price increased 1.4% in Q2 after increasing 1% in the previous quarter. Prices have increased for 13 consecutive quarters. Q2 data is based on quick estimates released by HDB in July.

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Christine Sun, senior vice president of research and analysis at OrangeTee, said the price increase was mainly driven by five-room apartments, where the average price rose 1.9 per cent from S$672,674 in the first quarter. S$685,660 in Q2.

In Q2, prices of 4-room apartments increased by 1.3% from S$571,995 to S$579,708, while prices of luxury apartments increased by 1.7% from S$813,350 to S$827,549.

On the other hand, total New Launch Condos is down 4.6% this year. The number of resale transactions fell to 6,409 units in Q2, from 6,720 units in the same period last year.

In Sun's view, demand for resale apartments "is considered resilient due to cooling measures implemented in September 2022". She noted that demand could be sustained by more grants being given to first-time resale condo buyers.

By unit type, 4-room apartments were the most popular, accounting for 45.7% of total resale transactions in Q2. This is up from 42.6% in Q1. The rate of selling 5-room apartments also increased from 22.6% to 23.4% in the same period.

High demand for four-room apartments could be fueled by private property owners aged 55 and over, as they are exempt from the 15-month waiting period if they purchase a 4-room unit or smaller. Likewise, upgraders valued from the private property market may have purchased larger resale units, Sun said. OrangeTee estimates total resale volume to be between 25,000 and 27,000 units this year, with resale prices rising at a slower rate of 4% to 6%.

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