HDB upgraders in Singapore to reinforce current surge in condo sales
From January up to end of September, DBS reports that around 7,600 private residential units were sold across the city-state
According to a report published by DBS Group Research, owners of Housing Development Board (HDB) flats, which are subsidised public housing for Singaporeans, will help sustain the healthy momentum of condo sales as they continue to recycle their flats into private homes, reported The Business Times.
The research revealed that Singaporeans have steered the sales volume up for private residences, which eventually tallied to approximately 7,600 units sold in the year to date, a seven percent increase from a year before.
Analysts Rachel and Derek Tan of DBS Group explained that this growth indicated a stable demand for private homes even with the ordeal brought by the pandemic.
More: Is Singapore still a safe haven during the pandemic?
By end of 2020, they predict the number of sold units to reach or exceed the 10,000 mark, which will surpass the 2019 sales volume if momentum remains steady.
Among the possible reasons for the strong sales volume, which could have also incited demand from HDB upgraders, are pent-up demand, low-interest rates and sticky prices.
Moreover, the sales growth also suggested that with the unemployment risk for Singaporean buyers, most are either “still very cash rich” or are in a manageable situation, which can bode well for the future of Singapore property market.
Hong Kong’s homecoming: Housing market reawakens, will it weather the interest rate storm?
Hong Kong’s reopening has led to growing indications of a rebound in the territory’s struggling housing market
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Pursuing a career in sustainability paves a path for a green, resilient, inclusive property sector
The Narrow Door Podcast Host Sam Oh speaks with World Bank Group's Angelo Tan on his career journey