{"id":24332,"date":"2021-07-02T08:00:07","date_gmt":"2021-07-02T01:00:07","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24332"},"modified":"2021-07-01T21:42:10","modified_gmt":"2021-07-01T14:42:10","slug":"resale-prices-in-singapores-public-housing-market-increased-by-2-8","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/resale-prices-in-singapores-public-housing-market-increased-by-2-8\/","title":{"rendered":"Resale prices in Singapore’s public housing market increased by 2.8%"},"content":{"rendered":"

Strong demand and home supply shortage are\u00a0expected to keep resale prices elevated in the coming months\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
Resale prices in the central area rose 10.8 percent with 53 units sold. Source: KandlStock\/Shutterstock<\/figcaption><\/figure>\n

Flash estimates released by the\u00a0Housing\u00a0and\u00a0Development Board (HDB) in Singapore reveal that resale prices in the public housing market\u00a0have\u00a0risen\u00a02.8 percent in the second quarter of 2021, reported\u00a0Channel News Asia<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

The resale price index, which provides information on the general price movements in the\u00a0resale\u00a0public housing market, increased from 142.2 to 146.2.\u00a0<\/span>\u00a0<\/span><\/p>\n

Christine Sun,\u00a0OrangeTee\u00a0& Tie\u2019s senior vice president for research and analytics, said that\u00a0the increase in resale prices could be attributed to\u00a0couples that sought after housing in the secondary\u00a0market after\u00a0construction of new Build-To-Order (BTO)\u00a0flats were delayed.\u00a0<\/span>\u00a0<\/span><\/p>\n

Buyers looking to downsize from private properties have also turned to the HDB resale market.\u00a0<\/span>\u00a0<\/span><\/p>\n

“Due to the robust housing demand and supply shortage, bargains were fading, and buyers have to move quickly if they spot a home that interests them, especially for popular locations,” said Sun.\u00a0“With many eager buyers willing to match the valuation of properties, prices of resale flats are creeping up in many areas.”<\/span>\u00a0<\/span><\/p>\n

Strong demand home supply shortage may keep resale prices\u00a0lifted\u00a0in the upcoming months.\u00a0<\/span>\u00a0<\/span><\/p>\n

“The fast-rising prices may raise the barrier of entry for some first-time buyers.\u00a0Those who cannot afford an HDB resale flat may either turn to the rental market or delay their wedding plans as they apply for BTO flats,” Sun added.\u00a0<\/span><\/p>\n

More: Efficient quarantine systems, an essential factor enabling Singapore to kickstart tourism\u00a0<\/strong><\/a><\/p>\n

Resale prices in the central area rose 10.8 percent with 53 units sold, while Serangoon saw an increase of 9.6 percent with 112 units sold. Woodlands saw an 8.5 percent rise in prices with 393 units sold.<\/span>\u00a0<\/span><\/p>\n

Mark Yip,\u00a0Huttons\u00a0Asia CEO, said\u00a0most\u00a0towns saw lower transaction volumes in the second quarter of this year.\u00a0The lower volumes were because of viewing restrictions implemented during Phase 2 (Heightened Alert), which began on May 16 and ended on June 13.\u00a0<\/span>\u00a0<\/span><\/p>\n

“Generally, there remain keen interest in the market for resale flats because of delays in completion of new homes,” he said.\u00a0“We expect HDB resale prices to increase by eight percent\u00a0to 10 percent\u00a0in 2021, surpassing the gains of five percent in 2020.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Strong demand and home supply shortage are\u00a0expected to keep resale prices elevated in the coming months\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":24333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[528,202,2027,110],"class_list":["post-24332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-market-update","tag-public-housing","tag-resale-prices","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nResale prices in Singapore's public housing market increased by 2.8% | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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