HDB resale prices up 1.7% in Q1, Latest Singapore News - The New Paper

HDB resale prices up 1.7% in Q1

Prices of Housing Board resale flats inched up 1.7 per cent in the first quarter of 2024, rising at a quicker pace than the 1.1 per cent growth in the previous quarter.

This marks the 16th consecutive quarter of price increase since the second quarter of 2020, according to flash estimates released by HDB on April 1.

HDB said the overall 2.8 per cent price growth lodged over the fourth quarter of 2023 and the first quarter of 2024 is the same as the total increase over the second and third quarters of 2023.

It added the HDB resale market is stabilising, noting that resale prices rose 4.9 per cent in 2023, slower than the 10.4 per cent increase in 2022, and the 12.7 per cent climb in 2021.

Citing an uncertain economic outlook and elevated mortgage rates, HDB said households should continue to be financially prudent in their flat purchases.

A total of 6,928 HDB resale flats changed hands in the first quarter of 2024, up 5.5 per cent from the same period in 2023, when 6,567 units were sold.

The authorities have pledged to launch 100,000 Build-To-Order (BTO) flats from 2021 to 2025. As at February, more than 67,000 BTO flats had been launched.

HDB plans to launch about 19,600 BTO flats in 2024. In February, it offered more than 4,100 flats across seven BTO projects in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.

In June, it will roll out about 6,800 BTO flats in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands and Yishun.

It advised home seekers to apply for an HDB Flat Eligibility letter by May 15, so that they can take part in the upcoming BTO exercise.