Prices of Housing Board resale flats climbed 0.9 per cent in April. In addition, more units were sold when the market picked up after an initial dip in the month prior to.
HDB flat-priced resales grew more quickly during April compared to the 0.3 percent increase in March, the flash data from real estate websites Singapore Real Estate Exchange (SRX) and 99.co reported on the 6th of May.
Prices have increased by 9 percent over the past year.
The number of flats resold that were sold in April grew by 15.7 per cent to an estimated 2,387 units, against a 3.3 per cent decline the month before.
Compared with April 2023, the volume of resales was up 6 percent.
The lack of Build-To-Order or Sale of Balance Flats activities may have contributed to the rebound in the demand for resales of apartments, which helped prop up prices.
In 2024, BTO flats will be available across three sales exercises during the months of February, June and October which is a reduction from the previous four sales per year.
If you were not successful in the first Sale of Balance Flats in 2024, which took place in February, you could have resold your home rather than staying put until 2025.
These launches, which offer applicants the chance to apply for balance flats that were part of earlier BTO sales, previously were held twice per year.
The booming resale market could have led more homeowners to post their properties for sale.
Some sellers might be enticed by the prospect of making a significant profit, while others may be looking to move to larger residences.
Sixty-eight flats were sold for at least $1 million each in April, higher than the 61 such transactions that took place in March.
The HDB resales of apartments that were sold for more than one million dollars in April. comprised 24 four-room flats, 22 five room flats and 22 executive flats.
A majority of them reside in mature estates such as Kallang/Whampoa, Toa Payoh and Bukit Merah, while seven are in towns that are not mature, such as Jurong East, Sengkang, Bukit Panjang, and Hougang.
The transactions accounted for around 2.8 percent of the total transactions during April.
The most expensive flat resale was a five-room, 1,259 sq ft apartment between the 22nd and 24th floors at The Peak@ToaPayoh that sold for $1.438 million.
The most expensive property sold in April was a 1,393 sq ft Executive flat situated on Toh Guan Road, Jurong East. It was sold at $1.088m.
The town with no maturity Sengkang recorded its first million-dollar flat transaction in April.
The 1,539 sq ft executive house in Compassvale Lane changed hands for $1 million.
It is unlikely that the resale price in Sengkang will be significantly different.
Resales of millions of dollars are typically unusual and are not indicative of the general trends in the market.
In April, the Kallang/Whampoa registered 15 million dollars in flat transactions which is a record for the town.
St George’s Towers, which has just finished its minimum five-year occupancy period and accounted for 11 out of the 15 transactions.
Eight out of 11 transactions at St George’s Towers take place at the 19th and higher. Therefore, they are likely to have unobstructed views.
The 34-storey building is located next to the Whampoa River and is about five minutes walk from Boon Keng MRT station.
In the first four months of 2024, there were 253 million dollars of flat transactions.
The transactions are set to exceed the record of 469 units sold during the entire of 2023.
It appears that the global economy has experienced an upturn which has given potential home buyers the confidence to take the plunge and make their entry into the real estate market.