𝗦𝗜𝗡𝗚𝗔𝗣𝗢𝗥𝗘 𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬 𝗠𝗔𝗥𝗞𝗘𝗧: 𝗛𝗗𝗕 (𝟮𝟬𝟮𝟮, 𝟮𝟬𝟮𝟯, 𝟮𝟬𝟮𝟰)
𝗛𝗗𝗕 resale prices increased by 10.4% in 2022, lower compared to the 12.7% increase in 2021. In 2022, total resale volume was close to 28,000, 10.1% lower than in 2021.
In 2023, experts forecast price growth to further moderate given that price resistance has already started to kick in amidst the price rally, interest rate hike and following the recent cooling measures.
More than 20,000 flats were completed in 2022. HDB plans to complete another 20,000 BTO flats in 2023. Additionally, up to 23,000 BTO flats will be launched this year, an increase of about 35% from 2021. This could divert some demand from the HDB resale market.
Furthermore, HDB aims to launch even more shorter waiting time flats from 2024. Home buyers who are willing to accept the waiting time may look into new flats.
Buyers with more urgent housing needs will continue to explore the resale HDB market. Analysts anticipate that demand for resale flats in non-mature estates will increase in the meantime.
𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟯 rolls out higher CPF housing grants to first-timer buyers of resale flats (see infographic below), as well as additional BTO ballot for first-timer families with children and couples under 40 years old.
Some home buyers may choose to enter the private residential market. 𝗦𝗖𝗔𝗡 𝘁𝗵𝗲 𝗤𝗥 𝗖𝗼𝗱𝗲 bit.ly/Upcoming-New-Launches to find out about the 2023 New Launches.
"𝘛𝘰𝘶𝘤𝘩𝘪𝘯𝘨 𝘓𝘪𝘷𝘦𝘴, 𝘊𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘯𝘨 𝘗𝘦𝘰𝘱𝘭𝘦 𝘛𝘩𝘳𝘰𝘶𝘨𝘩 𝘙𝘦𝘢𝘭 𝘌𝘴𝘵𝘢𝘵𝘦."
𝗗𝗶𝗱 𝗬𝗼𝘂 𝗞𝗻𝗼𝘄? A 1,141sqft 5 room HDB at Pinnacle @ Duxton was sold at $1.4m in March 2023. A record 370 million-dollar flats were transacted in 2022, up from 259 such deals in 2021. These make up 1.38% of total transactions for the year. Analysts anticipate that the number of million-dollar flat transactions will reduce to around 200 - 300 in 2023.