“Based on the flash estimate, there was no change in the resale flat prices for the whole year of 2019,” said HDB.
Providing information on the general price movement within the resale public housing market, the RPI for the full quarter, along with more public housing data, will be rolled out on 23 January.
According to data from Data.gov.sg and OrangeTee, the number of resale transactions in the first 11 months of 2019 is higher when compared to the same period in 2018 and 2017:
Months Number of resale transactions
Jan-Nov 2017: 18,776
Jan-Nov 2018: 20,139
Jan-Nov 2019: 20,353
“The various policies seemed to have achieved their goals in improving the demand of different flat types and mitigating further price falls that were mainly caused by the lease depreciation of older flats and an increasing supply of HDB flats,” says Christine Sun, Head of Reseach and Consultancy from OrangeTee & Tie.
“For instance, the policy change that allows buyers to use more Central Provident Fund monies to buy HDB flats and the ongoing HIP (Home Improvement Programme) seemed to have improved the attractiveness and demand for older flats. In the second and third quarters of last year, the sales volume of older flats increased islandwide while the prices of older flats rose in certain towns.
“Enhancing the housing grants for first-time buyers and raising the income ceiling for eligible buyers seemed to have expanded the pool of potential buyers in the market,” she added.
Meanwhile, HDB announced that it will offer around 16,000 to 17,000 Build-To-Order (BTO) flats this year.
For the first BTO sales exercise, it will launch around 3,000 BTO flats in Toa Payoh and Sembawang in February.