For homebuyers, two notable transactions stand out. The first is a more than 30-year-old apartment-style HDB flat located at Block 321, Sengkang Avenue 2, which was sold for S$1,208,000 (approximately RMB 6,475,135), setting a new record for resale prices of similar flats in the area. Another noteworthy transaction is a four-room HDB flat located in Toa Payoh, which was resold for S$1.15 million (approximately RMB 6,160,000), which is S$49,000 (approximately RMB 260,000) higher than the previous record high. These transactions reflect the vibrancy and popularity of the HDB market.
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Data from the Housing and Development Board also shows that in the first quarter of this year, a total of 6,928 HDB units changed hands, an increase of 5.5% compared to the same period last year, reaching a level of 6,567 units. At the same time, the Housing and Development Board plans to launch around 19,600 Build-to-Order (BTO) flats this year, with 4,126 BTO flats and 1,588 balance flats already launched in February; and in June, approximately 6,800 BTO flats will be launched, distributed in areas such as Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun. These plans provide homebuyers with more choices and shorten their waiting time for home purchases.
However, compared to the rise in HDB market, there has been a downward trend in local private residential sales volume. According to preliminary estimates from the Urban Redevelopment Authority, overall private residential prices in Singapore rose by 1.5% in the first quarter of this year, a decrease from the 2.8% increase in the fourth quarter of last year. Specifically, prices in the Core Central Region (CCR), representing luxury apartments, saw the highest increase of 3.1%, but this growth rate was lower than the 3.9% increase in the fourth quarter of last year. Meanwhile, the Rest of Central Region (RCR), representing mid-tier apartments, saw a 0.2% increase, reversing the 0.8% decline in the previous quarter. As for Outside Central Region (OCR), representing mass-market private residences, the increase was 0.4%, slower than the 4.5% increase in the previous quarter.
