HDB Resale Prices Flat In Q1 Amid Covid-19 Outbreak Flash Estimates

Singapore River Padang View

SINGAPORE – Housing & Development Board (HDB) resale prices plateaued in the first 3 months of 2020 in the midst of the Covid-19 pandemic, as compared to the final quarter of 2019.

The resale price index displayed 131.5, the similar level as in Q4 2019, according to the recent HDB flash estimates released on 1 April 2020 (Wednesday).

The prices were flat after 2 consecutive quarters of increase in 2019. This is a reflection that buyers are still more inclined towards private homes, like the Dairy Farm Residences.

The confirmed numbers, with more specific public housing data, will be released on 24th April 2020.

HDB said on Wednesday that it will offer around 3,700 Build-To-Order (BTO) flats in Pasir Ris and Tampines in the east, as well as Choa Chu Kang and Tengah, which is close by to Dairy Farm Residences location, in May 2020.

In the coming August, it will offer about 4,100 BTO flats in Bishan, Ang Mo Kio, Tampines, Geylang and Woodlands, which is near The Watergardens At Canberra Showflat.

Of all these, the flats in Tampines and Choa Chu Kang will have a shorter waiting time.

Head of research and consultancy at OrangeTee and Tie, Miss Christine Sun, commented that prices of HDB resale flats are generally not subject to volatile movements, as most people buy flats for themselves to stay and not for speculation purposes.

In 2019, the Government declared a series of policy amendments that included allowing purchasers to utilise more of their Central Provident Fund monies to purchase HDB flats, enhancing home grants for first-time purchasers and increasing the income ceiling for eligible purchasers.

But Miss Sun mentioned that the Covid-19 pandemic may negate the good impact the policy changes have.

“There may be limited upside for major rate increments this year and prices will probably maintain sideways in the coming months,” she stated.

However, she noted that the Resilience Budget of $48 billion can be a silver lining.

“The massive stimulus package disclosed by the Government last week to retain unemployment low and the economy moving will definitely assist to sustain property demand and make sure prices of flats remain stable in the following months,” she said.

Source: https://www.straitstimes.com/singapore/housing/hdb-resale-flat-prices-flat-in-q1-flash-estimates

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