increase in the number of BTO flats to be launched
“The run-up in HDB resale prices that we have witnessed so far is certainly going to cool somewhat in the coming quarters. But we expect the underlying robust demand will likely sustain price increases in 2022, albeit more moderate than a double-digit growth seen last year,” says Pow Ying Khuan, Head of Research at 99 Group.
She also points out that the demand and supply imbalance will persist and keep prices rising, albeit at a slower pace. “It may still take some time for the construction companies to clear the backlog of completion delays for BTO flats.” Yip adds that given the limited supply of flats for sale, the transaction volume of resale flats will moderate to around 27,000 this year.Last year’s 12.5 per cent price growth is the first double-digit growth since 2011, when prices increased by 10.7 per cent. It was also theA similar increase of 13.
Pow comments that seeing a double-digit price growth occurring in a single year for a relatively mature housing market like the HDB resale is rare. So having such growth in consecutive years would be unsustainable in the long run. “The increase in the supply of BTO flats to 23,000 flats in 2022 and 2023 and the timely delivery of such flats will be a more effective method to cool the HDB resale market.”Likewise, Yip believes the reduced LTV has little impact on the resale market. “Most buyers will opt for a loan from the banks as the interest rate is much lower than HDB’s interest rate.”
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