HDB resales in September hit by BTO launch; first price drop since February

SINGAPORE – The HDB resale market showed a notable shift in September, with prices falling for the first time since February and fewer units sold.

Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said the slower market could be due to the impact of the Hungry Ghost Festival from August to mid-September, during which home buyers tend to hold off purchases. This is “likely contributed partly by the pullback in the number of million-dollar flats sold in September compared with the previous month”, she added.SRX and 99.co data showed 42 resale flats were transacted for at least $1 million, down from 54 such transactions in August.

“This looks on track to smash the record of 369 million-dollar resale flats transacted in the whole of 2022,” Ms Wong added. Mr Eugene Lim, key executive officer of ERA Singapore, said that even though the changes in median prices across all flat types were marginal, with the overall market median price falling from $560,000 to $555,000, “September was still the month with the second-highest price , after August”.The flat was built in the 1990s and has a generous floor area of 172 sq m, which reflects a unit price of $783 per sq ft based on its purchase price, noted Ms Wong.

Source: News Formal (newsformal.com)

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