HDB resale flat prices up 3.8%

The Housing & Development Board (HDB) has ramped up the volume of new flats in order to meet rising demand, resulting in 23,800 new units from Q1 to Q3 2011.

For the third quarter this year, the HDB’s resale price index (RPI) grew to 187.2, a rise of 3.8 percent from 180.3 in the previous quarter and four percent higher from the same period last year.

Resale transactions were at 5,903 cases in Q3, down 10 percent from 6,581 cases in Q2.

“The immediate availability of 8,200 units in September saw an ease on the current demand as home buyers are eventually able to have their first home sooner than expected, thus the resale market showed a slowdown,” said Mohamed Ismail, Chief Executive Officer of PropNex.

The HDB noted that it will launch 4,200 BTO flats for sale in November. These flats are spread across various estates, including Bedok, Bukit Panjang, Punggol, Hougang and Yishun.

This year, HDB’s total flat supply will be 28,000 units, including units sold under the Sale of Balance Flats (SBF) exercise in September.

In addition, potential home buyers can look forward to another 25,000 BTO flats to be launched next year.

Meanwhile, subletting transactions declined nine percent to 6,549 cases in Q3, 177 less than in Q2.

The total number of HDB flats approved for subletting grew to approximately 39,100 units in Q3, when compared to around 37,900 units in Q2.

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