Last month’s most expensive resale apartment was a five-room residence at The Peak At Toa Payoh that sold for $1,350,00. ST PHOTO: CHONG JUN LIANG
SINGAPORE – For the 26th straight month, the prices of Housing Board resale apartments grew in August, with 33 homes changing hands for as least $1 million.
According to flash statistics issued on Thursday by real estate websites 99.co and SRX, HDB resale flat prices are up 10.8% annually, gaining 0.4% in August, a slower rate than July’s 0.7% growth.
In the past month, eight million-dollar condominiums were sold in Toa Payoh, seven in Bukit Mertad, and six in Queenstown.
The most expensive apartment sold for resale last month was a 1,259-square-foot, five-room unit in The Peak @ Toa Payoh for $1.35 million.
According to analysts, there may be more million-dollar resale sales in the coming months.
Nicholas Mak, head of research and consulting at ERA Realty, commented, “Despite rising mortgage rates, the HDB resale market remains optimistic.”
Mark Yip, CEO of Huttons Asia, indicated that rate hikes had encouraged some buyers to seek for less priced non-mature estates.
He stated that this may have contributed to the 0.2% price increase in comparable properties last month.
The most expensive property in non-mature estates was a 2,067-square-foot executive apartment that sold for $1.02 million on Woodlands Avenue 1.
The 33 million-dollar units accounted for 1.4% of all sales transactions in the previous month. In July, the same amount of million-dollar apartments were sold.
In August, the anticipated number of HDB resale flats declined by 1.7% to 2,323 units, reversing July’s 10.0% surge.
Compared to August of the previous year, there were 15.5% fewer transactions.
Analysts ascribed this to a mismatch in pricing expectations between buyers and sellers, as well as a fall in the number of buyers, which is typical during the seventh month of the lunar calendar, when the Hungry Ghost Festival occurs.
All apartment types in both mature and non-mature estates had price rises, with the biggest increase being 0.8% for five-room apartments.
In July, condo and HDB rents continue to rise, and more units are rented as demand remains robust.
As mortgage rates climb, there is no reason for worry, but you should exercise prudence.
Mr. Mak attributed the price rises to Singapore’s resurgent economy, rising household incomes, and HDB upgraders.
Ms. Wong reported that the percentage of flats sold for less than $500,000 grew from 39.6% to 42.2% of the total volume last month.
She said that in August, resale units that sold for between $500,000 and just under $1 million accounted for around 55.8% of all transactions, a decrease from July’s 59.2%.
Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, anticipates that HDB resale prices will remain consistent as demand outweighs supply.
“With a solid employment rate and income growth, there is now little incentive for sellers to cut their prices. We may anticipate a rise in the number of sales over $1 million, particularly for new flats in established neighbourhoods.”
As more and more HDB properties sell for above $1 million, you may choose to consider alternatives such as Executive Condo or private new launch. There will soon be a new Executive condo development called Tenet EC.
The Tenet at Tampines EC is approximately 10 minutes by car from Pasir Ris MRT and 8 minutes from Tampines MRT. Other accessible MRT stations include Downtown and Bencooolne. Changi Airport MRT Station is also 15 minutes distant by car, and Expo MRT is only one stop away. The upcoming Tampines North MRT will be within two minutes’ walking distance of your property whenever it is constructed.
To improve bus service in Tampines, two bus interchanges, Tampines Concourse Bus Interchange and Tampines Bus Interchange, serve the district. The latter connects around twenty-five bus lines to Our Tampines Hub. Tampines Concourse Bus is a 15-minute walk from Tampines St 62 Ec and has four bus services.
The CBD is around a 35-minute bus ride from Tenet in Tampines EC, whereas Changi Business Park can be reached in 30 minutes. By utilizing Singapore’s significant highways and major expressways, private car owners may reach any location within the city with relative ease. Tampines Expressway (TPE) provides access to the north-east, Pan Island Expressway (PIE) provides access to the west, East Coast Parkway (ECP) provides access to Changi Airport, and Kallang-Paya Lebar Expressway (KPE) and Marina Coastal Expressway provide access to the south-east.
The Tenet EC model apartment will be ready by November 2022. Register your interest in Tenet EC Price today.
You may also choose to examine Lentor Hills Residences, an impending new development.
The Lentor Hills Residences are situated in a beautiful, well-connected area adjacent to the core business sector. While it includes a number of pleasures, you can purchase additional essentials. The convenience of the Lentor Hills Residences allows families to play and work close to home.
The Reserve Homes homes are connected to a multitude of transportation routes, providing for convenient commuting. Lentor MRT station on the Thomson East Coast Line is a short distance away and brings residents to the core business district in minutes. In addition, it is linked to Yio Chu Kang Road,and major expressways such the CTE, PIE, and TPE.
Due to the close vicinity of hawker centres, supermarkets, restaurants, and retail malls, Lentor Hills Residences offers a convenient lifestyle to its residents.