In a notable recovery from a previous dip, the Housing Board (HDB) resale market saw prices increase by 0.9 percent in April, according to the latest flash data released by real estate portals Singapore Real Estate Exchange (SRX) and 99.co. This growth rate marks a significant acceleration from the 0.3 percent increase recorded in March, signaling a strengthening demand for HDB resale flats.
Year-on-Year Growth and Sales Rebound
The data further highlights a robust year-on-year increase, with prices climbing by an impressive 9 percent compared to the same month last year. Additionally, the volume of transactions in April rebounded strongly, rising 15.7 percent to an estimated 2,387 units sold. This represents a recovery from the 3.3 percent decline in sales volume noted in March and is 6 percent higher than the sales volume in April 2023.
Adjustments in BTO Flat Offerings
In related developments, from 2024, the Housing and Development Board plans to adjust the schedule for Build-To-Order (BTO) flat offerings. The new schedule will feature three sales exercises annually in February, June, and October, a reduction from the previous four launches per year. This change could impact future trends in the resale market, as potential buyers adjust their expectations and plans in response to the modified BTO launch schedule.
Market Outlook
The rebound in HDB resale prices and volume in April paints a positive picture for Singapore’s public housing market, suggesting a resilient demand amid evolving market conditions. The continuous growth in year-on-year prices coupled with a robust recovery in sales volume underscores a healthy appetite for resale flats, potentially driven by various factors including changes in buyer preferences and housing policies. As the market adapts to the new BTO schedule, further developments will be closely watched to gauge their impact on both the primary and secondary housing markets.
