betty July 7, 2022

SINGAPORE – Prices for Housing Board resale flats rose for the 24th straight month in June even as fewer units were sold, with the proportion of flats sold in non-mature estates climbing.

HDB resale flat prices rose 1.2 per cent last month, a quicker pace compared with May’s 0.5 per cent, according to flash data from real estate portals 99.co and SRX on Thursday (July 7).

Compared with June last year, prices are up by 11.4 per cent, data showed.

Price hikes were seen across all flat types in both mature and non-mature estates, with prices of five-room units climbing the most at 1.4 per cent.

Last month, 31 HDB resale flats changed hands for at least $1 million, up from 30 in May. Of these, there were six each in Bishan and Bukit Merah, five in the central area, and four each in Ang Mo Kio and Kallang/Whampoa.

The most expensive resale flat last month was a five-room Design, Build and Sell Scheme unit at Natura Loft in Bishan, which sold for $1,310,000.

In non-mature estates, the highest price was fetched by a 1,765 sq ft executive apartment on the ground floor in Block 608 Yishun Street 61 that changed hands for $1 million – the third such transaction in the estate so far.

The 31 million-dollar flats make up 1.4 per cent of last month’s total resale transactions.

Meanwhile, resale volume dipped by 0.8 per cent, with an estimated 2,139 units changing hands last month, down from 2,156 units the month before.

Property analysts said this was due to fewer buyers during the June holiday season, limited stock, and the setting-in of price resistance.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun noted that the proportion of flats sold in non-mature estates has been climbing steadily from 56 per cent in February to 58.9 per cent in June.

“As prices of resale flats continue to rise, more buyers seem to be turning to the non-mature estates where prices of flats tend to be lower than those in the mature estates,” she said.

Due to stronger demand, prices of resale flats in non-mature estates rose by 12.3 per cent compared with June last year.