Market cooling measures bearing fruits

SINGAPORE – Resale prices of Housing & Development Board (HDB) flats were unchanged in the second quarter of the year compared to the previous quarter, according to statistics released.

This is despite a 31.2 per cent increase in the number of transactions, from 4,449 to 5,838.

The Resale Price Index, which provides information on the general price movements in the resale public housing market, for both the first and second quarters stood at 134.7. Upcoming executive condo include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Visionaire EC, Parc Life , Signature at Yishun, Waterwoods EC, , Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, The Amore EC,  Bellewaters EC, Bellewoods EC.

 As at June 30, 52,171 HDB flats were sublet, an increase of 2.2 per cent from a quarter ago.

In the first half of the year, the HDB offered 13,110 flats, comprising 7,940 Build-To-Order (BTO) flats and 5,170 balance flats.

In August 2016, the HDB will offer about 4,800 BTO flats in Hougang, Sembawang, Tampines and Yishun.

SLP International executive director Nicholas Mak: The stability in the HDB resale price index can be deemed as an indication that the market cooling measures are bearing fruits. Hence, the government does not appear to feel the urgency to remove any of the property curbs in the short term.

For the whole of 2016, the HDB resale price index is expected to remain stable, varying between minus 1 and plus 1 per cent year-on-year change. The HDB resale transactions for the whole of 2016 could range between 18,600 and 19,800 flats. In 2015, a total of 19,306 HDB resale flats exchanged hands.

PropNex CEO Ismail Gafoor: With prices consolidating, transactions will pick up. Buyers who have remained on the sidelines should have, by now, understood that prices will not fall very much more below this level. The prolonged price expectation mismatch between re-sellers and buyers has reached a stage whereby the stakeholders realised that this is the new norm. They have played a wait-and-see strategy for some time now and will be making their moves soon.

executive condo and cooling measures pic 2