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Thread: HDB resale transactions likely to surpass 30,000 this year

  1. #1
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    Default HDB resale transactions likely to surpass 30,000 this year

    HDB resale transactions likely to surpass 30,000 this year

    By Daryl Loo, Channel NewsAsia | Posted: 03 July 2007 2041 hrs


    SINGAPORE: Property agents said they are likely to sell more than 30,000 HDB resale flats this year as homebuyers turn increasingly towards public housing.

    This will be a notch above the 29,700 resale transactions recorded last year.

    The forecast comes as HDB resale prices rose by 2.9 percent during the second quarter of this year the fastest pace in nearly nine years.

    Property agents said this is largely due to a spill-over from the private sector as such homes have been getting much costlier in recent months.

    Chris Koh, Director, Dennis Wee Properties, said: "When the prices of high-end property move to a point that is too high, people who can't afford these places will look to the middle range. When the middle range also moves to a point that is too high, they will look to the lower end.

    "And when the lower end also moves, the gap widens between HDB and private. So what we're seeing recently is a lot of buyers turning to HDB because prices of private property have gone up too high."

    Flat-buyers have tended to be young families seeking a first home, but observers are noticing a change.

    They said many private property owners, who recently sold their homes en bloc, are increasingly turning to HDB flats as replacement homes.

    Mr Koh said: "I'm seeing another group of people the retirees. They have been sitting on private properties for the last ten years and they have never thought of selling them because the prices weren't that high. But now when they see the prices of private properties hitting such a mark, they're saying, 'Why not I sell it, take that money and downgrade to a HDB flat?' They could pay in full for a HDB flat and still have a couple of hundred thousands to go for holidays."

    A five-room flat at Kim Tian Place went for a record S$720,000 last month, breaking another record set for a five-room unit in nearby Jalan Membina, which was sold for S$675,000.

    While some have called this a one-off deal, others said the increase in activity means there is also a higher likelihood of new records being set.

    Eric Cheng, Senior Division Director, PropNex, said: "Recently, we had a transaction caveated in Jalan Membina at S$690,000. In today's market, a lot of owners are quoting much higher pricing. We've seen HDB owners asking for S$800,000 or S$850,000."

    Analysts are predicting that HDB resale prices will go up 10 percent for the whole year.


    - CNA/so

  2. #2
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    Default Re: HDB resale transactions likely to surpass 30,000 this year

    Quote Originally Posted by mr funny
    HDB resale transactions likely to surpass 30,000 this year

    By Daryl Loo, Channel NewsAsia | Posted: 03 July 2007 2041 hrs


    SINGAPORE: Property agents said they are likely to sell more than 30,000 HDB resale flats this year as homebuyers turn increasingly towards public housing.

    This will be a notch above the 29,700 resale transactions recorded last year.

    ..........

    Eric Cheng, Senior Division Director, PropNex, said: "Recently, we had a transaction caveated in Jalan Membina at S$690,000. In today's market, a lot of owners are quoting much higher pricing. We've seen HDB owners asking for S$800,000 or S$850,000."

    Analysts are predicting that HDB resale prices will go up 10 percent for the whole year.


    - CNA/so

    With $850k, should I buy a HDB flat or should I buy a condo?
    This is a $8.5M question!

  3. #3
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    Default Re: HDB resale transactions likely to surpass 30,000 this year

    Quote Originally Posted by Buyer
    With $850k, should I buy a HDB flat or should I buy a condo?
    This is a $8.5M question!
    Condo lah, different class. Raintree are costing only 700K

  4. #4
    HDB
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    Default Re: HDB resale transactions likely to surpass 30,000 this year

    Quote Originally Posted by Unregistered
    Condo lah, different class. Raintree are costing only 700K
    The Quartz only $600k.

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