The prices for Housing Board resale flats increased in August for the 26th month in a row. This time, over 33 flats were sold for at least S$1 million. Among the resale flats, six were in Queenstown, seven were in Bukit Merah, and eight were in Toa Payoh.
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Among the new flats, the most expensive one was sold in Toa Payoh for S$1.3 million. The five-room 1,259 square feet unit is located at The Peak.
The prices for flats rose by 10.8% year on year. This month, it increased by 0.4%, which is lower than last month’s 0.7%.
“The sentiments in the HDB resale market are still positive, even in the face of rising interest rates,” said Nicholas Mak, ERA Realty head of research and consultancy. Analysts also said that more million-dollar flats are expected to be sold in the coming months.
The increasing prices for HDB resale flats have caused many people to turn to non-mature estates where properties are still more affordable. In non-mature estates, prices have gone up 0.2% in the last month.
Among non-mature estates, the most expensive one was sold for S$1.02 million. This was a 2,067 square feet unit in Woodlands Avenue 1.
According to Christine Sun, OrangeTee & Tie senior vice-president of research and analytics, HDB prices will remain high since the demand for completed homes still outweighs the supply, and although the supply of flats has increased, it will still take a while for these flats to be completed.
“With a strong employment rate and income growth, there is little impetus for sellers to drop prices now. We may expect more sellers, especially of new flats in mature estates, to test the million-dollar mark,” Sun said.
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