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Housing Board flats in Tanglin Halt are hitting the resale market and starting to fetch premiums after June's announcement that the estate will be redeveloped.
At least two units have been sold since then, with more than 30 listed on property websites.
Such flats are attractive because their owners will eventually be offered brand new units at five sites in the nearby Dawson estate in Queenstown under the Selective En bloc Redevelopment Scheme (Sers).
In 2011, housing was a big concern for Singaporeans and the government mobilised all its resources to tackle the problem, Prime Minister Lee Hsien Loong said in Parliament yesterday during the debate on the President’s Address.
“In the last three years, we have built two Clementi new towns worth of HDB flats - 52,000 flats. We have almost doubled the subsidies for the flats, which have been disbursed so as to make the flats more affordable. The situation is now under control,” he said.
Prices to drop by 12-15%.
According to PropNex, over the next three years, 80,000 new BTO flats will be completed and keys handed over to buyers. HDB will also launch a total of 24,300 BTO flats in 2014 – this is just slightly lower than last year's supply of 25,100 units.
And according to Minister Khaw, 18,000 households in the next 3 years will be moving to a BTO flat, thus they are required to sell off their existing flat within the 6 months. With the forthcoming supply of HDB resale units in the market, it is expected to further create a downward pressure for HDB resale prices. In the next 2 years, we are expecting HDB resale prices may well drop by 12 to 15 percent," Mr Mohamed Ismail, CEO of PropNex Realty.
Resale prices for HDB flats continued their decline in the first quarter of 2014, a trend which is unlikely to reverse even by the end of this year — this is the result of a convergence of measures imposed last year to cool the market and a continued supply of new flats. HDB today indicated that the resale price index in 1Q14 was 198.5, which represented a 1.6 percent contraction from the previous quarter.
Buyers and sellers could both emerge as winners from the Government's move to scale back land releases for public and private housing, say analysts yesterday.
They believe the easy-does-it shift on residential land signals that prices will ease moderately rather than plunge, which will come as a relief to many in the market.
As the Housing Board tapers off its ramped-up supply of public housing from next year, it will build more 2-room flats and "a steady stream" of studio apartments, but will cut down the supply of 3-room, 4-room and 5-room flats.
The Government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market. This follows a review by MND on the EC Housing Scheme, taking into account feedback from the Our Singapore Conversation on Housing.
One property analyst expects Build-To-Order (BTO) flats to be reduced by between 30 and 50 per cent next year.
SINGAPORE: The government has said it will be scaling back the supply of new flats in 2014.
This year, the HDB launched over 25,000 Build-To-Order (BTO) flats.
One property analyst expects BTO flats to be reduced by between 30 and 50 per cent next year.
This is because, now that pent-up BTO demand has been addressed, the two markets largely serve different groups.
"The profile of buyers going for resale flats and BTO flats is generally different," said R'ST Research director Ong Kah Seng yesterday:
Analysts were responding to remarks by National Development Minister Khaw Boon Wan, who said on Monday that the Housing Board's "massive construction programme" would start to be tapered off next year.
