HDB plans to launch about 19,600 BTO flats by 2024. In February, it offered over 4,100 flats in seven BTO projects in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.
In June, it will release approximately 6,800 BTO flats located in Jurong East, Kallang/Whampoa Queenstown, Tampines, Woodlands and Yishun.
Prices of Housing Board resale flats inched up 1.7 per cent during the first quarter of 2024. The price climbed faster than the 1.1 per cent increase recorded in the preceding quarter.
According to HDB’s estimations of flash prices, this marks the 16th consecutive quarter-long price increase since the 2nd quarter of 2020.
The total increase in price of 2,8 per cent over the first and fourth quarters of 2023 amounts to the increase total of 2.8 percent during the second and third quarter of 2023.
HDB resale market is stabilising and resales prices rose 4.9 percent in 2023, lower than the 10.4 per cent increase in 2022, and the 12.7 per cent climb in 2021.
Due to the uncertain economic outlook, and high mortgage rates due to the uncertain economic outlook, it is crucial that homeowners take financial precautions when purchasing a new home.
Property analysts have noted that homeowners who own their homes privately have the option to purchase HDB Resales of their apartments starting in January 2024 after they have completed their 15-month waiting period following their sale.
The wait-out time is a temporary measure rolled out in September 2022 to chill the resale market.
This group could have led to a stronger demand for larger apartments, and more flats sold in excess of 1 million dollars, which drove the prices up.
It will also be the last sales launch before the change of flats to Standard, Plus and Prime flats.
BTO units that are located in desirable areas will be classified as Prime or Plus as they have more stringent resale restrictions including an occupation time of at least 10 years, and the possibility of clawbacks for subsidy.
The number of HDB flats with five rooms and more sold in the first three months of 2024 was 10 percent more than in the preceding quarter.
The total of 185 flats traded hands for at least $1 million during the first quarter of 2024.
The number of million dollar resale apartments transacted quarterly is highest, with a record-breaking 74 transactions recorded in January. Flats of this type are an under-represented segment and only made up for 2.7% of all transactions in the first three months.
In the quarter beginning in of 2024 in the first quarter of 2024, 6,928 HDB flats were sold, an increase of 5.5 percent from the period in 2023, when 6,567 flats were sold.
There is a rise in first-time buyers who choose to buy flats for resales because of less frequent Build-To-Order (BTO) sales exercise.
Union Square Residences Showroom
It is not common to see sales during the first quarter to be higher than the prior quarter. In the first quarter, most of the time, sales tend to be slower due to Chinese New Year celebrations and the March school holidays.
BTO flats are to be offered in three stages starting 2024. The launches will be in the months of February, June and October. It is a reduction from the usual four launches a year.
The Sale of Balance Flats exercise that gives applicants the chance to apply for balance flats that were previously available from previous BTO sale activities is scheduled to take place once a year. Such launches previously took place once a year.
2024’s launch was the only one to be held in February.
In 2021-2025, authorities have pledged to launch 100,000 BTO flats. In February 2024, more than 67,000 BTO apartments were in operation.
HDB plans to launch about 19,600 BTO flats by 2024. In February, it offered over 4,100 flats in seven BTO projects in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.
In June, it will release approximately 6,800 BTO flats located in Jurong East, Kallang/Whampoa Queenstown, Tampines, Woodlands and Yishun.
The government has recommended that homeowners submit an application for an HDB flat eligibility letter prior to May 15 in order to participate in the BTO.
The BTO launch in June could bring buyers away from the resale market since flats in sought-after places like Tanjong Rhu and Holland Village will be on offer.