HDB Resale Update (Feb 2024)

Housing Board (HDB) resale flat prices saw slower growth in February 2024 due to fewer units sold.

Resale prices increased by 0.5% compared to 1.5% in January, with three-room flats leading at 0.9% increase.

Five-room resale flats saw the highest annual price increase at 7%, followed by four-room flats at 6.3%.

Demand is expected to rise, driven partly by private homeowners fulfilling the 15-month wait-out period to buy HDB resale flats.

BTO sales launch delay may lead more first-timers to turn to the resale market.

2,134 flats changed hands in February, an 18.8% drop from January, attributed to Chinese New Year festivities and BTO launches.

Non-mature estates accounted for 64% of transactions, with Punggol, Jurong West, and Woodlands leading sales.

Shorter waiting times for BTO flats made them more attractive to buyers, impacting the resale market.

50 HDB flats sold for at least $1 million in February, down from 74 units in January.

Most million-dollar flats were large and located on higher floors, with the highest priced at $1.48 million in Bishan.

Queenstown and Toa Payoh had the highest number of million-dollar flats sold.

Some flats in mature estates may eventually exceed $1.5 million due to scarcity.

Some owners are asking higher prices, such as $1.8 million for an executive flat in Bishan and $1.6 million in Toh Yi.