HDB resale prices up 2.1%; private home market ‘stable’ in second quarter: Flash estimates – CNA

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Property analysts expect the HDB resale market to remain robust in the latter half of 2024. 

The lack of a BTO exercise in the third quarter could result in more buyer activity in the HDB resale market, said Mr Lim. 

This sentiment was echoed by Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), who also pointed out that no SBF exercise would be conducted in November. 

“This extended gap between BTO and SBF exercises is likely to influence some prospective homeowners, especially those in urgent need of housing, to explore alternatives such as the resale market,” he said.

“The delay in available options may prompt these potential home seekers to seek more immediate solutions.”

While consumer confidence and buying sentiment are expected to remain positive due to improvements in Singapore’s economy and hiring prospects in the second half of 2024, the interest rate environment remains uncertain in the near term, said Ms Sun. 

“Competition for buyers may stiffen as the government plans to release more flats in good locations in October,” she added.

HDB will offer about 8,500 flats in 14 BTO projects in the October exercise. The new BTO projects will be offered as Standard, Plus or Prime flats based on their specific locational attributes.

Some buyers may be attracted to the exceptional locations offered during the upcoming exercise, particularly the new flats in Bayshore, Geylang, Woodlands, and Pasir Ris, which are in proximity to an MRT station, said Ms Sun.

“Nevertheless, certain resale flats in the vicinity may still benefit from the upcoming BTO sales launch due to the heightened awareness of the area and potential increase in amenities when these new flats are completed,” she said. 

“Moreover, buyers purchasing resale flats in the same locations continue to enjoy a shorter 5-year MOP,” she added.

Property analysts said that demand for private homes is expected to pick up in the second half of 2024, due to several prominent projects in the pipeline.

These include the launch of condominiums such as SORA, The Chuan Park and Union Square Residences.

“These projects are poised to inject fresh momentum into the new launch market by offering diverse living options that cater to a broad spectrum of preferences and needs,” said Mr Sandrasegeran.

With a gradually strengthening global economy and the hiring outlook expected to improve in the latter half of the year, sales volume could increase for the rest of 2024, said Ms Sun.

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