99-SRX: HDB resale market shows 0.5% upturn amidst muted BTO launch

SINGAPORE: In the latest analysis report from 99-SRX, the HDB resale market shows a 0.5% upturn in Oct 2023, offering reassurance to home seekers who may have been disheartened by the October Build-To-Order (BTO) launch. Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the October BTO launch exhibited "its lowest average take-up rate for 3 Rooms and above configurations when compared to its past 10 launches." Anticipating more choices, some HDB seekers turned their attention to the resale market, leading to an 11% increase in resale volume during October. However, experts predict a stabilisation or slight dip in resale volume for November and December, attributing it to the holiday period and the anticipation of the December HDB BTO launch. In tandem with the rise in volume, resale prices in October witnessed a modest 0.5% increase. Notably, 41 transactions surpassed the million-dollar mark during the month, bringing the total for 2023 to 377, surpassing the entire count for 2022 (370). An intriguing shift was observed as October marked the first month in 2023 without any million-dollar transactions in Non-mature estates, a departure from the trend observed since April 2022. [caption id="attachment_560618" align="alignnone" width="815"] Photo: 99.co and SRX[/caption]

Resale Prices

HDB resale prices edged up by 0.5% in October 2023 compared to September 2023. Non-Mature Estates experienced a slightly higher increase of 0.8%, while Mature Estates saw a 0.6% uptick. Examining room types, 3 Room prices rose by 0.3%, 4 Room prices by 0.7%, 5 Room prices dipped by 0.4%, and Executive prices surged by 1.7%. [caption id="attachment_560619" align="alignnone" width="750"] Photo: 99.co and SRX[/caption] The SRX Property Price Index for HDB Resale highlighted a year-on-year overall price increase of 5.3% from October 2022. Across all room types, prices rose:

• 3 Room by 4.9%
• 4 Room by 6.2%
• 5 Room by 4.5%
• Executive by 7.4%

Furthermore, Mature and Non-Mature Estates experienced price increases of 5.0% and 5.7%, respectively, from a year ago.

Resale Volume and Transacted Prices

October 2023 recorded the transaction of 2,200 HDB resale flats, marking a 10.8% increase from September 2023. On a year-on-year basis, resale volume in October surged by 12.0%, with 25.2% of the volume coming from:

• 3 Room units
• 47.4% from 4 Room units
• 21.9% from 5 Room units
• 5.5% from Executive units

In terms of estate distribution, 62.2% of the resale volume came from Non-Mature Estates, while the remaining 37.8% originated from Mature Estates. The highest transacted price in October, reaching $1,450,000, was secured by a 5-room flat at Henderson Rd. In Non-Mature Estates, the highest transacted price was $995,888, achieved by an executive apartment at Jurong East St 21. Contrary to the trend observed in September 2023, October witnessed a slight decrease in the number of million-dollar transactions, with 41 flats crossing the million-dollar threshold. This figure constitutes 1.9% of the total resale volumes for the month. Bishan and Bukit Merah led the tally with seven and six units, respectively, while the remainder came from Clementi, Kallang/Whampoa, Ang Mo Kio, Toa Payoh, Central Area, Bukit Timah, Geylang, and Serangoon. 99-SRX is a collaboration between two key players in the real estate industry: 99.co, a leading property portal, and SRX, a company specialising in real estate information.

About SRX

SRX is a leading force in Singapore's real estate arena, providing monthly price indices and statistics for condo resale, HDB resale, and rentals. Since 2009, SRX has been a trusted guide, offering valuable insights, user-friendly tools, and quality property listings, making the home-seeking and homeownership journey seamless and enjoyable. Operated by StreetSine Singapore Pte Ltd, a subsidiary of 99 Group, SRX is Singapore's go-to source for accurate and reliable home pricing information.