HDB sales decline in Singapore

In recent years, the resale of public housing has risen, but market players agree that those days are of yesteryear.

In an industry forum this past Wednesday, market players said that prices of HDB resale flats will decline by an estimated three to five per cent this year.

Experts are bracing themselves for a more severe drop, as it could have detrimental effects on the external environment.

For example, an executive condominium complex such as the Trilliant in Tampines is evoking demand amongst homebuyers. With the guarantee of similar units in the market, 25,0000 new apartments are going to be offered as part of the government’s Build-To-Order (BTO) plan this which is hoping to curb the demand for resale flats.

Shawn Tan, ECG Property’s managing director, said, “We should be seeing a more sit-back-and-wait attitude from citizens. They will be expecting more flats to be built and they have more options to go for the BTOs and walk-in selections directly from HDB.”

At an industry forum this past Wednesday, CEOs from a handful of property agencies added that this impeding demand is most likely to soften with stricter immigration policies, which will also contribute to a decline of potential home buyers.

In addition, they predict for a three to five per cent decrease in resale flat prices this year, with a potential 10 per cent if a global crisis is triggered by the eurozone debt.

Patrick Liew of HSR Property Report said, “Unless the economic situation changes, unless we see a lot more foreign direct investment coming in…I think the HDB market will remain flat for the next one to three years.”

CEO Mohamed Ismail of PropNEX added, “Public housing resale prices have gone up by over 80 per cent in the last five years…people going in to pick up (units) at high prices and expecting such appreciation in the near future or next five years — it is definitely not likely (to happen).”

 

 

 

 

 

In recent years, the resale of public housing has risen, but market players agree that those days are of yesteryear.

In an industry forum this past Wednesday, market players said that prices of HDB resale flats will decline by an estimated three to five per cent this year.

Experts are bracing themselves for a more severe drop, as it could have detrimental effects on the external environment.

For example, an executive condominium complex such as the Trilliant in Tampines is evoking demand amongst homebuyers. With the guarantee of similar units in the market, 25,0000 new apartments are going to be offered as part of the government’s Build-To-Order (BTO) plan this which is hoping to curb the demand for resale flats.

Shawn Tan, ECG Property’s managing director, said, “We should be seeing a more sit-back-and-wait attitude from citizens. They will be expecting more flats to be built and they have more options to go for the BTOs and walk-in selections directly from HDB.”

At an industry forum this past Wednesday, CEOs from a handful of property agencies added that this impeding demand is most likely to soften with stricter immigration policies, which will also contribute to a decline of potential home buyers.

In addition, they predict for a three to five per cent decrease in resale flat prices this year, with a potential 10 per cent if a global crisis is triggered by the eurozone debt.

Patrick Liew of HSR Property Report said, “Unless the economic situation changes, unless we see a lot more foreign direct investment coming in…I think the HDB market will remain flat for the next one to three years.”

CEO Mohamed Ismail of PropNEX added, “Public housing resale prices have gone up by over 80 per cent in the last five years…people going in to pick up (units) at high prices and expecting such appreciation in the near future or next five years — it is definitely not likely (to happen).”

 

 

 

 

 

 

 

 

 



Filed Under: NewsNews by CountrySingapore

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