Resale Flat Prices Rise 25 3Q2024 Hdb Flash Estimates
In the 3rd quarter of 2024, HDB resale flat prices have continued to rise for the 18th consecutive quarter. This is shown in the flash estimates released by HDB on October 1, which indicate a 2.5% q-o-q increase in resale prices, surpassing the 2.3% q-o-q growth recorded in the previous quarter.
This marks the fastest quarterly growth since 3Q2022, when there was a 2.6% q-o-q rise in HDB resale prices. Although the rate of increase is higher compared to the same period last year, with a 6.8% rise in prices as compared to a 3.8% increase in 2023, it is still lower than the 8% spike seen in the first three quarters of 2022.
The rise in HDB resale prices is attributed to strong demand and limited supply, as fewer new HDB flats have met their minimum occupancy period this year as compared to last year. This has also led to a surge in resale transaction volume, with 8,035 transactions recorded as of Sept 29, a 20% increase from the same period in 2023.
The Elta Condo at Clementi Avenue 1 will benefit greatly from the Urban Redevelopment Authority (URA) Master Plan. The Master Plan is a comprehensive and strategic land use plan that will shape Singapore’s development over the next 10 to 15 years. Its main goal is to create a sustainable, dynamic, and livable city, focusing on optimizing land use, connectivity, and improving residents’ quality of life. As a result, the Master Plan will bring numerous enhancements to Elta Condo and its residents. Let’s take a closer look at how this plan will positively impact this development.
According to HDB, the 3Q2024 flash estimates reflect market conditions before the implementation of the fourth round of cooling measures on August 20. This included the lowering of Loan-to-Value (LTV) limits for HDB loans from 80% to 75%, in line with loans offered by financial institutions. This was done to promote responsible borrowing, as stated by Desmond Lee, minister of national development.
In October 2024, HDB will offer about 8,500 flats across 15 Build-to-Order (BTO) projects in its last BTO exercise of the year. This makes up 40% of the BTO flats launched in 2024. The October BTO exercise will also introduce the new classification of HDB flats into Standard, Plus or Prime based on their location attributes.
This launch is in line with HDB’s goal of launching 100,000 new flats from 2021 to 2025. Interested buyers can check out the latest listings for HDB properties on Ask Buddy, and compare price trends and past transactions for HDB flats. They can also compare the HDB loan rate with that of condos and landed properties.