Prices of HDB resale flats continue to climb with record $440,000 paid for three-room flat
Posted by temasektimes on July 27, 2012
Despite a slew of cooling measures introduced by the Singapore government, the prices of HDB resale flats continue to sky-rocket, pricing many ordinary Singaporeans out of the market which is becoming dominated by cash-rich permanent residents comprising about 20 percent of the buyers.
According to latest figures from HDB, the Resale Price Index (RPI) in the second quarter of this year is 194, an increase of 1.3 per cent over the previous quarter when it was 191.6.
There were 7,000 resale transactions in the second quarter, an increase of 19 per cent compared to the first quarter when there were 5,900 cases.
Meanwhile, a record high S$440,000 was paid for a three-room flat in Central Town. For 4-room flat, it was S$638,000 in Queenstown. S$750,500 was the highest median resale price for a 5-room flat in Bukit Merah Town. As for an executive flat, it was S$680,000 in Serangoon Town.
The prices of HDB resale flats have more than doubled in the last five years fueled by the relentless influx of immigrants amidst a limited supply of new flats being built.
Singapore is probably the ONLY country in the entire world which allows PRs to buy public housing. Furthermore, there are no capital gain taxes imposed on sale of their flats after they leave Singapore for good.