THE TEMASEK TIMES

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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.

 

19 Responses to “Prices of HDB resale flats continue to climb with record $440,000 paid for three-room flat”

  1. Max Quek said

    FYI, a 5 room-improved at Blk 2D Upp Boon Keng Road was sold in April at $897,000.00, according to HDB resale record.

  2. Lim said

    There is no political will to bring down prices of public housing – period. If the housing bubble bursts the banks will get hit and which banks have the lion share of HDB loans? `A slew of cooling measures’ or belated half-hearted cosmetic actions which allow HDB resale prices to continue to escalate relentlessly? As long as single Singaporeans are barred from buying new HDB flats, no foreigner should be able to live in any govt HDB flat until this gross injustice and discrimination against citizens is removed.

    • Daniel said

      …. cooling measure… PAP say say only la… for show. only.. and I bet there are any determination to cool down this damn property price by them…hopeless country really…

      • Lim said

        Agreed. If they want real cooling measures – PR buy resale flat cash 100% no loans allowed. Sell must sell back to HDB at same price they bought. Everyday HDB will outsource to company to go house to house flat by flat block by block comb through whole of Spore to catch and repossess illegal subletting – be it one room or whole flat. This is what I call real concrete measures – not half baked lip service to wayang wayang. Immediately the resale public house market will plunge 30% at least and private market will follow suit. This propert bubble must burst sooner or later.

    • Who cares? With such prices, no single would be able to afford a flat.

    • A Singaporean said

      well said, LIM. Truly agree with you.

    • A Singaporean said

      Hence, dont u think the govt will NOT allow the HDB price bubble to burst since the impact on the financial industry will be very adverse? Aren’t we then in deep s*** with this current problems unsolved (due to lack of political will and BAD immigration policy and letting PRs buy public housing)…and it keeps going up and up??????????!!!

  3. P Koh said

    Perhaps it is time for the subsidy for first time Singaporean home buyers of HDB to be increased to ease off the huge jump caused by PRs. This will help newly weds and other qualifers to at least have the slimmest of chance to purchase a dream
    home.

  4. Wait, wait, wait, wait, how many of those flats are in the open market?

  5. IronMan said

    Cannot afford to buy a 3-room hdb flat either. Only thing to do is throw my SG citizenship, collect my cpf and get out of this place. To hell with Mah Bow Tan and the PAPigs…!!!

    • A Singaporean said

      first, Mr Lee Kuan Yew encouraged singaporeans to own homes so that we have a sense of belonging and stay put here. Now, most citizens cant even own a simple public housing….are they encouraging us to leave then???

    • A Singaporean said

      I think Mah BT should come up and explain to citizens for his badly implemented policies. Every ministry he overseas seem to have such adverse impact on most citizens…….why ah???

      • IronMan said

        Money making policies, thats why! Explaination? Here’s one, “Its an honest mistake, please move on. Period!”

        My bro/sis, PAPigs screwed us badly….real badly!

  6. thif said

    plse check your figs for the record price of a 5-room flat. i believe it is more than $900k for one at marine parade. considering those flats have less than 70 years left on the lease, all that talk about selling flats with 60-year leases, and offering 50-year mortgages is going to do Very Little to bring down the price of public housing!

  7. hdbrobinhood said

    hdb shld allow us local to sell our flat ( for those flat fully paid) because there once after I complaint to hdb about my unhygenic and unreasonable PR neighbour,they cant take so much actions except asking me to wait 5 years..I feel damn piss off as my stupid PR neighbour show me evil smile after I complain bout them..I feel like taking them using my hands but too bad because Im married with 1 kids.These PR they thought that they living in their own countries by create so much pain in my heart.hdb shld review their policy about buying and selling of flat..since my flat is fully paid why must wait till 5yrs later..it is unexpected because before buying my this flat everything seem ok but 2 wks after my shift in it seem like living in hell and hdb pls do review ur policy again think if you are in my shoes definitely you cant stand too..and I using my own money not assistance money ok..I just want to shift out from here as it my regret for buying it..priority must given to the local first as I believe hdb always have sales of balance flat.btw hdb even resale flat are not damn cheap.so by allowing those home owner to sell off after a years,it not your lost because you gain.

  8. MeNoHDBYet said

    HDB is the most profitable business the spore gov can relied on to make more money from the residents, and probably that’s the only ability our present gov have. The FT policy is part of the so-called money-making strategies to support the highly priced HDB, besides medical, GST, COE, etc.

    The rise in prices of almost everything in recent years is to cover the loss of about USD$ 60 billion incurred within a probable time frame of 1 year in 2008, by Ho Jinx. The root was the mis-use of the CPF fund.

    It took nearly 30 years to build a CPF fund to over USD$200B, but took just less than a year to lose $60B by ONE person’s decision.

    • Naivety said

      @MeNoHDBY, the USD60 billions was lost by ur EP, Dr. Tony Tan who was then the Deputy Chairman of GIC!!!

  9. solaris8899 said

    not surprise hdb (new or old) price will go even higher…
    recall our DPM said, making 1K still could afford a hdb.
    with this sky rocking price, is this still possible?

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