Prices of resale HDB flats continue to rise
Posted by temasektimes on October 1, 2012
According to information released by HDB, resale prices of public housing flats rose by 2 per cent in the third quarter over the second quarter to reach a new peak Resale Price Index (RPI) of 197.9.
The rise was also the sharpest increase so far this year for the RPI, which tracks the general price movements in the public residential market.
Prices continue to increase following the record $1 million dollars paid for a Queenstown maisonette recently by a PRC new citizen.
Prime Minister Lee Hsien Loong had earlier declared that public housing remains ‘within the reach’ of young Singaporeans though it has become more expensive:
“We’re building for Singaporeans. So if Singaporeans say they can’t afford to buy the flat, who can afford to buy the flat?” he said.
The prices of HDB flats have increased in recent years due to growing demand and a shortage of supply exacerbated by the relentless influx of foreigners who are easily ‘converted’ to PRs and citizens thereby enabling them to buy flats.