Punggol resale flats fetching good prices
Prices of HDB flats up 3.7%, higher than national average of 2.3% rise
Resale prices in Punggol have risen faster than the national average this year, data shows. And analysts say this trend will accelerate, spurred on by the HDB announcement on Tuesday of comprehensive plans for the area.
According to data-crunching firm Singapore Real Estate Exchange (SRX), which collates sales by major property agencies, median resale prices in Punggol this year have gone up 3.7 per cent, compared with the overall median figure of 2.3 per cent.
The bulk of the increase comes from larger flats as not many of the three-roomers have hit the resale market yet, said Dennis Wee Group spokesman Lee Sze Teck. Based on his data, four- and five-roomers which sold for about $500,000 last year are worth about $530,000 now, representing a 6 per cent jump.
"One reason for this is that flats in the area are newer. Sellers have also been pricing the increased development of the area into the cash over valuation (COV)," he said, referring to the cash component that is paid above a flat's valuation to entice the seller.