HDB resale prices dip 0.1% in Q1: Flash estimates

HDB flats in Toa Payoh Central on Dec 18, 2015.
HDB flats in Toa Payoh Central on Dec 18, 2015. PHOTO: ST FILE

SINGAPORE - Housing Board (HDB) flat resale prices continued stabilising in the first quarter as they registered a roughly 0.1 per cent drop from last year, according to flash estimates from the HDB on Friday (April 1).

This comes on the back of a 0.1 per cent price rise in the fourth quarter of last year.

Prices are now at the same level as the third quarter of last year, which is 9.9 per cent below the last time HDB resale prices peaked in the second quarter of 2013.

Commenting on the data, Mr Eugene Lim, key executive officer of ERA Realty Network, said that HDB resale prices have generally stabilized.

"Prices have been flattish for the past four quarters, with the maximum movement being a 0.4 per cent decrease," said

He added: "Although some flats have made headlines for their million dollar price tag, they are few and far between. These flats generally have very desirable locational and product attributes.

"Unless market conditions take a sudden turn for the worse, we expect the measures affecting HDB buyers to remain in place as this stability was what the government had in mind."

The HDB resale price index for the full quarter and more detailed public housing data for the period will be released on April 22.

The HDB is set to offer about 4,000 Build-To-Order flats and about 5,000 balance flats come next month (May), it said on Friday.