HDB resale price decline eases to 0.3% in Q3: Flash estimates

HDB flats in Singapore.
HDB flats in Singapore. ST PHOTO: TIFFANY GOH

SINGAPORE - Prices of resale Housing Board flats declined at a slower rate in the third quarter, in line with expectations that they are stabilising.

They dipped an estimated 0.3 per cent in the third quarter, compared with a 0.4 per cent decline in the second quarter, according to HDB flash estimates out on Thursday (Oct 1).

It was the ninth straight quarter of price decline and the slowest pace so far.

However, downward pressures on prices still exist.

Apart from cooling measures such as a lower mortgage servicing ratio cap still in place, some pressure will come from HDB upgraders who must sell their HDB flats after collecting keys to their new executive condos and HDB - amid rising home completions, said Century 21 chief executive Ku Swee Yong.

Resale flats will also face competition from upcoming HDB launches.

Come November, HDB will offer about 7,000 Build-To-Order (BTO) flats in Bidadari, Bukit Batok, Choa Chu Kang, Hougang, Punggol Northshore, and Sengkang. On top of that, about 5,000 flats will be offered in a concurrent Sale of Balance Flats exercise.