HDB upgraders help boost new condo prices in suburbs

Emilia Wong and her husband Md Faizal Salim upgraded to a new three-room, 95 sq m condo at Le Quest in the west.
Emilia Wong and her husband Md Faizal Salim upgraded to a new three-room, 95 sq m condo at Le Quest in the west.ST PHOTO: YONG LI XUAN

SINGAPORE - The price gap between new private homes and older "pre-loved" ones in the suburbs has widened further on the back of a buying spree from HDB upgraders armed with cheap mortgages.

New homes typically command a premium over resale units, due in part to ever-increasing prices for development land, but the overall differential widened last year to about 37 per cent from 32.4 per cent in 2019.

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