Hdb Resale Prices Rises 26 4Q2024 97 Across Year
Located just a short 10-minute drive away from Lynden Woods is the highly popular Orchard Road, a well-known shopping district in Singapore. As the country’s premier retail hub, it is home to a collection of impressive malls such as ION Orchard, Ngee Ann City (Takashimaya), and Paragon. These malls feature a diverse range of shops, from high-end luxury brands to affordable fashion and electronics. For residents of Lynden Woods, this convenient proximity to Orchard Road is a valuable lifestyle benefit. In addition, you can also find Lynden Woods Holland Village a short distance away from this renowned shopping haven.
March 10, 2025HDB resale prices recorded a quarterly increase of 2.6% in the last quarter of 2024, as released by HDB in their recent quarterly data report on January 24th. This makes it the 19th consecutive quarter of price growth in the resale market, bringing the total increase in 2024 to 9.7%. The yearly uptick in resale prices nearly doubled the 4.9% recorded in 2023. However, the increase in the last quarter of 2024 was slightly lower compared to the 2.7% recorded in the previous quarter. According to Mohan Sandrasegeran, head of research & data analytics at SRI, the strong growth in resale prices in 2024 was largely due to the limited supply of flats reaching their minimum occupation period (MOP) that year. This resulted in upward pressure on prices, especially as buyers showed strong interest in newer and larger flat types, such as five-room and executive units to cater to growing family needs. Out of the various flat types in the HDB resale market, five-room flats recorded the highest growth in prices in the last quarter of 2024, with an increase of 2.2% to reach an average resale price of $754,097. Similarly, prices for four-room flats also increased by 2.2% to reach $652,544 in the same period. The Central Area saw the highest increase in prices, growing by 25.6% compared to the previous quarter, followed by Toa Payoh at 12.1%, Tampines at 6.9%, Bishan at 6.7%, and Bedok at 6.1%. Approximately 285 HDB resale flats were sold for $1 million or more in the last three months of 2024, bringing the total number of million-dollar transactions for the year to 1,035. Over 90% of these transactions were in mature estates, with the Kallang/Whampoa estate recording the highest number of million-dollar transactions at 156 units, followed by Toa Payoh at 144 units, and Bukit Merah at 135 units. The number of resale transactions in the HDB market fell by 21.1% compared to the previous quarter, with 6,424 units sold in the last quarter of 2024. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this was due to seasonal factors such as the year-end holiday and festive season. He added that the lower interest rate environment may have also prompted some buyers to consider the private residential and executive condominium (EC) markets. In addition, some prospective buyers may have opted for new Build-To-Order (BTO) flats, as HDB launched a record 15 projects comprising 8,573 flats in the year, including two-room flexi BTO flats in all locations for singles. However, the overall resale transaction volume for 2024 increased by 8.4% compared to the previous year, reaching 28,986 units, the highest since 2021 when 31,017 units were sold. Based on transaction data from Huttons Asia, the top five most popular HDB towns among buyers in 2024 were Sengkang, Woodlands, Punggol, Tampines, and Yishun, which accounted for around 35.9% of all resale transactions. Looking ahead, about 6,976 flats are expected to reach the end of their MOP this year, marking a 41.6% decrease compared to the previous year. This is due to the relatively fewer BTO flats completed in 2020 during the Covid-19 pandemic. However, HDB has announced plans to launch over 25,000 new flats this year, which includes 19,600 BTO flats and 5,500 flats under the Sale of Balance Flats (SBF) exercise. The first SBF exercise will take place concurrently with the upcoming BTO sales exercise in February, offering 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. This is the largest SBF exercise since November 2020, with 4 in 10 units already completed. Sandrasegeran expects resale prices to increase by 3.5% to 5.5% this year, with transaction volume ranging from 26,000 to 27,000. However, Huttons’ Lee forecasts a more optimistic price increase of between 5% to 8% in the year.