HDB resale flat prices stabilising

Prices of HDB resale flats rose almost 14 per cent last year following a moderate 2.4 per cent increase in the three months to December.

The latest quarterly increase was about half the pace of the four per cent increase seen in the three months to September.

The resale volume also declined by about 21 per cent in the last quarter, to about 6,500 transactions logged.

Meanwhile, the cash that property buyers have to pay upfront – also known as cash-over-valuation – dropped S$7,000 to S$23,000 in Q4, down from S$30,000 in Q3.

HDB said it has ramped up its new flat supply significantly to meet the demand from first-timer households.

It plans to release 11,000 new flats in the first half of this year located islandwide in towns such as Bukit Panjang, Sengkang and Yishun.

Source : Channel NewsAsia – 3 Jan 2011

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