HDB resale price increased 1.6% in Q1

HDB resale prices increased in the first quarter of this year, albeit at a slower rate, as property cooling measures kicked in.

The Resale Price Index increased 1.6 per cent in Q1, compared with 2.5 per cent in the previous quarter.

Cash-Over-Valuation premiums dropped nine per cent or S$2,000 to S$21,000 from the previous quarter, with the proportion of resale cases transacting above valuation remaining at 96 per cent.

Data released from HDB also showed that the number of resale transactions fell by about four per cent to 6,228 cases in first quarter of 2011.

Median sublet rents in Q1 remained relatively stable with increases from one-room and five-room flats and decreases from two-room flats.

Subletting transactions rose by eight per cent to 6,365 cases.

The total number of HDB flats approved for subletting rose to about 36,400 units in Q1, compared to about 35,000 units in the previous quarter.

HDB also announced that it will launch another 3,185 flats located in Hougang, Sembawang, Sengkang and Punggol for sale under the April 2011 Build-to-Order (BTO) exercise.

In total, HDB said it will offer 22,000 new BTO flats in 2011 if demand is sustained.

Last year, a total of 16,000 BTO flats were offered.

In addition to the BTO flats, units under the Design, Build & Sell Scheme (DBSS) and the Executive Condominium (EC) Housing Scheme will be offered as well.

An EC site at Punggol with an estimated yield of 700 units, and two DBSS sites at Sengkang and Bendemeer Road with a potential yield of about 1,500 units, will be released for tender in May and June 2011 respectively.

Source : Channel NewsAsia – 25 Apr 2011

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