HDB resale prices fall 1.3% in Q4 2013

Prices of resale HDB flats fell 1.3 per cent — its sharpest drop since 2005 — in the fourth quarter of last year, according to flash estimates released by the Housing and Development Board (HDB) on Thursday.

Last year’s fourth quarter Resale Price Index (RPI) is 202.1, according to HDB in an update released Thursday morning. It is the second consecutive drop for the index, which provides information on the general price movements in the resale public housing market.

On Monday, the HDB announced that it will reduce the supply of new three-room and larger flats by 18 per cent from 22,600 units in 2013 to 18,600 units in view of stabilising demand from families. They also announced that the number of two-room BTO flats in non-mature estates will be increased from 2,600 units last year to 5,000 units this year to meet the demand from singles.

Source : Channel NewsAsia – 2 Jan 2014

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