Resale prices of HDB homes up 1.4% in Q2

The resale prices of HDB flats rose by 1.4 per cent in the second quarter of 2009, higher than an initial estimate of a 1.2 per cent increase made earlier this month.

This comes after a slight drop of 0.8 per cent in the three months ending March.

Resale transactions also increased, jumping from 6,400 cases in the first quarter to 10,000 cases in the second quarter.

The median cash-over-valuation (COV) amount among all resale transactions continued its declining trend.

COV fell to S$3,000 in the second quarter, down S$1,000 from the first quarter.

HDB flats which sold above valuation accounted for 57 per cent of all resale transactions in the second quarter, down from 62 per cent in the previous quarter.

HDB also announced plans to launch 6,000 new Build-to-Order flats over the next six months, of which some 2,400 units will be 3-room or smaller apartments.

The bulk of the new flats will be in Punggol.

In the HDB rental market, rents for 3-room, 4-room and executive flats fell by S$100, but remained the same for 2-room and 5-room units.

Source : Channel NewsAsia – 24 Jul 2009

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