SINGAPORE - A total of 1,828 Housing and Development Board (HDB) flats were resold last month, the highest number since property cooling measures were introduced nearly three years ago.
According to the latest HDB resale flash report by SRX Property, April 2016 saw a 10.3 per cent increase in the number of units resold compared to March 2013.
"The volume reprsents a record high since the recent cooling measures of the Additional Buyer's Stamp Duty (ABSD) and the Total Debt Servicing Ratio (TDSR) were introduced in 2013," SRX Property said.
With ABSD, Singaporean property owners must pay 7 per cent on their second property, and 10 per cent on subsequent ones.
Meanwhile, the TDSR prevents financial institutions from extending home loans to individuals whose monthly repayments exceed 60 per cent of their gross monthly income.
Compared to a year ago, the resale volume has increased by 13.5 per cent, compared to the 1,610 units resold in April 2015.
Despite the increase, the number of transactions is still nearly 50 per cent lower than its peak of 3,649 units resold in May 2010.
While more flats may have been sold, prices of public resale flats continued their relatively flat trend since April last year.
According to SRX Property, prices of public resale flats decreased slightly last month, falling by 0.1 per cent in April from March.
Five-room units saw the biggest fall in prices, dropping 0.9 per cent. Prices of four-room flats remained the same, while three-room and executive flats were 0.6 per cent and 0.1 per cent more expensive respectively.
Home prices in mature estates increased by 1 per cent, whereas units in non-mature estates fell by 1 per cent.
In the recent Budget debate, Finance Minister Heng Swee Keat told Parliament that it remained too early to relax the property cooling measures given current market conditions.
"We will continue to monitor developments in the property market closely," Mr Heng said in his Budget 2016 speech.
SRX is an information exchange formed by the leading real estate agencies in Singapore. Its purpose is to disseminate market pricing information and facilitate property transactions. Find out more at www.srx.com.sg.