Resale HDB flat market 'finally turned the corner': Khaw Boon Wan

SINGAPORE - The softening resale HDB flat prices is good news for home buyers but it has not yet reached a "steady state" said National Development Minister Khaw Boon Wan.

Get the full story from The Straits Times.

Here is his full blog post:

HDB's 4Q2013 resale housing data suggests that we have finally turned the corner. The balance between sellers and buyers is becoming more neutral.

Softening resale HDB flat prices will no doubt be good news for home buyers. But we have not yet reached the steady state.

Over the next three years, 80,000 new HDB flats will be completed and keys handed over to buyers. This year alone, 30,000 new flats will be completed. This will be more than double last year's figure.

Most of these buyers are getting their first flats. But some, not a small number, are flat owners who will need to dispose of their existing flats within six months after collecting keys to their new flats.

Last year, there were 18,100 HDB resale transactions. Of these, 2,800 units came from such households who were in the process of moving to their new flats.

We expect this number to double to about 6,000 units each year for the coming three years. This does not include the number of HDB upgraders moving into newly completed private property and selling their HDB flats.

This will no doubt have an impact on the resale HDB market, starting from this year. We will be monitoring closely. I am sure flat hunters and sellers will too.