Resale flat deals and prices may fall

PHOTO: Resale flat deals and prices may fall

It looks to be a buyer's market for resale flats soon, with experts predicting that prices will dip further.

Such predictions followed swiftly after the Housing Board released its largest number of flats - 8,952 - in a joint exercise yesterday.

Nearly 5,000 of them are Build-To-Order (BTO) flats located in five non-mature estates, and will include two-room and 3Gen flats.

The others are balance flats located in 11 non-mature and 13 mature towns.

With the ramped-up supply of BTO flats in the past few years, "the prices of resale flats are expected to have negative growth", said PropNex chief executive Mohamed Ismail.

There will also be further softening of overall cash-over-valuation, said Ms Christine Lim, head of research and consultancy at OrangeTee.

HDB resale-flat prices dipped last month, for the first time in four years.

Resale transactions are also expected to come in below 20,000 units this year, the lowest in about 20 years.

Experts say some of the hottest picks among the newly launched flats are likely to be the two-room units, due to pent-up demand from singles.

The promise of convenience will also likely draw buyers to places such as Hougang Meadows and Admiralty Grove, which are close to MRT stations and amenities.

Prices range from $156,000 to $187,000 for a three-room BTO flat, excluding housing grants.

samboh@sph.com.sg


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