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February HDB resale prices down 0.6%

SINGAPORE – Resale prices of Housing Development Board (HDB) flats dipped in February by 0.6 per cent compared to January and bringing prices 5.7 per cent lower than a year ago.

SINGAPORE – Resale prices of Housing Development Board (HDB) flats dipped in February by 0.6 per cent compared to January and bringing prices 5.7 per cent lower than a year ago.

A flash report from SRX Property released this morning (March 5) showed that falling prices were driven by three-room, four-room and executive flats, whose resale prices dropped 1.2 per cent, 0.6 per cent and 0.4 per cent respectively. Resale prices for five-room flats remained unchanged from January.

This comes after prices edged up 0.2 per cent in January compared to December last year.

Resale prices in both mature and non-mature estates also saw a decline of 0.6 per cent and 0.7 per cent respectively last month.

Resale volume dropped 8.5 per cent last month, with 1,148 flats sold compared to the 1,255 transacted units in January. However, this was still 20.7 per cent higher compared to the same period a year ago when 951 units were sold.

The Overall median Transaction Over X-Value (TOX) remained negative at –S$4,000, which indicated buyers are still paying below the SRX estimated market value. This was a S$3,000 drop from the –S$1,000 in January.

In HDB towns with more than 10 resale transactions in February, Bukit Merah posted the highest median TOX where buyers purchased units S$13,000 above the estimated market value. On the other hand, units in Jurong West and Sembawang fetched the lowest prices compared to the estimated market value at -S$8,000.

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