HDB resale prices fall for 4th consecutive month

SINGAPORE — HDB resale prices continued to fall last month, declining 1.2 per cent in May compared with April.

This was the fourth consecutive month that saw a drop in prices, according to the monthly report from the Singapore Real Estate Exchange released today (June 5).

The report also suggested that prices last month marked a two-year low since April 2012, with prices declining 2.7 per cent since the beginning of the year.

In addition, there was a sharp fall in the number of flats changing hands: 1,320 HDB flats were sold in May’s resale market, an 11.1 per cent month-on-month decline from April’s 1,484 units. On an on-year basis, the fall was even more pronounced, with a 19.4 per cent decline compared with May last year.

The HDB resale sector has been hit hard by a combination of the official measures which have cooled the overall property market and an increase in the number of Build-to-Order flats being offered.