SINGAPORE — More Housing and Development Board (HDB) resale flats were sold last month compared to in May, as prices edged up slightly, according to data released by SRX Property today (July 9). 1,709 HDB flats were sold in June, compared to 1,575 units in May, marking an 8.5 per cent increase.

The resale volume is at its highest since May 2013, although still lower than the peak of 3,649 units transacted in May 2010. Resale prices for HDB resale flats rose slightly by 0.1 per cent, but were still down 4.4 per cent from a year ago. Prices have declined 10.9 per cent since their peak in April 2013. 

Commenting on the latest figures, Mr Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, attributed the demand for resale flats to the reduced frequency of Build-To-Order (BTO) flat launches from once every two months to once every quarter. 

“People (who need flats urgently) could be drawn to the resale market, hence the rise in resale volume,” he said. Things may slow down for the next two quarters, due to the Chinese Ghost Festival next month and the holidays at the end of the year, he added. 

Analysts also noted that information on prices is now readily accessible. Mr Donald Yeo, head of agency at DWG said: “Buyers will find the fair market value with the help of the Internet, and this is one of the reasons why the HDB resale market is showing signs of stabilising.”

Resale prices for HDB four-room, five-room and executive flats rose, by 0.3 per cent, 0.5 per cent and 0.7 per cent respectively. Conversely, resale prices for two-room flats went down by 0.2 per cent. Mature estates reported a decrease of 0.4 per cent in prices, while non-mature estates — including those in Bukit Batok, Bukit Panjang, Punggol and Yishun — experienced 0.3 per cent growth.  

Mr Alan Cheong, senior director of research and consultancy at property firm Savills Singapore said: “Although prices in general may have increased, some regions like Sengkang and Punggol, where there are relatively more flat owners wanting to sell in order to take possession of their second BTO flats, may still see subdued prices.”

Mr Eugene Lim, key executive officer at ERA added: “While it is good news to see this upturn, whether the momentum can be sustained remains to be seen.”

Quarterly statistics released by the HDB earlier this month showed a decline in resale prices for the eighth straight quarter.