HDB Social Housing is the driving force in Singapore’s housing market this year, with four in five Singaporeans living and 90% owning their own homes. In the third quarter of 2021, the HDB resale price index recorded a 2.9% growth compared to the previous quarter, a ninth quarter rise. The North Gaia Yishun index rose to 150.6, surpassing the record high of 149.4 in the second quarter of 2013. Based on the index, HDB resale prices have risen by about 15% since the third quarter of 2019, said Nicholas Mak, head of research at ERA Realty. North Gaia EC told the ERA EdgeProp webinar on November 1st, “Does it make sense to update now for the future?” Mak states that supply chain problems and construction delays due to pandemics are the main factors behind the soaring resale prices of HDBs. He says some North Gaia Showflat first-time buyers were distracted by the HDB resale market due to delays in building HDB BuildToOrder (BTO) apartments. 20,000 to 25,000 families are established each year, most of whom choose URA apartments as their primary residence. “It contributes to the constant demand for living space,” says Mak. Prior to the pandemic, from 2017 to 2019, HDB resale volumes ranged from 22,000 to 25,000 apartments per year. In 2020, there were 24,748 resale transactions due to the ongoing pandemic. Mak expects 30,500 to 31,500 HDB resale transactions to end this year. “This year’s trading volume will be one of the highest since 2010,” says Mak. “Without a pandemic, we wouldn’t see such a surge in resale volume.” Aside from the pandemic, ERA executive Eugene Lim said HDB resale transactions and rising prices were “in Singapore. We believe this is due to confidence in the economic recovery and a very low (about 1%) bank lending rate. “The combination of self-confidence and low lending rates has attracted more buyers to the HDB resale and private housing markets,” Lim added. According to Mack, a couple of years have reached the minimum subscription period (MOP). According to HDB data, 25,530 homes achieved a five-year MOP in 2021, up from 24,163 last year. Why pay a million dollars for an HDB apartment? At the end of October, a record 192 HDB apartments for at least US $ 1 million entered the resale market. This is the highest ever, according to ERA Lim. “Many of these apartments have been nicely refurbished or have stunning views.” The final deal was a five-room HDB based on the abolished Design, Build and Sell Scheme (DBSS) in Bishan. So, I changed my hand for $ 1.36 million. “It’s the most expensive HDB apartment we’ve ever sold,” Lim said. Bishan says. It is an established HDB town with top schools such as Raffles Institute, Aiton School and Quochuan Elder Elementary School. “It contributes to high demand,” says Mak. ERA Research has found that the HDB cities with the highest $ 1 million transactions are central cities such as Pinnacle at Duxton, Bishan, Dawson Apartments in Queenstown, Toa Payo and Bukit Mela. Aside from the pandemic that causes people to choose resale homes, Mak believes that the $ 1 million home growth is due to premiums associated with certain central locations like Bishan. Another reason for buying these millions of dollars HDB homes could be affordable North Gaia Floor Plan. For example, a first-time buyer with a monthly household income of $ 14,000 (HDB homebuyer’s income limit) can buy a home from $ 1 million to $ 1.1 million. But a budget of $ 1 million to $ 1.1 million isn’t enough to buy a 99-year-old lease in the Bishan region, Mak said. A three-room apartment in the private housing market is comparable to a five-room HDB apartment. In the Bishan region, the final transaction took place at The Gardens in Bishan, Sin Ming Walk. The 9-floor, 1,206-square-foot, three-bedroom condo under a 99-year-old lease changed last month for $ 1,648 million (1,367 psf) based on a registered reservation. The apartment is already 17 years old. If you need a new project, there’s Sky Habitat, a 99-year-old lease of 15 Bishan Street, designed by renowned architect Moshe Safdie, developed by a joint venture between CapitaLand, Mitsubishi Estate Asia and Shimizu Corporation. The 9th floor is sold for $. According to URA Realis, North Gaia Price was 2.1 million ($ 1,682 psf) last month.
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