In recent years, more and more HDB resale homes have been closed for staggering $ 1 million or more. In July 2012, the North Gaia EC 150-square-meter executive apartment along Meyrin Road became the first public housing for $ 1 million. That year, only two HDB resale homes over $ 1 million were completed. The other million-dollar condo was Bishan’s executive duplex of 163 square meters. In 2020, a record 82 HDB resale homes each traded owners for over $ 1 million. That’s 28.1% more than the $ 1 million homes sold in 2019. Eighty-two percent or 67 of the $ 82 million homes liquidated in 2020 are under the age of 10, indicating that the growing population of young homes is contributing to the growth in the number of $ 1 million homes. .. Most of these million dollar homes are located in the Central Area, Queenstown, Bukit Mela and Bishan. The $ 1 million home growth was due to several HDB projects in the suburbs reaching a five-year MOP and entering the resale market in 2020. These projects include SkyVille @ Dawson, Sky Terrace @ Dawson, and Boon Tiong Arcadia. Buyers are willing to pay extra for these apartments as there are shopping and MRT stations nearby. In addition, a North Gaia Floor Plan train journey from these apartment locations to the Central Business District takes less than 20 minutes. Unexpected surge in demand for resale apartments The pandemic has pushed the HDB resale market unexpectedly. Construction activities were dormant for months when the coronavirus struck workers’ dormitories last year. Construction North Gaia Price work has resumed on some HDBBilutToOrder (BTO) projects, but the completion date is expected to be delayed. As a result, some homebuyers turned to the HDB resale market, resulting in higher demand and prices for resale homes. In addition, the housing subsidy announced by the government in September 2019 is still valid. Along with other housing grants, eligible buyers can receive up to $ 160,000 in resale housing grants. Therefore, such government assistance can mitigate the demand for resale housing against the effects of a pandemic. In recent months, the demand for HDB resale homes has been so strong that some brokers claim that some HDB homes were sold within a month or two of their listing. Outlook The outlook for the HDB resale market will remain positive in the near future as positive factors outweigh negative factors. The North Gaia Showflat factors that have put upward pressure on HDB resale prices in the last nine months may continue for the rest of the year. These factors include uncertainty due to delayed completion of new HDB apartments, which increases demand for HDB resale apartments. In early April, the government responded in a parliamentary written response that about 85% of HDB apartments under construction were delayed, with about 43,000 households keying new apartments about 6-9 months later than originally expected. I announced that I would receive it. This year, 26,000 HDB homes will reach the end of the MOP, with an additional 35,000 homes in 2022. Some of these new apartments are sold at relatively high prices, leading to higher average HDB resale prices. Not all of these new apartments are for sale, so there is little fear of oversupply. Singapore has the capacity and capacity to vaccinate the entire population by the third quarter of 2021. As of March 8, 2021, 392,620 people had already received the first dose of the Covid19 vaccine. The vaccination is specifically designed to support economic recovery in sectors that have been severely hit by pandemics. Improvements in the labor market and wage levels will give opportunities to the entire real estate market, including the North Gaia Yishun HDB resale market. Therefore, without government intervention, HDB resale apartment prices and trading volumes will continue to move north this year.
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