HDB resale volume falls 78% in April, only 423 units change hands
#1
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https://www.straitstimes.com/singapore/c...nged-hands

SINGAPORE - The volume of Housing Board resale flats plummeted by 78.3 per cent in April from March to a level that observers say could be a historical low, as circuit breaker measures put in place to stem the spread of the coronavirus curb house viewings.

Just 423 flats changed hands last month - also 78.1 per cent lower than in April last year, estimates from real estate portal SRX Property showed on Friday (May 8).

Prices also fell, declining by 1.5 per cent for three-room HDB flats, 0.2 per cent for four-room flats, and 1.8 per cent for executive flats. Prices for five-room flats bucked the trend by rising 0.2 per cent.


Overall, resale prices in April were 0.04 per cent lower than in March, although they were still 1 per cent higher than in April last year.

Ms Christine Sun, head of research and consultancy at OrangeTee & Tie, said last month's transactions were possibly the lowest sales volume on record, based on government data. Historical SRX sales volumes are not immediately available.

She said: "While sales demand usually moderates during an economic crisis, last month's transaction (volume) was much lower than what was observed in previous crises.

"The stay-home measures have complicated the whole home-buying process, such that all physical house viewings were not permitted and prospective buyers had to rely solely on remote means such as virtual house tours to assess the condition of a resale home before making a purchase."

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Although immersive virtual home tours could be offered, some buyers may still prefer a physical inspection of the units, Ms Sun said, adding that flat sales will likely pick up when house viewings resume.

Mr Nicholas Mak, head of research and consultancy at ERA Realty, agreed, noting that the 423 flats resold in April were a sharp contrast to the 1,949 units that changed hands in March.

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Saying that the resale volume "fell off the cliff", Mr Mak added that the lowest average number of monthly HDB resale transactions did not fall below 1,000 flats in the past 20 years, even during the severe acute respiratory syndrome outbreak in 2003 and economic recessions in the past two decades.

He said HDB resale transactions could decrease by up to 25 per cent this year.

Of the flats resold in April, about half of the volume comes from four-room flats, 26.7 per cent from five-room flats, 22.5 per cent from three-room flats and 9 per cent from executive units.

The highest price paid for a resale flat last month was $1.01 million for a five-room unit at SkyTerrace @ Dawson in Queenstown. SRX data showed that this was the only flat that sold for more than $1 million last month.
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#2
Supply more than demand. Rolling on the flor laughing
Sharp plunge on the card.
笨拙的人讲道理,聪明的人说故事。
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#3
thumbs up good news....
All My Posts are Fake News and Comments are Untrue.
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#4
8-5-2020 1:24 PM
QE3 said:
Supply more than demand. Rolling on the flor laughing
Sharp plunge on the card.

i seriously dunno how many jobs still around when xxx ends in 1st june. dizzy

hdb ownself balance flats at least got 15-20k empty. good times always got ppl buying the 3k units in each launch in may and nov. so they dun feel over supply. now i duno.
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#5
8-5-2020 1:29 PM
sogo said:
i seriously dunno how many jobs still around when xxx ends in 1st june. dizzy

hdb ownself balance flats at least got 15-20k empty. good times always got ppl buying the 3k units in each launch in may and nov. so they dun feel over supply. now i duno.

Did you know who buy?
It can be manipulated.
笨拙的人讲道理,聪明的人说故事。
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#6
8-5-2020 1:33 PM
QE3 said:
Did you know who buy?
It can be manipulated.

actually always show many ppl balloting. then showing all sold. then suddenly some bto development still can chunk out 2 more units for sale.

eg. one bto project completed in jun 2016. then no balance flat for sale in nov 2018 balance flat sales exercise. then suddenly may 2019 balance flat sales exercise pop out 2 units from that same bto project for sales again.

only downturn can expose them i guess?
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#7
Rolling on the flor laughing Rolling on the flor laughing Rolling on the flor laughing
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#8
The number of units doesnt matter ... but 423 newly minted millionaires is a yes
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#9
8-5-2020 2:00 PM
red3 said:
The number of units doesnt matter ... but 423 newly minted millionaires is a yes

all sold units at duxton? Rolling on the flor laughing Rolling on the flor laughing Rolling on the flor laughing
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#10
I don't think the demand necessarily dried up. It's mainly because you can't go for viewings. Another pragmatic reason is that even if you buy now, you cannot get the reno going during CB.
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