Market Updates

Eight listings were reinstated after the users revised their asking prices.

Source: Straits Times

Dated:

About 50 resale listings removed from HDB Flat Portal for unrealistic pricing, misinformation

About 50 listings for resale Housing Board flats have been removed from the HDB Flat Portal for having unrealistic pricing or misleading information. These accounted for about 5 per cent of total active listings as at June 26, HDB said on July 10. About 1,000 resale flats have been listed on the portal since its soft launch on May 13. HDB said about half of the listings that were removed involved flats that were priced unrealistically, without elaborating. Eight listings were reinstated after the users revised their asking prices. HDB said it "reserves the right to moderate listings on the resale flat listing service, and to remove any inappropriate and/or inaccurate content without prior notice". For the listings to be reinstated on the portal, sellers or their property agents must revise the listing price or correct misleading information. HDB did not elaborate on the kind of misinformation that led to the removal of some listings. But the terms and conditions on its website state that it can remove listings that include discriminatory content, false advertisement or material unrelated to the sale of the flat. Officially launched on May 30, the resale flat listing service allows owners or their property agents to list their homes for sale directly on the portal on the HDB website. The portal has a feature where sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months. This is meant to help sellers make an informed decision on their listed price, which will promote a more sustainable property market in the long run, said HDB. The portal received about 366,500 visits from May 30 to June 18, averaging more than 18,300 visits a day, HDB said. "HDB will continue to monitor the listings closely and will not hesitate to remove listings with unrealistic pricing as well as inappropriate and/or inaccurate content, " it added. The resale flat listing service, which is currently free, aims to create a transparent, reliable and trusted marketplace for resale flats for sellers, buyers and property agents. To ensure genuine listings, sellers must have an intent to sell in order to list their homes. Listings will be automatically filled with details such as the address, flat type, floor area and floor plan from HDB's data. Buyers will need an HDB Flat Eligibility letter - which indicates their eligibility to buy a flat, receive grants and financing options - to schedule viewings. Property agent Pamela Chin, who is with ERA Realty, said she put up a listing for a three-generation flat in Tampines on the portal in May, but has not received any inquiries from interested buyers. "The bulk of the inquiries come from PropertyGuru, " she said, adding that the HDB resale flat listing service allows only a 200-character description. Meanwhile, senior manager Jessica Chai, who is trying her hand at marketing her unit herself, said she has received about 20 inquiries since listing her flat in May. The 40-year-old said this was in contrast to the spam she received when marketing her four-room flat in Punggol on other platforms. Portals such as Ohmyhome and Carousell let home owners put up listings themselves for free, whereas only real estate agents can put up listings on major property portals such as PropertyGuru. Ms Chin said PropertyGuru is currently more useful for her, despite her having to pay fees, because more views come from the platform. She said the sellers decided to price the 119 sqm flat for around $1 million, even though the highest transaction in the area stood at $965,888, due to the scarcity of three-generation units.

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Resale prices rose across all room types and in both mature and non-mature estates from the previous month.

Source: Straits Times

Dated:

Number of million-dollar HDB flats resold hit all-time high in June as resale prices rise 1.8%

The number of million-dollar resale Housing Board flats hit an all-time high in June, nearing 100 units, while resale prices clocked record gains. Flash estimates from SRX and 99.co released on July 8 showed that HDB resale prices jumped 1.8 per cent in June, extending gains for the ninth straight month. Resale prices rose across all room types and in both mature and non-mature estates from the previous month. Resale volumes, however, were down 13.1 per cent on the month to 2,184 flats, compared with the 2,513 flats that changed hands in May. Compared with the corresponding period a year ago, resale volumes were 17.5 per cent higher. ERA Singapore head of research and market intelligence Wong Shanting noted that HDB's June Build-To-Order (BTO) launch diverted some demand away from the resale market, resulting in lower resale volumes. She added that as the June launch was the last one not impacted by HDB's reclassification of BTO units into Standard, Plus and Prime flats, application rates were driven up. The June school holidays were likely another reason for the drop in volume, as buyers and sellers were away on vacation, said OrangeTee chief researcher and strategist Christine Sun. HDB flats sold for at least $1 million accounted for 4.4 per cent of total resale volumes, rising 29.7 per cent on the month to 96 units in June, compared with 74 units transacted in May. Mogul. sg chief research officer Nicholas Mak attributed the sharp rise in prices to higher demand for flats in attractive locations, namely those in the Central region or near MRT stations likely to be classified as HDB Prime or Plus locations. As BTO flats in these locations would be classified as Prime or Plus flats with a 10-year minimum occupation period (MOP), home buyers who are not keen on the longer MOP would gravitate towards the resale market, driving up prices. Another possible reason for the jump in resale prices is the declining supply of family-size resale condominiums and resale executive condo units priced between $1 million and $1.65 million each. Family-size units are typically three-bedroom units, said Mr Mak. Echoing the sentiment, SRI's head of research and data Mohan Sandrasegeran said larger families or those with school-going children are likely to prioritise space and the convenience that five-room flats in mature estates offer. Meanwhile, Ms Sun believes robust consumer confidence and positive buying sentiment resulted in the jump in million-dollar resale flat deals. This comes amid recent improvements in Singapore's economy and job market outlook. "This trend may be more apparent among the upper-middle-income group who have experienced consistent wage growth, and may have the financial capacity to pay higher prices for attractive resale flats, " she said. "Others may be home owners downsizing from private properties who have used cash from their previous property to buy a spacious million-dollar resale flat. " SRX and 99.co noted that Kallang Whampoa recorded the most million-dollar transactions with 18 units changing hands, while 11 units each were sold in Geylang and Bukit Merah. Ms Wong Siew Ying, head of research and content at PropNex, observed that among the 18 units, eight were located at St George's Towers, where owners likely met the MOP recently. Former private home owners returning to the HDB market after serving out their 15-month wait-out period could have also contributed to the increase in million-dollar flat transactions, she added. Overall, by room type, four-room flats were the most popular during the month, raking in 44 per cent of total volumes. Meanwhile, demand for three-room and five-room resale flats were evenly matched, accounting for 24.8 per cent and 24.2 per cent of resale volumes, respectively. Around 6.9 per cent of resale transactions involved executive flats. More than half (57.7 per cent) of resale flat transactions were from non-mature estates. When it came to resale prices, four-room flats registered the highest month-on-month increase at 1.8 per cent, followed closely by three-room and five-room resale prices, which each added 1.6 per cent. Executive flat resale prices, meanwhile, were up 1.1 per cent. Resale prices were up 2.6 per cent in mature estates and 1.3 per cent in non-mature estates compared with May, based on SRX and 99.co data. Year on year, overall prices were up 7.3 per cent. Mature and non-mature estate resale prices were up 6.7 per cent and 7.3 per cent, respectively. Four-room flats had the highest increase in resale prices, at 7.5 per cent, followed by five-room flats at 7.3 per cent, three-room flats at 6.5 per cent, and executive flats at 6.2 per cent. The highest transacted price for a resale flat was $1.6 million for a five-room unit in Boon Tiong Road. In non-mature estates, the most expensive flat resold was $1.1 million for a five-room flat in Hougang Street 21.

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The Holland Vista Queenstown HDB BTO June 2024 site on June 19, 2024. It is currently a carpark.

Source: Straits Times

Dated:

HDB launches 6,938 BTO flats, raises subsidies for three projects in prime areas

The Housing Board launched 6,938 Build-To-Order (BTO) flats on June 19 for sale across eight projects in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands and Yishun. HDB also announced it would increase the subsidies for three of the projects that are under the prime location public housing (PLH) model. This is to keep the flats affordable for a wider range of Singaporeans, the agency said, without specifying the extent of the increase. The projects are Tanjong Rhu Riverfront I and II in the mature town of Kallang/Whampoa, as well as Holland Vista in Queenstown. For fairness, owners of these flats will be subject to a higher subsidy clawback upon the resale of their flats. The clawback, set at 9 per cent of the resale price or valuation, whichever is higher, is to correspond to the extent of the extra subsidies offered, said HDB. The clawback was 6 per cent when the PLH scheme was introduced in 2021, to curb the "lottery effect" of owning flats in prime and central locations. It was raised to 8 per cent in December 2023. "With these additional subsidies and the substantial market discounts already applied across all BTO flats, the selling prices of these PLH projects will be significantly lower than the transacted prices of comparable resale flats nearby, " HDB said. There is a 10-year minimum occupation period (MOP) for these flats. HDB added that 20 per cent of the PLH flats will be set aside for families that are applying for flats for the first time, while 2 per cent will be for families that are second-time applicants under the married child priority scheme. The scheme allows a married child and his or her parents to live with or close to one another for mutual support. Mr Nicholas Mak, chief research officer at property search portal Mogul. sg, attributed the increased subsidy recovery rate for PLH projects to the rising prices of HDB resale flats, especially those in prime areas that at present do not have significant resale restrictions. Starting from the latest BTO sales exercise, young couples eligible for a deferred income assessment scheme can fork out a lower upfront down payment of 2.5 per cent of the flat price. The remaining down payment can be paid when they collect the keys to their flat, HDB said. The upfront down payment was 5 per cent for buyers taking HDB loans or those without a housing loan, and 10 per cent for buyers opting for bank loans. The authorities had said that forking out the down payment on a flat can be hard for some young couples, such as students and national servicemen, who have yet to build up their income. Half of the flats on offer at the June 19 launch will have waiting times of four years or less, HDB said. These include 791 flats in Marsiling Peak I in Woodlands, with a wait of two years and 11 months, and 561 flats in Tampines GreenTopaz, with a waiting time of three years and one month. The Tanjong Rhu Riverfront I and II PLH projects in Kampong Arang Road will offer a combined 2,063 two-room flexi, three- and four-room flats on a site by the Geylang River. Prices, excluding grants, range from $402,000 to $544,000 for a three-room unit, and $568,000 to $779,000 for a four-room flat, making these flats the priciest at this launch. In comparison, three-room resale flats in Kallang/Whampoa transacted at between $730,000 and $828,000, and four-room flats at between $868,000 and $1.08 million, said HDB. The 11 blocks in Tanjong Rhu Riverfront I and II will range from eight to 29 storeys tall, and are near the Stadium and Mountbatten MRT stations. Property analysts said these projects are expected to be popular as the flats could have views of the Singapore Sports Hub and Marina Reservoir. The wait for a flat will range between four years and four years and seven months. The other PLH project, Holland Vista, will have 342 two-room flexi and four-room flats on a site in Holland Drive near Holland Village and Buona Vista MRT stations. Two-room flexi units are priced (without grants) from $209,000 to $367,000, and four-room flats from $582,000 to $762,000. Four-room resale flats nearby cost $888,000 to $1.15 million, HDB said. The 40-storey project has the longest waiting time in this launch, at four years and nine months. The Chencharu Hills project in Yishun, comprising 1,277 units of two-room flexi, three-, four- and five-room flats, is the first BTO launch in the up-and-coming housing area. It is bounded by Sembawang Road and Lorong Chencharu, and is about 1km from Khatib MRT station. Two-room flexi units in this project are going for $113,000 to $170,000, three-room flats for $219,000 to $271,000, four-room flats for $279,000 to $346,000, and five-room units for $407,000 to $496,000. All prices exclude any grants given. The wait for a flat will be about three years and eight months. Tampines GreenTopaz, which is near Tampines West MRT station, will have 561 two-room flexi, four- and five-room flats across four blocks. One of the blocks will have 24 units of two-room rental flats. Prices range from $152,000 to $238,000 for a two-room flexi flat, $445,000 to $569,000 for a four-room flat, and $589,000 to $719,000 for a five-room flat. Meanwhile, Marsiling Peak I and II in Admiralty Road and Marsiling Lane in Woodlands will offer a combined 1,609 two-room flexi, three-, four- and five-room flats as well as three-generation units. Marsiling Peak II will have a wait of four years and six months. In Jurong East, the Teban Breeze project in Teban Gardens Road and Jurong Town Hall Road will offer 1,086 two-room flexi, three-, four- and five-room flats. The wait for a flat is four years and six months. Flat applications close at 11.59pm on June 26 on the HDB Flat Portal. The new homes will be allocated through balloting. Property analysts said the PLH projects in Tanjong Rhu and Holland Village could see the highest demand due to their attractive locations and proximity to MRT stations. Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said the Tanjong Rhu projects are the first new HDB units to be built in the area in 60 years. "At 29 storeys, this will be one of the highest residential developments in Tanjong Rhu. Residents on the high floor will have unblocked views of the city or sea, " he added. Mr Ismail Gafoor, chief executive of real estate firm PropNex Realty, expects more than three applicants for each unit in Holland Vista as the project is small. "There may be pent-up demand for new flats here, in view of a dearth of BTO launches in the Holland Drive area - with several HDB blocks built in the 1970s, and some in the 1990s as well as in 2012, " he said. The June exercise takes the number of BTO flats launched in 2024 to 11,064. In all, about 19,600 BTO flats will be launched across three sales exercises in 2024. In the final launch of the year in October, HDB will offer about 8,500 flats in Ang Mo Kio, Bedok, Bukit Batok, Geylang, Jurong West, Kallang/Whampoa, Pasir Ris, Sengkang and Woodlands. Among them are 260 community care apartments in Geylang - the fourth such project - that come with senior-friendly fittings such as wheelchair-accessible bathrooms with slip-resistant flooring and grab bars. A new type of layout - "white flats" that come without partitions and beams - will be piloted in a 310-unit BTO project in Kallang/Whampoa. When buyers are invited to book a flat, they can opt for a white flat layout, which allows for an open-concept living and bedroom space. Those who do not opt for this layout will receive a flat with the standard layout with walls. HDB said: "The non-provision of internal partition walls will be factored into the pricing of the white flats, which is being finalised. " The new classification of flats into Prime, Plus or Standard categories will take effect from the October launch. BTO units in choicer locations will fall under the Prime and Plus categories. These will come with stricter resale conditions, such as a 10-year MOP and a subsidy clawback. Standard flats, which will form the bulk of public housing supply, will come with a five-year MOP and have no significant restrictions on the pool of resale buyers.

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Condo rental volume inched up 3.1 per cent to an estimated 5,874 units in April.

Source: Straits Times

Dated:

Condo rents dip 0.4% in April while HDB rents inch up 0.3%

Rents for private apartments resumed their downward trend in April even as more units were leased, while prices in the Housing Board rental market continued to climb. Condominium rents were down 0.4 per cent in April, continuing a general downward trend from July 2023 despite a slight increase in March, flash data from real estate portals Singapore Real Estate Exchange (SRX) and 99.co showed on May 17. Mr Eugene Lim, key executive officer of real estate firm ERA Singapore, said the dip in condo rents was led by rental falls in the suburbs. "With the majority of the recently completed units located in the outside central region, we are seeing more aggressive competition for tenants, " he said. Compared with April 2023, condo rents were down 4.6 per cent, with rents in the prime district, or core central region, decreasing the most at 5.2 per cent. Ms Christine Sun, chief researcher and strategist at property firm OrangeTee Group, said the drop in rental prices would benefit expatriates. "The declining rental prices will make Singapore more attractive for multinational companies, which in turn will bring in more expats to work in Singapore, " she added. Condo rental volume inched up 3.1 per cent to an estimated 5,874 units in April. While the number of units leased was up 4.4 per cent year on year, it was still 6 per cent lower than the five-year average for April. Mr Mark Yip, chief executive of property firm Huttons Asia, attributed the rise in condo leasing volumes to some landlords deciding to rent out their units quickly and compromise on their asking prices, rather than leave their units empty.

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From May 13, both home owners and agents can list their flats for sale on the HDB Flat Portal.

Source: Straits Times

Dated:

Sellers welcome ability to market resale flats on HDB portal without help of agents

Two months after appointing a property agent to advertise her Punggol flat while she searched for a new home, senior manager Jessica Chai thought of trying her hand at marketing her unit herself, as she was not in a rush to sell. "Sometimes, the agent will rush me when he receives an offer for my flat. Perhaps he wants to close the deal quicker, but I haven't found my dream home yet and it can be quite pressurising, " said the 40-year-old. She eventually listed the four-room flat on property platform Ohmyhome, which lets home owners do so themselves at no charge. At present, only real estate agents can put up listings on major property portals such as PropertyGuru and 99.co, which come with fees. From May 13, both home owners and agents can list HDB flats for sale on the HDB Flat Portal. The service is currently free. Ms Chai said she plans to list her unit and look for her next home on the portal without the help of her agent. "I trust that it will be a safe and reliable platform, and I would be able to market my unit at my own pace while saving on agent fees, " she added. HDB resale sellers typically pay 2 per cent of the sale price to their agent, while buyers pay a 1 per cent commission. HDB said that to ensure genuine listings, sellers must have an intent to sell registered to list their homes. Buyers will need an HDB Flat Eligibility (HFE) letter - which indicates their eligibility to buy a flat, receive grants and financing options - to schedule viewings with sellers. Buyers will be able to access the listings and begin transactions with sellers when the service is officially launched later in May. The date has yet to be announced. Another seller, who wanted to be known only as Mr Ng for privacy reasons, said he was interested in trying out the service as there are limited platforms where home owners can market their units themselves. Mr Ng, 46, has placed a listing for his four-room flat in Sengkang on Ohmyhome, but said he received inquiries from only property agents who asked if he would like to engage their services. "Engaging a property agent would be my last resort as I am not willing to fork out the commission. I hope that listing my flat on the HDB platform would expose my listing to more buyers, " he added. Ms Susan Mariam, senior associate district director at real estate firm OrangeTee Group, said she appreciated how the resale flat listing service would save her from having to verify that interested buyers have an HFE letter. "This requirement ensures the buyers are not wasting their time during viewings. If they don't have their HFE letter yet, they won't have a clear idea on their loans and whether they can afford the flat in the first place, " she said. Property agents told The Straits Times they do not expect the service to entirely replace existing property listing platforms, despite it being free. Mr Brandon Zheng, division director at property firm ERA Realty, said he forks out a nearly six-figure sum a year on PropertyGuru, and it pays off as his listings would get more views. "I can boost my sellers' listings, such as by making them appear on top. On the HDB Flat Portal, however, it's a waiting game as there are no such features, " he added. HDB said it "reserves the right to remove listings which have unrealistic pricing or contain misleading information from our portal", and may seek clarifications from sellers or their property agents. A feature on its listing service alerts sellers when their listing price is 10 per cent or more than the highest transacted price of similar units nearby in the past six months. This is so that sellers can make an informed decision on their listed price, which promotes a more sustainable property market in the long run, but even so, sellers can still list their units. Mr Nicholas Mak, chief research officer at property search portal Mogul. sg, said the prompt would help to curb inflated asking prices, especially after the authorities recently flagged HDB flat listings with an asking price of $2 million. "This will offer a reality check for buyers and sellers of resale flats, " he added. ERA's Mr Zheng, however, noted that sellers should not price their flats solely based on the 10 per cent benchmark. For lower-priced flats, such those around $300,000, a 10 per cent increase could be considered reasonable as it is a $30,000 difference, he said. "On the other hand, the 10 per cent difference would be $100,000 for a million-dollar flat - no two properties are alike. " Ms Christine Sun, chief researcher and strategist at OrangeTee Group, said the listing service would improve market integrity and allow for a more secure, safe and transparent online buying experience. "Some listings (on existing platforms) could be erroneous, repetitive or show unrealistic prices, which can distort market expectations and cause frustration among users, " she added. ERA Singapore key executive officer Eugene Lim noted that the service allows sellers to appoint several co-agents to market their flat, even if they already have an exclusive agent. He said this should be disallowed. This is because if another agent sells the flat, the seller may be contractually bound to pay a commission to both agents under the Council for Estate Agencies' Prescribed Estate Agency agreements that the seller would have signed. "We have flagged this to HDB, and they are looking into it. "

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When the service is officially launched later in May, buyers will be able to access the listings and begin transactions with sellers.

Source: Straits Times

Dated:

What you need to know about HDB's resale flat listing service

From May 13, sellers of Housing Board flats or their property agents can list their homes for sale directly on the HDB Flat Portal. When the service is officially launched later in May, buyers will be able to access the listings and begin transactions with sellers. Here's everything sellers, buyers and property agents need to know about the new resale flat listing service. Sellers must have an intent to sell registered with HDB in order to list and market their flat themselves. They can also appoint a property agent to manage the listing on their behalf. When they create a listing, it will be automatically filled with details such as the address, flat type, floor area and floor plan, which is retrieved from HDB's data. Sellers will only need to upload photos and descriptions of their flat. They can also indicate their preference for extension of stay and contra, which is a process in which an owner is looking to sell his unit and buy another, and want both transactions to be executed at the same time. Sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months. Once listed, sellers can create viewing appointments that interested buyers with a valid HDB Flat Eligibility (HFE) letter can book. Each seller can only post one flat listing, so that there are no duplicate listings. Once their flat buyer submits a request for value, which has to be done a day after being granted the option to purchase, the listing would automatically be taken down. Any prospective flat buyer can browse the resale listings on the HDB flat portal, but only those with a valid HFE letter can obtain the sellers' contact details and schedule viewing appointments. An HFE letter indicates a buyer's eligibility to buy a flat, receive grants and take up a housing loan. Buyers can filter searches by location, flat type, remaining lease or by their ethnicity and citizenship under the Ethnic Integration Policy and Singapore permanent resident quotas. A resale flat listing will show the recent transacted prices of similar flats nearby, amenities in the area and ethnicity and citizenship quotas. On the portal, buyers can also view information about current and upcoming new flat launches such as Build-To-Order and Sale of Balance Flats. They can choose up to three flats to compare attributes such as remaining lease and preliminary payment plans such as the monthly loan repayment amount and cash payment. Buyers with an HFE letter can view personalised payment plans based on their approved housing grant and HDB loan amount, so that they can more accurately assess if the shortlisted flats are within their budget, HDB said. After the buyers have exercised their option to purchase, they can submit their resale application on the HDB Flat Portal. Property agents will have a personalised dashboard on the HDB Flat Portal, which gives them an overview of their clients - both buyers and sellers. HDB said this will help them provide "value-added services" for their clients, such as budgeting and advising them on the next steps. They can create listings and viewing appointments for sellers, and help buyers to search, shortlist and compare flats. The service will be free of charge for the time being. Property portals such as PropertyGuru and 99.co charges subscription fees.

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The latest enhancement to the portal aims to streamline the process of buying and selling a flat.

Source: Straits Times

Dated:

Sellers can list their flats on HDB Flat Portal from May 13

Owners of Housing Board flats or their property agents will have the option to list their homes for sale on the HDB Flat Portal from May 13. The latest enhancement to the portal, which aims to streamline the process of buying and selling a flat, seeks to provide buyers and sellers access to secure property transactions as well as improved services by property agents, HDB said. To ensure genuine listings, sellers must have an intent to sell registered to list their homes, the board said. Buyers will need an HDB Flat Eligibility (HFE) letter - which indicates their eligibility to buy a flat, receive grants as well as financing options - to schedule viewings with sellers. "This will improve user experience and ensure transparency as the resale flat listing service aims to become a trusted listing marketplace for genuine buyers and sellers, " HDB said. The service will be free of charge for the time being, it added. Buyers will be able to access the listings and begin transactions with sellers when the service is officially launched later in May. The date has yet to be announced. Currently, only real estate agents can put up listings on major property portals such as PropertyGuru and 99.co, which comes with fees. Other platforms such as Ohmyhome and Carousell lets home owners do so themselves for free. On the HDB Flat Portal, listings will be automatically filled with details such as the address, flat type, floor area and floor plan from HDB's data. Each seller can post only one flat listing, so that there are no duplicate listings. Sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months. They will also receive a prompt if the price is abnormally low. This is so they can make an informed decision on their listed price, which promotes a more sustainable property market in the long run, HDB added. In response to queries, HDB said it "reserves the right to remove listings which have unrealistic pricing or contain misleading information from our portal", and may seek clarifications from the sellers or their property agents. "The Government will not condone behaviour, whether by sellers or their property agents, that seeks to disrupt the market or fan consumer sentiment, " it said. HDB added that it will work with the Council for Estate Agencies (CEA) to investigate and take enforcement action if property agents are suspected of professional misconduct. On May 8, the Ministry of National Development, HDB and CEA flagged the listings of two HDB flats that were put up for sale for $2 million. The authorities said that a listing for two adjacent five-room flats in Sengkang that was marketed as a jumbo flat was "misleading", and another for a five-room flat in Toa Payoh had an "unrealistic asking price". To make the HDB Flat Portal a "one-stop platform" for buyers, the resale flat listing service will be integrated with financial calculators, loan listing services and information on the buyer's HFE letter. Buyers can also compare resale flat listings with new Build-To-Order flats on aspects such as price and remaining lease, so that they can consider both options "holistically and make more informed decisions on their flat purchase", HDB said. Meanwhile, sellers or their property agents can list their homes and carry out resale transactions on a single platform. HDB said it would reach out to eligible flat sellers by e-mail from the soft launch on May 13 to provide them early access to list their homes on the platform. They can also appoint property agents to do so on their behalf. Transactions cannot be carried out during the soft launch period. The board said the service was developed in collaboration with the public and industry stakeholders, including real estate agencies and property portals. Mr Chris Koh, director of property consultancy Chris International, said the service would help to sieve out buyers and sellers who are not genuine. As sellers must have an intent to sell to list their units on the portal, this would prevent sellers and property agents from placing advertisements to "test the market", he said. "There have also been cases of property agents placing repeated or fake listings to fish for customers, or to increase their number of listings, " he added, noting that the service would curb such occurrences.

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The authorities said the listing for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link was "misleading", as there are no such flats in the block.

Source: Straits Times

Dated:

Authorities flag $2m HDB flat listings, including misleading ad for jumbo unit in Sengkang

The authorities have flagged the listings of two HDB flats that were put up for sale for $2 million - one listing was for two adjacent five-room flats in Sengkang marketed as a jumbo flat, while the other was a five-room flat in Toa Payoh with an "unrealistic asking price". In a joint statement on May 8, the Ministry of National Development, the Housing Board and the Council for Estate Agencies (CEA) said CEA is aware of the listings put up by two property agents and is investigating. The listing on the PropertyGuru platform for a 2,400 sqft jumbo flat in Block 314C Anchorvale Link with six bedrooms and four bathrooms was "misleading", as there are no such flats in the block, the authorities said. "The jumbo flat listed is actually two adjacent five-room flats, which are not eligible to be converted into and sold as a single unit, " they added. The authorities said the listing was taken down after CEA brought up the misleading advertisement to the agent's property agency. "CEA is investigating the matter and will take firm action if any breaches are established", they added. The authorities noted that five-room flats in the precinct changed hands for around $580,000 over the past six months, and that the $2 million asking price is more than $800,000 above the combined value of two five-room flats. The property agent who put up the listing, Mr Andrew Nair from ERA Realty Network, told The Straits Times that the owners of the two flats - who are related - had received approval from HDB to hack the living room wall and combine both units when they bought it about six years ago. "The owners are looking to sell them together, but the requirement is that there has to be two buyers, " he said. Mr Nair added that he had removed the listing after ERA's legal and compliance team told him to market the flats as two separate units. He will list the flats again after getting approval. Separately, the authorities said a five-room Design, Build and Sell Scheme (DBSS) flat in The Peak@Toa Payoh, which was also listed for $2 million, does not have an intent to sell registered with HDB. This means that the potential seller cannot grant an option to purchase to buyers at this stage. Sellers of HDB flats have to register their intent to sell before they put their flat on the market. The authorities noted that the $2 million listing price is almost half a million dollars above the highest transacted price in the area, and said many property experts deem it an "unrealistic asking price". Property agent Joyce Lim, who is with ERA, told ST that the owner of the 1,258 sqft flat in Lorong 1A Toa Payoh is planning to register for the intent to sell. The listing, which was put up on April 16, advertised the flat as being on a "super high floor" with "unblocked city view". The highest transaction at the development was $1,568,888 for a five-room, 1,258 sqft unit between the 40th and 42nd storeys, and it was sold in January 2024. At the listed price of $2 million, both the Sengkang and Toa Payoh flats will come with significant cash over valuation (COV), the authorities said. COV is the amount a buyer has to pay in cash when a resale flat is sold above its HDB valuation. "While the HDB resale market transacts on a 'willing buyer-willing seller' basis, the Government will not condone behaviour, whether by agents or sellers, that seek to disrupt the market or fan consumer sentiment, " the authorities said. They urged buyers to plan their budget carefully and to be prudent to avoid overstretching their finances. "We should not expect housing prices to increase indefinitely amid global economic uncertainty and geopolitical instability. " Under the code of conduct for estate agents, property agencies and agents have a duty to uphold the integrity and professionalism of the real estate industry, and to act responsibly in conducting their work, the authorities added. CEA will look into the information presented by property agents when they market HDB flats, to protect the interests of the public and so buyers can make informed decisions, the authorities said. Mr Nicholas Mak, chief research officer at property search portal Mogul. sg, said that if the property agents are aware that the $2 million asking price is unrealistic, they should advise the sellers to lower it. "It is very obvious that the asking price of $2 million for an HDB flat in the current market, regardless of whether it is a DBSS flat or a jumbo flat, is significantly above the recent transacted prices of similar flats in the respective HDB towns, " he added. The authorities added that Singaporeans have a wide range of affordable flats to choose from, such as Build-To-Order (BTO) flats that come with significant market discounts. The majority of four- and five-room BTO flats offered in 2023, which do not fall under the prime location public housing model, were below $600,000 before grants, they noted. Seven in 10 five-room and smaller resale flats changed hands at below $600,000 before grants, they added.

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Property analysts said the rebound in demand for resale flats could be attributed to the less frequent Build-To-Order and Sale of Balance Flats exercises.

Source: Straits Times

Dated:

HDB resale prices up 0.9% in April, volume rebounds 15.7%

Prices of Housing Board resale flats climbed 0.9 per cent in April, and more units were sold as the market picked up following a dip the month before. HDB resale flat prices grew at a quicker pace in April than the 0.3 per cent rise in March, flash data from real estate portals Singapore Real Estate Exchange (SRX) and 99.co showed on May 6. Year on year, prices climbed by 9 per cent. The number of resale flats sold in April rose by 15.7 per cent to an estimated 2,387 units, in contrast with the 3.3 per cent decline the month before. Compared with April 2023, resale volume was 6 per cent higher. Property analysts said the rebound in demand for resale flats, which helped to prop up prices, could be attributed to the less frequent Build-To-Order (BTO) and Sale of Balance Flats exercises. From 2024, BTO flats will be offered across three sales exercises - in February, June and October - down from the previous four launches a year. Mr Mark Yip, chief executive of property firm Huttons Asia, said home seekers who were unsuccessful in the only Sale of Balance Flats exercise in 2024 - which took place in February - could have turned to the resale market rather than wait till 2025. Such launches, which give applicants a chance to apply for balance flats from earlier BTO sale exercises, previously took place twice yearly. On the supply end, the healthy resale market could have led to more home owners putting up their flats for sale, said Ms Christine Sun, chief researcher and strategist at property firm OrangeTee Group. "Some sellers may be motivated by the prospect of earning a substantial profit, while others may want to upgrade to a bigger home, " she added. Sixty-eight flats changed hands for at least $1 million each in April, higher than the 61 such transactions in March. Of the million-dollar HDB resale flats sold in April, 24 are four-room units, 22 five-room flats and 22 executive apartments. Most of them are in mature estates such as Kallang/Whampoa, Toa Payoh and Bukit Merah, while seven are in non-mature towns including Jurong East, Sengkang, Bukit Panjang and Hougang. These transactions made up about 2.8 per cent of total transactions in April.

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Plans show that the Fernvale North plot will have parks, a place of worship and a health and medical facility.

Source: Straits Times

Dated:

New residential estate in Sengkang could have 10,000 homes

About 10,000 new homes could be built on a large tract of land in Fernvale North in Sengkang, based on proposed plans for a new residential estate next to the Tampines Expressway (TPE). The Urban Redevelopment Authority (URA) is preparing an 18.9ha site bounded by Jalan Kayu, Fernvale Street, the TPE and the upcoming Sengkang West Drive for housing. Proposed amendments to the URA master plan released on April 29 show that the site, which property analysts say could house a mix of public and private projects, will have parks, a place of worship and a health and medical facility. URA said the proposed development will support the demand for housing in the area, and provide current and future residents with "commercial and recreational amenities, as well as social and community facilities, greater accessibility to parks and improved road connectivity". The site - about the size of 35 football fields - is located near the Seletar Aerospace Park and an industrial area in Seletar West that will be developed. Nearby amenities include two LRT stations, Thanggam and Kupang, as well as Sengkang Riverside Park. The proposed amendments include adjusting the plot ratio of land parcels to 3.9 to 4.2. The plot ratio determines the intensity of development permitted for a piece of land. Property analysts estimate that the site could yield 8,000 to 12,000 units. Ms Christine Sun, chief researcher and strategist at property firm OrangeTee Group, said a mix of Build-To-Order (BTO) flats, condominiums and executive condos could be built on the site. She said there could be pent-up demand for BTO flats in Sengkang as the last public housing project launched there was in 2019. "Some residents have lived there for about 10 to 20 years and may be looking to upgrade to private housing. Some parents may also want to downgrade and live near their children who are already living in these areas, " she added, noting that the large land parcel could meet such demand. ERA Singapore key executive officer Eugene Lim said the site's location is "strategically positioned" to support the workforce for the nearby Punggol Digital District and Seletar Aerospace Park. He noted that an undeveloped industrial enclave in Seletar West Road is situated about 2km from the Fernvale site. "The site could draw population to support the future development of the industrial and commercial enclave in the vicinity, " he said. The Seletar Link Flyover, near the Fernvale plot, opened in January. It connects Seletar Link and TPE to cater to the anticipated rise in traffic due to new developments in Punggol. When completed, the new Sengkang West Drive will provide motorists with another road connection within Sengkang town. Ang Mo Kio GRC MP Gan Thiam Poh, who oversees the Fernvale area in Sengkang, said the large residential plot can help to meet the demand for housing in the area. "I have consistently been getting requests from Sengkang residents - some told me they were getting married and wanted to live near their parents, others said they want to upgrade to a bigger home as their children are growing up, " he said. "I have spoken to the relevant authorities about these requests, and I am glad this plot is being developed. " He noted that the two LRT stations nearby will connect future residents to other amenities in Sengkang. In Bukit Panjang, new homes could be built on the former site of Greenridge Secondary School. The school, which had been at the Bukit Panjang Ring Road site since 1992, merged with Fajar Secondary School in 2023 and moved to the latter's site in Gangsa Road. URA had proposed to rezone the 33,195 sqm plot from an educational institution to a residential development to support the demand for housing in the area and give more residents easier access to amenities and public transport. Ms Sun said the plot could yield about 700 flats, or 1,000 private apartments. She added that it is more likely to be a BTO project due to the limited supply of new flats in the estate. The last BTO project launched in Bukit Panjang was Petir Park Edge in December 2023, which consisted of 143 two-room flexi flats and 191 four-room units. The last launch before this project was in 2016. Mr Lim said 550 to 650 units of four- and five-room flats could be built on the plot as there has been a lack of larger units launched in the estate.

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