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HDB resale prices continue to climb in first quarter of 2023

The HDB Resale Price Index saw an increase of 1 per cent from the previous quarter.

A stylish HDB skyscraper with lush landscaping and roof top gardens, to illustrate the story of rising prices for HDB resale flats in Singapore.
Resale prices for HDB flats continued to increase for the first quarter of 2023. (PHOTO: Getty)

SINGAPORE — Housing and Development Board (HDB) resale prices rose by one per cent over the first three months of 2023.

Data released by the HDB on Friday (28 April) showed that its Resale Price Index (RPI) for the first quarter of 2023 is 173.6, an increase of one per cent over that in the fourth quarter of last year.

This the12th consecutive quarterly increase for the RPI as HDB resale prices continue to climb. However, HDB noted in a statement that the current increase is "less than half of the 2.3 per cent increase in the fourth quarter of 2022, and is the smallest quarterly increase compared to the last 10 quarters".

A graph showing the price trend of HDB resale prices over the years.
Price index of HDB resale prices. (GRAPH: HDB)

Across the island, the highest median resale price (S$450,000) for a 3-room HDB flat was seen in Punggol and the central region. For 4-room flats, the median resale price was highest in Bukit Merah at S$813,900.

Bishan saw the highest median resale price for a 5-room flat at S$900,000.

Number of HDB resale transactions increased

The number of HDB resale transactions for the first quarter of 2023 rose by 5.8 per cent to 6,979. There were 6,597 resale applications in the fourth quarter of 2022. Resale transactions in the first quarter of 2023 were 0.6 per cent higher than a year ago.

An increase in the number of resale applications was seen in 2-room, 3-room, 4-room, and 5-room flat types for the first quarter of 2023 compared to the previous quarter.

More HDB units approved for rental

Over in the rental market, the number of approved applications to rent out HDB flats increased by 13.9 per cent, or 1,181 applications, in the first quarter of 2023, with a total of 9,657 approved applications. There were 8,476 approved applications in the fourth quarter of 2022.

Compared to a year ago in the first quarter of 2022, the number of approved applications in the first quarter of 2023 was 5.2 per cent lower.

A total of 56,652 HDB flats were rented out at the end of the first quarter of 2023, a slight increase from the 56,647 units in the previous quarter.

Upcoming flat supply

HDB said it will offer about 5,400 Build-To-Order (BTO) flats in May 2023. The BTO flats will be available in locations such as Bedok, Kallang Whampoa, Serangoon, and Tengah.

For the August 2023 BTO launch, HDB said that it will offer between 5,200 and 6,200 flats in locations such as Bukit Merah, Choa Chu Kang, Kallang Whampoa, Queenstown, and Tengah.

HDB added that the numbers are subject to review as more project details will be firmed up closer to the launch dates and that it will continue to monitor demand for housing. HDB has said that it is prepared to launch up to a total of 100,000 flats from 2021 to 2025.

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