17 May 2024
Quarterly - HDB Resale Market Trends - 1Q2024
Property Insight

In the first quarter of 2024, the Housing Development Board (HDB) resale market demonstrated a robust performance with a significant uptick in activity. A total of 7,068 HDB resale flats were transacted during this period, marking an 8.0% increase from the previous quarter. This surge is the highest since the third quarter of 2022, driven largely by heightened demand for larger living spaces, particularly executive and 5-room flats, which saw sales increases of 15.3% and 14.2% respectively.

The resale market dynamics were also influenced by the significant portion of transactions involving older flats, with those having lease commencements from 1990 or earlier accounting for 38.8% of total sales. This shift is indicative of a growing buyer preference for more spacious and mature property options.

Notably, the market saw a record number of million-dollar transactions, with 185 flats selling for over a million dollars each—a 39.1% increase from the previous quarter. This rise in high-value sales coincided with the expiration of a 15-month waiting period for private property sellers transitioning to non-subsidized HDB resale flats, introducing a new pool of buyers into the market.

Despite these high-value transactions, the million-dollar transactions still represented a small fraction (2.7%) of the overall market activity, with the majority of transactions occurring in the more modest price range of $400,000 to $600,000, comprising 42.7% of the sales.

In terms of pricing, while there was a notable volume of high-value transactions, the average unit price of these deals saw a decrease, adjusting from $1,409 per square foot in the last quarter of 2023 to $1,320 in this quarter, reflecting a 6.3% quarter-over-quarter moderation. Similarly, the highest unit price also decreased from $913 to $891 per square foot, indicating a downward adjustment in prices despite the growth in transaction volume.

Looking ahead, the market is poised for interesting developments with the June Build-To-Order (BTO) exercise, which will be the last one before a new classification system is implemented in October. This system will categorize flats into Standard, Plus, and Prime, potentially influencing buyer decisions. The introduction of the new Chencharu estate in Yishun during this exercise is expected to attract prospective homeowners, especially those interested in newly developed areas.

However, with the removal of the August BTO exercise, extending the wait until October, and the Sale of Balance Flats (SBF) exercise scheduled only once a year with the next occurrence in February 2025, potential buyers in urgent need of housing might increasingly turn to the resale market. This shift could sustain or increase the demand within the resale sector, particularly among those seeking immediate housing solutions. This period of transition in the public housing landscape offers unique opportunities and challenges, likely influencing the trajectory of the HDB resale market in the upcoming quarters.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Sing Holdings–Sunway joint bid leads Chuan Grove tender at $1,376 psf ppr

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In summary, the Chuan Grove GLS tender exemplifies renewed optimism in OCR development, underpinned by strategic location advantages, successful nearby launches, and supportive infrastructure enhancements. As developers continue to seek value in mature, well-connected estates, the Chuan Grove site represents a timely and compelling addition to Singapore’s new launch pipeline.

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Seller’s Stamp Duty Changes 2025: Minimal Impact on Genuine Buyers

On 3 July 2025, the Singapore government announced adjustments to the Seller’s Stamp Duty (SSD), effective from 4 July 2025. The changes involve extending the SSD holding period from three to four years and increasing SSD rates by four percentage points across all tiers. The revised rates restore the SSD framework to its pre-2017 structure, with a 16% duty for properties sold within the first year, tapering to 0% only after four years. Importantly, these changes do not apply to HDB flat owners.

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The policy is timely given the fragile global economic backdrop, including persistent trade tensions, tariff volatility, and geopolitical uncertainties. With Singapore’s 2025 GDP growth forecast set between 0.0% and 2.0%, the SSD revision serves as a preemptive safeguard. It is designed to discourage short-term speculative activity, moderate knee-jerk market reactions, and build long-term market resilience.

Market Reaction and Holding Periods

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This reinforces that the market is primarily driven by owner-occupiers and long-horizon investors rather than speculative flippers.

Sustainable Market Momentum

The SSD revision aligns with a broader strategy to sustain healthy market momentum. According to URA’s 2Q2025 flash estimates, private home prices rose 0.5%, moderating slightly from the 0.8% increase in 1Q2025. Developers are adopting a more calibrated launch strategy, balancing supply with demand, and promoting sustainable absorption.

Outlook

Far from being a deterrent to long-term investment, the SSD changes are seen as a structural reinforcement of market stability. They protect long-term asset value, offer confidence to serious buyers, and enhance Singapore’s reputation as a safe and transparent investment hub. As more launches are expected in 2H2025, the policy provides developers and buyers with a clear framework to plan within a disciplined, fundamentals-driven property cycle.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg