Press Release of 1Quarter 2009 Public Housing Data
1 This press release provides housing data for the HDB Resale and Rental Market transactions in 1st Quarter 2009.
HDB Resale Market
2 HDB’s Resale Price Index (RPI) has fallen by 0.8% in 1st Quarter 2009 over the previous quarter. This comes after an increase of 1.4% in 4th Quarter 2008. Please see Annex A-1 (13KB) and A-2 (13KB) for the RPI series and Annex B (34KB) for the median transacted prices of resale flats by town and flat type1 in 1st Quarter 2009.
3 Resale transactions increased by 4.2%, from 6,186 cases in 4th Quarter 2008 to about 6,446 cases in 1st Quarter 2009 (see Annex C (19KB)). Compared to 1st Quarter 2008, the increase is slightly lower at 1.4%.
4 The median Cash-Over-Valuation (COV) amount among all resale transactions has been declining since 1st Quarter 2008. In 1st Quarter 2009, it fell to $4,000, which is $11,000 lower than that in 4th Quarter 2008 (see Annex D (19KB)). This follows a slowdown in RPI growth over 2008 and the slight decrease in 1st Quarter 2009. In tandem with this trend, cases transacting above valuation also decreased from 85% of all resale transactions in 4th Quarter 2008 to 62% in 1st Quarter 2009. The remaining 38% transacted either at or below valuation.
Upcoming New Flat Supply
5 The Build-To-Order (BTO) system constitutes the main supply of new HDB flats. In the first quarter of this year, HDB launched about 1,300 new flats in 2 BTO projects in Punggol and Woodlands. Subject to demand, HDB plans to launch another 2,400 BTO flats over the next 6 months, of which about 1,000 are 3-room and smaller flats. The bulk of the new flat supply would be in Punggol to build up the critical mass of the town. HDB will provide more details of the flats as the projects are launched.
HDB Rental Market
6 Median sublet rents for HDB flats in 1st Quarter 2009 remained the same as previous quarter for the smaller flats, but fell by $100 to $200 for 4-room and larger flats. Please see Annex E (35KB) for the median subletting rents of HDB flats, by town and flat type.
7 Subletting transactions fell by 4.3% from 3,685 cases in 4th Quarter 2008 to 3,525 cases in 1st Quarter 2009 (see Annex F (18KB)). The total number of HDB flats approved for subletting rose to about 22,800 units as at 1st Quarter 2009, compared to about 22,200 units in 4th Quarter 2008.
Note
1 Transacted prices of individual flats (by block and flat type) can be found on HDB website and detailed online enquiries can be made at http://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp.