HDB resale flat transactions fall by 78% in April 2020 as only 423 flats were sold out

    • Housing and Development Board (HDB) resale flats volume dropped by 78.3% in April 2020 compared to the previous month which could be the lowest number of sell out in the history as house viewing has completely come to a halt due to circuit breaker measures taken by the government to control the spread of Covid-19 pandemic.
    • As per SRX data, only 423 flats were sold out which is even 78.1% lower than the numbers of flats sold out in April 2019.
    • The pricing of the flats dropped as well. Prices for 3-room flats dropped by 1.5% while prices for 4-room flats and executive3 flats dropped by 0.2% and 1.8% respectively. However, prices for 5-room flats went up by 0.2% opposing the market trend.
    • Resale prices in April dropped by 0.04% from March on an overall basis but still they were 1% than prices in April 2019.
    • Based on the government data, the transactions in April 2020 were the lowest on-record sales volume in the history.
    • Christine Sun, Head of research and Consultancy, OrangeTee & Tie, said that the home buying process has been completely ruined by the stay home measures as all the public viewing has come to a standstill and prospects are dependent on virtual housing tours to make buying decision.
    • The resale volume dropped drastically from 1,949 units sold in March 2020 to 423 units sold in April 2020.
    • Nicholas Mak, head of research and consultancy at ERA Realty, expects the resale transactions to go down by 25% in the remaining time of the current year.
    • Of the flats sold in April, 4-room flats account for approximately 50% of the sales volume, 5-room flats account for 26.7%, 3-room flats account for 22.5% whereas executive units account for 9% of the total sales volume.
  • A 5-room flat at SkyTerrace @ Dawson in Queenstown which went for a price of S$1.01 million is the only million dollar flat to be sold out in 2020 and it is also the most expensive flat sold in the current year.

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