No changes in HDB resale prices for the first quarter despite Covid-19 outbreak: Latest Flash report

  • Housing Development Board (HDB) resale prices noticed no change in the first quarter of 2020 in comparison to the Q3 2019.
  • The resale price index remains unchanged at 131.5 as per the latest flash estimates released by HDB on 1st April 2020.
  • HDB flats are mostly purchased to live in and not for speculations hence, in general, the resale prices for these flats are not subject to volatile swings said, Christine Sun, The head of research and consultancy for OrangeTee and Tie.
  • The HDB is ready to release 3,700 BTO flats in Tampines and Tengah, Pasir Ris, and Choa Chu Kang in the following month. Flats in Tampines and Choa Chu Kang will have shorter waiting times.
  • The HDB will also release 4,100 BTO flats in Ang Mo Kio, Bishan, Geylang, Tampines and Woodlands in August 2020.
  • A series of policy changes were introduced by the government last year that increased the buying capability of people in need of their own homes for both – first time and eligible buyers – but the positive impact of these policy changes may go down due to the Covid-19 outbreak as per Ms. Sun.
  • Also, the hefty $48 billion resilience budget package announced by the government to keep the unemployment rate at the lowest and keep the economy running could prove to be a silver lining and it will prove to be a boon in sustaining the housing demand and to ensure that the prices of the flats are kept under control in the months to come.

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