For the 4th quarter of a year in a row, HDB units recorded a price increase, this time of 2.8%. Over the past three quarters, the prices of these units grew slowly yet steadily. Thus, the price increases summed up by the first three months of 2021 got the increase mentioned previously. From one year to another, the overall increase is 8%, which shows the steady interest of homebuyers in these types of units.
Ms. Christine Sun, who is the senior vice-president of research and analytics at Orange Tee & Tie, made a comparison between the peak recorded by HDB units, which took place in the 2nd quarter of 2013, and notices that today’s prices were just 5% lower than that peak. In other words, if the price increases continue in the same manner, the last half of 2021 may bring along a new peak in this sector, one that will subclass the one in 2013.
Still, things didn’t look this way all the time. After the peak in 2013, the prices of HDB units started to decline. This decline took place up to 2019 when the second half of the year started to bring signs of recovery. Also, as Ms. Sun noticed, after taking a look at the info provided by the HDB, 22 HDB cities, out of a total of 26, recorded price increases in the January – March 2021 period. Toa Payoh is in the lead, with an increase of 17% and 244 units. Bukit Timah follows in the second place, recording an increase of 11.2% in 28 units. And, finally, in the third place, we have Bedok, with an increase of 8% in 402 units.