It has been a long duration of 14 months to observe a consecutive rise in the Housing Board resale prices. As per the recent data of August month received from the SRX real estate portal, the property resale prices climbed at a pace of 1.1% in comparison to July.
Moreover, the resale prices are high by 13.7% this year when compared with the August month of 2020. With these fluctuations in the price, it is expected that September month prices may hit a record high in the scenario of strong demands.
Although August month came like a hungry ghost month, the construction delays increased, and flat resale demands strengthened with a lesser number of sales. If we look at the reports from the previous month, five Built-To-Order housing projects are already experiencing longer delays due to Greatearth – the main contractor’s decision to run after ongoing financial difficulties. The expected dates for completion of these famous BTO projects as well as many others, got delayed due to supply disruptions and lack of manpower. Furthermore, the covid-19 pandemic left a considerable negative impact on the construction sector.
Several affected buyers have now decided to pay an additional amount for resale flats, even if available units are less suitable for their needs since these flats are in ready-to-move condition. With a well-settled home, they can now plan their life with enhanced certainty.