Even though the rest of the world is presently combatting a grave social and financial turmoil, the Housing Board Resale market of Singapore has performed proficiently in spite of witnessing a seasonal dip from the last month. As compared to the statistics from January, fewer deals were sealed in the following month with the prices surging by 0.7%.
On the whole, a total of 1,668 resale flats exchanged hands in February which accounts for 13.1% less than that of its preceding month. Nevertheless, when contrasted against the configurations of last year, in February 2020, there has been a 26.9% rise in the units traded and a 1.0% rise in prices.
Interestingly, the net worth of non-mature estates dropped by 0.3% whereas, the mature estates rocketed by 1.3% as competed with January. As per reports, the most-expensive resale flat that was procured in February was a five-room unit and a part of the Commonwealth Drive and was eventually sold at $1.1 million. On the other hand, an executive mansion located in Hougang Street 21 was hawked for $858,000 was the highest bid for a non-mature estate. Additionally, almost five HDB resale flats were marketed in the previous month for $1 million.
Owing to the amount which buyers “overpaid” in February, SRX predicts the amount to be the market value of the flats in concern. The inclusive median transaction over X-value was rendered as positive $2,000 last month and proliferation of $2,500, assessed against January. The primary objective of TOX is to evaluate how much a buyer is underpaying or overpaying for a property on the metrics of SRX’s computer-generated data on the current market value. The catalog only incorporates districts that have more than 10 resale transactions under its name. Properties in Serangoon chronicled the highest median TOX at an assuring $14,000 and flats in Geylang with a constructive $7,000.
In contrast to this, the flats of Marine Parade were logged with the lowest median TOX, at negative $26,000 and the flats of Bishan at negative $24,500. Market experts have held the Chinese New Year festive period for this slow-down of sales; through this phase, the sales activities take the back seat and this year, there’s the added terror of COVID-19 hampering every little activity around the globe.
The reason that is keeping the sales leaders so optimistic about the figures lies in the verity that the resale volume has amplified significantly as weighed against the same period a year ago. Furthermore, February 2020 has observed the highest sales in this month since 2017. After carefully analyzing the present-day situation, Christine Sun, the research head of Orange Tee and Tie, has affirmed that buyers will constantly be on the lookout for properties regardless of the dread related to coronavirus and COVID-19 because all its impacts are likely to be temporary.
If forecasts are to be believed, close to 6,799 HDB flats will be introduced to the HDB resale market within the next months as these units will be reaching their term of five-year minimum occupation span.
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