An upcoming BTO sales launch will target three primary towns and estates in May 2019.
The official HDB website has listed the launch of new BTO flats in Tengah, Woodlands and Kallang/Whampoa.
In Tengah, the BTO options will range from two to five-room apartments. The total number is set at 2,180. The Woodlands apartments are 720 and they also range from the smallest two-room to five-room flats. Finally, 580 new BTO flats will become available in Kallang/Whampoa and these will be two to four-room apartments.
The demand for public housing in Singapore is hitting a high after a slowdown experienced for some years. The resale market is the one seen as most dynamic right now. It ended on a high note in 2018 and according to official HDB information, there were 23,099 transactions during the year.
Government efforts to scale down the number of BTO flats launched each year could have contributed to these resale market dynamics. The number of displaced en-bloc owners has also increased, which contributed to upward market pressure and an increase in the demand.
According to experts, emerging trends in 2019 could start reshaping the Singapore residential real estate market.
The resale market will see a bumper supply of BTO apartments reaching their five-year minimum occupation period. According to HDB estimates, 27,000 BTO flats and 3.500 design, build and sell scheme (DBSS) flats could reach their minimum occupation period this year, ensuring a new wave of eligible sellers.
In the period until 2021, 50,000 additional flats will reach their minimum occupation period. The number is much higher than a total of 9,000 flats for 2013/2014.
A shift in housing demand will inevitably come as a result of the upcoming massive supply of eligible flats. Prices are also to be affected and residential property may become more affordable to acquire once the wave of resales begins,
Buying interest will be strengthened in certain developments as a result of the new market dynamics. Real estate experts predict stronger buyer demand in Hougang, Sengkang, Punggol, Pasir Ris and Tampines.
The number of apartments reaching the minimum occupational period will once again be determining. In Sengkang and Punggol alone, the number of such apartments will exceed 10,000. In addition, both of the towns are recognised for beautiful landscaping and a lot of greenery, contributing to further buyer interest.
Currently, the announcement of new BTO flats in Sengkang and Punggol has not led to a reduction in property prices. These are the only two non-mature developments to record price growth for four and five-room flats over 2018.
To sum it up, the demand for HDB resale flats will continue being resilient in 2019. Certain segments may be affected by price weaknesses but overall, sellers will benefit from stability and high demand.
If you’re considering the sale of a flat, the time may be now to get started. If the minimum occupation period is nearing its end, you should definitely begin researching improvement options that will enable you to attract the right buyer and the right price.
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