HDB Resale Price Index (December 2022)
December 2022 HDB resale flat prices in Singapore climbed for the 30th consecutive month, albeit at a slower pace of 0.2% compared to November’s 0.6% increase.
Meanwhile, the price of HDB resale flats is expected to moderate further in 2023 due to the following factors:
- Property cooling measures
- Higher interest rates
- Economic uncertainties
- Price resistance from buyers
- Increase in suppy of BTO flats by HDB
Nevertheless, the gradual recovery of transaction volume in November and December despite the traditionally slower year-end school holiday and festive season indicates underlying demand has remained firm. Hence, HDB resale prices are expected to rise further in 2023, with forecast of a 5% to 8% increase.
In 2022, HDB resale prices were up 9.4%, easing from a growth of 13.6% in 2021. At the same time, total resale volumes were 8.1% lower.
December 2022 HDB Resale Volume Up
HDB Resale Volume (December 2022)
The number of HDB resale flats sold in December rose 4.8% to an estimated 2,242 units from 2,140 units in November. However, compared with December 2021, transactions were down by 7.7%.
For the whole of 2022, the median HDB resale price hit $527,000, an 8.7% increase from 2021.
The prices of executive flats eased slightly by 0.4% in December, while other flat types continued to rise. Prices in non-mature estates increased by 0.3%, but those in mature estates remained unchanged.
Sale of Million-Dollar HDB Flats Up 42.9% in 2022
In December, there was a slight increase in the number of million-dollar HDB resale flats sold, with 28 units changing hands, up from 26 units in November. The number of million-dollar HDB flats sold comprises 1.2% of the total resale volume in December.
Among the million-dollar flats sold, five were in Bishan, and three each in Bukit Merah, Toa Payoh and the central area. The highest transacted was a 150 sq m executive maisonette in Toh Yi Drive, which sold for $1.3 million, indicating bigger flats are still in demand.
For the whole of 2022, a record 370 million-dollar flats were transacted compared to 259 such deals in the previous year, which is 42.9% higher.
Private Residential Property Launches
Meanwhile, the private residential market rose 8.4% in 2022, according to flash estimates released by the Urban Redevelopment Authority (URA), down from 10.6% in 2021.
Prices are likely to moderate further amid a slew of new property launches. However, due to the low inventory of unsold units, a sharp correction is not foreseen. The following are some of the upcoming property launches:
- Sceneca Residence – Next to Tanah Merah MRT station
- Botany At Dairy Farm – Near Hillview MRT station
- Lentor Hills Residences – Near Lentor MRT station
- Blossoms By The Park – Near Buona Vista & One-North MRT stations
- Terra Hill – Near Pasir Panjang MRT station
- The Hill @ One-North – Near Buona Vista & One-North MRT stations
- The Continuum – Near Paya Lebar & Dakota MRT stations
- Tembusu Grand – Near Tanjong Katong MRT station
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