I know what you’re thinking.
With Covid-19, everyone should be tightening their belts and saving as much as they can, right?
Right?!
Well, they’re mostly right.
However, the Covid-19 pandemic hasn’t managed to impact the resale price of HDB flats in Singapore (much), with one DBSS unit going for S$1.2 million.
Here’s what you need to know.
Despite Covid-19, HDB Flats Are Still Selling For Over S$1.2 Million
In Oct 2020, smack-dab in the midst of Covid-19 with no vaccine in sight, a resale flat in Bishan was sold for a whopping S$1,208,000.
The flat was reportedly located between the 28th and 30th floor.
Now, if you’re thinking that was a fluke, think again.
Because in December 2020, an HDB flat at the same project fetched S$1,218,888, according to MS News.
Both units are located in Natura Loft, a DBSS estate.
3 Bishan Flats Sold In Jan 2021
Natura Loft flats are always in high demand and in January 2021 alone, 3 units were sold, all of them with sky-high prices.
Two units on the lower floors (one between 4 and 6, and the other between 7 and 9) were sold for almost a million dollars.
Meanwhile, the remaining unit, located between the 25th and 27th floor, was sold for S$1.21 million.
Resale Market On A Rebound
Now, if you’re looking for a resale home to purchase, this won’t please you.
If, however, you’re looking to sell, this piece of news will soothe your mind.
While the highest price record still belongs to Pinnacle@Duxton, there are many units in Bishan being sold for over a million dollars.
According to experts TNP spoke to, the resale property market in Singapore is on the rebound after the Circuit Breaker.
It’s not just HDB flats either.
The sales volume is going up, Ms Christine Sun, who is the head of research and consultancy at OrangeTee & Tie, says.
Prices are on the rise as well, she added, and the prices of private housings are increasing as well.
Mr Ismail Gafoor, chief executive officer of PropNex, says that Bishan is a good location in terms of schools, and is “centrally-located”.
In fact, he wouldn’t be surprised if the record resale price is broken once again this year.
But will this be true for every area? Maybe not.
Government Looking To Limit Resale Flat Prices In Selected Areas
Back in Nov 2020, Minister for National Development Desmond Lee said that the government will be looking at a two-pronged approach to regulating HDB flats in prime areas such as the Greater Southern Waterfront (GSW).
The first is to build more rental and smaller HDB units in these areas that are suitable for the elderly or the lower-income group.
The second is to restrict resale transactions and control the prices of resale HDB flats in prime locations.
As for why they’re doing this, it’s because they don’t want the rich to monopolise the prime areas.
While the government has been building public housing in these areas, it doesn’t stop homeowners from selling it at a premium once the mandatory five-year period is over.
Plans will be worked out over the next few months, Mr Lee said, including consulting with the public for feedback.
Featured Image: Google Maps
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