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About Private Home Prices Continued to Rise in the Third Quarter of 2022 | In the third quarter of 2022, Singapore saw slower growth in prices for private homes and Housing and Development Board (HDB) resale flats. On the flip side, Desmond Lee, National Development Minister said that the wait-out period which is scheduled to last for fifteen months infused on the property owners under the new September 2022 property cooling measures would at least reduce the excessive demand for HDB resale flats, thus, maintaining their affordability, especially for first-time home buyers.

The price of resale HDB flats rose by 2.4% in the third quarter of 2022, according to flash estimates from The Business Times. This is the tenth consecutive quarter of growth, although the rate is slower than the 2.8% posted in the second quarter of the year. However, according to the county manager of Singapore PropertyGuru, Dr. Tan Tee Khoon, the six points two percent witnessed for overall private property prices in the third quarter of 2022 was greatly powered by the new project launches including AMO Residence, Lentor Modern, and Sky Eden @ Bedok.

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On of it all, analysts believe that the new property cooling measures, which include tighter housing loan limits, are timely and well-calibrated, and will help to prevent buyers from overleveraging, according to a report by CNA. Property experts are predicting that the new cooling measures for property announced by the government will result in fewer sales of million-dollar resale flats, but they caution that prices for four-room flats may rise, as well as rental units.

On the other hand, The URA and MOH have made a 12,912.1 sq m land parcel at Parry Avenue available for sale by public tender. The parcel, located within Rosyth Estate, is intended for use as a pilot private assisted living development with senior-friendly housing features. It is characterized by a minimum GFA of 16,270 sq m and a maximum gross floor area (GFA) of 18,077 sq m.

Also, the demand for BTO flats issued under the PLH (Prime Location Public) model is expected to remain strong, despite the lower application rates witnessed for such flats, especially during the August BTO exercise, according to CNA. In the beginning, purchasers believed that these would be for desirable, central locations like the Greater Southern Waterfront and city center,” said Lee Sze Teck, Senior Director for Research at Huttons Asia.

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