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HDB resale market slows in November amid cooling measures and BTO supply Singapore News

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SINGAPORE: The Housing Development Board resale market experienced a slowdown in November, attributed to recent Build-to-Order launches and ongoing government cooling measures, according to property

analysts.

Speaking with Singapore Business Review , Wong Siew Ying, Head of Research and Content at PropNex, pointed to several contributing factors. The reduced loan-to-value limit for HDB loans introduced in August has curbed buyers’ borrowing capacity, impacting resale demand. Additionally, the year-end period typically sees slower market activity.

Mark Yip, CEO of Huttons Asia, echoed these observations, emphasizing to SBR that buyers increasingly prefer flats in mature estates, which are not subject to restrictions tied to Plus and Prime flats. This preference has resulted in faster price growth in mature estates compared to non-mature ones. Despite the recent slowdown, analysts remain optimistic about the HDB resale market’s resilience. PropNex projects resale volumes for 2024 to range between 26,000 and 28,000 units, while Huttons estimates a slightly higher range of 29,000 to 30,000 units.

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