Singapore's public housing data 1Q 2010 show stabilisation

HDB resale price index up 2.8% while subletting transactions grew 69% as market improves.

HDB resale market

Overall, the market shows signs of stabilising. HDB's Resale Price Index (RPI) rose by 2.8% in 1st Quarter 2010 over the previous quarter. This is a slower pace compared with the 3.9% increase from 3rd Quarter to 4th Quarter 2009.

According to a HDB report on Friday, resale transactions declined by about 5%, from 8,926 cases in 4th Quarter 2009 to 8,484 cases in 1st Quarter 2010.

The median Cash-Over-Valuation (COV) amount amongst all resale transactions has stabilised at $25,000 in 1st Quarter 2010, a marginal increase of $1,000 over 4th Quarter 2009. The proportion of resale cases transacting above valuation remained the same as 4th Quarter 2009, at 93%.

Upcoming new flat supply

HDB is committed to ensure an adequate supply of new flats to meet housing demand. HDB plans to launch about 12,300 new Build-To-Order (BTO) flats by Sep this year. The board will launch more projects in 4th Quarter 2010 if demand is sustained.

With the recent launch of two BTO projects in Punggol on 20 Apr 2010, HDB has launched a total of about 5,100 new BTO flats from Jan to Apr 2010. For the month of May 2010, flat buyers can look forward to another 1,100 BTO flats in Yishun and Jurong West. More details will be provided at their launch.

The BTO supply will be supplemented by flats under the Design, Build and Sell Scheme (DBSS) as well as Executive Condominiums (EC) for the higher income buyers. So far, HDB has awarded the tender of two EC housing sites in Sengkang and Yishun with a combined yield of about 900 dwelling units (DUs).

HDB has also launched the tender of one DBSS housing site in Yishun (with an estimated yield of about 700 DUs) and one more EC housing site in Sengkang (with an estimated yield of 465 DUs). The closing dates are 18 May and 25 May 2010 respectively. In addition, a Punggol EC housing site (with an estimated yield of 615 DUs) on the Reserve List of the Government Land Sale Programme will also be put up for tender in early May 2010.

HDB rental market

Median sublet rents in 1st Quarter 2010 remained stable with slight increases for 2-room and 5-room flats.

Subletting transactions increased by about 69% from 3,902 cases in 4th Quarter 2009 to 6,606 cases in 1st Quarter 2010. The total number of HDB flats approved for subletting rose to about 27,300 units in 1st Quarter 2010, compared to about 24,300 units in 4th Quarter 2009. The increased volume of transactions could be due to a higher number of renewal cases, higher demand for subletting of flats and greater public awareness of need to seek HDB's authorisation for subletting of whole flats.

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