HDB flats still overtake condominiums in affordability

That's not surprising as the average PSF for older condominiums is at least twice those of HDB flats in general.

Many Singaporeans look at resale HDB flats as the pocket-friendlier choice as condominiums demand higher property prices.

According to a release from iProperty iNsights, while prices of HDB flats on the resale market have risen in the past few years, they continue to be more affordable than condominiums, according to a report on property transactions in 2011 registered on iProperty.com Singapore.

The iProperty iNsights 2011 consumer trends report reveals pertinent information on the state of the residential property market in Singapore, highlighting essential data such as average per square foot (PSF) prices for HDB apartments and condominium units across the island.

Additional data from the popular property portal emphasizes the disparity in average PSF prices among private (non-landed) and public housing (resale flats). In general, the average PSF for HDB flats across all room types have steadily increased - yet they remain at least half as costly when compared to the average PSF of condominiums.

“We are proud to share our latest iProperty iNsights report, which serves as an enabler for property buyers in Singapore to make informed, timely choices. We maintain an expansive network of agents and partners whom we work with closely to obtain on-the-ground information and ensure accuracy on the property data which we publish. With this handy guide, we hope to smoothen the decision making process among buyers for all their property-related needs,” said Shaun Di Gregorio, CEO of the iProperty Group.

Key highlights of iProperty iNsights 2011 report:

1. Districts
The top three most popular districts, based on total unique searches, were 15 (Katong, Marine Parade, Siglap, Joo Chiat, Tanjong Rhu), 19 (Serangoon, Hougang, Punggol, Sengkang) and 9 (Orchard, Cairnhill, Killiney, River Valley) while districts 10 and 16 continued to remain popular among buyers of private properties.

2. Condominiums
- Condominium projects completed in the last few years in general fetched higher PSF prices, and this is even higher for city-based developments such as Icon (S$1,846) and The Sail @ Marina Bay (S$1,952).
- Projects located in the suburban areas continued to be more attractive for buyers, such as Melville Park (S$709) and Northvale (S$736).

3. HDB
- Based on total unique searches, the top three most popular HDB estates were Bedok, Bishan and Woodlands, while estates like Tampines and Yishun continued to remain popular among buyers of public housing.

4. Most popular keywords
The highest portion of visitors to iProperty searched for the keyword ‘studio’, a reflection of continued interest in compact-sized apartments. This could be linked to the higher price tags attached to apartments of higher floor area, and to investors who are looking at reaping attractive rental income.

Conclusion
In general, resale HDB flats remained affordable for many Singaporeans, especially when compared with more established condominiums that tend to fetch lower prices. This gap can be seen when we compare the average PSF for older condominiums, which was at least twice those of HDB flats in general.