HDB resale applications jumped 21.6% to 7,063 in Q3

Transactions for HDB four-room were highest with 2,828 units involved.

Resale transactions for Housing and Development Board (HDB) flats grew 21.6% YoY to 7,063 cases in Q3 from 5,808 cases a year ago, the HDB revealed. Amongst flats, 2,828 cases were registered involving HDB four-room, which is the highest compared to other flat types.

Meanwhile, cases received involving five-room and three-room flats hit 1,797 and 1,704, respectively. Resale applications for HDB executive, two-room, and one-room were recorded at 610, 121, and 3 cases, respectively.

“The strong resale transaction has defied the onslaught of market disruptions in the quarter including various policy changes ongoing discussions surrounding the value of older flats, the hungry ghost month and July’s property cooling measures,” OrangeTee & Tie head of research and consultancy Christine Sun said.

Amongst policy changes unveiled and being looked into are the Home Improvement Programme II (HIPII) and the Voluntary Early Redevelopment Scheme (VERS) before their leases run out.

Also read: Older rental flats also included for upgrades in HIP II

"Demand for HDB resale flats may remain firm in the months ahead as some HDB upgraders may turn their buying interest to HDB resale flats since their affordability could have been affected by the more stringent Loan-To-Value limits," Sun added. "Well-located, large-sized HDB resale flats may continue to be attractive to some displaced en bloc owners given their price affordability and large spaces."

Also read: VERS and HIP II could shake stagnant outlook of HDB market

HDB also revealed that the resale price index (RPI) inched down 0.1% QoQ to 131.6.

Only 12,024 cases were approved for rental applications in Q3 which is down 6.7% from the 12,024 cases approved in Q2. The agency also noted that total HDB flats rented out stood at 56,074, up 2.1% QoQ from 54,896 units in Q2.