HDB resale market sees slowest quarterly growth since 2020

It grew by 0.9% in the first quarter of the year. 

The flash estimate of the Resale Price Index (RPI) in the first quarter stood at 173.4, reflecting a 0.9% quarter-on-quarter growth, the Housing and Development Board (HDB) reported. 

This is slower than the 2.3% increase recorded in the fourth quarter of 2022 and is considered the smallest quarterly increase over the last 10 quarters. 

The HDB also reported that the resale volume in the first quarter of 2023 is 6,880. This is 1% higher than the same period last year which saw 6,810 cases.

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Moreover, the HDB reported that it will be offering 5,400 Build-to-Offer (BTO) flats in towns and estates, including Bedok, Kallang Whampoa, Serangoon, and Tengah, in May 2023. 

This will be followed by 5,300 and 6,200 more flats in towns and estates in Bukit Merah, Choa Chu Kang, Kallang Whampoa, Queenstown, and Tengah in August 2023. 

These numbers are subject to review as more project details will be firmed up closer to the launch dates. 

The HDB will continue to monitor the housing demand and is prepared to launch up to a total of 100,000 flats from 2021 to 2025.