{"id":120587,"date":"2021-06-29T03:35:17","date_gmt":"2021-06-28T20:35:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-buyers-looking-for-bigger-homes-since-end-of-circuit-breaker\/"},"modified":"2021-07-18T17:03:20","modified_gmt":"2021-07-18T10:03:20","slug":"more-buyers-looking-for-bigger-homes-since-end-of-circuit-breaker","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-buyers-looking-for-bigger-homes-since-end-of-circuit-breaker\/","title":{"rendered":"More buyers looking for bigger homes since end of circuit breaker"},"content":{"rendered":"


\nIn 2020, the number of resold executive HDB units\u00a0increased by 12.8% year-on-year to 1,882 units and the number of resold five-room flats\u00a0climbed 10.3% year-on-year to 5,984.
\nSince the end of the circuit breaker in June last year, Singapore witnessed an increased demand for larger homes, especially for older Housing and Development Board (HDB) flats built between 1980s and 1990s with generous floor areas.
\nPropNex CEO Ismail Gafoor noted that buyers have also been on the lookout for bigger private homes.
\n\u201cThe pandemic has changed the way we live and work, with people waking up to the realisation this indeed may be our new normal and we would have to re-evaluate our space needs and the expanded role the home plays in our lives,\u201d he said in an article posted in Channel News Asia (CNA).
\nIn fact, the number of executive units resold in 2020 rose 12.8% year-on-year to 1,882, while the number of five-room flats resold climbed 10.3% year-on-year to 5,984.
\n\u201cThe pace of increase in the sales of larger flats also exceeded the 4.6% rise in four-room HDB unit resale over the same period,\u201d said Gafoor.
\nThe number of three-room flats resold, on the other hand, declined 0.7% from 2019 to 2020, or its first annual drop since 2015.
\n\u201cTo be sure, this strong interest in larger flats, while turbocharged by work from home (WFH), is not a new trend. There has been steady demand for five-room and executive flats since 2014, when their resale volumes have posted year-on-year growth each year, with the exception of 2019,\u201d explained Gafoor.
\n\u201cBut clearly this trend has come into sharper focus in 2020.\u201d
\nHe revealed that the 10.3% annual increase in resale volume for five-room flats in 2020 was the highest since the 10.5% jump in 2016, while the 12.8% annual hike for executive flats was the largest since the 15.5% growth in 2018.
\nThe average prices for larger units have also been on the uptrend, with the average per sq ft (psf) price for a five-room resale flat increasing 5.2% over the last quarter 2020, while those of executive flats increased by more than 4% during the last two quarters of 2020.
\nOver in the private housing market, a similar trend was also observed.
\nGafoor shared that sales of new private homes, excluding executive condominiums (ECs), measuring 1,200 sq ft and above jumped by around 37% to 1,006 units in 2020\u2014exceeding the 4% increase in sales posted for units below 1,200 sq ft during the same period.
\n\u201cAll regional sub-markets across Singapore witnessed a huge jump in sales of larger private homes (1,200 sq ft and up) since the end of the circuit breaker,\u201d he said.
\nDespite the growing demand for larger homes, the hike\u2014from a developer\u2019s perspective\u2014is not \u201csignificant enough to justify building fewer smaller units and allocating a lot more floor area to larger units, particularly for projects in the city or the city fringe where there tend to be more investors looking at smaller units\u201d.
\nAn analysis of sales transactions within the Core Central Region (CCR) showed that sales for units below 500 sq ft have been on the uptrend, accounting for 15.8% of last year\u2019s new non-landed home sales, an increase from 11.8% in 2019 and 7.6% in 2018.
\n\u201cMost buyers are still quantum-sensitive, and developers will still need to offer a diverse range of unit sizes to fit different budgets,\u201d said Gafoor.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…More buyers looking for bigger homes since end of circuit breaker<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In 2020, the number of resold executive HDB units\u00a0increased by 12.8% year-on-year to 1,882 units...<\/p>\n","protected":false},"author":1,"featured_media":120588,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-120587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/Colour-Scheme-HDB-e1479092279776.original.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vmX","jetpack-related-posts":[{"id":71623,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/3-hdb-flats-resold-for-over-1mil\/","url_meta":{"origin":120587,"position":0},"title":"3 HDB flats resold for over $1mil","date":"November 13, 2017","format":false,"excerpt":"\r Despite a steady drop in HDB resale prices, at least three units in Holland Village and Commonwealth have been sold for more than $1 million so far this year, reported the Straits Times. According to PropNex, one of them is a 36th-floor unit at Block 18D in Holland Drive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117476,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-climb-0-2-in-q2\/","url_meta":{"origin":120587,"position":1},"title":"HDB resale prices climb 0.2% in Q2","date":"July 1, 2020","format":false,"excerpt":"\r HDB flash estimates showed that the resale price index increased by 0.2% in Q2 2020, after staying flat in Q1 2020. Whilst the COVID-19 pandemic has affected property prices in the private market, resale prices of HDB flats remained relatively stable in the last two quarters. HDB flash estimates\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118092,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-market-avoided-major-price-correction-during-pandemic-orangetee-amp-tie\/","url_meta":{"origin":120587,"position":2},"title":"HDB resale market avoided major price correction during pandemic: OrangeTee &amp; Tie","date":"August 5, 2020","format":false,"excerpt":"\r Despite the COVID-19 pandemic and circuit breaker measures, HDB resale prices remained stable. However, HDB resale transactions fell by over 41.9% to 3,426 units during Q2 2020.\u00a0 Despite the COVID-19 pandemic and the uncertain global economic outlook, Singapore\u2019s HDB resale market avoided a major price correction, with prices remaining\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123703,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-flats-remain-attractive-as-investment-despite-restrictive-rules-under-plh-model\/","url_meta":{"origin":120587,"position":3},"title":"HDB flats remain attractive as investment despite restrictive rules under PLH model","date":"December 9, 2021","format":false,"excerpt":"\r Over the past 20 years, prices of resale HDB flats increased by 0.82%\u00a0quarter-on-quarter on average, or an accumulated growth of almost 70%. Aside from providing a roof over people\u2019s heads, housing is also considered as one of the biggest assets for over 90% of Singaporean households. In an article\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/HDB-EIP.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-transactions-up-in-q3\/","url_meta":{"origin":120587,"position":4},"title":"HDB resale prices, transactions up in Q3","date":"October 22, 2021","format":false,"excerpt":"\r Quarter-on-quarter, Q3 2021 HDB resale prices\u00a0increased\u00a02.9% while\u00a0transaction volumes increased 19.4%. Resale prices for Housing and Development Board (HDB) flats rose 2.9% in the third quarter of 2021, moderating from the 3% increase registered in the previous quarter, showed HDB data on Friday (22 October). Nonetheless, it is still slightly\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Pine-Close-HDB-flat-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115514,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-some-homeowners-forced-to-move-in-half-finished-homes\/","url_meta":{"origin":120587,"position":5},"title":"Covid-19: Some homeowners forced to move in half-finished homes","date":"April 9, 2020","format":false,"excerpt":"\r Flat owners whose units require extensive renovations that cannot be completed by 9 April were advised to delay renovations works until the lifting of the circuit breaker measures, said an HDB spokesperson.\u00a0 With the circuit breaker measures in effect, some Singaporeans were caught in a bind over unfinished renovation\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/120587"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=120587"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/120587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/120588"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=120587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=120587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=120587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}