{"id":123233,"date":"2021-11-15T02:47:03","date_gmt":"2021-11-14T19:47:03","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-upgraders-on-a-condo-buying-spree\/"},"modified":"2021-11-15T11:12:00","modified_gmt":"2021-11-15T04:12:00","slug":"hdb-upgraders-on-a-condo-buying-spree","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-upgraders-on-a-condo-buying-spree\/","title":{"rendered":"HDB upgraders on a condo buying spree"},"content":{"rendered":"


\nHDB upgraders on a condo buying spreeIn the first nine months\u00a0of 2021, 7,169 buyers with HDB addresses\u00a0purchased new and resale private homes, a 21% increase from the same period last year.
\nThe rapid increase in Housing and Development Board (HDB) resale prices has enabled HDB upgraders to easily acquire private homes, reported The Straits Times.
\nCiting Urban Redevelopment Authority\u2019s (URA) REALIS data, JLL noted that some 7,169 of such buyers have acquired new and resale condominiums during the first three quarters of 2021, up by more than 21% from the same period last year.
\nThis comes as HDB resale prices have increased faster than those of private homes over the past year, said Nicholas Mak, Head of Research and Consultancy at ERA Realty Network.
\nDuring the first nine months of 2021, HDB resale prices jumped 9.1%, compared to a 5.3% hike for private homes.
\nThe robust resale flat prices come on the back of low mortgage rates, a recovering economy as well as fresh demand arising from delays in the completion of Build-to-Order (BTO) flats.
\nNotably, a record 192 resale flats were sold for at least $1 million as of 31 October, compared to 82 such HDB flats sold for the whole of 2020.
\n\u201cSome are also buying now because they expect prices to head higher, in view of the recovering global economy and a declining supply of new condos,\u201d said Christine Sun, Senior Vice-president of Research and Analytics at OrangeTee & Tie, as quoted by ST.
\nJLL said resale condos were more popular among HDB upgraders, with around 62% of the 7,169 deals falling in this category.
\nJLL Singapore\u2019s Senior Director of Research and Consultancy Ong Teck Hui attributed this to resale condos being more affordable than new units.
\nCiting caveats lodged during the first nine months of 2021, PropNex shared that the number of resale condos sold to HDB upgraders soared 119% to 4,212 units, from 1,924 units over the same period last year.
\nMeanwhile, the number of new condos sold to such buyers also rose 26% in the first nine months of 2021, compared with the same period last year.
\nAmong the reasons cited for upgrading to condos include the Central Provident Fund (CPF) rules and being close to family.
\nNabisah Abdul Kadir, a 54-year-old school support staff member, decided to upgrade to a new condo a year before she turns 55, when additional CPF restrictions on withdrawals kick in.
\nIn September, Nabisah sold her 43-year-old four-room HDB flat at Pandan Gardens for $410,000 and secured a loan to acquire a three-bedder at Twin VEW condo for $1.5 million. She will be collecting her keys for her condo in January.
\n\u201cThis is the best time to sell my flat because I\u2019ll be 55 next year and I won\u2019t be able to access my CPF savings in full for housing payments for a new property,\u201d she said as quoted by ST.
\nST noted that once eligible Singaporeans reach 55 \u201ctheir CPF Retirement Account is created with savings from their Special and Ordinary Accounts to meet their applicable retirement sum\u201d.
\n\u201cThey will also be automatically included in the CPF Life scheme, which provides members with a monthly payout for life if they meet the criteria,\u201d it added.
\nThe funds left in their Ordinary Account may be used for mortgage repayments.
\nAside from offering a sea view, Nabisah\u2019s new condo on the 21st floor also allows her to see the flat of her mother in Pandan Gardens.
\n\u201cI bought the Twin VEW condo as it is very near my mum\u2019s place. We are separated just by Pandan River,\u201d she added.
\nThe desire to be near her family is also the reason primary school teacher Mariam Ibrahim decided to sell her four-room flat in Toa Payoh and purchase a one-bedder at Treasure at Tampines for $790,000.
\nAnd while she had considered buying a bigger three-room resale condo, she opted for a new unit as she does not want to be faced with a massive renovation job.
\n\u201cI am willing to sacrifice space as long as I don\u2019t have to do a massive renovation and have to service both a mortgage loan and a renovation loan,\u201d she said as quoted by ST.
\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.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB upgraders on a condo buying spree<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HDB upgraders on a condo buying spreeIn the first nine months\u00a0of 2021, 7,169 buyers with...<\/p>\n","protected":false},"author":1,"featured_media":123234,"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-123233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Buildings-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w3D","jetpack-related-posts":[{"id":120391,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/widening-price-gap-between-new-condos-older-units-in-suburban-areas-unsustainable\/","url_meta":{"origin":123233,"position":0},"title":"Widening price gap between new condos, older units in suburban areas unsustainable","date":"February 15, 2021","format":false,"excerpt":"\r Widening price gap between new condos, older units in suburban areas unsustainableAnalysts expects demand from upgraders to continue this year as\u00a0HDB resale prices\u00a0rose 5% last year, or its steepest growth since 2012 when values increased 6.5%. 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The proportion of condominium units sold in in Q2 2019 to those having HDB addresses dropped to 29.5% from 37.8% in Q1, reported Singapore Business Review citing Edmund Tie. This figure\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/11\/EDMUND-TIE-Housing-Report-Singapore-Q3-2019.pdf.png?fit=700%2C483&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":35775,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-a-look-back-at-2016\/","url_meta":{"origin":123233,"position":3},"title":"Get the Guru View: A look back at 2016","date":"November 25, 2016","format":false,"excerpt":"\r Singapore\u2019s residential market has seen transaction volumes pick up, but prices continue to decline, or remain stagnant. In this issue of the Guru View, we take a look back at the HDB and the non-landed private residential market, to understand how the market has moved. by Chang Hui Chew\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/11\/GV10701.png?fit=787%2C488&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121031,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-hdb-resale-prices-increase-for-fifth-consecutive-quarter\/","url_meta":{"origin":123233,"position":4},"title":"Private home, HDB resale prices increase for fifth consecutive quarter","date":"July 23, 2021","format":false,"excerpt":"\r Private home and resale flat prices have continued to climb for the fifth straight quarter, as demand for properties continued to be strong in Q2 2021 despite the Phase 2 (Heightened Alert) measures.\u00a0 Singapore\u2019s housing market has continued to remain resilient amid the COVID-19 pandemic, with private home prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Singapore-condo.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":100644,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-dip-0-1-in-q3\/","url_meta":{"origin":123233,"position":5},"title":"HDB resale prices dip 0.1% in Q3","date":"October 29, 2018","format":false,"excerpt":"\r HDB resale prices have been lacklustre due to the large supply of unsold BTO flats, says one analyst. 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