{"id":130442,"date":"2022-10-03T07:32:13","date_gmt":"2022-10-03T00:32:13","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-hdb-resale-prices-climb-at-slower-pace-in-q3-2022-15-month-wait-out-period-to-keep-hdb-resale-flats-affordable-and-more\/"},"modified":"2022-10-03T15:44:03","modified_gmt":"2022-10-03T08:44:03","slug":"private-home-hdb-resale-prices-climb-at-slower-pace-in-q3-2022-15-month-wait-out-period-to-keep-hdb-resale-flats-affordable-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-hdb-resale-prices-climb-at-slower-pace-in-q3-2022-15-month-wait-out-period-to-keep-hdb-resale-flats-affordable-and-more\/","title":{"rendered":"Private home, HDB resale prices climb at slower pace in Q3 2022, 15-month wait-out period to keep HDB resale flats affordable, and more"},"content":{"rendered":"


\nPrivate home, HDB resale prices climb at slower pace in Q3 2022, 15-month wait-out period to keep HDB resale flats affordable, and more27th\u00a0September\u00a0to 3rd\u00a0October 2022
\nSingapore saw prices for private homes and Housing and Development Board (HDB) resale flats climb slower in the third quarter of 2022. Meanwhile, National Development Minister Desmond Lee said the 15-month wait-out period imposed on private property owners, under the new September 2022 property cooling measures, would moderate demand for HDB resale flats, keeping them affordable, particularly for first-time home buyers.
\n\u00a0
\n1) Private home, HDB resale prices climb at a slower pace in Q3 2022<\/p>\n

Singapore saw prices for private homes and HDB resale flats climb at a slower pace in the third quarter of 2022.
\nHDB resale prices rose 2.4% in Q3 2022, marking its 10th consecutive month of quarterly growth, reported The Business Times citing flash estimates. This was slightly slower compared with the 2.8% growth posted in the previous quarter.
\nOn an annual basis, HDB resale prices rose 11.4%.
\nMeanwhile, private home prices increased 3.4% in Q3 2022, also a bit slower compared with the 3.5% growth posted in Q2 2022,\u00a0according to flash estimates from the Urban Redevelopment Authority (URA).
\nThe hike was led by the Outside Central Region (OCR), where prices rose 7%, compared with the 2.1% increase seen in the previous quarter.
\nThe Rest of Central Region (RCR) posted a 2.5% hike in prices, while the Core Central Region (CCR) saw prices climb 2.3%.
\nHDB and URA said they will release the full details for Q3 2022 on 28 October 2022.
\n\u00a0According to\u00a0Dr. Tan Tee Khoon, Country Manager, PropertyGuru Singapore, the 6.2% growth observed for overall private property prices in Q3 2022 was largely fuelled by the new condominium launches \u2013 Lentor Modern, AMO Residence, and Sky Eden @ Bedok. Growth in this segment is likely to cool in the coming months, as the new property curbs are expected to be felt most significantly in sales of mass market condominium projects that rely on demand from HDB upgraders.\u00a0\u00a0
\n\u00a0
\n2) 15-month wait-out period to keep HDB resale flats affordable<\/p>\n

National Development Minister Desmond Lee said the 15-month wait-out period imposed on private property owners would moderate demand for HDB resale flats, keeping them affordable, particularly for first-time home buyers, reported TODAY.
\nHe noted that private homeowners generally have more means to purchase resale flats compared to first-time home buyers or existing HDB flat owners. As such, they tend to pay higher cash over valuation (COV) when they acquire resale flats, said Lee.
\nRelated article:\u00a060 Freshly MOP-ed HDB Resale Flats in Singapore to Expect in 2022\/2023
\nMeanwhile, analysts believe the tighter housing loan limits unveiled by the government as part of its new property cooling measures are \u201ctimely and well-calibrated\u201d and are expected to \u201cinstil discipline and prevent buyers from overleveraging\u201d, reported CNA.
\nNotably, the Loan-to-Value (LTV) limit for HDB loans has been lowered from 85% to 80%. \u201cLowering the LTV for HDB loans by 5% and introducing a 15-month wait-out period for private property downgraders tampers with the bullish HDB market. This will relieve pressure from the market and is likely to have a significant impact,\u201d said\u00a0Paul Wee, Vice President, PropertyGuru Finance, PropertyGuru Group.
\nLoans from private financial institutions, on the other hand, saw the medium-term interest rate floor that is used to compute the Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR) raised by 0.5%.
\nCatherine He, Director and Head of Research for Singapore at Colliers, said the adjustments to loan limits protect a public who may be unaware that the low-interest rate environment enjoyed from 2013 to 2021 would be \u201cvery different\u201d from the impending era of higher interest rates.
\nWith the new measures, some condominium owners are shelving plans to downgrade to an HDB flat, reported CNA.
\n\u00a0
\n3) Million-dollar HDB resale transactions to slow amid new cooling measures, say analysts<\/p>\n

Property analysts expect the new cooling property measures unveiled by the Government to slow down the transactions for million-dollar resale flats, albeit they warn that prices for four-room flats may increase, along with rental units, reported TODAY.
\nIn a joint statement, the Monetary Authority of Singapore (MAS), the Ministry of National Development (MND) and the HDB unveiled measures to ease the demand for public housing.
\nThese include tightening the maximum loan\u00a0quantum limits through interest rate floors\u00a0in view of the rising interest rates, lowering the\u00a0LTV for HDB housing loans and a 15-month wait-out period for current and former private residential property owners looking to acquire a non-subsidised HDB resale flat.
\nThe measures come as more HDB resale flats are being transacted for over $1 million, with analysts pointing to private property owners seeking to downgrade as the likely driving force behind such transactions.
\nRelated article:\u00a0Million-Dollar HDB Resale Flat vs a Condo in Singapore: Which Is Worth Buying? (2022)
\nMohan Sandrasegeran, One Global Group\u2019s Senior Analyst for Research and Content Creation, believes the 15-month wait-out period to acquire an HDB flat may cause this group of buyers to think twice before selling their home.
\n\u00a0
\n4) Parry Avenue site launched for private assisted living development
\nThe Urban Redevelopment Authority (URA) and the Ministry of Health (MOH) have launched a land parcel at Parry Avenue for sale by public tender.
\nThe 12,912.1 sq m site, located within Rosyth Estate, is for a pilot private assisted living development with senior-friendly housing features. It has a maximum gross floor area (GFA) of 18,077 sq m and a minimum GFA of 16,270 sq m.
\nAt least 60% of the maximum GFA must be used for assisted living \u2013 which includes individual assisted living units and communal spaces. At least 20% of the maximum GFA will be for health and medical care use \u2013 including the 100 mandatory nursing home beds.
\nThe 60-year leasehold site also comes with a building height control of up to five storeys.
\nURA and MOH adopted a concept and price revenue tender for the site, where tenderers \u201care required to submit their concept proposals and tender prices separately\u201d.
\nThe tender for the site closes on 21 March 2023.
\n\u00a0
\n5) Demand for BTO flats in prime areas to remain decent<\/p>\n

Demand for Build-to-Order (BTO) flats offered under the Prime Location Public Housing (PLH) model is expected to remain decent, despite the lower application rates seen for such flats during the August BTO exercise, reported CNA.
\nAnalysts attributed the slower demand for PLH flats during the August 2022 BTO\u00a0exercise to longer wait times\u00a0and stringent criteria, and\u00a0the distance of the flats from the city centre.
\n\u201cAt the start, buyers had the impression that these will be for prime, central locations like the city centre and the Greater Southern Waterfront,\u201d said Lee Sze Teck, Senior Director for Research at Huttons Asia.
\nHowever, the initial euphoria for PLH flats died down when they began appearing in locations that were further away from the city centre such as Ghim Moh.
\n\u201cCombined with the 10-year Minimum Occupation Period (MOP) and certain resale and leasing restrictions, it is possible that some applicants could have decided not to apply for the PLH projects,\u201d said PropNex Realty\u2019s Head of Research and Content Wong Siew Ying.
\n\u00a0
\n6) Serene Centre up for sale; Sultan Plaza owners to lower reserve price
\nSource: Google Maps
\nFreehold mixed-use development, Serene Centre has been put up for sale carrying a reserve price of $120 million, reported The Business Times citing Cushman & Wakefield.
\nThe four-storey property near Bukit Timah Road belongs to a single-family owner and occupies five land plots spanning 32,225 sq ft. Under the 2019 Master Plan, the development \u2013 which has a gross floor area of 47,475 sq ft \u2013 is zoned for commercial and residential use.
\nThe tender for Serene Centre closes on 14 November 2022.
\nSeparately, the owners of Sultan Plaza plan to lower their asking price for the 45-year-old property from $360 million to $325 million after securing the 80% mandate needed.
\nThe shopping mall was first launched for collective sale in 2019, with a reserve price of $380. It was relaunched in December 2021 and again in May 2022 with a reserve price of $360 million.
\n\u201cWe just need one to two units more to cross the 80%, which will happen very soon,\u201d shared marketing agent Teakhwa Real Estate.
\nThe tender for Sultan Plaza closes on 26 October 2022 after the 80% mandate is obtained.
\n\u00a0
\n7) HDB awards executive condominium site at Bukit Batok West Avenue 5
\nThe tender for the executive condominium (EC) site at Bukit Batok West Avenue 5 has been awarded to CDL Zenith, which submitted the highest bid of $336 million, revealed\u00a0HDB.
\nLaunched for sale on 28 June 2022, the 99-year leasehold site has an area of 16,623.7 sq m and a maximum gross floor area of 49,872 sq m. It could yield about 495 housing units.
\nThe tender for the site closed on 28 September 2022, with four bids received.
\nTricia Song, Head of Research for Southeast Asia at CBRE, attributed the less-than-stellar interest for the land parcel to \u201clooming headwinds such as the uncertain economic environment and steeper interest rates which not only increase development costs but could also undermine the demand for new homes\u201d.
\n\u00a0
\n8) 950,000 HDB households to receive the third tranche of GST vouchers in October<\/p>\n

About 950,000 households living in Housing Board flats will get their third quarterly goods and services tax voucher (GSTV) \u2013 U-Save and GSTV \u2013 service and conservatory charges (S&CC) rebates in October.
\nThe rebates are part of the permanent GSTV scheme as well as the Household Support Package (HSP) unveiled in Budget 2022, explained the Ministry of Finance (MOF).
\nIt noted that the rebates \u201cprovide continuing help to defray the GST and other living expenses of lower- to middle-income Singaporean households\u201d.
\n\u201cEligible households will receive GSTV \u2013 S&CC rebates to offset between 1.5 and 3.5 months of their S&CC each year,\u201d said MOF.
\nIn FY2022, eligible households will get double their regular U-Save.
\nThis amounts to around eight to 10 months\u2019 worth of utility bills for the average household staying in one- and two-room HDB flats, and around four to six months\u2019 worth of utility bills for the average household staying in three- and four-room HDB flats.
\n\u201cHouseholds whose members own more than one property are not eligible for GSTV \u2013 U-Save,\u201d said MOF.
\nRelated article:\u00a0Budget 2022 Property Tax in Singapore: Higher Property Taxes, Doubled GST Vouchers and U-Save Rebates, and More
\n\u00a0
\n9) The Assembly Place crosses the 1,000-room milestone, and eyes 3,000 rooms by 2023
\nThe Assembly Place\u00a0@ Mayo
\nStarting from six rooms in 2019, co-living start-up The Assembly Place (TAP) is now on track to hit 1,250 rooms by end-2022.
\nIn fact, it has crossed 1,000 rooms to date across over 90 locations in Singapore and targets to achieve 3,000 rooms by 2023.
\nTAP took over its first co-living hotel \u2013 The Assembly Place @ Mayo \u2013 in mid-July, revamping the property and giving it a refreshed look. During its soft launch in the first week of September, the hotel achieved an average occupancy of 85%.
\nIt will launch its second co-living hotel along Veerasamy Road, which will be positioned as a sustainability hotel, by January 2023.
\nTAP has also made its first foray into the overseas market, entering into a contract for a 66-room purpose-built co-living space in Kuala Lumpur, Malaysia.
\n\u201cCurrently, there is no purpose-built co-living space in KL as many of the units are being operated out of strata apartments and we believe that this new space will set us apart from the rest. TAP targets to add another 250 rooms in KL by June next year,\u201d said Eugene Lim, TAP Founder and CEO.
\nRelated article:\u00a0Studio Apartments vs Co-living Spaces: Which Is Better to Rent in Singapore? (2022)
\n\u00a0
\n10) Prime grade office rents climb 1.4% in Q3 2022
\nSingapore saw prime grade office rents within the Raffles Place \/ Marina Bay precinct increase 1.4% quarter-on-quarter in the third quarter of 2022, averaging $10.51 per sq ft per month (psf pm), said Knight Frank in a report.
\nOn an annual basis, rental growth increased by a cumulative 5.3% since rents bottomed out over the same period last year.
\nWith many businesses bringing employees back to the office, occupancy levels within the Raffles Place \/ Marina Bay precinct \u201cremained healthy at 95.4% with the overall CBD occupancy maintaining 93.6% during the quarter\u201d, said the report.
\nDemand drivers include business service companies in the Asia-Pacific region relocating their headquarters to the city-state due to geopolitical tensions, technology start-ups from South-East Asian countries like Indonesia as well as private equity firms and family offices attracted by Singapore\u2019s sophisticated financial infrastructure and political stability.
\n\u201cWith occupancies steadily tightening and leasing activity to remain firm for the rest of 2022, Knight Frank maintains its forecast of 3% to 5% growth in rents for the whole of the year with the sector increasingly becoming a landlord\u2019s market going into 2023,\u201d added the report.
\n\u00a0
\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: cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home, HDB resale prices climb at slower pace in Q3 2022, 15-month wait-out period to keep HDB resale flats affordable, and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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