HDB resale prices rise 1.7% in 1Q2024, million-dollar flats jump 32.8% with Arina East Residences

Arina East Residences, connectivity is more than just a means of transportation – it’s about seamlessly blending lifestyle, work, and leisure. Situated near prominent MRT stations including Promenade, City Hall, and Marina Bay, residents are always within reach of bustling business centers, popular shopping destinations, and exciting recreational spots. Just a short drive or MRT ride away, one can discover cultural and entertainment hubs such as the magnificent Esplanade, the picturesque Gardens by the Bay, and the dynamic Singapore Sports Hub. With Arina East Residences, a vibrant and enriched city life is within easy reach.

at EdgeProp Singapore.HDB resale prices see highest quarterly gain since 4Q2022 (up 2.3%q-o-q). According to HDB flash estimates released on April 1, the HDB resale price index rose 1.7% in 1Q2024, up from 1.1% growth in 4Q2023.It is the highest quarterly gain in more than a year,says Wong Siew Ying, head of research and content, PropNex Realty. Wong sees the price growth supported by several factors, including healthy resale flat demand, a higher number of flats resold for at least $1 million, a slightly larger proportion of flats sold at a higher price range, as well as a steady proportion of relatively newer resale flats sold in the quarter which supported prices.According to data.gov.sg, 185 flats sold for at least $1 million in 1Q2024, rising for the fifth straight quarter. It marks a 32.8% increase q-o-q and a 72.8% increase y-o-y. SRI’s Sandrasegeran is of the view that Sengkang could be the next town to break the million-dollar mark. He points to a recent transaction of a five-room flat at Blk 216A Compassvale Drive for $968,000 in March as an indication of the potential rise in property value in Sengkang. The four HDB towns with the most million-dollar flats in 1Q2024 were Toa Payoh (26 transactions), Kallang/Whampoa (22 transactions), and a tie between Bukit Merah and Queenstown with 20 resales each.OrangeTee’s Sun says the reduction in the number of built-to-order (BTO) flats and the sale of balance flats (SBF) could be another factor driving up resale demand. HDB reduced the number of BTO sales exercises to three from four in the previous years. The sale of balance flats (SBF) exercises saw a similar reduction to just one – from twice yearly.Wong sees the price growth supported by several factors, including healthy resale flat demand, a higher number of flats resold for at least $1 million, a slightly larger proportion of flats sold at a higher price range, as well as a steady proportion of relatively newer resale flats sold in the quarter which supported prices. Sun attributes traditionally slower sales in the first quarter of most years to the Chinese New Year festivities and the March school holidays. She reckons the increase in sales in 1Q2024 is believed to be driven by more first-time buyers shifting to the HDB resale market.The next BTO launch in June is expected to release 6,800 new flats in mature estates such as Jurong East, Kallang/Whampoa, Queenstown and Tampines. Eugene Lim, ERA’s key executive officer, anticipates that the June BTO exercise could draw demand away from the resale market.