Written by: Guo Zhenhao
As part of the circuit breaker measures, the Housing & Development Board (HDB) has suspended sales transaction appointments and announced the closure of the HDB Hub and its branches. Not surprisingly, the sales volume reached a record low this 2020.
April 2020 saw only 423 flats transacted, an astounding 78.1% lower than the number transacted in April last year. This is lower compared to the HDB’s record in May 1990, when only 778 flats were sold. Here are the months with the lowest HDB sales in the past three decades.
Lowest Sale Months on Record from Jan 1990 to Mar 2020
| Rank | Time Period | No. of HDB Flats Transacted |
|---|---|---|
| 1 | April 2020 (COVID-19) | 423 |
| 2 | May 1990 (HDB Regulatory Revamp) | 778 |
| 3 | Feb 2009 (Global Financial Crisis) | 1,817 |
| 4 | Apr 2003 (SARS) | 2,160 |
| 5 | Nov 1997 (Asian Financial Crisis) | 2,176 |
Source: Singapore Business Review
According to Ohmyhome’s Private Property Sales Manager, Louis Tay, 50% of the 423 flats transacted in April were purchases made before the circuit breaker measures commenced on 7 April, which does not bode well for the resale volume in May.
Price Breakdown by Flat Category
Across the board, prices for all three-room, four-room, and executive HDB flats decreased. Five-room flats, on the other hand, defied the trend by 0.2% increase.
Resale Flat Price Difference from March 2020 to April 2020
| Type of Flat | Price Difference |
|---|---|
| Three-room Flat | -1.5% |
| Four-room Flat | -0.2% |
| Five-room Flat | +0.2% |
| Overall | -1.8% |
Source: The Straits Times
Immersive virtual home tours are available at Ohmyhome app, you can inspect units to ascertain the condition of resale homes. Download Ohmyhome from the Play Store or App Store and browse over 10,000 unique listings by homeowners.
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Sources: The Straits Times, Singapore Business Review
While the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the information. The information may change without notice and Ohmyhome is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user.
