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HDB flash estimates show Resale Price Index (RPI) up 1.7% in the first quarter of 2024
The increase was higher than the growth seen in the previous quarter.
SINGAPORE — The Housing and Development Board (HDB) Resale Price Index (RPI), which provides information on the general price movements in the resale public housing market, stood at 183.5 for the first quarter of 2024, marking a 1.7 per cent rise from the fourth quarter of 2023.
Flash estimates released by HDB on Monday (1 April) showed that the increase was higher than the 1.1 per cent growth seen in the previous quarter. Taken together, HDB noted that the RPI's total 2.8 per cent increase over the fourth quarter of 2023 and the first quarter of 2024 is the same as the combined increase of the second and third quarters of 2023.
The housing board also noted that the HDB resale market is stabilising on the whole, as HDB resale prices rose 4.9 per cent in 2023. This figure was lower than half of the 10.4 per cent increase in 2022 and the 12.7 per cent increase in 2021.
"The economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical conflicts which could precipitate negative global supply and demand shocks," said HDB. It also expects domestic mortgage rates to remain at elevated levels "relative to the low levels seen over the past decade".
Meanwhile, the resale volume in the first quarter of 2024, up to 27 March, was 6,928, or 5.5 per cent higher than the 6,567 cases in the same period last year.
Also read: Lower downpayment of 2.5% for eligible couples applying for Singapore HDB flat starting June 2024
Also read: Feb 2024 Build-to-Order (BTO) and Sale of Balance Flats (SBF): HDB launches 5,714 units
Upcoming HDB BTO flat supply
At the same time, HDB announced that it plans to launch about 19,600 Build-To-Order (BTO) flats in 2024. So far, the housing board has offered 4,126 flats across seven BTO projects and 1,588 balance flats during the February 2024 BTO and Sale of Balance Flats exercises.
The housing board added that it would offer about 6,800 BTO flats in June 2024 at locations such as Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun. However, it noted that the number of flats offered is subject tor review as project details are firmed up closer to the launch date.
Flat buyers keen on applying for a flat must possess a valid HDB Flat Eligibility (HFE) letter. The housing board has encouraged all flat buyers to apply for an HFE letter early and to submit all the required documents by 15 May 2024 if they would like to participate in the June 2024 BTO exercise.
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