16 HDB estates see quarterly price increases in 4Q2022, prices of flats in Bukit Timah climb 24% q-o-q: OrangeTee & Tie

. OrangeTee & Tie’s report showed that not all HDB towns experienced uniform price growth last quarter. While prices of flats in 10 out of 26 HDB towns decreased from 0.3%–6.5%, prices in the remaining 16 HDB towns rose by 0.4%–24%. The highest quarterly increases were in Bukit Timah (24%), the Central Area (11.6%), Geylang (6.4%) and Bukit Merah (3.8%).

Despite experiencing moderate growth of 10.4% in HDB resale prices in 2020, the rate of change was not consistent across the various housing estates. This was according to OrangeTee & Tie’s HDB market Tengah EC report, which was released following the release of public housing statistics by HDB on Jan 27.

It was noted that prices at 10 out of 26 HDB towns slipped last quarter, with decreases ranging from 0.3% to 6.5%. Serangoon and Jurong East recorded the highest q-o-q price decline of 6.5%, followed by Toa Payoh at 6.0%, and Queenstown at 5.0%.

Conversely, prices of flats in the remaining 16 towns saw a rise from 0.4% to 24%. The highest quarterly increase was in Bukit Timah (24%), followed by the Central Area (11.6%), Geylang (6.4%) and Bukit Merah (3.8%).

The mature estates that registered the most number of resale transactions were Tampines (435 units), Bedok (295 units), Ang Mo Kio (217 units), Kallang/Whampoa (204 units) and Toa Payoh (200 units). The non-mature estates with the highest transactions were Woodlands (559 units), Punggol (502 units), Sengkang (498 units), Yishun (463 units) and Jurong West (412 units).

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believed that the supply of HDB housing will remain tight in the next few years. Even though the housing supply is expected to drop in the year, the cooling measures and high cost of living may hinder a major rise in prices. Sun expects the HDB resale price growth to remain “moderate”, with an estimated increase of 5%–8% in FY2023.