Updated: 04/26/2014 00:08

Prices of resale flats fell 1.6% in Q1

Prices of resale flats fell 1.6% in Q1

Prices of resale flats fell by 1.6 per cent in the first three months of the year, larger than the advance estimate of a 1.5 per cent decline made earlier this month. 

HDB says the median resale prices ranged from $300,000 for a three-room flat in Woodlands to $685,000 for an executive flat in Hougang. 

The number of resale transactions fell by 5 per cent to 3,781. 

Subletting transactions rose by 17 per cent to 8,485 cases. 

The total number of HDB flats approved for subletting rose 2.1 per cent to 46,637 units. 

HDB had offered 6,636 flats for sale under two BTO exercises in the quarter. 

In the upcoming May 2014 BTO exercise, HDB will offer about 3,060 BTO flats in Bukit Batok and Woodlands. 

An additional 3,000 flats will be offered in a concurrent Sale of Balance Flats exercise. 

HDB says with the revision in resale procedures in March to reduce the focus on Cash-Over-Valuation (COV) in negotiation, it stop the publication of quarterly median COV by town and flat type from the first quarter onward. 

The COV data currently available at HDB InfoWEB will also be removed.

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