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Older HDB flats still in demand with record number sold last year: OrangeTee & Tie

Older HDB flats still in demand with record number sold last year: OrangeTee & Tie.

SINGAPORE - Despite lingering concerns about their depreciating value, and some adverse impact from the latest cooling measures, older HDB flats in Singapore are still in demand, according to a study by property consultancy OrangeTee & Tie.

For the first quarter this year, 628 older flats - that is, those more than 40 years old - were sold, constituting 13.9 per cent of total resale transactions. This is the highest percentage of older flats sold on record, the property consultancy noted.

Older flats "defied prevailing headwinds" with a record 2,537 flats sold last year, OrangeTee & Tie said.

In its report on HDB trends released on Tuesday (May 7), the firm added that demand for older flats has been rising over the years. In 2018, older flats sold in the second, third and fourth quarters were all at their highest levels for the respective quarters.

Sales of older flats can also be observed across many towns, indicating that they are generally quite well-received islandwide, said researchers at OrangeTee & Tie.

Furthermore, the market share of older flats has been rising, the report stated. Sales of older flats as a percentage of total resale transactions increased from 1.9 per cent in Q1 2009, to 13.9 per cent in Q1 2019, making it the highest percentage recorded, OrangeTee & Tie said.

Source: https://www.straitstimes.com/business/property/older-hdb-flats-in-singapore-still-in-demand-with-record-number-sold-last-year

Adapted from The Straits Times 7 May 2019