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     FrontPage Edition: Thu 20 Nov 2008

Release of 3rd Quarter 2008 Public Housing Data

Source: www.hdb.gov.sg

Release of 3rd Quarter 2008 Public Housing Data

This press release provides housing data for the HDB Resale and Rental Markets for transactions in 3rd Quarter 2008.
HDB’s Resale Price Index (RPI) rose by 4.2% in 3rd Quarter 2008 over the previous quarter, slightly lower than the 4.5% increase seen in 2nd Quarter 2008. Please see Annexes A-1 and A-2 for the RPI series and Annex B for the median transacted prices of resale flats by town and flat type in 3rd Quarter 2008.
Resale transactions increased by about 4%, from about 7,760 cases in 2nd Quarter 2008 to about 8,110 cases in 3rd Quarter 2008 (see Annex C).
The median Cash-Over-Valuation (COV) amount of all resale transactions in 3rd Quarter 2008 was $19,000 (see Annex D). This is a slight decrease compared with the COV of $20,000 in 2nd Quarter 2008. Cases requiring COV constituted 89% of all resale transactions in this quarter, with 11% of resale transactions conducted at or below valuation.
Upcoming New Flat Supply
The Build-To-Order (BTO) system constitutes the main supply of new flats. HDB has to date launched about 5,000 of the planned supply of 8,400 Build-To-Order (BTO) flats for 2008.
Subject to demand, HDB plans to offer another 3,400 new flats under the BTO system in the remaining months of 2008 in towns such as Punggol, Sengkang and Yishun. This new BTO flat supply will be in addition to the sale exercises offering balance flats from previous offers. HDB will provide more details of the BTO flats when the projects are launched.
To date, HDB has successfully tendered out 6 DBSS sites. Of these, 3 projects have been launched for sale by the private developers.
The 3 projects are The Premiere @ Tampines, City View @ Boon Keng and Park Central @ Ang Mo Kio. The other 3 projects pending launch by the private developers are at Bishan, Simei and Toa Payoh. HDB is monitoring the current market situation before deciding on the launch date for the Bedok DBSS site, which has been scheduled for launch in the last quarter of 2008.
HDB Rental Market
Overall median sublet rents for HDB flats rose slightly in 3rd Quarter 2008. Please see Annex E for the median subletting rents of HDB flats, by town and flat type.
Subletting transactions fell slightly by about 4% from about 4,120 cases in 2nd Quarter 2008 to about 3,960 cases in 3rd Quarter 2008 (see Annex F). The total number of HDB flats approved for subletting rose to about 21,400 units, compared to about 20,200 units in 2nd Quarter 2008.
Transacted prices of individual flats (by block and flat type) can be found on HDB website and detailed online enquiries can be made at http://www.hdb.gov.sg/bb33/ispm051p.nsf.

Source: www.hdb.gov.sg Press Release 24 Oct 2008

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