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When the property market is hot, foreign buyers are in action. When it quietens,
HDB upgraders take the spotlight.
HDB upgraders’ share of private home purchases rose to 34 per cent in Q2 2008 from
just 28 per cent share in Q1 2008. This is the highest quarterly figure in at
least three years, according to DTZ’s analysis of caveats captured by Urban
Redevelopment Authority’s Realis system.
The number of private homes bought by those with HDB addresses also increased 35
per cent quarter-on-quarter to 1,199, outpacing a 3 per cent increase over the
same period in the number of private homes picked up by those with private
addresses.
In absolute terms in Q2, HDB upgraders picked up the most number of units in The
Verve in the Balestier area - 36 - followed by 32 at Stadia at Yio Chu Kang Road
in the primary market (from developers). Proportionately, The Quartz was the most
popular with 86 per cent of its buyers being upgraders.
Developers are targeting this segment. ‘Developers have been pricing launches at
more realistic prices and some developers have arranged for banks to offer
attractive mortgage schemes for buyers,’ said DTZ executive director Ong Choon
Fah.
HDB upgraders have also been more active in Q2 in the secondary market, where
prices have dropped by as much as 10-12 per cent in Q2 2008 over Q1 2008 in some
instances, Mrs Ong said.
‘HDB upgraders can more easily upgrade to private properties as HDB resale flat
prices are still rising, while prices for some private properties have fallen,’
DTZ said.
The median price for private apartments/condos picked up by HDB upgraders in the
subsale market declined 8 per cent Q-on-Q to $871 psf in Q2 this year.
The total number of subsales for non-landed private homes rose 25 per cent
quarter-on-quarter to 493 in Q2 2008. They made up about 17 per cent share of
transactions of non-landed private homes in Q2.
‘This is high considering that there’s very little speculation now compared with
last year. Rather, the subsale activity in Q2 seems to have been fuelled by those
who’d bought units in the past few years unloading their investments as their
units reach or near completion,’ DTZ said.
The median subsale price (of non-landed private homes) continued to fall by 5 per
cent quarter-on-quarter to $1,052 psf in Q2 after sliding 8 per cent in Q1 and 4
per cent in Q4 2007. ‘This was due to fewer high-end units being transacted in the
subsale market as well as slight price corrections. Owners are now more realistic
in asking prices,’ DTZ said.
Median subsale prices of Citylights and The Sail @ Marina Bay were $1,100 psf and
$1,810 psf respectively in Q2 2008, down about 2 and 14 per cent respectively from
Q1.
DTZ senior director Chua Chor Hoon observed that ‘when private property prices are
high, there are more foreigners as they are attracted by the growth story. When
private property prices are low, there are more purchasers with HDB addresses as
it’s a good opportunity to upgrade at more affordable levels.
‘The price gap between HDB resale flats and private properties is also narrower,
so the outlay is smaller for HDB upgraders who can use the sale proceeds from
their HDB flats to pay off part of the private property purchase price.’