The demand for smaller HDB flats in Singapore has seen a significant increase in recent years, driven by changing demographics and rising costs of larger properties.
When Lim put his three-room HDB flat in Tampines on the market in September 2023 after it reached its minimum occupation period (MOP), he was not expecting the overwhelming interest it received. Listed at S$470,000, the flat attracted three groups of viewers on the first day alone. By the end of the week, at least 10 groups had viewed the unit.
The property was eventually sold at $480,000 – above the asking price – to a single woman, said Lim, a 34-year-old information technology executive who wanted to be known only by his surname. Lim, who sold his unit because he wanted to upgrade to a four-room flat, said the buyer exercised the option the following week. His experience is an indication of how demand for smaller flats has surged over the past four years, which industry watchers say could reflect changing demographics and shifting buyer sentiments as larger flats get more expensive. Christine Sun, chief researcher and strategist at OrangeTee Group, said that from January to November, 740 two-room flats were sold, almost double the 388 such units sold in the same period in 2020. For the same period, three-room flat transactions rose by 30 percent, while sales of four-room flats rose by 27.7 percent and five-room units by 13.7 percent. Average resale prices have also climbed, with two-room flats seeing a 45.4 percent increase during the first 11 months of 2024, compared with the same period in 2020; while three-room flats posted a 41 percent increase. Experts said there are several factors contributing to the heightened interest in smaller flats – particularly two- and three-room flats. Sun pointed out that one reason could be due to more of such flat types recently having reached their MOP
HDB Flats Singapore Real Estate Property Demand Smaller Flats Demographics
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