According to the latest data by the Housing Development Board (HDB), 39 units of 5-room HDB flats sold across Singapore went below S$400,000 in the past seven weeks. The areas where these 5-room resale flats were sold are Bukit Panjang, Choa Chu Kang, Jurong, Punggol Sengkang, Woodlands, Pasir Ris and Yishun. The 5-room flat in Edgedale Plains BTO was sold for only S$355,000.
15 such units were sold in Woodlands, with the lowest sales record of the year in a Marsiling transaction that went for S$338,800. Singapore property prices has been steadily declining since its peak in August 2013 because of the slew of housing supply entering the market, the outpacing of Singaporeans’ income growth and the influx of foreigner Permanent Residents approved by the Singapore Government in recent years. Many Singaporean home buyers jeopardized their retirement by purchasing a housing they could not afford, while most first time home buyers are holding back their purchase because of the impending rise in interest rates that is expected to cause housing prices to tumble further.
The Singapore Government has recently cut down the number of residential units to be built by 28.8% in an attempt to stop the housing crash.
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