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Singapore Property Market News and Analysis

Latest Property Real Estate News - Published on 02/01/2013

 HDB resale prices continued to increase

The HDB Resale Price Index (RPI) had inched 2.5% Q-on-Q to a new record high of 202.9, ending 2012 with escalating prices despite the increased supply of new flats.

“The HDB resale price index is now at its historical peak as this increase of 2.5% is the highest since 3Q11, when the price index grew by 3.8%. One of the reasons for the increase in resale price index is the tight supply of resale flats coupled with the strong demand,” commented Mr Mohamed Ismail, CEO of PropNex Realty.

“However, a closer look at the figures showed that the overall price increase of 6.4% for 2012 is the lowest for the past 5 years since 2007. Overall, I think HDB’s policy of increasing the housing supply had produced the desired results of moderating public housing prices.”

“The last two quarters in 2012, however, had set the tone for an expected price increase in the HDB resale market in 2013. We forecast a strong growth in the first half of 2013 even with an increase of 23,000 new BTO flats due to the construction time. The impact of this increased supply will only be felt in the second half of this year, as such it is predicted that HDB resale prices are likely to be increasing between 5 to 7% for the entire 2013,” concluded Mr Ismail.

Private home prices rebound in 4Q2012

In the private property market, URA’s price index 4Q12 flash estimates saw a 1.8% increase Q-on-Q to another record high of 211.9, with the Core Central (CCR), Rest of Central (RCR) and Outside Central (OCR) regions chalking up incremental increases of 0.8%, 0.9% and 3.4% respectively. The overall price increase for 2012 was 2.7% (including 4Q2012 flash estimates) compared to 5.7% Y-on-Y.

“Private property prices in 4Q2012 certainly saw a rebound with the price increase in the fourth quarter contributing to more than 50% for the entire year. Prices in the OCR were leading the price growth with an overall sharp raise of 6% for 2012 compared to the other regions. It is expected that the trend will continue in 2013 with OCR prices likely to surpass 2012’s increment attaining close to 10% price increment. This is mainly contributed to the aggressive high land bid prices witnessed in the second half of 2012,” remarked Mr Ismail.

With increased supply anticipated, Mr Ismail expects prices to further increase resulting in an overall 4% to 5% growth in the private property price index for the entire 2013.


For media enquiries, please contact:

Carolyn Goh
Corporate Communications and Marketing Manager
P & N Holdings Pte Ltd (holding company of PropNex Realty)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID : (65) 6829 6968 / 98287834 | Main : (65) 6820 8000 | Fax : (65) 6829 6600

Algene Hong
Corporate Communications Executive
PropNex Realty
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID : (65) 6829 6966 | Main : (65) 6820 8000 | Fax : (65) 6829 6600

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