HDB’s flash estimate of 140.0 for the second quarter of 2009’s resale price index (RPI) marks an all-time high for the statistical record.
PropNex CEO Mohamed Ismail attributes this surprising increase to the obvious continued demand for HDB resale flats to the low or non-existent cash-over-valuation (COV) for most, especially larger, HDB flats.
“The popularity of resale flats is holding well against BTO and DBSS projects. Furthermore,” he explains, “the feedback from the ground is that demand in the matured estates far exceeds supply.”
Mohamed Ismail does not expect the RPI to rise much further, and predicts the next two quarters to see the index hover around the 140 level.
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