SINGAPORE: Recently, a 1-room HDB flat at Telok Blangah Crescent has made headlines for its record-breaking resale price of S$300,000.
But why does such a small flat have a hefty price tag?
From 2023 to 2024, prices rose by 4.4%, and over the last three years, they grew by 10.6%. Over five years, prices have risen by almost 39%. Most new HDB projects focus on larger flats, such as 2-room or 3-room units, meaning there are fewer 1-room flats available for resale. The high demand for these smaller units is also driving prices upward, with the growing interest from singles to own a home.However, with the recent policy changes, such as the introduction of 2-room flexi flats for singles for the first time in the October 2024 BTO exercise, the pressure on the 1-room market could start to ease.
Singapore Latest News, Singapore Headlines
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