Singapore's public and private housing measures diverged in the third quarter, with an official estimate showing resale prices falling as private-home prices rose faster than in the prior quarter.
The Housing and Development Board (HDB) estimated that resale prices declined 0.2% in Q3. Its Sept. 30 flash estimate put the resale price index at 202.4 and counted 7,528 transactions through Sept. 29, so the transaction figure covers activity recorded by that date rather than the full quarter. The index tracks broad price movements in the resale market, with its first-quarter 2009 base set at 100.
The Urban Redevelopment Authority (URA) estimated that private residential prices increased 1.4% in Q3, following a 0.5% rise in Q2. Its Oct. 1 flash estimate used transaction prices submitted for stamp duty and developer sales through mid-September. URA also counted 4,296 private-home transactions through mid-September and said its preliminary estimate could differ from final results.
The two measures cover different housing segments: HDB resale flats and private residential properties. Their quarterly price changes therefore describe separate markets rather than a single measure of Singapore home prices.
Policy changes add context to the public-housing market. HDB removed a 15-month wait-out period on July 28 for current and former private residential property owners buying non-subsidized resale flats. The agency said the rule had been intended to moderate demand and support first-time buyers' access to public housing. It lifted the restriction after a period of price moderation and as it anticipated more flats becoming available for resale.
HDB said it had not observed a significant increase in resale-flat prices or in the number of flats bought by current and former private residential property owners since the change. It plans to offer about 7,960 flats in its November Build-to-Order exercise. URA's release calendar lists the full Q3 property statistics for Oct. 23.
