The resale prices of Housing and Development Board (HDB) flats dropped 0.6 per cent on-month in February, SRX Property said on Thursday (Mar 5). The price change for January was also revised from a 0.6 per cent increase to 0.2 per cent.

The drop in prices in February was seen throughout all property types, except five-room flats which was unchanged. Resale prices for three-room and four-room flats dropped by 1.2 per cent and 0.6 per cent, respectively, while executive flats experienced a 0.4 per cent drop.

Overall, prices have declined 5.7 per cent from the same period a year ago and 10.2 per cent from the peak in April 2013, SRX Property said.

A total of 1,148 HDB resale flats were sold last month, an 8.5 per cent decline from the 1,255 transacted units in January. The resale volume was up 20.7 per cent compared with a year ago, SRX Property said.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, remained negative at –S$4,000, a S$3,000 drop from –S$1,000 in January.

For HDB towns with more than 10 resale transactions last month, Bukit Merah reported the highest median TOX of S$13,000, followed by Punggol at S$5,200 and Hougang at S$3,000.

The lowest median TOX were in Jurong West and Sembawang – both at S$8,000 – plus Jurong East at S$7,500, the data showed.

But despite the fall in resale prices, the cheapest resale 3 room unit in Woodlands still costs a whopping $266,000 to purchase. Is this considered affordable housing to most Singaporeans?

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