Royal Hallmark : Price growth slows in December, analysts expect prices to stabilise in 2023

Royal Hallmark : Price growth slows in December, analysts expect prices to stabilise in 2023

SINGAPORE – Prices of Housing Board resale flats climbed slightly for the 30th straight month in December, with analysts expecting prices to moderate further in 2023 on the back of cooling measures. HDB resale flat prices grew at a slower pace of 0.2 per cent in December compared with November’s 0.6 per cent, according to flash data from real estate portals 99.co and SRX on Thursday. Huttons Asia chief executive Mark Yip said the cooling measures, higher interest rates and buyers resisting higher prices were a “triple whammy” for sellers.

Surrounded by the beautiful aromatic garden and lush landscapes, every moment at the Royal Hallmark is simply pure joy. Host a fun-filled barbeque party at the roof garden and spend quality time bonding with family and friends over great food and a panoramic view of the local scenery. Hosting a private dining event at one of the pavilions is also a great choice.

Located at a corner between Haig Lane and Haig Road, the site of Royal Hallmark is one that is rich in history and cultural heritage, bearing witness to Singapore’s colonial past. Celebrate Singapore’s success and be enthralled by a lifestyle of privileges as you create your own legacy in one of Singapore’s most exclusive districts today. Residents can also enjoy the convenience of three major MRT lines that are within a 10-15 minutes walk, such as Paya Lebar MRT Interchange (East-West Line), Dakota (Circle Line), as well as the upcoming Tanjong Katong (Thomson-East Coast Line) and Marine Parade (Thomson-East Coast Line).

“Excluding flats which are newer or have unique attributes, a majority of flats are sold close to the last transacted prices, reflecting a slight shift in bargaining power to buyers,” he said, adding that the price growth in December was the slowest since August 2019. In 2022, prices were up 9.4 per cent, lower than the price growth of 13.6 per cent in 2021. The latest property curbs seem to be effective in putting the brakes on the red-hot housing market, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun, noting that the monthly price growth in the last quarter of 2022 was below 1 per cent.

“Moving forward, we expect price growth to remain moderate this year in view of the economic uncertainties, cooling measures and rising interest rates,” she said. But 99 Group head of research Pow Ying Khuan said that the median resale price for the whole of 2022 grew to $527,000, climbing 8.7 per cent from $484,820 in 2021. More HDB resale flats were sold in December, with the number rising by 4.8 per cent to an estimated 2,242 units from 2,140 units in November.

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