The Business Times
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BRUNCH

From HDB to condo: Upgrading quest has become more challenging

Data suggests HDB dwellers are being priced out of the private property market

Tay Peck Gek

Tay Peck Gek

Published Fri, Apr 21, 2023 · 01:00 PM
    • About three-quarters of all units at The Sky Eden@Bedok were sold at an average price of $2,100 per square foot during its launch on Sept 7., 2022.
    • About three-quarters of all units at The Sky Eden@Bedok were sold at an average price of $2,100 per square foot during its launch on Sept 7., 2022.
    • Lentor Modern fetched a median price of S$2,108 per square foot when launched.
    • About three-quarters of all units at The Sky Eden@Bedok were sold at an average price of $2,100 per square foot during its launch on Sept 7., 2022. PHOTO: FRASERS PROPERTY
    • About three-quarters of all units at The Sky Eden@Bedok were sold at an average price of $2,100 per square foot during its launch on Sept 7., 2022. PHOTO: BT FILE
    • Lentor Modern fetched a median price of S$2,108 per square foot when launched. PHOTO: GUOCOLAND

    BALLOT for an HDB flat. Get married and move in. Fulfil the minimum occupation period. Sell the flat and upgrade to a condominium. This is the typical real estate journey of many Singaporean couples.

    But data suggests the final step is becoming increasingly difficult, with fewer owners of Housing and Development Board flats able to afford an upgrade. The numbers also point to a potential opening for buyers who can wait.

    Buyers of new condominiums in the outside central region (OCR) – the suburbs of Singapore, where property is typically more affordable – are no longer mostly HDB dwellers.

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