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Updated CPF, loan rules give HDB resale market 'new lease of life': OrangeTee

HDB resale transactions jumped 29.8 per cent from the previous quarter to 6,276 units in Q2 2019 - marking the first increase in sales volume since Q3 2018

Fiona Lam

Published Tue, Aug 6, 2019 · 09:50 PM

CPF

Singapore

DEMAND for older HDB flats in Singapore spiked in the second quarter this year, following policy updates that may have given a "new lease of life" to the overall HDB resale market, OrangeTee & Tie said on Tuesday in its latest report on HDB trends.

Some 564 HDB flats that were 40 years old and above were sold in May-June this year, a 40 per cent surge from 403 units in the year-ago period, while resale transactions for flats between 30 and 40 years old rose 10.4 per cent to 1,219 units.

In early May, the government updated rules on Central Provident Fund (CPF) usage and HDB housing loans. Homebuyers now have greater flexibility to use their CPF to pay for the properties and may obtain larger housing loans as long as the remaining lease of the property can cover the buyer till the age of 95…