Written answer by Ministry of National Development on HDB flats purchased in last five years by those previously residing in private properties

Nov 8, 2022

Mr Leong Mun Wai: To ask the Minister for National Development

(a) how many HDB flats purchased in each of the last five years are made by those who were previously residing in private properties;
(b) what is the average price of these transactions; and
(c) for those who paid cash-over-valuation (COV), what has been the average COV paid.

Answer:

In the last five years from 2017 to 2021, the proportion of resale flats in each year bought by buyers who were private property owners was about 7-11% of the total resale transactions registered. This includes those who had sold their private property up to 15 months before their resale flat application. As mentioned in the combined reply to Mr Alex Yam Ziming, Ms Nadia Ahmad Samdin, and Mr Saktiandi Supaat for the 20 Oct 2022 sitting, this number has doubled in 2021 and the first three quarters of 2022, as compared to 2019 and 2020.

2        The median resale prices for transactions in 2017 to 2021 that involved buyers who were private property owners are tabulated below. The median cash-over-valuation for such buyers who paid a cash-over-valuation over the last five years ranged from $14,800 to $30,000.