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Construction delays are limiting the supply of flats put up for sale by HDB upgraders. Coupled with the higher demand for 4-room and larger flats, there is supply and demand imbalance in the market giving sellers the edge in pricing.
Price resistance however has set in. The average monthly price gains over the last six months have been hovering around 1%, lower than the average monthly price gains in the early part of 2021.
Another 23 flats are sold for $1 million and more in Sept. This brings the number of $1 million flats sold in 2021 to 174. The momentum should continue for the last quarter of 2021 and bring the number of $1 million flats to possibly between 210 and 230 for the whole of 2021.
Transaction volume for 2021 is estimated to be between 28,000 and 29,000 flats.
