Mass-market condominiums are preferred by HDB upgraders primarily due to their affordability as they are the most economical private housing option available. In 2022, a typical 3-bedroom unit’s transacted prices in the primary market range from S$1.23 million to S$2.6 million, with prices per square foot (psf) ranging from S$1,200 psf to S$2,323 psf. In comparison, condominium units of comparable sizes in the CCR and RCR are priced from S$1,633 psf to S$3,830 psf.
Meeting the upgrading aspirations of HDB flat owners, mass-market condominiums are supported by strong market fundamentals including demand from both HDB upgraders and investors, as well as rising HDB resale prices and median household income, which contribute to the demand and prices of such condominiums.
In 2023, approximately 30 to 40 private housing projects are anticipated to be introduced, with roughly 30% of the private residential units situated in the OCR. This should meet the demand for new private housing in the OCR without leading to an oversupply.
Source: Business Times
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