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SINGAPORE: The prices of four-room flats in Singapore have risen by about 35 per cent over the last five years, climbing slightly faster than that of five-room flats.
Despite the climbing price range, four-room flats are still more sought-after than other Housing and Development Board (HDB) flat types, amid a booming property market.
This is because more buyers are looking for homes that suit their growing families, while not bursting their budget, analysts told CNA.
MORE INTEREST IN FOUR-ROOM FLATS
Production manager Kang Zhi Wei and his wife, for instance, recently bought a four-room flat in Bukit Batok for around S$600,000 (US$447,000).
Before that, they lived in a three-room flat in the same area but wanted more space to start a family. While looking at the options available, they found that a five-room flat is out of their financial reach.
“I did try to look for a five-room flat but it is definitely more expensive than my budget, so I can only look at four-room flats,” said Mr Kang, who considered various factors such as affordability and accessibility before purchasing his current flat.
He is among the many buyers looking for a four-room flat in the last few years.
“(Since) 2022, we have seen more and more four-room flats being sold quicker. As of last year, this number has gone up about 15 per cent as compared to 2022,” said real estate agent Tay Jooann, adding that prices are expected to continue to go up steadily.
“In essence, we did see more buyers coming through looking at four-room flats.”
HIGHER DEMAND FOR FOUR-ROOM HDBs
Over the last few years, four-room flats are selling faster than five-room flats, said real estate agents.
On average, they are getting up to seven inquiries a week for a four-room flat, but only about four per week for a five-room flat.
Four-room flats are still typically more affordable than the bigger flats, and appeal to younger families and some seniors who are looking to downsize to a smaller unit, said observers.
Per square foot prices of four- and five-room flats both spiked during the COVID-19 pandemic years, according to past transactions.
But those for four-room flats grew at a faster pace, and this trend continues to date.
https://www.channelnewsasia.com/sin...ats-35-over-last-5-years-say-analysts-4082286
