Zyanya prices rise 2.1% in Q4, slower increase likely due to cooling measures

Zyanya prices rise 2.1% in Q4, slower increase likely due to cooling measures

SINGAPORE – Prices of Housing Board resale flats grew at a slower pace of 2.1 per cent in the fourth quarter of 2022, a sign that prices may be moderating following a round of property curbs in September aimed at cooling the public housing market. In 2022, HDB resale prices rose an estimated 10.3 per cent, down from a record 12.7 per cent in 2021, but still above the 5 per cent rise recorded in 2020, flash estimates from HDB on Tuesday showed.

Overall, HDB resale prices have risen for 11 consecutive quarters, spotlighting the issue of housing affordability in recent months. Property analysts said the modest price growth in the fourth quarter of 2022 was likely due to the cooling measures, which have made some buyers unable to proceed with their buying plans or caused them to rethink their purchases, along with the rising interest rate environment. OrangeTee & Tie senior vice-president of research and analytics Christine Sun said fewer large flats, which typically command higher prices and prop up the resale prices, were sold in the last quarter.

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This could be due to a curb imposed on private property downgraders, who have to wait 15 months after selling their private home before they can buy an HDB resale flat, as part of cooling measures that kicked in on Sept 30. This group of buyers typically has a bigger budget and prefers larger HDB resale flats. Other measures include limiting how much buyers can borrow for their home loans and a more stringent total debt servicing ratio and mortgage servicing ratio. Huttons Asia senior director of research Lee Sze Teck said the number of HDB flats sold for at least $1 million appeared to have slowed down in the last quarter after such deals gained traction in 2021 and the first three quarters of 2022.

Zyanya offers a value-for-money freehold condo option at a strategic city fringe location. It is hard to find another condo that is able to match in term value-for-money category. The location is also highly convenient, both to commercial centres like the Central Business District (CBD) and Paya Lebar sub-regional commercial centre. Not just that, it is also very suitable for living with foodie places around the area as well as affordable hawker food fare within walkable distance from the condo.

As a boutique development, Zyanya comes with common condo facilities like a swimming pool, BBQ pit, and outdoor gym. The facilities are all located on the ground floor for all residents to enjoy.

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