As the housing market evolves, the prices of HDB flats are increasingly converging, particularly among older units in both mature and non-mature estates. A detailed examination of the pricing landscape reveals that two-room flats in mature estates are priced between $150,000 and $185,000. In non-mature estates, these units can be found around the $175,000 mark. This pricing trend indicates a notable narrowing of the gap, suggesting that buyers may perceive less distinction between older flats in central locations and those situated in suburban areas.
The pattern extends to three-room flats, where prices in mature estates range from $170,000 to $200,000, while in non-mature estates, they fall within a similar range of $175,000 to $200,000. This convergence highlights a shift in market dynamics, where older properties are increasingly viewed as viable options irrespective of their geographical location. Notably, there is a significant convergence in older flats, with minimal price differentiation observed between centrally located estates like Geylang and Toa Payoh, and suburban environments such as Jurong West. This could indicate a changing perception of value among buyers, possibly due to factors like improved transportation links or amenities.
In contrast, larger flats demonstrate a more complex pricing landscape. Four-room and five-room units experience greater variability in their pricing due to fewer transactions in these categories. Generally, four-room flats are priced around $300,000, reflecting a premium that larger units command in the market. The limited availability of these properties means that prices can fluctuate significantly, influenced by factors such as exact location and overall condition of the unit.
The average age of flats analyzed in this assessment is 43 years, with two-room flats selling between $160,000 and $220,000 and three-room flats ranging from $140,000 to $300,000. This age factor may play a vital role in buyer preferences, as older units may require renovations or upgrades, which in turn can affect the perceived value. Buyers may weigh the potential costs of refurbishment against the market price when making purchasing decisions, leading to the observed convergence in prices among older flats.
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News Source: Edgeprop
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