Developers’ sales for the week of 21 – 27 Aug 2023 were 45 units
The CCR accounted for 28.9% while the RCR and OCR made up 28.9% and 42.2%
The respective top-selling projects in the CCR are Midtown Modern, followed by Grand Dunman in the RCR, and Lentor Hills Residences and EC – North Gaia in the OCR
The influence of the HDB resale market on the private residential market in the OCR has waned in the past few years
There were close to 2,700 buyers with a HDB address who bought a new home in the OCR in 2017 and around 240 in the first seven months of 2023
In proportion terms, it was 48.6% in 2017 and 23.5% in 7M 2023
The higher ABSD and rents may have discouraged more HDB upgraders to sell and rent while they wait for their new private homes to be completed
However buyers of new ECs are given upfront remission of ABSD
This differentiated policy needs to be relooked to support upward housing mobility
