Overview
The Housing and Development Board (HDB) announced today that 2,342 balance flats were sold in November 2019. This is a slight increase from the 2,301 flats sold in October 2019. The majority of the flats sold in November were 4-room flats, followed by 3-room and 5-room flats.
Table 1: HDB Sales of Balance Flats by Flat Type, November 2019
| Flat Type | Number of Flats Sold | Percentage |
|---|---|---|
| 3-room | 781 | 33.3% |
| 4-room | 1,159 | 49.5% |
| 5-room | 341 | 14.6% |
| Executive | 61 | 2.6% |
| Multi-Generation | 0 | 0.0% |
| Total | 2,342 | 100.0% |
Table 2: HDB Sales of Balance Flats by Region, November 2019
| Region | Number of Flats Sold | Percentage |
|---|---|---|
| Central | 113 | 4.8% |
| North | 648 | 27.7% |
| East | 540 | 23.1% |
| West | 534 | 22.8% |
| South | 507 | 21.6% |
| Total | 2,342 | 100.0% |
Table 3: HDB Sales of Balance Flats by Price Range, November 2019
| Price Range | Number of Flats Sold | Percentage |
|---|---|---|
| Below $500,000 | 1,231 | 52.6% |
| $500,000 to $1 million | 921 | 39.3% |
| Above $1 million | 190 | 8.1% |
| Total | 2,342 | 100.0% |
Table 4: HDB Sales of Balance Flats by Ethnic Group, November 2019
| Ethnic Group | Number of Flats Sold | Percentage |
|---|---|---|
| Chinese | 1,591 | 67.9% |
| Malay | 337 | 14.4% |
| Indian | 208 | 8.9% |
| Other | 206 | 8.8% |
| Total | 2,342 | 100.0% |
Why Buy a HDB Balance Flat?
There are several reasons why you might want to consider buying a HDB balance flat.
- Affordability: Balance flats are typically more affordable than new flats. This is because they have been on the market for a period of time and have not been sold. As a result, the prices of balance flats have often been reduced.
- Availability: Balance flats are available in a variety of locations and sizes. This makes it easier to find a flat that meets your needs and budget.
- Flexibility: You can purchase a balance flat with either a cash over valuation (COV) or a HDB loan. This gives you flexibility in terms of how you finance your purchase.
Matters to Consider When Buying a HDB Balance Flat
There are a few things you should keep in mind when buying a HDB balance flat.
- Condition of the flat: Balance flats may have been vacant for a period of time. As a result, they may need some repairs or renovations. It is important to factor this into your budget when considering a balance flat.
- Lease commencement date: Balance flats typically have a lease commencement date that is earlier than the date of purchase. This means that you will need to pay for the remaining lease period even if you do not move into the flat immediately.
- Ethnic quota: There are ethnic quotas for the sale of HDB flats. This means that you may not be eligible to purchase a balance flat if you do not belong to the correct ethnic group.
Benefits of Buying a HDB Balance Flat
There are a number of benefits to buying a HDB balance flat.
- Affordability: Balance flats are typically more affordable than new flats.
- Availability: Balance flats are available in a variety of locations and sizes.
- Flexibility: You can purchase a balance flat with either a cash over valuation (COV) or a HDB loan.
- No waiting time: You can move into a balance flat immediately after purchasing it.
- Potential for capital appreciation: The value of balance flats has been increasing in recent years. This means that you could potentially make a profit if you sell your balance flat in the future.
Conclusion
Buying a HDB balance flat can be a great way to save money on your housing costs. However, it is important to keep the matters discussed in this article in mind before making a decision. If you are considering buying a HDB balance flat, it is advisable to speak to a HDB officer for more information.
