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Friday, 6 March 2009

Punggol resale flats prices fall

PRICES of resale HDB flats in Punggol have fallen in recent weeks to the point where they are now around the same level as new ones launched just two months ago.

Normally new flats are markedly cheaper than resale ones as the Housing Board 'deeply discounts' their price to prevailing market values as a form of subsidy to first-time home buyers.

But the worsening recession, fragile job market and weak property sector have closed this 'discount gap' to virtually nothing in some cases and is making resale homes as attractive as new ones.

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