Property: Latest data from SRX saw the HDB resale market positing some recovery in Jun, as the number of HDB resale volume jumped to a 2½ year high, with 1,709 units sold (+30% y/y, +8.5% m/m).
Meanwhile the resale price index inched up 0.1% from the previous month, although overall the index is down 4.4% for the year.
Property consultant SLP International highlights that the increase in resale volume and stabilised price could in part be due to the reduction in supply of BTO flats by the government this year.
Meanwhile, some analysts cautioned that if 2Q15 really marks the start of the recovery of the HDB resale market, it could present a less pressing need for the S’pore government to relax current property cooling measures.
Overall, Maybank-KE believes that prices for the mass-market segment are still elevated and any policy easing may only come later.
Maybank-KE’s top property picks are Wing Tai (Buy: TP $2.37), Ho Bee (Buy: TP $2.75) and City Dev (Buy: TP: $11.40).
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