SINGAPORE: In the resale market, prices of Housing and Development Board (HDB) resale flats rose by 2.7 per cent from July to September 2024, outpacing the 2.3 per cent growth recorded in the previous quarter.

According to data released by HDB on 25 October, a total of 8,142 HDB resale flats changed hands during this period, representing a 10.7 per cent increase from 7,352 units in the preceding quarter.

HDB attributed the rise in both resale prices and transaction volumes to strong, broad-based demand coupled with supply tightness in the market.

This tightness is expected as fewer new flats are set to meet the minimum occupation period in 2024 compared to the previous year.

HDB reiterated its position, emphasising that the “vast majority” of resale flat transactions in the third quarter were sold for considerably less than S$1 million, while those priced at S$1 million and above remained a minor segment of total transactions.

HDB noted that the latest quarterly figures largely reflect market conditions prior to the cooling measures implemented on 20 August 2024, which reduced the loan-to-value limit for HDB loans from 80 per cent to 75 per cent.

“The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” HDB stated.

It also advised households to exercise financial prudence when purchasing flats, as the property market moves in cycles, warning that “those who buy high will be hit harder when prices eventually come down.”

Looking ahead, HDB plans to offer more than 5,500 Sale of Balance Flats (SBF) in February 2025, marking the largest exercise of its kind to date.

Approximately 40 per cent of these units will be completed, with the remainder expected to be progressively finished between 2025 and 2028.

In February, around 5,000 Build-To-Order (BTO) flats will also be launched in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. Together, the BTO and SBF offerings will total over 10,000 new flats available for sale.

The SBF launches provide applicants an opportunity to apply for balance flats from earlier BTO sale exercises, which are usually already under construction, nearing completion, or completed.

It was previously announced that SBF exercises would now occur only once a year, reduced from the previous twice-yearly schedule.

HDB has advised prospective home seekers to apply for an HDB Flat Eligibility letter by 15 December to participate in the upcoming sales exercise.

The Housing Board remains on track to launch 100,000 BTO flats between 2021 and 2025, having released 19,637 flats for sale in 2024 alone.

To meet the 100,000-flat target, approximately 17,300 flats must be rolled out in 2025.

UNITED STATES: The owner and manager of the cargo ship involved in the collapse of the Francis Scott Key Bridge in Baltimore have agreed to pay US$102 million to settle a lawsuit brought by the US Justice Department.

The settlement, announced on Thursday (24 October), covers the federal government’s expenses for the clean-up operation but does not include damages for rebuilding the bridge.

Benjamin Mizer, a senior Justice Department official, called the agreement “an important milestone” nearly seven months after the tragic incident, which claimed six lives and caused widespread economic disruption.

The accident occurred in March 2024 when the Singaporean-owned cargo ship, Dali, struck a support column of the bridge, leading to its collapse.

The settlement follows a civil lawsuit filed by the Justice Department in September 2024.

The lawsuit, targeting the ship’s owner, Grace Ocean Private Ltd, and its manager, Synergy Marine Group—both based in Singapore—sought over US$100 million to recover the costs incurred in clearing debris and reopening the Port of Baltimore.

According to the Justice Department, the federal government led a massive effort, involving over 50 federal, state, and local agencies, to remove 50,000 tonnes of steel, concrete, and asphalt from the Fort McHenry Channel and the Dali itself.

The port remained closed to most maritime traffic for months before fully reopening in June 2024. The clean-up operation involved over 1,500 responders and specialists from around the globe.

Mizer emphasised the importance of the settlement, stating that it “ensures that the costs of the federal government’s clean-up efforts in the Fort McHenry Channel are borne by Grace Ocean and Synergy, not the American taxpayer.”

However, the costs for rebuilding the bridge, which are expected to approach US$2 billion, remain unresolved.

The state of Maryland has filed its own claim seeking compensation for those damages.

The collapse, which took place in March 2024, occurred when the Dali lost power due to poorly maintained electrical and mechanical systems, veering off course and striking a bridge column.

At the time, the ship was departing Baltimore en route to Sri Lanka.

Six road workers who were filling potholes on the bridge during an overnight shift were killed when the structure collapsed.

Following the disaster, Grace Ocean and Synergy sought to limit their legal liability for the incident to US$44 million, an amount the Justice Department described as “woefully inadequate.”

The department’s lawsuit provided a detailed account of the series of failures aboard the Dali, including excessive vibrations that led to transformer and electrical failure.

The complaint also highlighted jury-rigged repairs and cracked equipment, which contributed to the power loss that caused the ship to strike the bridge.

In addition to the federal lawsuit, several other claims remain unresolved, including those filed by the victims’ families, businesses impacted by the port’s closure, and other entities.

According to officials, these claims will ultimately determine the total financial liability of Grace Ocean and Synergy for the disaster.

FBI agents boarded the Dali in April 2024 as part of an ongoing criminal investigation into the circumstances leading to the collapse.

The Justice Department’s lawsuit, filed in September, revealed previously undisclosed details about the ship’s condition and the crew’s failure to address critical issues, such as the excessive vibrations, which were described as a “well-known cause” of electrical failure.

While the settlement resolves the Justice Department’s claim for clean-up costs, the broader legal battle surrounding the disaster remains ongoing.

The dismissal of the federal lawsuit is pending court approval, following a joint filing by the parties involved in the settlement.