HDB resale prices went up by 3.7 per cent in the first quarter of this year.

But this rise in the Resale Price Index (RPI) was lower than the 5.7 per cent increase in the last quarter of 2007, said HDB, who released the figures on Friday.

HDB resale transactions were also lower by 6 per cent - with 6,350 units exchanging hands in the Q1 2008 compared to 6,750 in Q4 2007.

The median Cash-Over-Valuation amount among all resale transactions in the first quarter was $21,000 - a slight dip from the COV of $22,000 in Q4 2007.

In the first quarter of this year, HDB launched about 1,100 new flats in two Build-To-Order (BTO) projects in Punggol and Yishun.

It plans to offer another 5,000 new flats under the BTO system over the next 6 months in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang.