Singapore icon
icon Singapore icon
Resale prices of HDB flats in Singapore are rising steadily
Jan 10, 2023
Resale prices of HDB flats in Singapore are rising steadily Singapore
By   Internet
  • City News
  • HDB Flats Prices
  • HDB Resale
  • HDB Market
Abstract: Even for HDB flats under strict government control and intervention, resale prices have continued to rise over the past two years and Singapore Eye has reported a number of stories of record resale prices.

Among the HDB flats resold in December last year was a double-storey condominium HDB flat in Bukit Timah Dawei Passage, which was resold for a whopping S$1.29 million.


While people are lamenting that prices are getting higher, there are actually many homes being sold at relatively low prices.


According to the Union-Tribune, in the first 10 months of last year, 68 per cent of three-bedroom HDB flats resold for less than $400,000; 75 per cent of four-bedroom HDB flats resold for between $400,000 and $599,999; and 76 per cent of five-bedroom and larger HDB flats resold for between $500,000 and $799,999.


This means that nearly 70% of three-bedroom HDB flats can be purchased for less than S$400,000. This is clearly a much more affordable price for the average family.


According to the Union-Tribune, last year, a Lee couple bought a five-bedroom HDB flat in Yishun for S$550,000. The HDB flat is about 120 square metres in size and has about 64 years left on its lease.


They chose the property because firstly, the price was within their budget; secondly, it was close to their family, although it was a 15-minute walk to the MRT station, it was convenient for shopping and leisure, and they were familiar with the environment; and thirdly, not only did they not have to pay a cash premium, they could live in the property until they were 95 years old, and they could apply for the maximum loan amount from the Housing Development Board.


The municipalities with the most resale transactions from January to October 2022 are reported to be Sengkang, Yishun and Punggol in that order, all of which are non-mature municipalities. For mature municipalities, the highest number of transactions were in Tampines, Bedok and Ang Mo Kio.

icon icon
Resale prices of HDB flats in Singapore are rising steadily