The perception is that HDB flats are less expensive, typically around S$50,000 to S$600,000 a flat.

In December, a resale of an old double-storey HDB flat in Toh Yi Drive, Bukit Timah, which was built in 1988 and has been in use for more than 30 years (about 150 square metres), was successfully sold for a whopping S$1.29 million, setting a new record for a double-storey HDB flat in Singapore.

HDB flats have been known to go up in price for a long time.

On October 3, HDB released estimates showing that the overall resale price of HDB flats rose by 2.4 per cent in the third quarter of this year, compared to the same period last year.

Unlike private housing, the resale prices of HDB flats are not broken down by region.

In the third quarter, the resale flat price index rose to 167.8 from 163.9 in the previous quarter, representing a 2.4 per cent year-on-year increase, compared to a 2.8 per cent increase in the previous quarter.

This trend is still not slowing down and according to the latest market offer from property website 99.co, the price of a HDB flat has reached S$1.5 million, which is more than S$200,000 higher than the price of a recently sold Bukit Timah bunkhouse, and the new price record will continue to be set.

In response to the continued increase in HDB resale prices in Singapore, Lee Hsien Loong spoke at the Singapore People's Action Party (SPAP) conference on 6 November 2022 about the reasons.

One, the delay in the BTO project due to the epidemic has led to more young people opting to buy resale HDB flats.

Two, the change in people's housing plans and the increase in prices have increased the psychological anxiety of residents.

Thirdly, it has led people to rush to buy ahead of price increases, making housing resources in short supply.

Do you choose to buy now or stay on the sidelines with regard to the current housing price trend in Singapore?