What are the factors affecting HDB resale prices?
There are several factors that affect the prices of Resale HDB flats, such as the supply and demand of newly built HDB flats, location, and type of Resale HDB units.
- Floor - if your unit is located on a high floor, it’s most likely to sell at a higher price than units on the lower floor
- Location - if your flat is located near an MRT station and/or shopping mall and other amenities, it’s most likely to fetch a higher price
- Size - The larger the unit, the more likely it is to be expensive
- Condition - Newer resale HDB flats, especially those that are newly renovated and in mint condition, will cost more than older ones.
HDB Resale Price Forecast in 2023
Our data analysts here at 99.co have found several factors that have the potential to influence the prices of Resale HDB flats in 2023. Here are their findings:
- HDB prices are expected to rise in 2023, but at a slower rate compared to 2022.
- Fewer HDB flats will reach MOP this year, with about 15,000 units in 2023 compared to 31,000 in 2022. However, there will be 23,000 BTO flats launching within the year, which will divert the demand away from resale HDBs to a certain extent.
- In 2022, we saw a growth in the proportion of flats sold in non-mature estates over the year, growing from 55.0% in 2021 to 60.4% in Q4 2022. This trend is expected to continue.
- Additionally, the number of sales of million-dollar flats is expected to be lower in 2023 than the 370 units sold in 2022.
Looking ahead to 2023, the demand for HDB Resale flats is expected to remain solid as it is still the cheapest option for local couples to own a move-in ready home.
HDB Resale Median Prices
The HDB resale flat median prices are based on the fiftieth percentile for each type of flat in every HDB town and are consolidated every quarter. Accordingly, half of the flats that were transacted had prices higher than the median, and half had prices lower than the median.
Singapore median HDB resale prices
| Estates/Towns | 3 Room | 4 Room | 5 Room | Executive |
|---|---|---|---|---|
| Ang Mo Kio | $380,000 | $555,000 | $848,000* | $1,100,000* |
| Bedok | $370,000 | $500,000 | $682,000 | $880,000* |
| Bishan | $520,000* | $750,000 | $914,000* | $1,150,000* |
| Bukit Batok | $375,000 | $590,000 | $760,000 | $834,000* |
| Bukit Merah | $405,000 | $850,000 | $894,000 | - |
| Bukit Panjang | $423,900* | $500,000 | $630,000 | $722,000* |
| Bukit Timah | - | $755,000* | - | $1,200,000* |
| Central | $455,000* | $1,200,000* | $1,204,000* | - |
| Choa Chu Kang | $370,000* | $512,000 | $572,500 | $705,000* |
| Clementi | $412,500* | $596,500 | $743,888* | $1,100,000* |
| Geylang | $370,000 | $648,888 | $630,000* | $890,000* |
| Hougang | $388,000 | $521,500 | $658,000 | $899,000* |
| Jurong East | $376,500* | $507,500* | $650,000* | $938,000* |
| Jurong West | $351,900 | $494,000 | $590,000 | $700,000* |
| Kallang / Whampoa | $376,000 | $707,500 | $977,500* | - |
| Marine Parade | $435,000* | $513,500* | $890,500* | - |
| Pasir Ris | $550,000* | $545,000 | $656,000* | $838,000* |
| Punggol | $470,000 | $610,000 | $640,000 | $758,000* |
| Queenstown | $462,000* | $906,500 | $918,000* | - |
| Sembawang | $460,000* | $560,000 | $593,444* | $678,888* |
| Sengkang | $462,888* | $572,444 | $630,000 | $785,000* |
| Serangoon | $417,944* | $583,000* | $717,500* | $865,888* |
| Tampines | $427,500 | $571,000 | $675,000 | $880,000* |
| Tengah | - | - | - | - |
| Toa Payoh | $346,944 | $718,000 | $835,000* | $1,090,000* |
| Woodlands | $389,000 | $500,000 | $590,000 | $774,000 |
| Yishun | $380,000 | $495,000 | $650,000 | $808,000* |
Table reflects median price in Aug 2023. Data is updated on 11 Sep 2023 and is derived from the 99.co database.
- (-) indicates no resale transactions in the month
- Asterisks (" * ") refer to cases where there are less than 20 resale transactions in the month for the particular town and flat type. The median prices of these cases are not shown as they may not be representative
How to use our HDB Value Tool?
The HDB Value Tool provides you with an estimate of the value of your home. If you are selling, upgrading, or refinancing a home, it gives you the most up-to-date data to help you make better financial decisions
Should you buy Resale HDB or BTO?
There are several differentiating factors between BTO and Resale HDB flats. Here are some key differences to help you find out which type is right for you.
A comparison between BTO and Resale HDB flats
Types of HDB Resale Grants
HDB resale grants will vary depending on several factors, as first-timers, singles and families will be eligible for different grants. Some examples of HDB grants are the Family Grant, Enhanced Grant and Top Up Grant, among others. As the income ceiling has been raised for the CPF Family Grant from $12,000 to $14,000, the highest possible grant amount that resale buyers can get will be up to $160,000.
Different types of HDB grants
For couples, refer to this chart to see what are the grants that you are eligible for to increase your savings on your next HDB flat purchase.
A flowchart of various HDB grants available for couples
HDB Flat Eligibility (HFE) Letter for HDB Resale flat application
Since 9 May 2023, HDB has introduced the HDB Flat Eligibility (HFE) letter which assesses your eligibility to buy an HDB resale flat, receive HDB grants and take up the HDB housing loan. Previously, the eligibility on these three aspects was assessed at different stages, but now they will just be assessed once.
The HFE replaces the HDB Loan Eligibility (HLE) letter, which you’d previously need before you get an Option to Purchase (for a resale flat).
The HDB Flat Eligibility (HFE) letter will inform you of your eligibility:
- To buy a new and/or resale flat
- Receive CPF grants, including the amount
- Get HDB housing loan, including the loan amount
For resale HDB flats, you’ll need to apply for the HFE before getting an Option to Purchase (OTP) from the seller, and before submitting the resale application.
