Given that it’s tough to secure a BTO queue number, buying an HDB resale flat in 2024 is a surefire way to fast-track your journey to becoming a homeowner.
However, HDB resale prices have been hovering at an all-time high. Prices of resale flats were up by 5.8% based on a year-on-year mark according to the latest flash report from us.
Should you buy an HDB resale or BTO flat in 2024?
There are many pros to buying a resale flat vs a BTO.
One huge advantage is the fact that you can collect your keys and move in or start your renovation journey almost immediately, instead of waiting out three to five years for a BTO flat to finish construction.
You also get to choose from all estates instead of being limited to the latest BTO project launches. (Also, not to mention skipping the stressful balloting process entirely).
Resale flats also give you the option of viewing and shortlisting specific units. You can have a better idea of who your neighbours are and how the noise levels change throughout the day.
HDB resale flats in 2024: How much does it cost?
Here are the median HDB resale flat prices in March 2024 for the respective flat types, according to their locations.
You may also check on the quarterly median prices on HDB’s website.
Tools: HDB resale price index portal
One tool that will come in handy when shopping for resale flats is the HDB resale price index portal.
It lets you check the exact price of HDB resale flat prices in 2024 and gives you specific results about the latest transacted flats in all estates within the past two years, with information such as the block, floor area and remaining lease.
Let’s say you want to get a 4-room flat near the Dec 2023 Woodlands BTO. From HDB’s portal, you can find a ton of information to get a better idea about how much you should pay when buying a flat of a similar type.
Grants: HDB resale vs BTO
Depending on eligibility, more grants are available to couples buying a resale flat than buying a BTO.
| HDB resale flat grant amount | HDB BTO flat grant amount | |
| Enhanced CPF Housing Grant (EHG) for first-timer applicants | Up to S$80,000 | Up to S$80,000 |
| Step-Up CPF Housing Grant for second-timer applicants | S$15,000 for eligible applicants | S$15,000 for eligible applicants |
| Family Grant (FG) | Up to S$80,000 | N/A |
| Proximity Housing Grant (PHG) | Up to S$30,000 | N/A |
| Singles Grant | Up to S$40,000* | N/A |
| *Aside from the Singles Grant, singles can get up to S$40,000 for the EHG and up to S$15,000 for the Proximity Housing Grant if they get a resale flat. Meanwhile, for a BTO flat, they can only get the EHG of up to S$40,000. | ||
If you manage to max out all the grants available to you, you might be able to snag a resale flat at a pretty good price.
Not sure whether to get a resale flat or BTO as a first-timer? Read this article.
HDB flat prices: Dec 2023 BTO
We take a look at the HDB flat prices in December 2023’s BTO exercise:
| Location | Flat Type | Price (From) |
|---|---|---|
| Bukit Panjang (Petir Park Edge) | 2-room Flexi | $110,000 |
| 4-room | $320,000 | |
| Jurong West (Jurong Arcadia) | 2-room Flexi | $110,000 |
| 3-room | $207,000 | |
| 4-room | $315,000 | |
| 5-room | $431,000 | |
| Woodlands (Woodlands Beacon / Urban Rise @ Woodlands) | 2-room Flexi | $145,000 |
| 3-room | $251,000 | |
| 4-room | $318,000 | |
| 5-room | $468,000 | |
| Bedok (Chai Chee Green) | Community Care Apartment (30-year Lease) | $80,000 |
| 3-room | $298,000 | |
| 4-room | $421,000 | |
| 5-room | $569,000 | |
| Bishan (Sin Ming Residences) | 3-room | $374,000 |
| 4-room | $519,000 | |
| Bukit Merah (Alexandra Peaks) | 2-room Flexi | $218,000 |
| 3-room | $380,000 | |
| 4-room | $533,000 | |
| Queenstown (Ulu Pandan Vista) | 3-room | $430,000 |
| 4-room | $598,000 |
The December 2023 Build-To-Order (BTO) exercise in Singapore revealed significant diversity in housing options, catering to a range of budgets and preferences across both mature and non-mature estates. In non-mature estates like Bukit Panjang, Jurong West, and Woodlands, the prices were notably more affordable, starting as low as $110,000 for 2-room Flexi flats. This price point is particularly attractive for first-time buyers or those with budget constraints.
For larger families or those seeking more space, the 4-room and 5-room options in these areas, with prices ranging from $315,000 to $468,000, provide reasonably priced alternatives to the typically higher-cost mature estates. The extended waiting times, up to 51 months in some cases, might be a drawback for buyers in urgent need of housing, but they also reflect the thorough planning and development efforts in these growing regions.
In contrast, the mature estates like Bedok, Bishan, and particularly the Prime Location Public Housing (PLH) model in Bukit Merah and Queenstown, commanded higher prices, reflecting their established neighbourhoods, better amenities, and generally more desirable locations. The prices in these areas started from $298,000 for 3-room flats in Bedok, going up to $598,000 for 4-room flats in Queenstown under the PLH model. These higher prices are justified by the proximity to central business districts, better connectivity, and access to a wider range of amenities, including schools, shopping centres, and recreational facilities.
However, the steep prices in mature estates and under the PLH model might limit accessibility for lower-income families, underscoring the persistent challenge of balancing affordability with desirability in Singapore’s public housing market. The diversity in pricing and locations also highlights the Housing and Development Board’s (HDB) continued commitment to catering to different segments of the population, ensuring a range of options to suit various needs and financial capabilities.
Are mature estates better? Read this article to find out.
Resale HDB December 2023: 0.6% increment from November
We take reference from our very own flash report covering the HDB resale market.
In December 2023, the Housing and Development Board (HDB) resale market experienced a modest increase in prices, with a 0.6% rise compared to the previous month, November 2023. This growth was observed across different sectors of the market, with both Mature and Non-Mature Estates seeing increases of 0.4% and 0.5% respectively. Additionally, there was a variation in price increases among different HDB room types: 3 Room flats witnessed a 0.1% increase, 4 Room flats rose by 1%, 5 Room flats saw a 0.5% increase, and Executive flats experienced a 0.2% hike in prices.
The SRX Property Price Index for HDB Resale revealed significant year-on-year growth in the resale market. Overall, there was a 5.8% increase in prices from December 2022 to December 2023. When breaking down this growth by room type, each category showed a notable rise over the same period: 3 Room flats increased by 4%, 4 Room by 7.1%, 5 Room by 4.9%, and Executive flats by 5.1%. Moreover, comparing the prices from a year ago, both Mature and Non-Mature Estates registered a substantial increase in their values, with 5.9% and 5.5% respectively.
HDB flats for sale
1
1
1
1
1
1
2
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
2
1
2
1
3
1
2
2
2
2
2
2
2
2
2
2
3
2
2
2
2
2
2
2
2
1
2
1
2
2
2
2
2
2
2
1
2
1
2
2
2
2
2
2
2
2
2
1
2
2
2
2
2
1
2
2
2
2
2
1
2
2
2
2
2
1
2
2
2
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
3
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
1
3
2
3
2
3
2
3
2
4
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
4
2
3
2
4
2
3
2
3
2
3
2
4
2
3
2
3
2
3
2
3
2
4
2
4
2
3
2
3
2
3
2
3
2
3
2
3
2
4
2
4
3
3
3
4
2
4
2
6
3
4
3
4
3
4
2
4
3
4
3
4
2
4
2
3
2
4
3
4
3
4
3
3
2
5
4
4
2
3
2
4
2
4
2
4
2
4
2
4
2
4
2
4
3
4
2
6
4
4
2
4
2
3
2
4
3
Thinking of buying an HDB resale flat in 2024? Let us know in the comments section below.
If you found this article helpful, check out HDB resale grants: How much can you get? and Buying via BTO, SBF or Open Booking? Everything you need to know about the payment timeline.
About Jamie Wong
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment