Singapore Resale HDB Price Guide: How Much Should You Pay, Based on Q4 2023 Resale Flat Data
If you’re looking to buy an HDB resale flat, you’re probably looking at HDB resale prices across different estates and flat types so that you get a better sense of what you can expect to pay.
According to the latest Q4 2023 HDB Resale Price Index data, HDB resale prices increased 1.1% in the past quarter, marking the fifteenth consecutive quarter of growth. However, compared to the same period last year, price growth has slowed and continues to moderate. Resale HDB prices rose 4.9% in 2023, as compared to the 10.4% increase in 2022.
In this guide, we take a look at HDB resale prices and how they compare to HDB BTO flat prices. So, if you want to buy a flat in Q1 2024, here’s how much you can expect to pay, using the latest figures as an estimate.
Why Buy an HDB Resale Flat?
HDB resale flats are a good option for those who don’t want to ballot or wait for a BTO flat. Firstly, no guarantee balloting for an HDB BTO flat will guarantee you a unit in the estate.
Take it from these first-time homebuyers: sometimes the available BTO projects aren’t in the buyer’s ideal location, close to their parent’s home, or near to a choice primary school or workplace. Thus, HDB resale flats are a good option if you don’t want to waste time waiting or renting. However, with prices at a record high, do consider if the price you’re paying is worth it based on the remaining years left on the lease.
With HDB resale flats, you can collect the keys as soon as the transaction is completed (assuming it is not tenanted and the owner did not ask for any extension of stay). This means you can start renovating in a jiffy and quickly move in.
If you’re not fussy about the interior design of your home, you may even save money on renovation costs since the first owner would already have done up the place. If you have a specific theme, however, a BTO flat (i.e. a ‘blank canvas’) may be better because hacking walls and removing existing structures from a resale unit can be expensive.
HDB Resale Prices in Q4 2023
Towns | Resale HDB prices (4-room flat) |
Ang Mo Kio | $594,000 |
Bedok | $530,000 |
Bishan | $707,000 |
Bukit Batok | $593,000 |
Bukit Merah | $856,000 |
Bukit Panjang | $503,000 |
Bukit Timah | * |
Central | * |
Choa Chu Kang | $508,000 |
Clementi | $561,000 |
Geylang | $615,000 |
Hougang | $560,000 |
Jurong East | $497,500 |
Jurong West | $490,000 |
Kallang/Whampoa | $830,000 |
Marine Parade | * |
Pasir Ris | $555,000 |
Punggol | $605,000 |
Queenstown | $928,000 |
Sembawang | $551,000 |
Sengkang | $575,000 |
Serangoon | $600,000 |
Tampines | $579,000 |
Toa Payoh | $750,000 |
Woodlands | $515,000 |
Yishun | $520,000 |
*Bukit Timah, Central Area, and Marine Parade were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in Q4 2023).
HDB Resale Prices vs BTO Prices in Singapore (Q4 2023)
Launch date | Town | BTO 2023 project | BTO price for 4-room flat (excluding CPF Housing Grants) |
Dec 2023 | Bedok | Chai Chee Green | From $421,000 |
Dec 2023 | Bishan | Sin Ming Residences | From $519,000 |
Dec 2023 | Bukit Merah | Alexandra Peaks (PLH) | From $533,000 |
Dec 2023 | Bukit Panjang | Petir Park Edge | From $320,000 |
Dec 2023 | Jurong West | Jurong Arcadia | From $315,000 |
Dec 2023 | Queenstown | Ulu Pandan Vista (PLH) | From $598,000 |
Dec 2023 | Woodlands | Woodlands Beacon | From $318,000 |
Dec 2023 | Woodlands | Urban Rise @ Woodlands | From $337,000 |
Oct 2023 | Queenstown | Tanglin Halt Cascadia (PLH) | From $537,000 |
Oct 2023 | Kallang/Whampoa | Tenteram Vantage (PLH) | From $488,000 |
Oct 2023 | Kallang/Whampoa | Rajah Residences | From $480,000 |
Oct 2023 | Kallang/Whampoa | Verandah @ Kallang (PLH) | From $535,000 |
Oct 2023 | Choa Chu Kang | Rail Green I and II @ CCK | From $319,000 |
Oct 2023 | Tengah | Plantation Edge I and II | From $353,000 |
Based on the latest resale HDB price and BTO prices, the former is typically pricier. This is expected as BTO flats prices are built and sold at prices below market value by HDB as the prices are pegged to affordability, whereas you buy resale flats on the open market.
Looking at the October 2023 and December 2023 BTO project launches, it is clear that BTO prices are quite affordable
Let’s take the recent the recent Bishan December BTO 2023 project. Prices for a 4-room Sin Ming Residences BTO flat started at $519,000. In comparison, the median resale HDB flat price for a 4-room flat in the neighbourhood was $707,000.
Likewise, prices for a 4-room Rajah Residences BTO flat during the October BTO 2023 launch started at $480,000. The Q3 2023 median resale HDB price for a 4-room flat in Kallang/Whampoa was $790,400.
CPF Housing Grants
CPF Housing Grant | Amount |
Enhanced CPF Housing Grant (Families) | Up to $80,000 |
Step-Up CPF Housing Grant (Families) | Up to $15,000 |
CPF Housing Grant for resale flats (Families) | 4-room or smaller: up to $80,000 |
Proximity Housing Grant (Families) | $30,000 to live with your parents |
Enhanced CPF Housing Grant (Singles) | Up to $40,000 |
CPF Housing Grant for resale flats (Singles) | 4-room or smaller: up to $40,000 |
Proximity Housing Grant (Singles) | $15,000 to live with your parents |
How to Buy an HDB Resale Flat Via the HDB Flat Portal
After browsing HDB resale flat listings on PropertyGuru, your first step to buying an HDB resale flat is to log onto the HDB Flat Portal and apply for the HDB Flat Eligibility (HFE) letter. The HFE letter accesses your HDB flat, CPF Housing Grants, and HDB loan eligibility checks in one step.
Refer to our quick guide on using the HDB Flat Portal to buy an HDB resale flat:
And if you’re curious whether you should take up a bank loan to finance your HDB resale flat, reach out to our team of PropertyGuru Finance Mortgage Experts. They’ll cross-compare the latest mortgage packages and rates across all major banks in Singapore and match you with the most money-saving home loan – and best of all, working with them is free!
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