HDB Resale Prices: How Much Can You Expect to Pay for Singapore HDB Prices in Q3 2023?
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.
With HDB resale prices increasing for the 13th consecutive quarter in Q2 2023, it’s clear how expensive HDB resale flats are nowadays. Signs of a slowdown have been observed as quarter-on-quarter (QoQ) price growth has been more modest – the HDB Resale Price Index saw price growth of 1.5% from 173.6 points in Q1 2023 to 176.2 points in Q2 2023.
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 Q3 2023, here’s how much you can expect to pay, using the latest Q2 2023 HDB Resale Price Index data 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, there’s also no guarantee that 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 Q2 2023
Town | Resale HDB prices (4-room flat) |
Ang Mo Kio | $520,000 |
Bedok | $518,000 |
Bishan | $690,000 |
Bukit Batok | $590,000 |
Bukit Merah | $838,000 |
Bukit Panjang | $493,000 |
Bukit Timah | * |
Central | $894,000 |
Choa Chu Kang | $495,000 |
Clementi | $597,500 |
Geylang | $668,000 |
Hougang | $525,000 |
Jurong East | $492,000 |
Jurong West | $476,000 |
Kallang / Whampoa | $778,900 |
Marine Parade | * |
Pasir Ris | $540,000 |
Punggol | $590,000 |
Queenstown | $850,000 |
Sembawang | $556,900 |
Sengkang | $560,000 |
Serangoon | $559,000 |
Tampines | $564,000 |
Toa Payoh | $715,000 |
Woodlands | $490,000 |
Yishun | $491,500 |
*Bukit Timah and Marine Parade were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in Q2 2023).
HDB Resale Prices vs BTO Prices in Singapore (Q2 2023)
Launch date | Town | May BTO 2023 project | BTO price for 4-room flat (excluding CPF Housing Grants) |
May 2023 | Tengah | Plantation Verge | From $350,000 |
May 2023 | Tengah | Parc Meadow @ Tengah | From $350,000 |
May 2023 | Bedok | Bedok South Blossoms | From $448,000 |
May 2023 | Serangoon | Serangoon North Vista | From $397,000 |
May 2023 | Kallang/Whampoa | Farrer Park Arena | From $505,000 |
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, whereas you buy resale flats on the open market.
Let’s take the recent Bedok and Kallang/Whampoa May BTO 2023 projects for example. Prices for a 4-room Bedok South Blossoms BTO flat start at $448,000, while the Q2 2023 median resale HDB price for a 4-room flat in Bedok is $518,000. That’s a 15% price increase.
For Farrer Park Arena, prices for a 4-room Kallang/Whampoa May BTO 2023 flat there start at $505,000, while the Q2 2023 median resale HDB price for a 4-room flat is $778,900, a 54.2% increase.
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 into 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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