Singapore HDB Resale Flat Price Guide: How Much Should You Pay in Q2 2022
If you’re looking to buy an HDB resale flat, you’re probably looking at HDB transactions and pricing trends across different estates and flat types so that you get a better sense of the price you can expect to pay.
With HDB resale prices increasing for the 20th straight month in February 2022 and rising again for the eighth straight quarter, according to the Q1 2022 HDB Public Housing Data statistics, it’s clear how expensive HDB resale flats are now.
In this guide, we take a look at HDB resale flat prices and how they compare to HDB BTO flat prices. So, if you want to buy a flat in the coming quarter, here’s how much you can expect to pay, using the latest Q1 2022 HDB 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 parents’ 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. Although you don’t get the full 99-year lease, a freshly MOP-ed HDB resale unit is a suitable alternative. However, do consider if the price you’re paying is worth it based on the remaining years left on the lease.
Related article: Comparing HDB Flats in the Same Estate: How Old Should You Go? (BTO vs HDB Resale Price 2022)
With HDB resale flats, you can also collect the keys as soon as the transaction is completed. This means you can start your renovation 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 Flat Price 2022: How Much Do HDB Resale Flats Cost in Singapore
Here’s an overview of the HDB resale flat prices in Singapore by estate for Q1 2022, based on the 4-room units, the most popular HDB flat type:
|Estate — 4-room resale flat price (median)|
|Ang Mo Kio — $475,000||Clementi — $703,000||Punggol — $520,000|
|Bedok — $450,000||Geylang — $530,000||Queenstown — $820,000|
|Bishan — $629,000||Hougang — $487,000||Sembawang — $466,500|
|Bukit Batok — $480,000||Jurong East — $450,000||Sengkang — $510,000|
|Bukit Merah — $750,000||Jurong West — $440,000||Serangoon — $492,500|
|Bukit Panjang — $455,000||Kallang/Whampoa — $755,000||Tampines — $498,000|
|Bukit Timah — Nil||Lim Chu Kang/Tengah — Nil||Toa Payoh — $622,500|
|Central Area — $811,000||Marine Parade — Nil||Woodlands — $450,000|
|Choa Chu Kang — $470,000||Pasir Ris — $490,000||Yishun — $450,000|
Source: HDB Resale Statistics
About the HDB Resale Price Index Portal
If you’re shopping around for an HDB resale flat and you’re not sure how much you should pay for a unit in your chosen estate, one handy tool is the HDB resale price index portal.
Search by HDB town, flat type and resale registration date, plus you can even drill down into finer details such as street name, block number and even the range of the transacted resale prices.
Quickly check the transacted prices for resale flats within the past 2 years, based on registered resale applications. The HDB resale price index portal is also updated daily.
After setting your budget, you browse available HDB resale flat listings on PropertyGuru. It’s easy to search by the estate, number of bedrooms, price and more.
Have There Been Changes to the Resale Market since the COVID-19 Outbreak?
Yes, but probably not the way you think. In the earlier days of the pandemic, many assumed resale flat prices would drop since physical house viewings were not permitted during Singapore’s circuit breaker period and Phase Two (Heightened Alert).
Related article: Virtual vs Face-to-Face Viewings: Which is Better?
However, HDB resale flat prices have been on the uptick and there was no panic selling of flats. In fact, the fresh rounds of BTO construction delays pushed more into the HDB resale market as those affected by long completion times chose to cancel their BTO flat application. Others who were unwilling to wait for a BTO flat turned to the resale market.
Additionally, work from home changed the way we buy homes. People are looking towards resale units due to their desire for bigger and more spacious homes. In the past year, an influx of HDB upgraders entered the market as their homes fulfilled the 5-year Minimum Occupation Period (MOP). Flush with cash, they either go for new launch condos or larger HDB flats, fuelling demand.
If you’ve been following the news, you know these factors contributed to why HDB resale flat prices are currently at a high.
Want more property related insights? Check out the PropertyGuru Singapore Property Market Report Q1 2022 – Powered by PropertyGuru DataSense,
HDB Resale vs BTO Prices in Singapore
Here’s a quick look at some of the grants available to HDB resale and BTO flat buyers:
Enhanced CPF Housing Grant (EHG) for first-timer applicants
Up to $80,000
Up to $80,000
Step-Up CPF Housing Grant for second-timer applicants
$15,000, only for eligible applicants
Up to $50,000
Proximity Housing Grant
Up to $30,000
That’s quite a lot of available HDB grants for potential resale flat buyers. Actually, more than what is available for an HDB BTO flat buyer if you fulfil more than one criteria. Of course, all grants come with their individual terms and conditions so head to the HDB website for more information.
*Aside from the Singles Grant, singles can get up to $40,000 for the EHG and up to $15,000 for the Proximity Housing Grant.
Let’s also take a look at the prices for the recent Feb 2022 HDB BTO launches for 4-room launches:
Tengah (non-mature) — Parc Flora @ Tengah
Tengah (non-mature) — Plantation Creek
Yishun (non-mature) — Grove Spring
Yishun (non-mature) — Yishun Boardwalk
Geylang (mature) — Dakota Crest
Kallang/Whampoa (PLH) — King George’s Heights
Based on the latest prices for HDB resale and BTO flats, the former is typically pricier. The difference is most pronounced in non-mature HDB estates.
Let’s take the recent Yishun (non-mature) and Kallang/Whampoa (mature) launches as examples. Prices for a 4-room HDB BTO flat in Yishun start at $270,000, while the median price for a 4-room HDB resale flat in Yishun is $450,000. That’s a 66.67% price increase.
For Kallang/Whampoa, prices for a 4-room HDB BTO flat there start at $488,000, while the average price for a 4-room HDB resale flat is $755,000, a 54.71% increase. However, HDB resale flats in mature estates are already priced higher than that of their non-mature counterparts, which could explain why these mature, sought-after estates’ prices see less growth.
Related article: May 2022 HDB BTO Launch Review: Bukit Merah, Jurong West, Queenstown, Toa Payoh, Yishun
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More FAQs about Resale HDB Flat Price in Singapore
You will need at least $5,000 in cash for your deposit.
Yes, you will need to show a proof of marriage (your wedding certificate) three months after collecting your keys, should you apply for an HDB resale flat under the Fiancé/Fiancée Scheme.
Yes, you may use your CPF to fund some parts of your resale HDB. Read here to find out more: How to Pay for a Resale HDB Flat: A Step-by-Step Guide.
According to median prices for HDB resale flats in Q1 2022, expect to pay anywhere between $450,000 to $820,000 for the average 4-room flat.
An older resale flat can be worth buying if you are not looking for space over financial gains, as older flats can be hard to sell.
The buyer has to request a valuation on their HDB flat, after which you would need to log in to HDB e-service to proceed with the submission.