Singapore HDB Resale Flat Price Guide: How Much Should You Pay in Q3 2022

PropertyGuru Editorial Team
Singapore HDB Resale Flat Price Guide: How Much Should You Pay in Q3 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 24th straight month in June 2022 and rising again for the ninth straight quarter (Q2 2022 HDB Public Housing Data statistics), it’s clear how expensive HDB resale flats are nowadays. Not to mention, those darn million-dollar HDB flats that keep making headlines!
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 Q2 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.
With HDB resale flats, you can also 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 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 Q2 2022, based on the 4-room units, the most popular HDB flat type:
EstateMedian flat price (4-room)
Ang Mo Kio$515,000
Bukit Batok$495,000
Bukit Merah $751,000
Bukit Panjang$475,000
Bukit TimahNil
Central Area$964,000
Choa Chu Kang$485,000
Jurong East$490,000
Jurong West$469,000
Lim Chu Kang/TengahNil
Marine ParadeNil
Pasir Ris$500,000
Serangoon $526,500
Toa Payoh$700,900
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).
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 toward 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.

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)
Up to $80,000
Up to $80,000
Step-Up CPF Housing Grant
$15,000, only for eligible applicants
CPF Housing Grants for resale flats
Up to $50,000
Proximity Housing Grant
Up to $30,000
Enhanced CPF Housing Grant (Singles)
Up to $40,000
CPF Housing Grant for resale flats (Singles)
Proximity Housing Grant (Singles)
That’s quite a lot of available HDB resale 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 EHG (Singles) grant, singles buying an HDB resale flat can get up to $15,000 for the Proximity Housing Grant.
Let’s also take a look at the prices for the recent May 2022 HDB BTO launches for 4-room launches:
May 2022
Jurong West (Non-mature) — Lakeside View
From $320,000
May 2022
Yishun (Non-mature) — Yishun Beacon
From $328,000
May 2022
Toa Payoh (Mature) — Kim Keat Heights
From $420,000
May 2022
Bukit Merah (Mature) — Bukit Merah Ridge
From $540,000
May 2022
Queenstown (Mature) — Ghim Moh Ascent
From $511,000
Source: HDB
Based on the latest HDB resale flat prices and BTO prices, the former is typically pricier. This is expected as BTOs are considered to be subsidised, whereas you buy resale flats on the open market.
Let’s take the recent Yishun (non-mature) and Toa Payoh (mature) launches as examples. Prices for a 4-room HDB BTO flat in Yishun start at $328,000, while the Q2 median price for a 4-room HDB resale flat in Yishun is $470,000. That’s a 43.3% price increase.
For Toa Payoh, prices for a 4-room HDB BTO flat there start at $420,000, while the Q2 median price for a 4-room HDB resale flat is $700,900, a 66.9% increase.
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    More FAQs About HDB Resale Flat Prices in Singapore

    HDB resale flats are typically at least $300,000. You will need at least $5,000 in cash for your deposit. The rest can be paid from your CPF OA savings, provided you have enough.

    No, there are HDB resale flat options for singles aged 35 years and above. However, if you’re applying through the Fiancé/Fiancée scheme, yes you will need to show proof of marriage (your wedding certificate) three months after collecting your keys.

    Yes, you may use your CPF to fund some parts of your resale HDB.

    According to median prices for HDB resale flats in Q2 2022, expect to pay anywhere between $450,000 to $$964,000 for the average 4-room flat.

    An older resale flat can be worth buying if you are looking for space over financial gains, as older flats tend to be larger but can be hard to sell due to lease decay.

    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.