Resale Price Trends of HDB Flats in Singapore (2014–2024): Key Insights for Upgraders

Authored by Raymond Tiah

Resale Price Trends of HDB Flats in Singapore (2014–2024): Key Insights for Upgraders

Introduction

The Singapore property market has seen significant shifts over the past decade, with Housing and Development Board (HDB) flat resale prices steadily increasing. For HDB homeowners, these price trends not only highlight the growing value of their properties but also open up opportunities to upgrade to private properties, such as condominiums.

In this blog, we explore the resale price growth of HDB flats from 2014 to 2024, focusing on different flat types, key towns, and the rise of million-dollar resale flats.

Flat Types: Price Growth Across the Board

4-Room Flats: Steady but Moderate Growth

4-room flats, a popular choice for small to medium-sized families, saw a moderate increase in resale prices across towns. While the growth was not as steep as other flat types, it still reflects the consistent demand for these units.

5-Room Flats: A Bigger Jump in Value

5-room flats experienced a more significant increase in resale prices, making them attractive to families looking for larger living spaces. The higher demand for these units has contributed to their sharper price growth compared to 4-room flats.

Executive Flats: Leading the Price Surge

Executive flats, known for their spacious layouts, showed the largest price increase in many towns. These premium units cater to larger households and individuals seeking luxurious HDB living, driving their resale values to impressive heights.

Million-Dollar Flats: The New Normal?

The number of million-dollar HDB resale flats has soared over the past decade, particularly in mature estates with strong demand.

• Central Area: With 292 million-dollar flats sold, the Central Area stands out as the top region for premium resale transactions, driven by its prime location and accessibility.

• Bishan: A mature estate known for its schools and amenities, Bishan recorded 49 million-dollar resale flats.

• Ang Mo Kio & Kallang/Whampoa: These towns also saw high growth in million-dollar transactions, with 120 and 246 flats sold, respectively.

This trend indicates a shift in buyer preferences towards high-value properties in well-established towns.

Towns with Significant Growth: Spotlight on Mature Estates

Central Area: Leading Across All Flat Types

The Central Area recorded the highest price growth across all flat types, with executive flats reaching a staggering $548,082. This underscores its status as Singapore's premium residential hub.

Bishan: Consistent Growth

Bishan saw notable price increases for executive flats ($380,896) and remains a favourite among buyers for its central location and reputable schools.

Emerging Areas: Affordable Options for Younger Buyers

Towns like Punggol and Sengkang offer more affordable resale prices, appealing to younger families or budget-conscious buyers. These areas, while not prominent in million-dollar transactions, remain attractive for their newer developments and community-centric planning.

Implications for HDB Homeowners: Upgrading to Condos

For HDB homeowners, the significant equity gains from these price increases present an excellent opportunity to consider upgrading to private properties, such as condominiums.

Why Upgrade Now?

1. Leverage Increased Equity: The growing value of your HDB flat can help finance a condo purchase.

2. Target Growth Areas: Towns like Bishan and the Central Area, with substantial price growth, are ideal for those looking to maximise returns on resale.

3. Lifestyle Upgrade: Condos offer enhanced amenities and a premium lifestyle, appealing to those ready to move beyond HDB living.

Conclusion: Making the Most of Market Trends

The past decade has highlighted the resilience and growth potential of HDB flats, particularly in mature estates and premium locations. For homeowners, this is an opportune moment to explore the next step in their property journey—upgrading to a private property.

By leveraging the increased value of their flats, HDB owners can seamlessly transition to a condominium, enjoying both financial and lifestyle benefits. Whether you’re in Bishan, the Central Area, or an emerging town, the time to act is now.