According to HDB public housing data for Q3 2022, resale HDB flat prices have risen for the 10th consecutive quarter. Their current prices are evident, not to mention the million-dollar flats that frequently make headlines.
This article will introduce resale HDB flat prices and compare them with Build-To-Order (BTO) flat prices. Therefore, if you’re looking to buy an HDB flat, you can get an idea of the expected cost based on the latest HDB data from Q3 2022.
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Why Buy a Resale HDB Flat?
For those who don’t want to go through the balloting process or wait for a Build-To-Order (BTO) flat, a resale flat is an excellent option. Firstly, participating in the BTO ballot does not guarantee that you will secure a unit.
For first-time buyers, for example, sometimes the available BTO projects are not in their ideal location, not close to their parents’ home, not near a top primary school, or not convenient for work. Therefore, if you don’t want to waste time waiting or renting, a resale flat is a good choice. However, with resale HDB prices currently at a historic high, be sure to consider whether the price is worth it, taking into account the remaining lease.
With a resale flat, buyers can collect the keys immediately after the transaction is completed (assuming it is not rented out and the owner has not requested any extension), which means you can start renovations and move in quickly.
If you’re not particular about the interior design of your home, you might even save on renovation costs, as the first owner has already completed the interior fittings. However, if you have specific requirements, a BTO flat might be better, as demolishing walls and existing structures in a resale flat can be expensive.
How Has the Resale HDB Market Changed Since the COVID-19 Outbreak?
In the early days of the pandemic, many believed that resale HDB prices would fall, as physical viewings were not allowed during Singapore’s Circuit Breaker and Phase 2 (Heightened Alert).
However, resale flat prices have been on the rise, and there has been no panic selling. In fact, construction delays for BTO projects have further fueled the resale HDB market, as those affected by long completion times have chosen to cancel their BTO applications.
Furthermore, the ongoing hybrid and work-from-home arrangements have changed people’s home-buying patterns. The desire for larger and more spacious homes has led people to look for bigger units. Over the past year, as many flats reached their 5-year Minimum Occupation Period (MOP), a large number of HDB upgraders have entered the market, and with cash on hand, they have been snapping up newly launched condos and larger HDB flats.
Consequently, with more people willing to pay a premium for space, S$277 million worth of HDB units were transacted in the first three quarters of 2022. In summary, these factors have kept housing demand strong and have caused resale HDB flat prices to reach their current historic highs.
What Are the HDB Resale Flat Prices in Singapore (Q3 2022)?
Here is an overview of the median prices for resale HDB flats in Singapore for Q3 2022, based on the most popular 4-room flats:
| Ang Mo Kio | S$516,500 |
| Bedok | S$475,000 |
| Bishan | S$640,000 |
| Bukit Batok | S$500,000 |
| Bukit Merah | S$765,000 |
| Bukit Panjang | S$471,900 |
| Bukit Timah | * |
| Central Area | S$680,000 |
| Choa Chu Kang | S$493,900 |
| Clementi | S$555,000 |
| Geylang | S$560,000 |
| Hougang | S$506,000 |
| Jurong East | S$460,000 |
| Jurong West | S$475,000 |
| Kallang/Whampoa | S$778,400 |
| Marine Parade | * |
| Pasir Ris | S$519,000 |
| Punggol | S$555,000 |
| Queenstown | S$860,000 |
| Sembawang | S$515,000 |
| Sengkang | S$536,000 |
| Serangoon | S$520,900 |
| Tampines | S$530,000 |
| Toa Payoh | S$740,000 |
| Woodlands | S$468,000 |
| Yishun | S$473,000 |
*Bukit Timah and Marine Parade are excluded due to insufficient resale transaction data (i.e., no resale transactions or fewer than 20 resale transactions in the quarter).
Singapore HDB Resale vs. BTO Prices (Q3 2022)
Next, let’s look at the selling prices of 4-room flats from the recent August 2022 BTO launch:
| Launch Date | Area – Project | 4-Room BTO Price (Excluding Grants) |
| August 2022 | Ang Mo Kio (Mature Estate) – Central Weave @ AMK | From S$535,000 |
| August 2022 | Bukit Merah (Mature Estate) – Alexandra Vale and Havelock Hillside | From S$531,000 |
| August 2022 | Choa Chu Kang (Non-Mature Estate) – Keat Hong Grange | From S$277,000 |
| August 2022 | Jurong West (Non-Mature Estate) – Jurong East Breeze | From S$283,000 |
| August 2022 | Tampines (Mature Estate) – Sun Plaza Spring | From S$381,000 |
| August 2022 | Woodlands (Non-Mature Estate) – Woodlands South Plains | From S$303,000 |
Based on the latest prices for resale and BTO flats, the former tend to be higher. This is expected, as BTO flats are built and sold by the HDB at below-market rates, while resale flats purchased on the open market will naturally have higher prices.
Taking the recent launches in Woodlands (a non-mature estate) and Bukit Merah (a mature estate) as examples, the price for a 4-room BTO flat in Woodlands started from S$303,000, while the median price for a 4-room resale flat in Woodlands for Q3 2022 was S$468,000, a 54.5% price difference. The starting price for a 4-room BTO flat in Bukit Merah was S$531,000, while the median price for a 4-room resale flat in Q3 2022 was S$765,000, a 44.1% price difference.
Overview of HDB Grants
When preparing funds for your property purchase, you can apply for housing grants. There are many housing grants available for resale HDB flats as well. If you meet the eligibility criteria for more than one scheme, the housing grants for resale flats can be more substantial than those for BTO flats. Of course, all grants have their own terms and conditions, and you can visit the HDB website for more details.
| Grant Type | Resale HDB Grant | BTO HDB Grant |
| Enhanced CPF Housing Grant (EHG) | Up to S$80,000 | Up to S$80,000 |
| Step-Up CPF Housing Grant | Up to S$15,000 | Up to S$15,000 |
| CPF Housing Grant (Resale) | Up to S$50,000 | N/A |
| Proximity Housing Grant (PHG) | Up to S$30,000 | N/A |
| Enhanced CPF Housing Grant for Singles | Up to S$40,000 | Up to S$40,000 |
| CPF Housing Grant for Singles (Resale) | S$25,000 (2- to 4-room) or S$20,000 (5-room) | N/A |
| Proximity Housing Grant for Singles | S$15,000 (to live with parents) or S$10,000 (to live within 4km of parents) | N/A |
Buying a Resale HDB Flat via the HDB Resale Portal
If you are interested in a resale HDB flat, both buyers and sellers can use the HDB Resale Portal by the Housing & Development Board. This website provides information on buying or selling HDB flats and includes three useful features: a customized financial calculator, a comprehensive HDB loan information service, and a new flat information service. Users can access the HDB Resale Portal with their SingPass. The information on the website is updated daily, and you can search for properties by HDB town, flat type, and resale registration date. Additionally, by registering a resale application, you can access more detailed information, such as street names, block numbers, and even transaction prices from the past two years.
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