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Singapore Resale HDB Price Guide: How Much Should You Pay, Based on Q1 2024 Resale Flat Data
Looking at HDB resale prices is important if you’re looking to buy an HDB resale flat. By doing so, you get a better sense of what HDB resale transaction prices you can expect to pay.
According to the latest Q1 2024 HDB Resale Price Index data, HDB resale prices increased 1.8% in the past quarter, marking the sixteenth consecutive quarter of growth. Compared to the same period last year, the number of HDB flat transactions increased by 8% quarter-on-quarter, the greatest quarterly rise in more than a year.
Still, HDB resale transaction price growth has slowed and all signs point towards a moderating market. Compared to the 10.4% increase for HDB resale transaction prices in 2022 and the 12.7% increase in 2021, HDB resale transaction prices increased 4.9% for the whole of 2023. So, if you want to buy a flat in Q1 2024, here’s how much you can expect to pay for a 4-room flat (the most popular flat type to buy), using the latest figures as an estimate.
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How to Finance Your HDB Resale Flat (Video)
Not sure how to budget and pay for your HDB resale flat? Here’s a short video on what you need to know.
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, no guarantee 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 Q1 2024
Towns | Resale HDB prices (4-room flat) |
Ang Mo Kio | $531,500 |
Bedok | $514,000 |
Bishan | $706,500 |
Bukit Batok | $591,500 |
Bukit Merah | $895,000 |
Bukit Panjang | $528,000 |
Bukit Timah | * |
Central | * |
Choa Chu Kang | $510,000 |
Clementi | $600,000 |
Geylang | $588,000 |
Hougang | $563,500 |
Jurong East | $483,400 |
Jurong West | $495,000 |
Kallang/Whampoa | $848,000 |
Marine Parade | * |
Pasir Ris | $570,000 |
Punggol | $633,000 |
Queenstown | $897,500 |
Sembawang | $565,000 |
Sengkang | $580,000 |
Serangoon | $604,500 |
Tampines | $600,000 |
Toa Payoh | $834,000 |
Woodlands | $512,000 |
Yishun | $535,000 |
*Bukit Timah, Central Area, and Marine Parade were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in Q1 2024).
HDB Resale Prices vs BTO Prices in Singapore (Q1 2024)
Launch date | Town | BTO project | BTO price for 4-room flat (excluding CPF Housing Grants) |
Feb 2024 | Bedok | Bedok South Bloom | From $491,000 |
Feb 2024 | Bedok | Bedok North Springs | From $451,000 |
Feb 2024 | Choa Chu Kang | Rail Garden @ CCK | From $300,000 |
Feb 2024 | Hougang | Tanjong Tree Residences @ Hougang | From $371,000 |
Feb 2024 | Punggol | Matilda Riverside | From $318,000 |
Feb 2024 | Queenstown | Tanglin Halt Courtyard | From $565,000 |
Feb 2024 | Woodlands | Woodgrove Edge | From $303,000 |
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 as the prices are pegged to affordability, whereas you buy resale flats on the open market.
Looking at the Feb 2024 BTO project launches, it is clear that BTO prices are quite affordable as compared to resale HDB prices. Let’s take the recent the recent Queenstown Feb BTO 2024 project. Prices for a 4-room Tanglin Halt Courtyard BTO flat started at $565,000. In comparison, the median resale HDB price for a 4-room flat in the neighbourhood was $897,500.
Likewise, it’s the same for homes further away from the city centre. Prices for a 4-room Tanjong Tree Residences @ Hougang BTO flat during the February BTO 2024 launch started at $371,000. The Q1 2024 median resale HDB price for a 4-room flat in Hougang was $563,500.
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 in 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!
For more property news, content and resources, check out PropertyGuru’s guides section.
Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.
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