SINGAPORE HDB TOWNS
Do you recognise the blocks of HDB flats in the picture above?
Where do you think they are located?
That white block on the right holds a special place in my memory.
It was my very first home. Back then, this area was full of life, surrounded by rows of shophouses and small businesses.
Like so many early Singapore neighbourhoods, both my childhood home and those familiar HDB flats on the left have since made way for Singapore’s rapid transformation. Today, this area has a whole new look and energy.
Prices of HDB flats have likewise “moved” with time.
Let’s take a look at the Singapore HDB Resale Price Index since 2010 1Q.
SINGAPORE HDB RESALE PRICE INDEX
Since 2010 1Q
2010-2013: STRONG PRICE GROWTH
Index moved from 112.1 to 149.4 (up 33.27%)
This was a period marked by supply & demand inbalance. HDB didn’t have enough new flats to cater to demand from young families, forcing them to buy from the HDB resale market.
During this time, Singapore experienced strong population growth due to inward migration. This increased the demand for housing (both HDBs & private properties).
Additionally, low interest rates made financing more accessible, further fueling demand and driving prices up.
2013-2017: PRICE DECLINE
Index moved from peak of 149.4 to 132.6 (down 11.24%)
In 2013, the government introduced several cooling measures—such as the Total Debt Servicing Ratio (TDSR), loan-to-value limits, and tighter rules for Permanent Residents (PRs)—which reduced demand for housing.
Increased supply from new HDB BTO flats also put downward pressure on resale prices.
With these changes, the resale market softened, and prices began to decline.
2018-2019: PRICE STAGNATION
Index moved from 131.6 to 131.5 (down 0.7%)
This was a period of price stagnation, as owners of older HDB flats struggled to sell their units.
In May 2019, the government adjusted the rules for CPF usage and HDB loans for older flats, offering some relief to these sellers.
2020-PRESENT: SHARP PRICE INCREASE
Index moved from 131.5 to 192.9 (up 46.69%)
The COVID-19 pandemic caused delays in the construction of BTO flats, pushing more buyers toward the resale market. During this time, some private property owners also chose to downsize to HDB flats, increasing demand further.
This led to the introduction of a 15-month wait-out period for private property owners looking to buy HDB resale flats, as the government aimed to balance demand.
TOP HDB MOVERS IN 2024 3Q
These are the highest HDB resale prices achieved for the different flat types in this quarter. Click the link of the HDB estate to see the exact address & other insightful stats.
HDB 2-room: Sold @ $650,000 in Queenstown
HDB 3-room: Sold @ $1,470,000 in Bukit Merah (not a mistake)
HDB 4-room: Sold @ $1,415,000 in Central Area
HDB 5-room: Sold @ $1,580,000 in Bukit Merah
HDB Executive: Sold @ $1,350,000 in Queenstown
WHAT WILL 2025 BRING?
With property market dynamics constantly evolving, 2025 might bring even more changes to HDB resale prices.
Factors like new policy adjustments, economic trends, and shifts in housing preferences will all play a role in shaping the future landscape of the HDB market.
Whether you’re considering buying, selling, or renting out an HDB resale flat, staying informed can help you make the best decisions.
Explore the regions below for more details on each HDB town, including unique facts and interactive charts that showcase the latest HDB resale and rental trends.
CENTRAL
HDB TOWNS
P.S. There’s no Bukit Timah as the transaction volume is very thin. Tengah will be up in due course.
Did you manage to guess the location of the old HDB flats in the main picture?
This is the Bugis area in the 1970s.
The blocks of HDB flats on the left are the iconic Rochor HDB flats, well-known landmarks that have since been demolished.
This very photo once appeared in our secondary school’s Geography textbooks, capturing a slice of Singapore’s past.
WHAT BRINGS YOU HERE TODAY?
Are you wondering what to do in today’s market?
Perhaps you already have a clear mind of what you want to do?
In my blog, I often share stories of the challenges, triumphs, and lessons learned in my work as a real estate agent in Singapore.
Regardless of your situation, you can use me as a sounding board. I’ll provide perspective and clarity from my experience.
