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 flat prices increasing for the 12th consecutive quarter in Q1 2023, it’s clear how expensive HDB resale flats are nowadays. Signs of a slowdown have been observed as quarter-on-quarter price growth has been more modest.
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 Q1 2023 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 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.
How the HDB Resale Market has Changed 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, BTO construction delays pushed more into the HDB resale market as those affected by long completion times chose to cancel their BTO flat application.
Additionally, enduring hybrid work and work from home arrangements changed the way we buy homes. People are looking towards larger 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 snapped up new launch condos and larger HDB flats.
Consequently, 277 million-dollar HDB flats were transacted in the first three quarters of 2022, as more were willing to pay for space premiums. Altogether, these factors kept demand buoyant and contributed to why HDB resale flat prices are currently at a record high.
But HDB resale flat data for the first quarter of 2023 revealed that signs of price resistance have been creeping in. In Q1 2023, the HDB Resale Price Index increased by 0.9% quarter-on-quarter (QoQ), lower than the 2.3% QoQ growth observed in Q4 2023. This marks the smallest increase in the past 10 quarters. It is predicted that HDB resale flat prices will continue to moderate throughout the year.
How Much Do HDB Resale Flats Cost in Singapore (Q1 2023)?
| Ang Mo Kio | $605,900 |
| Bedok | $486,000 |
| Bishan | $677,500 |
| Bukit Batok | $597,500 |
| Bukit Merah | $813,900 |
| Bukit Panjang | $492,500 |
| Bukit Timah | * |
| Central Area | $728,000 |
| Choa Chu Kang | $490,000 |
| Clementi | $648,000 |
| Geylang | $549,000 |
| Hougang | $518,000 |
| Jurong East | $470,000 |
| Jurong West | $478,000 |
| Kallang/Whampoa | $735,000 |
| Marine Parade | * |
| Pasir Ris | $535,000 |
| Punggol | $582,900 |
| Queenstown | $864,000 |
| Sembawang | $524,000 |
| Sengkang | $560,000 |
| Serangoon | $577,000 |
| Tampines | $555,000 |
| Toa Payoh | $779,000 |
| Woodlands | $485,000 |
| Yishun | $480,000 |
Here’s an overview of the median HDB resale flat prices in Singapore by estates for Q1 2023, based on the 4-room units, the most popular HDB flat type:
HDB Resale vs BTO Prices in Singapore (Q1 2023)
Let’s also take a look at the prices for the recent August 2022 HDB BTO launches for 4-room launches:
| Launch date | Town | BTO prices for 4-room flat (excluding grants) |
| Feb 2023 | Jurong West (Non-mature estate) – Jurong West Crystal | From $288,000 |
| Feb 2023 | Kallang/Whampoa (Mature estate) – Rajah Summit | From $459,000 |
| Feb 2023 | Kallang/Whampoa (Mature estate) – Farrer Park Fields | From $484,000 |
| Feb 2023 | Queenstown (Mature estate) – Ulu Pandan Glades | From $541,000 |
| Feb 2023 | Tengah (Non-mature estate) – Brickland Weave | From $291,000 |
Based on the latest HDB resale flat prices 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, whereas you buy resale flats on the open market.
Let’s take the recent Jurong West (non-mature estate) and Queenstown (mature estate) launches as examples. Prices for a 4-room HDB BTO flat in Jurong West starts at $288,000, while the Q1 2023 median price for a 4-room HDB resale flat in Jurong West is $478,000. That’s a 66.0% price increase.
For Queenstown, prices for a 4-room HDB BTO flat there start at $541,000, while the Q1 2023 median price for a 4-room HDB resale flat is $864,000, a 59.7% increase.
HDB Grants Overview
When it comes to financing your home, you can take up HDB grants to subsidise the purchase price. There are 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 criterion. Of course, all grants come with their individual terms and conditions so head to the HDB website for more information.
| Type of grant | HDB resale grant | HDB BTO flat grant |
| Enhanced CPF Housing Grant (Families) | Up to $80,000 | Up to $80,000 |
| Step-Up CPF Housing Grant | Up to $15,000 | Up to $15,000 |
| CPF Housing Grant for resale flats (Families) | Up to $80,000 | N/A |
| Proximity Housing Grant (Families) | $30,000 to live with your parents $20,000 to live within 4km of your parents |
N/A |
| Enhanced CPF Housing Grant (Singles) | Up to $40,000 | Up to $40,000 |
| CPF Housing Grant for resale flats (Singles) | $25,000, for 2-room to 4-room resale flat $20,000 for a 5-room resale flat |
N/A |
| Proximity Housing Grant (Singles) | $15,000 to live with your parents $10,000 to live within 4km of your parents |
N/A |
Buying an HDB Resale Flat: Use the HDB Resale Price Index Portal
If you are interested in an HDB resale flat, buyers and sellers can also make use of the HDB resale portal. The HDB resale portal provides information on the purchase or sale of a flat. There are three features which can be found on the HDB resale portal such as a customised financial calculator, an integrated loan listing service and a new flat listing service. To access the HDB resale portal, you would need your Singpass to log in.
The HDB resale price index portal is also updated daily. Using the HDB resale portal, you can search for a property 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 transacted resale prices within the past two years, based on registered resale applications.
You can also browse available HDB resale flat listings on PropertyGuru. Using our search and filter functions, you can sort through listings by area/estate, number of bedrooms, price and more.
For more property news, content and resources, check out PropertyGuru’s guides section.
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