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HDB Price Guide: 5 Most Expensive HDB Estates In 2020

Bishan and Queenstown continue their reign as most expensive HDB estates but Punggol and Sengkang may be a surprise.


With headlines proclaiming that HDB resale prices hitting a 8-year high in 2020 and private property prices increasing by 2.2%, Singaporeans’ interest in property is undoubtedly on the rise in spite of the COVID-19 pandemic.

In fact, the pandemic is a possible reason for the rising property market as people constrained by their existing home environments move to seek better homes while supply is constricted by constructions delays due to circuit breaker.

Read Also: 5 Reasons Why Singapore’s Property Market Is Heading For A Bull Run

In 2020, 8 housing estates had HDB flats that sold for more than $1 million with these units being unique jumbo flats, executive maisonettes or apartments or central location Build-To-Order (BTO) flats. Yet, the trend to raising property prices is not limited to these exceptional flat types as the overall HDB resale index has risen to 138.1 in 4Q2020 and an 5% increase for 2020.

Will There Be New Cooling Measures?

With the property market heating up in the midst of a recession, there has been speculation that the government may intervene with new cooling measures. Deputy Prime Minister and Minister for Finance, Heng Swee Keat, and Minister for National Development, Desmond Lee, were both quoted on separate occasions in January 2021 to indicate that the government is closely monitoring the local property market.

Additionally, Minister for National Development has also indicated that the government is considering measures to mitigate the lottery effect of prime region HDB BTO flats. All these seem to suggest that changes are in store for the property market and that one should pay attention to Budget 2021.

Regardless of the potential changes, the fact of the matter remains: HDB flats are public housing and the mandate of the government is to ensure the affordability of public housing, not the capital appreciation or investment potential of public housing.

With these in mind, let us take a look at the most expensive HDB estates in Singapore in 2020.

Town 3-Room 4-Room 5-Room Executive
Ang Mo Kio $300,000 $405,400 690,000
Bedok $290,000 $410,000 589,000
Bishan $367,000 $520,000 718,000 900,000
Bukit Batok $277,000 $385,000 535,000 649,400
Bukit Merah $329,000 $680,000 745,000
Bukit Timah
Central $421,000 $636,500
Choa Chu Kang $335,000 $400,000 477,500 554,500
Clementi $327,000 $497,500 690,000 *
Geylang $278,500 $635,000
Hougang $292,000 $410,000 521,500 672,800
Jurong East $299,000 $422,500 524,000 640,000
Jurong West $280,000 $375,000 468,000 580,000
Kallang/ Whampoa $303,000 $552,500 654,000
Marine Parade $354,000
Pasir Ris $450,000 511,400 637,500
Punggol $374,500 $475,500 549,400
Queenstown $328,000 $792,500 917,500
Sembawang $370,000 422,000 500,000
Sengkang $352,400 $435,000 497,000 576,000
Serangoon $308,900 $438,000 546,000 738,000
Tampines $335,000 $435,000 545,000 681,000
Toa Payoh $268,000 $566,000 757,500
Woodlands $265,000 $374,000 445,000 639,000
Yishun $295,000 $400,000 509,000 618,000
Serangoon $308,900 $438,000 546,000 738,000
Tampines $335,000 $435,000 545,000 681,000
Toa Payoh $268,000 $566,000 757,500
Woodlands $265,000 $374,000 445,000 639,000
Yishun $295,000 $400,000 509,000 618,000

Median HDB Resale Prices in 4Q2020. Source: HDB.
“-” indicates there were less than 20 transactions recorded in the quarter.

Let us compare the prices of 3-room, 4-room, 5-room and Executive HDB flats to find the most expensive towns. Here are the most expensive towns to buy these flat types:

3-Room HDB Resale Flats

# Town 3-Room
1 Central $421,000
2 Punggol $374,500
3 Bishan $367,000
4 Marine Parade $354,000
5 Sengkang $352,400

 

Bukit Timah, Sembawang and Pasir Ris were excluded due to insufficient resale transaction data.

Interestingly, 3-room flats are the only flat type where non-mature estates (Punggol and Sengkang) make it to the list of most expensive estates.

4-Room HDB Resale Flats

# Town 4-Room
1 Queenstown $792,500
2 Bukit Merah $680,000
3 Central $636,500
4 Geylang $635,000
5 Toa Payoh $566,000

 

Bukit Timah and Marine Parade were excluded due to insufficient resale transaction data.

Prices in Queenstown has benefited from the recent batch of flats at Dawson reaching the end of their Minimum Occupancy Period (MOP).

5-Room HDB Resale Flats

# Town 5-Room
1 Queenstown 917,500
2 Toa Payoh 757,500
3 Bukit Merah 745,000
4 Bishan 718,000
5 Ang Mo Kio 690,000

 

Bukit Timah, Central, Marine Parade and Geylang were excluded due to insufficient resale transaction data.

Prices in Queenstown has benefited from the recent batch of flats at Dawson reaching the end of their Minimum Occupancy Period (MOP).

Executive HDB Resale Flats

# Town Executive
1 Bishan $900,000
2 Serangoon $738,000
3 Tampines $681,000
4 Hougang $672,800
5 Bukit Batok $649,400

 

Ang Mo Kio, Bedok, Bukit Timah, Bukit Merah, Central, Clementi, Geylang, Kallang/ Whampoa, Punggol, Queenstown, Toa Payoh, and Marine Parade were excluded due to insufficient resale transaction data. This is unsurprising as HDB appears to have phased out the construction of Executive flat type in recent years.

Read Also: 8 Housing Estates That Have HDB Flats More Than $1 Million

Median Data Doesn’t Tell The Whole Story

While useful as a rule of thumb or a quick reference, the median HDB resale prices or resale price index doesn’t include information such as the age or location of the property which can contribute significantly to the price differentials.

The lack of sufficient resale transaction data can also skew the ranking as estates such as Central and Marine Parade are well known to be pricey, but they do not show up for the ranking of 5-room and executive flat types due to their scarcity. Additionally, the fulfilment of the Minimum Occupancy Period for a batch of BTO flats can also bump up the resale prices in an estate. For example, the BTO flats at Dawson fresh out of MOP are likely to have bumped the resale prices in Queenstown.

Regardless, the mature estates continue their reign as the most expensive HDB estates. Only 3-room flats in Punggol and Sengkang break the norm to rank within the top five most expensive estates for the flat type.

Read Also: HDB Price Guide: 5 Most Expensive HDB Estates In 2019

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