Amidst the pandemic, 2021 marks a record year for HDB resale flat prices. In a span of 12 months, HDB resale flat prices rose 12.3% and hit the record peak of 155.7 on the HDB Resale Price Index (RPI). A record number of over 200 resale flats also transacted for $1 million and above in 2021, more than triple that of the 82 units in 2020.
The confluence of supply and demand factors for housing we saw in 2020 has undoubtedly led to the rise in property prices. In 2021, the RPI saw sharp quarterly increases. The current peak has now exceeded the previous peak in 2013 which saw a slew of property cooling measures that dampened the market in the years after.
True to some predictions, the government did implement a set of property cooling measures on 16 December 2021. As these measures only came in at the end of 2021, it remains to be seen how much of an effect these measures will have on the HDB resale property market.
With these in mind, let us take a look at the most expensive HDB estates in Singapore in 2021.
|Ang Mo Kio||$340,000||$480,000||$655,000||*|
|Choa Chu Kang||$380,000||$472,500||$552,500||$647,500|
Source: HDB Resale Statistics. 4Q2021
* median prices are not shown as there are less than 20 resale transactions in the quarter for the particular town and flat type.
– indicates no resale transactions for the quarter
Top 5 Most Expensive Estates For 3-Room HDB Resale Flats
|#||Towns||3-Room||Rank Change From 2020||Price Change from 2020|
|1||Central||$465,000||Same position||10% increase from $421,000|
|2||Punggol||$409,000||Same position||9% increase from $374,000|
|3||Sengkang||$398,000||↑ Previously #5||13% increase from $352,400|
|4||Marine Parade||$384,000||Same position||8% increase from $354,000|
|5||Choa Chu Kang||$380,000||New||13% increase from $335,000|
This year’s list is almost a replica of last year’s: Central, Punggol, Bishan, Marine Parade and Sengkang.
Bishan, Bukit Timah, Pasir Ris and Sembawang were excluded due to insufficient resale transaction data.
Central continues its reign as the most expensive estate in 2021, bolstered by the prime location and the high proportion of smaller units (especially 3-room units) in the estate. Marine Parade remains as the other mature estate on the list while Bishan has exited the list as there was less than 20 resale transactions.
3-room flats are the only flat type where non-mature estates (Punggol, Sengkang and Choa Chu Kang) form the majority on the list of most expensive estates.
Top 5 Most Expensive Estates For 4-Room HDB Resale Flats
|#||Towns||4-Room||Rank Change From 2020||Price Change from 2020|
|1||Central||$972,500||↑ Previously #3||53% increase from $636,500|
|2||Queenstown||$779,000||↓ Previously #1||2% decrease from $792,500|
|3||Bukit Merah||$766,500||↓ Previously #2||13% increase from $680,000|
|4||Clementi||$728,000||New||46% increase from $497,500|
|5||Kallang/Whampoa||$690,000||New||25% increase from $552,500|
Central is the undisputed winner of most expensive estate for 4-room resale flats. Prices here have been driven by Pinnacle@Duxton, more than half of the 4-room flat transactions have sold for $1 million and above. This was followed by Queenstown and Bukit Merah, which had their share of 4-room flats that sold for $1 million and above.
Bukit Timah and Marine Parade were excluded due to insufficient resale transaction data.
Clementi and Kallang/ Whampoa replaced Geylang and Toa Payoh as the fourth and fifth most expensive estates.
Top 5 Most Expensive Estates For 5-Room HDB Resale Flats
|#||Towns||5-Room||Rank Change From 2020||Price Change from 2020|
|1||Queenstown||$935,000||Same position||2% increase from $917,500|
|2||Toa Payoh||$894,900||Same position||18% increase from $757,500|
|3||Bukit Merah||$828,000||Same position||11% increase from $745,000|
|4||Bishan||$804,000||Same position||12% increase from $718,000|
|5||Kallang/Whampoa||$804,000||New||23% increase from $654,000|
Queenstown, Toa Payoh and Bukit Merah are all mature estates that benefited from the recent crop of BTO flats that have reached their Minimum Occupation Period (MOP). Queenstown had 34 transactions, Toa Payoh had 37 transactions and Bukit Merah had 22 transactions for 4-room flats at or above $1 million.
Bukit Timah, Central and Marine Parade were excluded due to insufficient resale transaction data.
Kallang/Whampoa joins the list, bolstered by 13 $1 million 5-room flats at City View. Bishan drops to fifth on the list but holds the record for the most expensive HDB flat sold at $1.36 million, a DBSS 5-room unit at Natura Loft.
Top 5 Most Expensive Estates For Executive HDB Resale Flats
|#||Towns||Executive||Rank Change From 2020||Price Change from 2020|
|1||Serangoon||$800,000||↑ Previously #2||8% increase from $738,000|
|2||Hougang||$780,000||↑ Previously #4||15% increase from $672,800|
|3||Tampines||$730,000||↓ Previously #4||7% increase from $681,000|
|4||Pasir Ris||$720,000||New||13% increase from $637,500|
|5||Bukit Panjang||$718,000||New||12% increase from $642,500|
Notably, Bishan, the most expensive estate for 2020, had too few transactions to be included while Bukit Batok has been superseded. Instead, Pasir Ris and Bukit Panjang have joined the list as the most expensive estates for executive flats.
Ang Mo Kio, Bedok, Bishan, Bukit Timah, Bukit Merah, Central, Clementi, Geylang, Jurong East, Kallang/ Whampoa, Marine Parade, Punggol, Queenstown and Toa Payoh 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.
Increasing Flat Prices May Or May Not Continue In 2022
If you have read our article on the 10 Housing Estates That Have HDB Flats More Than $1 Million, these estates may not be a surprise to you. Most of the expensive estates also have a significant number of $1 million flat transactions.
As we go on in 2022, the housing market is still facing supply issues as the pandemic continues and demand remains elevated. It remains to be seen if workers’ return to office will sap some of the demand for housing driven by working from home. Meanwhile, we have also yet to see how the market reacts to the implementation of property cooling measures on 16 December and whether these measures have effectively dampened the property market fever.
Perhaps these most expensive estates of 2021 may act as the leading indicators of property sentiment.
Regardless, if you are planning a property purchase in 2022, do keep in mind that 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.
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