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HDB Price Guide: Most Expensive HDB Estates In 2022

Punggol was the most expensive estate for 3-room flats, overtaking Central

After 11 consecutive quarters of increases since 2Q2020, the resale price index which tracks the overall price movement of HDB resale flats has risen from 131.9 to 171.9 in 4Q2022: an increase of 40%.

Even two rounds of property cooling measures did not seem to make a dent in the fire-hot housing market with new record prices being made ever so often. 370 HDB flats transacted at $1 million or higher in 2022, completely blowing past the past records of 259 in 2021 and 82 in 2020.

Read Also: 21 Housing Estates That Have HDB Flats More Than $1 Million In 2022

With these in mind, let us take a look at the most expensive HDB estates in Singapore in 2022 which will set the precedent for 2023.

Towns 3-Room 4-Room 5-Room Executive
Ang Mo Kio $378,000 $555,000 $868,000 *
Bedok $360,000 $480,000 $650,000 *
Bishan * $669,400 $877,500 *
Bukit Batok $360,000 $514,000 $700,000 *
Bukit Merah $400,000 $775,400 $899,000
Bukit Panjang $375,000 $480,000 $590,000 $780,000
Bukit Timah * * * *
Central $450,000 * *
Choa Chu Kang $389,500 $500,000 $588,000 $679,000
Clementi $378,000 $574,900 * *
Geylang $335,000 $576,500 $781,500 *
Hougang $380,000 $518,000 $627,500 $845,900
Jurong East $360,000 $465,000 $643,000 *
Jurong West $358,000 $481,500 $566,000 $685,000
Kallang/Whampoa $380,000 $788,000 $800,000 *
Marine Parade $430,000 * *
Pasir Ris * $520,000 $641,000 $796,000
Punggol $451,000 $575,900 $700,000 *
Queenstown $390,000 $870,000 *
Sembawang $432,500 $535,000 $579,000 *
Sengkang $443,400 $548,000 $580,000 $710,000
Serangoon $386,500 $539,000 * *
Tampines $410,000 $536,500 $652,500 $850,000
Toa Payoh $340,000 $780,000 $865,000 *
Woodlands $395,000 $495,000 $580,000 $762,500
Yishun $372,000 $474,000 $620,000 $788,000
Overall $389,300 $576,135 $690,400 $766,267

Source: HDB Resale Statistics. 4Q2022
* 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.

Read Also: HDB Price Guide: Most Expensive HDB Estates In 2021

Top 5 Most Expensive HDB Estates For 3-Room Resale Flats

# Towns 3-Room Change from 2021
1 Punggol $451,000 (+10%) $409,000
2 Central $450,000 (-3%) $465,000
3 Sengkang $443,400 (+11%) $398,000
4 Sembawang $432,500 (+31%) $330,000
5 Marine Parade $430,000 (+28%) $335,000

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

The overall median price for 3-room flats in 2022 was $389,300, which makes 3-room flats in any of these 5 estates, at least 10% more expensive than the median.

Compared to 2021, Punggol has overtaken Central as the most expensive estate for 3-room resale flats. At a $450,000 median resale price, 3-room flats in Central have also bucked the trend of increasing prices with a 3% reduction in price. This is likely due to the high proportion of older flats (with shorter remaining leases) despite the prime location. Marine Parade remains on this list with a median price of $430,000 for 3-room flats.

The surprise entrant to this list is Sembawang which has typically been one of the cheapest estates for resale flats, except for the 3-room flat size. 3-room flats are the only flat type where non-mature estates (Punggol, Sengkang and Sembawang) form the majority on the list of most expensive estates.

Read Also: Neighbourhood Estate Guide: Will Sengkang Be The Next Supertown In 2030?

Top 5 Most Expensive HDB Estates For 4-Room Resale Flats

# Towns 4-Room Change from 2021
1 Queenstown $870,000 (+12%) $779,000
2 Kallang/Whampoa $788,000 (+14%) $690,000
3 Toa Payoh $780,000 (+24%) $630,900
4 Bukit Merah $775,400 (+1%) $766,500
5 Bishan $669,400 (+12%) $600,000

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

The overall median price for 4-room resale flats is $576,135. This is a difference of almost $100,000 to $300,000 between the prices of the most expensive estates and the average median prices.

The most expensive estates for 4-room flats are all mature estates sited along the city fringe: Queenstown, Kallang/Whampoa, Toa Payoh, Bukit Merah and Bishan. Of these five estates, 3 (Queenstown, Kallang/Whampoa, Bukit Merah) have been the site of PLH BTO projects, cementing their prime location status.

Queenstown takes the crown for the most expensive HDB estate for 4-room resale flat at $870,000. The previous winner, Central, is excluded due to insufficient resale transaction data. Considering that Central’s resale transactions have been in the range of $1 million, it may not be a surprise that few units transacted in the quarter.

Median prices in Toa Payoh have risen the most, clocking in an increase of 24%.

Read Also: Neighbourhood Estate Guide: Is Queenstown The Crown Jewel Of Housing Estates In Singapore?

Top 5 Most Expensive HDB Estates For 5-Room Resale Flats

# Towns 5-Room Change from 2021
1 Bukit Merah $899,000 (+9%) $828,000
2 Bishan $877,500 (+9%) $804,000
3 Ang Mo Kio $868,000 (+32%) $655,000
4 Toa Payoh $865,000 (-3%) $894,900
5 Kallang/Whampoa $800,000 (-0%) $804,000

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

Overall, the median price for 5-room resale flat is $690,400. This makes staying at any of these 5 estates at least 16% more expensive.

Again, Bukit Merah, Bishan, Toa Payoh and Kallang/Whampoa form the list of mature estates that command high resale prices. The usual suspects of Central and Queenstown were excluded due to insufficient resale transaction data.

5-room flat prices in Ang Mo Kio increased dramatically by 32% from $655,000 to $868,000. Meanwhile, 5-room flat prices in Toa Payoh and Kallang/Whampoa may have peaked as prices have softened slightly since 2021.

Top 5 Most Expensive HDB Estates For Executive Resale Flats

# Towns Executive Change from 2021
1 Tampines $850,000 (+16%) $730,000
2 Hougang $845,900 (+8%) $780,000
3 Pasir Ris $796,000 (+11%) $720,000
4 Yishun $788,000 (+14%) $690,000
5 Bukit Panjang $780,000 (+9%) $718,000

Ang Mo Kio, Bedok, Bishan, Bukit Batok, Bukit Timah, Bukit Merah, Central, Clementi, Geylang, Jurong East, Kallang/ Whampoa, Marine Parade, Punggol, Queenstown, Sembawang, Serangoon and Toa Payoh were excluded due to insufficient resale transaction data. 

These 5 estates are the most expensive out of the 9 estates with resale executive flat data. The overall median price for executive resale flats is $766,267. This is a difference of about $83,000 between the price of the most expensive estate and the average median prices.

Unlike 5-room flats, the executive flat types continue to show increasing prices even amongst the most expensive estates, increasing by 8 to 16%.

The Most Expensive Estates Have Increased By Up To 32%

For aspiring HDB buyers taking the plunge into the resale market can feel like chasing a runaway train with prices increasing every quarter. In particular, mature estates near the city fringe command the highest price premium regardless of flat types.

5-room resale flats have remained the most stable with the most expensive estates with 2 estates actually declining in median prices. Of course, given the eye-watering price tags of more than $800,000, it may be the case that buyers are starting to hit their absolute limits. 3-room and 4-room flat types continue their aspirational march towards higher prices with most estates seeing at least 10% increase in median prices.

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