For the price of a new launch two-bedder today – around $1.6 million to $1.8 million – you could have your choice of an HDB flat. Even a smaller condo unit is still priced lower than units at Pinnacle @ Duxton, SkyTerrace @ Dawson, etc. So in the current market, it’s not surprising that some families would upgrade to a bigger or better-located resale flat, rather than move to a condo. This week, we look at the various estates in Singapore where the price gap between condos and HDB flats is so big, it probably makes better sense to buy the flat:
Reader questions like the one above rarely have a clear-cut answer. The "right" move depends on your finances, timeline, long-term goals, and how much downside you're prepared to accept if things don't go to plan.
That's the hardest part of any property decision, not finding information, but understanding what it means for your situation before committing.
Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
Before diving into specific estates, let’s start with the big picture.
Over the past 10 years, the average price difference between non-landed private homes and HDB flats has widened by almost nine per cent:
| Year | Avg non-landed private property prices | Avg HDB prices | Price difference | % change |
| 2014 | $1,360,580 | $442,716 | $917,864 | |
| 2015 | $1,311,804 | $434,710 | $877,094 | -4.44% |
| 2016 | $1,353,678 | $438,839 | $914,839 | 4.30% |
| 2017 | $1,319,134 | $443,889 | $875,245 | -4.33% |
| 2018 | $1,329,382 | $441,282 | $888,100 | 1.47% |
| 2019 | $1,383,844 | $432,138 | $951,706 | 7.16% |
| 2020 | $1,312,358 | $452,279 | $860,079 | -9.63% |
| 2021 | $1,352,895 | $511,381 | $841,514 | -2.16% |
| 2022 | $1,444,002 | $549,714 | $894,287 | 6.27% |
| 2023 | $1,512,817 | $571,806 | $941,011 | 5.22% |
| 2024 | $1,611,611 | $612,600 | $999,011 | 6.16% |
| Price increase from 2014 to 2024 | 18.45% | 38.37% | 8.84% |
From 2014 to 2024, HDB resale flats have appreciated by about 38 per cent, compared to 18 per cent for non-landed private properties (the much higher percentage gains of HDB flats are due to their lower price).
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