How have freehold condos in landed enclaves performed in terms of price growth from 2015 to 2025?

From 2015 to 2025, freehold condos within landed enclaves saw slightly stronger price growth with an annualised increase of 4.16%, compared to 3.29% for those outside landed areas.

Do freehold condos in landed enclaves tend to perform better than leasehold condos in growth corridors?

The data shows that leasehold condos outside landed enclaves often matched or outperformed freehold condos within landed enclaves, and broader location factors can influence performance more than land status.

Are freehold condos in landed enclaves mainly attractive to own-stay buyers or investors?

The article suggests that these developments tend to attract more own-stay buyers, such as HDB upgraders, but also notes their viability for investors.

What factors impact resale performance of freehold condos in landed enclaves?

Factors such as unit size, layout efficiency, price positioning, and proximity to amenities tend to materially impact resale performance in these enclaves.

How does the performance of freehold condos in District 8 compare to District 23?

In District 8, freehold condos within landed enclaves showed weaker price performance and smaller transaction volumes, often due to smaller unit sizes and older developments. In District 23, freehold condos within landed enclaves slightly outperformed those outside, with more consistent transaction sizes and price growth driven by real PSF increases.

百万新元HDB与私人公寓的价差：为何在2024年有人觉得它们“可负担”

Ryan J. Ong

August 24, 2024

Million Dollar HDB Price Gap Condo Singapore

这些抱怨你大概早已听腻了：既然组屋都要百万新元了，不如去买公寓；或者那个段子——20年后你可能得卖掉公寓才买得起一套组屋。只是，放在当前市场里，确实有人在小型大众化公寓与市中心大型转售组屋之间权衡取舍。更重要的是，观察百万组屋与公寓之间的价差，能为当下楼市提供一个颇有意思的视角——这正是我们所做的：

很多读者来信，是因为不确定下一步该怎么做，也不知道该相信谁。

如果你有类似的困惑，我们提供结构化的一对一咨询，帮你全面梳理财务状况、购房目标与市场选项——客观分析，不带立场。

没有任何义务，只是让你更清晰。

点击了解更多这里。

关于本次比较的若干说明

为便于比较，我们纳入了永久产权与租赁产权的非有地私人住宅。但将面积限定在105至122 sqm，这与大多数5-room组屋大致相当。这也是最具实际意义的区间，因为在平衡组屋与公寓之间时，买家多半会以这一尺寸作对照。

另请留意，我们在比较中将downtown core视同Central Area，将Kallang视同Kallang/Whampoa市镇；这与HDB指定的相应区域基本对应。

由于价差因地段而异，全岛平均意义不大。不如分区来看公寓与转售组屋之间的价差：

各规划区的公寓价格：

规划区	2017	2018	2019	2020	2021	2022	2023	2024
Ang Mo Kio	$1,105,177	$1,212,472	$1,263,979	$1,291,438	$1,345,388	$1,591,630	$1,614,354	$1,777,192
Bedok	$1,200,531	$1,302,548	$1,348,427	$1,309,620	$1,426,684	$1,543,279	$1,711,868	$1,834,017
Bishan	$1,387,228	$1,535,762	$1,547,156	$1,527,516	$1,647,247	$1,831,505	$2,036,157	$2,053,447
Bukit Batok	$1,109,110	$1,184,060	$1,238,560	$1,191,977	$1,286,490	$1,428,529	$1,607,527	$1,663,696
Bukit Merah	$1,688,408	$2,035,871	$1,899,270	$1,888,441	$1,903,310	$2,043,473	$2,189,667	$2,175,220
Bukit Panjang	$1,156,833	$1,258,171	$1,313,907	$1,249,181	$1,375,819	$1,511,408	$1,729,123	$1,751,222
Bukit Timah	$1,482,891	$1,790,438	$1,734,932	$1,761,159	$1,837,957	$2,089,534	$2,132,393	$2,297,697
Clementi	$1,287,822	$1,351,153	$1,405,646	$1,414,179	$1,526,956	$1,679,437	$1,826,710	$1,885,085
Downtown Core	$2,096,807	$2,824,892	$2,967,518	$2,756,107	$2,604,322	$2,610,048	$2,361,547	$2,366,929
Geylang	$1,225,892	$1,353,941	$1,386,659	$1,386,743	$1,459,703	$1,575,961	$1,784,027	$1,801,212
Hougang	$1,106,317	$1,184,990	$1,220,660	$1,192,692	$1,231,367	$1,389,217	$1,529,692	$1,622,481
Jurong East	$1,059,243	$1,063,321	$1,078,423	$1,146,310	$1,164,452	$1,254,245	$1,340,468	$1,430,308
Kallang	$1,463,522	$1,592,777	$1,553,138	$1,520,383	$1,626,097	$1,781,432	$2,016,116	$2,039,187
Marine Parade	$1,991,455	$1,808,351	$1,867,660	$1,875,274	$1,949,187	$2,133,274	$2,360,631	$2,433,658
Pasir Ris	$964,002	$1,040,385	$1,058,081	$1,086,084	$1,142,595	$1,273,275	$1,377,973	$1,506,768
Punggol	$1,114,712	$1,181,877	$1,193,368	$1,188,321	$1,282,534	$1,463,804	$1,606,673	$1,690,481
Queenstown	$1,355,238	$1,533,111	$1,508,151	$1,482,627	$1,603,988	$1,758,458	$1,924,247	$2,010,186
Sengkang	$983,433	$1,083,712	$1,107,473	$1,083,389	$1,195,734	$1,414,615	$1,531,348	$1,604,445
Serangoon	$1,312,272	$1,429,349	$1,336,573	$1,331,998	$1,493,508	$1,693,383	$1,816,878	$2,049,059
Tampines	$979,830	$1,070,066	$1,086,597	$1,073,578	$1,167,539	$1,309,871	$1,462,188	$1,561,649
Toa Payoh	$1,456,660	$1,535,004	$1,583,056	$1,587,169	$1,691,029	$1,778,669	$2,000,539	$2,102,471
Woodlands	$815,790	$842,230	$817,198	$818,915	$953,585	$1,116,586	$1,213,753	$1,236,432
Yishun	$878,467	$952,057	$977,649	$979,125	$1,059,583	$1,211,410	$1,345,739	$1,425,399

各HDB市镇的转售组屋价格

HDB 市镇	2017	2018	2019	2020	2021	2022	2023	2024
Ang Mo Kio				$1,019,444	$1,050,978	$1,055,593	$1,085,082	$1,109,858
Bedok						$1,050,259	$1,030,543	$1,064,185
Bishan	$1,036,457	$1,052,241	$1,043,818	$1,097,341	$1,105,178	$1,151,658	$1,143,548	$1,211,908
Bukit Batok						$1,005,000	$1,031,722	$1,020,267
Bukit Merah		$1,056,127	$1,074,378	$1,062,607	$1,086,887	$1,088,533	$1,134,730	$1,125,401
Bukit Panjang							$1,020,000	$1,003,894
Bukit Timah	$1,016,944	$1,032,000	$1,019,333		$1,086,692	$1,205,658	$1,187,571	$1,213,334
Clementi	$1,030,000	$1,068,000	$1,038,000	$1,012,519	$1,041,489	$1,078,318	$1,110,416	$1,126,706
Central Area	$1,065,400	$1,066,315	$1,065,564	$1,114,231	$1,091,769	$1,180,731	$1,249,096	$1,343,227
Geylang				$1,008,888		$1,032,984	$1,047,318	$1,045,185
Hougang		$1,000,000				$1,052,778	$1,040,200	$1,058,035
Jurong East						$1,000,000	$1,010,667	$1,033,972
Kallang/Whampoa	$1,002,500	$1,069,568	$1,109,000	$1,120,000	$1,117,563	$1,104,949	$1,088,081	$1,067,157
Marine Parade						$1,039,629	$1,011,778	$1,157,972
Pasir Ris						$1,188,444	$1,000,000	$1,020,750
Punggol						$1,198,000	$1,185,000	$1,184,256
Queenstown	$1,058,200	$1,055,681	$1,070,876	$1,053,563	$1,085,927	$1,136,947	$1,106,245	$1,123,915
Sengkang								$1,001,667
Serangoon	$1,000,000				$1,024,072	$1,061,659	$1,067,059	$1,108,994
Tampines						$1,007,051	$1,012,500	$1,036,289
Toa Payoh	$1,043,967	$1,059,876	$1,055,361	$1,060,825	$1,091,214	$1,118,003	$1,126,720	$1,132,377
Woodlands						$1,029,422	$1,047,349	$1,039,400
Yishun						$1,035,878	$1,062,450	$1,048,571

HDB与公寓的整体价差

有一个也许不那么意外的发现：在大多数区域，价差正在扩大。这意味着，尽管出现了越来越多的百万组屋，私人住宅的涨幅其实更快。

转售组屋价格在疫情期间确曾强劲上扬，但这主要源于公共与私人住房同时遭遇的供应紧缩。因此公寓价格也与HDB同步走高。

如果只将租赁产权公寓与百万组屋进行比较，会如何？

有人主张应将组屋（99年租赁）与租赁产权公寓对照，这有一定道理。此外，多数HDB升级者考虑的多是OCR公寓，而这类项目几乎清一色为租赁产权。于是我们单独来看：

各区租赁产权公寓价格

规划区	2017	2018	2019	2020	2021	2022	2023	2024
Ang Mo Kio	$1,035,770	$1,100,661	$1,154,970	$1,174,997	$1,286,831	$1,531,954	$1,546,521	$1,672,214
Bedok	$1,148,463	$1,250,803	$1,287,739	$1,254,329	$1,336,975	$1,488,645	$1,633,841	$1,798,959
Bishan	$1,389,956	$1,532,500	$1,541,443	$1,508,634	$1,645,428	$1,827,812	$2,038,676	$2,049,629
Bukit Batok	$943,377	$981,229	$996,559	$991,456	$1,036,899	$1,199,318	$1,319,314	$1,368,433
Bukit Merah	$1,664,885	$2,028,103	$1,897,815	$1,868,613	$1,893,194	$2,021,212	$2,131,866	$2,174,616
Bukit Panjang	$1,122,537	$1,290,288	$1,285,115	$1,225,956	$1,335,684	$1,484,975	$1,658,649	$1,697,240
Bukit Timah	$1,274,358	$1,677,797	$1,587,194	$1,597,192	$1,705,691	$1,919,225	$2,040,807	$2,260,300
Clementi	$1,186,615	$1,242,781	$1,253,092	$1,297,950	$1,436,218	$1,579,595	$1,761,131	$1,778,606
Downtown Core	$2,096,807	$2,865,163	$2,967,518	$2,768,022	$2,604,322	$2,610,048	$2,361,547	$2,366,929
Geylang	$1,284,423	$1,326,778	$1,447,559	$1,361,883	$1,502,007	$1,612,841	$1,922,804	$1,889,396
Hougang	$1,075,584	$1,122,130	$1,195,157	$1,153,593	$1,191,817	$1,347,973	$1,504,341	$1,625,283
Jurong East	$1,059,243	$1,063,321	$1,078,423	$1,146,310	$1,164,452	$1,254,245	$1,340,468	$1,430,308
Kallang	$1,366,800	$1,613,040	$1,663,533	$1,428,732	$1,505,094	$1,663,155	$1,949,323	$1,992,222
Marine Parade	$1,640,231	$1,801,333	$1,607,600	$1,793,923	$1,760,533	$2,059,643	$2,409,375	$2,508,333
Pasir Ris	$958,433	$1,031,474	$1,048,713	$1,098,550	$1,141,226	$1,274,187	$1,381,015	$1,505,301
Punggol	$1,114,712	$1,181,877	$1,193,368	$1,188,321	$1,282,534	$1,463,804	$1,606,673	$1,690,481
Queenstown	$1,357,335	$1,486,123	$1,489,264	$1,511,438	$1,623,597	$1,774,426	$1,947,486	$2,005,017
Sengkang	$983,433	$1,083,712	$1,107,473	$1,083,389	$1,195,734	$1,414,615	$1,531,348	$1,604,445
Serangoon	$1,200,930	$1,332,762	$1,284,959	$1,295,094	$1,444,284	$1,627,018	$1,806,951	$1,993,613
Tampines	$962,129	$1,053,295	$1,069,145	$1,064,425	$1,156,464	$1,303,321	$1,458,551	$1,566,037
Toa Payoh	$1,439,856	$1,551,907	$1,555,316	$1,569,696	$1,698,573	$1,768,408	$1,997,751	$2,095,462
Woodlands	$815,790	$842,230	$817,198	$818,915	$953,585	$1,116,586	$1,213,753	$1,236,432
Yishun	$878,467	$941,947	$977,649	$975,983	$1,051,478	$1,211,515	$1,345,739	$1,422,760

仅与租赁产权公寓对比的各区价差

请注意，Orchard、Marina等核心地段的租赁产权公寓数量较少，可能会扭曲中区物业的整体图景。

结果并无二致：过去几年里，百万组屋与公寓之间的价差持续扩大。尤其在2023与2024之间，若以租赁产权物业为语境，这一道差距拉得更开。

这或许解释了近期百万组屋的频现

设想一位HDB升级者卖掉了自住房并获得可观利润。但由于价差扩大，他们仍难以从容地升级至公寓（至少达不到其心仪的面积与品质）。

在不一定能买到Executive Condos（EC）的情况下，这些买家的下一步或许就是选择更高端的组屋。与其为一套大众化的OCR公寓背负更大的贷款，他们可能会转而关注maisonettes（复式组屋）、jumbo flats（特大组屋），或位于Queenstown、Bishan、Toa Payoh等黄金地段的单位。

更大的空间与便利的地段，足以弥补配套设施的缺失；而更低的总价也意味着更小的负债压力。

顺带一提，价差最低的似乎在Woodlands！

原因尚难以定论，但可能与Woodlands较多大面积组屋有关。该区存在不少adjoined flats（并排合并单位）、executive flats（行政式组屋）、jumbo units（特大单位）等。与本区相对更便宜的公寓相比，这或许能解释为何价差较小。

我们也附上一些关于户型面积的数据：

我们取用了各年的成交组屋平均面积。整体看来，2023/24的平均面积在多数情况下更小。这也可能是价差扩大的另一个原因。还值得注意的是，Woodlands的成交单位面积变化不大，2024年录得的平均值较前几年更低。

基于上述观察，我们大致可得出两点结论：

第一，2024年升级到公寓更难了，且这一趋势已有几年之久。这可能促使更多升级者转向更大或更中心地段的组屋，而非把公寓视为置业旅程中的下一站。短中期内，这或将支撑转售组屋价格，并带来更多百万组屋。

第二，这对大多数HDB买家影响仍然有限，近期的降温措施亦有所体现。话虽如此，舆论观感仍是问题——这些标题每天都在刷屏。正如我们之前所言，这类价格最终会在大众心中形成黏性的价格锚点；或许用不了多久，我们就会看到新加坡每一个市镇都踏入百万HDB俱乐部。

在 Stacked，我们更喜欢跳出新闻标题和表面的数字，关注这些趋势在现实生活中是如何真正发生与发展的。

如果你想讨论这些情况如何适用于你自己的购房或投资计划，可以在这里预约一对一咨询。

如果你只是有个问题，或想分享你的想法，也欢迎写信给我们：stories@stackedhomes.com —— 我们会阅读每一封来信。

本文由生成式人工智能翻译。点击此处阅读英文原文。

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Ryan J. Ong

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.

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