Increase in Resale HDB Flat Prices in Last Five Years

120 Mr Gan Thiam Poh asked the Minister for National Development in the past five years, what has been the increase in resale HDB prices per square foot, excluding resale of flats under the Design, Build and Sell Scheme.

Mr Desmond Lee: Based on resale flat transactions registered from January 2017 to September 2021, excluding those sold under the Design, Build and Sell Scheme, the median HDB resale flat price, on a per square metre basis, decreased by about 2% from 2017 to 2019, and increased by about 16% from 2019 to 2021. Over the past five years, this represented an increase of about 14%. The median HDB resale flat price per square metre was $4,260 in 2017; $4,189 in 2018; $4,172 in 2019; $4,345 in 2020 and $4,839 in 2021.

The recent increase in resale prices can be attributed to a broad-based increase in demand for housing, supported by the current low interest rate environment. On 15 December 2021, the Government announced a set of measures to cool the private residential and HDB resale markets and will continue to monitor the housing market conditions closely to ensure that Singaporeans have access to affordable public housing.