Demand for HDB flats, particularly resale flats, has remained strong for 10 consecutive quarters, according to the latest flash estimates for the third quarter of 2022. The resale price index (RPI), which tracks the overall price movements of HDB resale flats, has climbed by around 11% year-on-year since the third quarter of 2021.
This sharp increase may have reduced the affordability for homebuyers, particularly young first-timer couples.
These homebuyers with a tighter budget can participate in the Open Booking of Flats instead of applying for a Build-to-Order (BTO) flat, which may require a waiting time of around 5 to 6 years, or buying from the resale market, which may require cash-over-value (COV) top-ups.
The flats in the open booking exercise are part of the unselected BTO and other resale flats returned to HDB. These flats are then sold directly to buyers at a discount to their current market value.
To help you with your selection process, we crunch the numbers to reveal how much cheaper an applicant can get the flats in the open booking compared to the resale market.
[Editor’s Note: The latest round of Open Booking of Flats will open for online application on 12 October 2022, Wednesday, 12am]
Read Also: Complete Guide To Understanding And Applying Under HDB’s Open Booking Of Flats Option
Cheaper, But May Not Be Better
The HDB flats available for open booking are priced lower compared to the resale prices of similar flats in the estate as they are sold directly by HDB. As such, there is a built-in subsidy in the selling prices.
The chances of securing a flat through the open booking are rather slim compared to the BTO exercise, as there are a limited number of available units that applicants can select from.
Flats are also sold based on the ethnic integration policy (EIP) or racial quota, which may mean certain groups of buyers have a smaller selection of units.
Homebuyers also need to understand that the lower prices reflect the barebone condition of the open booking flats compared to the resale flats, which may come fully renovated and ready to move-in.
Read Also: HDB Price Guide: 5 Cheapest HDB Estates For 2022
Median Open Booking Sale Prices Compared To Resale Prices
First, we look at the median selling prices of 3-room to 5-room HDB flats under the open booking of flats compared to the median resale HDB prices in the different estates.
5-Room HDB Flat
Based on the selling prices of 5-room flats under the open booking, the most expensive flats are found at Kallang/Whampoa at around $721,000, while the cheapest are found in Woodlands at $298,000.
The biggest discount is seen for the flats in Clementi at around $350,000 or a 40% discount compared to the current resale prices. In contrast, the smallest discount is observed for flats in Kallang/Whampoa at around $115,000 or 14% off the resale median price for the estate.
We were unable to determine the price difference for the Serangoon estate as the data for the estate was not available.
| 5–Room | ||
| Estate | Open Booking Median Price | HDB Estate Median (2nd Qtr 2022) |
| Ang Mo Kio | $618,000 | $785,000 |
| Bukit Batok | $497,000 | $790,000 |
| Clementi | $543,000 | $900,000 |
| Jurong West | $388,000 | $550,000 |
| Kallang/ Whampoa | $721,000 | $836,500 |
| Serangoon | $512,000 | * |
| Woodlands | $298,000 | $545,000 |
4-Room HDB Flat
Based on the selling prices of 4-room flats under the open booking, the most expensive flats are found in Clementi at around $634,000, while the cheapest are found in Woodlands at $161,000.
The biggest discount is seen for the flats in Woodlands at around $289,000 or a 64% discount compared to the current resale prices. This could be because the flats in Woodlands for the open booking could be much older than the median flats in the estate, thereby the bigger discount.
This explanation holds true even for the flats in Geylang. The median prices of flats in the open booking in Geylang are interestingly higher than the estate’s median price. This difference is because the available flats in the open booking are BTO flats, which have a fresher lease tenure compared to the more mature resale flats in the estate, thereby the higher prices and lower discounts.
| 4–Room | ||
| Estate | Open Booking Median Price | HDB Estate Median (2nd Qtr 2022) |
| Ang Mo Kio | $412,500 | $515,000 |
| Bedok | $251,000 | $465,000 |
| Bishan | $538,000 | $605,000 |
| Bukit Merah | $500,000 | $751,000 |
| Clementi | $634,000 | $732,500 |
| Geylang | $575,000 | $570,000 |
| Hougang | $326,000 | $495,000 |
| Kallang/ Whampoa | $577,000 | $780,000 |
| Queenstown | $590,500 | $829,000 |
| Toa Payoh | $524,000 | $700,900 |
| Woodlands | $161,000 | $450,000 |
| Yishun | $218,000 | $470,000 |
3-Room HDB Flat
Based on the selling prices of 3-room flats under the open booking, the most expensive flats are found in Geylang at around $413,000, while the cheapest are found in Kallang/ Whampoa at $138,000.
The biggest discount is seen for the flats in Kallang/Whampoa at around $234,000 or a 63% discount compared to the current resale prices. In contrast, the 3-room flats that are available in the open booking are priced higher than the resale median prices for the estate. Similar to the explanation given for the 4-room flats, the higher prices reflect the longer lease of the flats in the open booking compared to the mature resale flats in the estate.
We were also not able to determine the price difference for the Serangoon estate as the data for the estate was not available.
| 3–Room | ||
| Estate | Open Booking Median Price | HDB Estate Median (2nd Qtr 2022) |
| Ang Mo Kio | $193,000 | $365,000 |
| Bishan | $357,500 | $432,500 |
| Bukit Merah | $396,000 | $370,400 |
| Clementi | $273,000 | $400,000 |
| Geylang | $413,000 | $340,000 |
| Kallang/Whampoa | $138,000 | $372,500 |
| Queenstown | $295,000 | $385,000 |
| Serangoon | $222,000 | * |
| Toa Payoh | $372,500 | $320,000 |
Open Booking Price Reference Guide
Now that you have a macro view of the price for each flat type in the different estates, let’s take a more micro view of the price difference for each flat that is available in the open booking. You can see the full list of available flats here.
To calculate the discount that an applicant could get for each flat, we took the difference between the past one-year resale transacted prices within the same estate (where possible) and the starting booking price.
We have also excluded 2-room flexi flats that are sold on a short lease from our list as these flats are not available on the open market.
| Town / Location | Flat Type | Supply of Units/ Ethnic Quota | Starting Booking Price From | Resale Price (Past 1 Yr) | Price Difference |
| Non-Mature Towns/ Estates | |||||
| Tengah/ 117A Plantation Crescent | 3Generation | (2xUnits)/ Chinese And Indians |
$439,000 | *BTO | – |
| Bukit Batok/ 201 Bukit Batok Street 21 | 5 – room | (1x Unit)/ Malay And Indian | $497,000 | $660,000 – $750,000 | $163,000 – $253,000 |
| Jurong/ 653A Jurong West Street 61 | 5 – room | (1x Unit)/ All Races |
$388,000 | $535,000 – $590,000 | $147,000 – $202,000 |
| Woodlands/ 37 Marsiling Drive | 5 – room | (2xUnits)/ Chinese Only |
$298,000 | $425,000 – $505,000 | $127,000 – $207,000 |
| Hougang/ 555 Hougang Street 51 | 4 – room | (1x Unit)/ All Races |
$326,000 | $430,000 – $510,000 | $104,000 – $184,000 |
| Woodlands/ 7 Marsiling Drive | 4 – room | (1xUnits)/ Chinese Only |
$161,000 | $328,000 – $355,000 | $167,000 – $194,000 |
| Yishun/ 475B Yishun Street 44 | 4 – room | (1x Unit)/ All Races |
$218,000 | *BTO | – |
| Hougang/ 1 Hougang Avenue 3 | 3 – room (income ceiling of $7,000) |
(1x Unit)/ All Races |
$168,000 | $270,000 – $318,000 | $102,000 – $150,000 |
| Woodlands/ 1 Marsiling Drive | 3 – room (income ceiling of $7,000) |
(1x Unit)/ All Races |
$204,000 | $265,000 – $315,000 | $61,000 – $111,00 |
| Woodlands/ 2 Marsiling Drive | 3 – room (income ceiling of $7,000) |
(1x Unit)/ All Races |
$123,000 | $265,000 – $315,000 | $142,000 – $192,000 |
| Tengah/ 120B Tengah Drive | 2 – room Flexi (99 year) | (1x Unit)/ All Races |
$115,000 | *BTO | – |
| Tengah/ 224B Tengah Garden Avenue | 2 – room Flexi (99 year) | (4x Unit)/ All Races |
$114,000 | *BTO | – |
| Tengah/ 300B Tengah Drive | 2 – room Flexi (99 year) | (3x Unit)/ All Races |
$116,000 | *BTO | – |
| Tengah/ 300D Tengah Drive | 2 – room Flexi (99 year) | (7x Unit)/ All Races |
$114,000 | *BTO | – |
Smallest Discount For Non-Mature Estate:
The 3-room flat at 1 Marsiling Drive, which starts from $204,000, has the lowest discount of between $61,000 and $111,000 based on the past one-year resale transactions. The unit, which has an income ceiling of $7,000, can be applied by all races.
Biggest Discount For Non-Mature Estate:
The 5-room flat at 201 Bukit Batok Street 21, which starts from $497,000, has the biggest discount of between $163,000 and $253,000 based on the resale transactions. The unit can only be applied by applicants of Malay and Indian ethnicity.
| Town / Location | Flat Type | Supply of Units/ Ethnic Quota | Starting Booking Price From | Resale Price (Past 1 Yr) | Price Difference |
| Mature Towns/ Estates | |||||
| Pasir Ris/ 269 Pasir Ris Street 21 | Executive | (1x Unit)/ Chinese And Indian |
$510,000 | $590,000 – $720,000 | $80,000 – $210,000 |
| Toa Payoh/ 214B Bidadari Park Drive | 3Generation | (1x Unit)/ Malay And Indian |
$708,000 | *BTO | – |
| Ang Mo Kio/ 246A Ang Mo Kio Street 21 | 5 – room | (2x Unit)/ All Races |
$618,000 | *BTO | – |
| Clementi/ 717 Clementi West Street 2 | 5 – room | (1x Unit)/ All Races |
$543,000 | $644,000 | $101,000 |
| Kallang Whampoa/ 8 Boon Keng Road | 5 – room | (1x Unit)/ Malay And Indian |
$721,000 | $915,000 – $1,280,000 | $194,000 – $559,000 |
| Serangoon/ 216 Serangoon Avenue 4 | 5 – room | (1x Unit)/ Malay And Indian |
$512,000 | $650,000 – $750,000 | $138,000 – $238,000 |
| Ang Mo Kio/ 303 Ang Mo Kio Avenue 1 | 4 – room | (1x Unit)/ Malay And Indian |
$334,000 | $450,000 – $488,000 | $116,000 – $154,000 |
| Ang Mo Kio/ 635 Ang Mo Kio Avenue 6 | 4 – room | (1x Unit)/ Malay And Indian |
$358,000 | $430,000 – $538,000 | $72,000 – $180,000 |
| Ang Mo Kio/ 246A Ang Mo Kio Street 21 | 4 – room | (2x Unit)/ All Races |
$467,000 | *BTO | – |
| Ang Mo Kio/ 588A Ang Mo Kio Street 52 | 4 – room | (1x Unit)/ Malay And Indian |
$595,000 | $703,000 – $870,000 | $108,000 – $275,000 |
| Bedok/ 37 Bedok South Avenue 2 | 4 – room | (1x Unit)/ All Races |
$246,000 | $360,000 – $440,000 | $114,000 -$194,000 |
| Bedok/ 63 Chai Chee Road | 4 – room | (1x Unit)/ All Races |
$381,000 | $405,000 – $470,000 | $24,000 -$89,000 |
| Bedok/ 547 Bedok North Street 3 | 4 – room | (1x Unit)/ All Races |
$251,000 | $415,000 – $435,000 | $164,000 – $184,000 |
| Bishan/ 156A Bishan Street 11 | 4 – room | (11x Unit)/ All Races |
$487,000 | *BTO | – |
| Bishan/ 535A Bishan Street 14 | 4 – room | (8x Unit)/ All Races |
$544,000 | *BTO | – |
| Bishan/ 535B Bishan Street 14 | 4 – room | (8x Unit)/ All Races |
$532,000 | *BTO | – |
| Bishan/ 535C Bishan Street 14 | 4 – room | (2x Unit)/ All Races |
$556,000 | *BTO | – |
| Bukit Merah/ 95A Henderson Road | 4 – room | (1x Unit)/ Malay And Indian |
$500,000 | $855,000 – $980,000 | $355,000 – $480,000 |
| Clementi/ 445B Clementi Avenue 3 | 4 – room | (1x Unit)/ Malay And Indian |
$634,000 | *BTO | – |
| Geylang/ 358A Ubi Road 3 | 4 – room | (1x Unit)/ All Races |
$518,000 | *BTO | – |
| Geylang/ 358B Ubi Road 3 | 4 – room | (1x Unit)/ Malay And Indian |
$523,000 | *BTO | – |
| Geylang/ 37A Eunos Road 2 | 4 – room | (2x Unit)/ Malay And Indian |
$601,000 | *BTO | – |
| Geylang/ 37B Eunos Road 2 | 4 – room | (3x Unit)/ Malay And Indian |
$601,000 | *BTO | – |
| Geylang/ 37C Eunos Road 2 | 4 – room | (3x Unit)/ All Races |
$601,000 | *BTO | – |
| Geylang/ 88B Jalan Satu | 4 – room | (2x Unit)/ Malay And Indian |
$549,000 | *BTO | – |
| Kallang Whampoa/ 38A Bendemeer Road | 4 – room | (1x Unit)/ Malay And Indian |
$590,000 | $700,000 – $838,000 | $110,000 – $248,000 |
| Kallang Whampoa/ 8A Upper Boon Keng Road | 4 – room | (1x Unit)/ All Races |
$564,000 | *BTO | – |
| Queenstown/ 28 Ghim Moh Link | 4 – room | (1x Unit)/ Malay And Indian |
$690,000 | $710,000 – $922,000 | $20,000 – $232,000 |
| Queenstown/ 33 Ghim Moh Link | 4 – room | (1x Unit)/ Malay And Indian |
$599,000 | $703,000 – $1,018,000 | $104,000 – $419,000 |
| Queenstown/ 42A Margaret Drive | 4 – room | (1x Unit)/ Malay And Indian |
$574,000 | *BTO | – |
| Queenstown/ 43A Margaret Drive | 4 – room | (1x Unit)/ Malay And Indian |
$582,000 | *BTO | – |
| Toa Payoh/ 193 Lorong 4 Toa Payoh | 4 – room | (1x Unit)/ Malay And Indian |
$339,000 | $475,000 – $506,000 | $139,000 – $167,000 |
| Toa Payoh/ 222A Mount Vernon Road | 4 – room | (3x Unit)/ All Races |
$524,000 | *BTO | – |
| Toa Payoh/ 223A Mount Vernon Road | 4 – room | (2x Unit)/ Malay And Indian |
$524,000 | *BTO | – |
| Toa Payoh/ 223B Mount Vernon Road | 4 – room | (7x Unit)/ Malay And Indian |
$513,000 | *BTO | – |
| Toa Payoh/ 223C Mount Vernon Road | 4 – room | (7x Unit)/ Malay And Indian |
$524,000 | *BTO | – |
| Toa Payoh/ 224A Mount Vernon Road | 4 – room | (6x Unit)/ All Races |
$524,000 | *BTO | – |
| Toa Payoh/ 224B Mount Vernon Road | 4 – room | (3x Unit)/ All Races |
$524,000 | *BTO | – |
| Toa Payoh/ 224C Mount Vernon Road | 4 – room | (1x Unit)/ All Races |
$535,000 | *BTO | – |
| Ang Mo Kio/ 303 Ang Mo Kio Avenue 1 | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$193,000 | $345,000 – $485,000 | $152,000 – $293,000 |
| Bishan/ 156B Bishan Street 11 | 3 – room (income ceiling $14,000) | (4x Unit)/ All Races |
$329,000 | *BTO | – |
| Bishan/ 535C Bishan Street 13 | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$386,000 | *BTO | – |
| Bukit Merah/ 26A Jalan Membina | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$450,000 | $568,000 – $738,000 | $119,000 -$288,000 |
| Bukit Merah/ 91A Telok Blangah Street 31 | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$342,000 | #No Transactions | – |
| Clementi/ 309 Clementi Avenue 4 | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$273,000 | $330,000 – $438,000 | $57,000 – $165,000 |
| Geylang/ 38A Eunos Road 2 | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$413,000 | *BTO | – |
| Geylang/ 38B Eunos Road 2 | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$420,000 | *BTO | – |
| Geylang/ 88B Jalan Satu | 3 – room (income ceiling $14,000) | (2x Unit)/ All Races |
$379,000 | *BTO | – |
| Kallang Whampoa/ 35 Jalan Bahagia | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$138,000 | $246,000 – $265,000 | $108,000 – $127,000 |
| Queenstown/ 4 Holland Close | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$295,000 | $355,000 – $480,000 | $60,000 – $185,000 |
| Queenstown/ 6 Holland Close | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$342,000 | $350,000 – $442,000 | $8,000 – $100,000 |
| Queenstown/ 8 Holland Close | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$295,000 | $350,000 – $442,000 | $55,000 – $147,000 |
| Queenstown/ 9 Holland Close | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$319,000 | $350,000 – $442,000 | $31,000 – $123,000 |
| Queenstown/ 11 Holland Close | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$279,000 | $350,000 – $442,000 | $71,000 – $163,000 |
| Queenstown/ 32 Ghim Moh Link | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$418,000 | $615,000 – $730,000 | $197,000 – $312,000 |
| Queenstown/ 83 Commonwealth Close | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$222,000 | $279,000 – $358,000 | $57,000 – $136,000 |
| Serangoon/ 1 Lorong Lew Lian | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$222,000 | $335,000 – $411,000 | $113,000 – $189,000 |
| Toa Payoh/ 102B Bidadari Park Drive | 3 – room (income ceiling $14,000) | (1x Unit)/ Malay And Indian |
$408,000 | #No Transactions | – |
| Toa Payoh/ 222B Mount Vernon Road | 3 – room (income ceiling $14,000) | (3x Unit)/ All Races |
$347,000 | *BTO | – |
| Toa Payoh/ 224C Mount Vernon Road | 3 – room (income ceiling $14,000) | (2x Unit)/ Malay And Indian |
$355,000 | *BTO | – |
| Toa Payoh/ 223C Upper Aljunied Road | 3 – room (income ceiling $14,000) | (4x Unit)/ Malay And Indian |
$354,000 | *BTO | – |
| Toa Payoh/ 402A Lorong 1 Toa Payoh | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$390,000 | *BTO | – |
| Toa Payoh/ 402B Lorong 1 Toa Payoh | 3 – room (income ceiling $14,000) | (1x Unit)/ All Races |
$426,000 | *BTO | – |
| Ang Mo Kio/ 651B Ang Mo Kio Avenue 9 | 2 – room (99-year lease) |
(1x Unit)/ All Races |
$227,000 | #No Transactions | – |
| Bishan/ 156B Bishan Street 11 | 2 – room (99-year lease) |
(12x Unit)/ All Races |
$191,000 | *BTO | – |
| Toa Payoh/ 213A Bidadari Park Drive | 2 – room (99-year lease) |
(1x Unit)/ All Races |
$229,000 | *BTO | – |
Smallest Discount For Mature Estate:
The 3-room unit at 6 Holland Close, which starts at $342,000, has one of the lowest discounts of between $8,000 and $100,000. The unit can be applied by applicants of Malay and Indian ethnicity with an income ceiling of $14,000.
Aside from the units at Holland Close, applicants may also find the discounts for the 3-room units at 309 Clementi Avenue 4 and 83 Commonwealth Close lower than the rest. The discounts range from $57,000 to $165,000 and $57,000 to $136,000, respectively.
The lower discount may indicate the attractiveness of these properties and their strong demand.
Read Also: 13 Housing Estates That Have HDB Flats More Than $1 Million
Biggest Discount For Mature Estate:
The 5-room unit at 8 Boon Keng Road, which starts from $721,000, has the biggest discount of between $194,000 and $559,000 based on the resale transactions. The unit can only be applied by applicants of Malay and Indian ethnicity. The higher discount range could be an outlier, as one unit in the same estate transacted for over a million dollars. Given the current cooling measures to curb high HDB prices, the potential discount might be less in the future.
Another attractive unit is the 4-room flat at 95A Henderson Road, which starts from $500,000. It has a potential discount of between $355,000 and $480,000. The unit can also only be applied by applicants of Malay and Indian ethnicity.
Resale HomeBuyers Can Get Additional Housing Grants
While the flats available in the open booking are usually cheaper than the resale HDB prices, they may not be the best choice for some first-timer applicants.
In addition to the enhanced housing grant, first-timer applicants buying resale flats can get up to $80,000 in additional housing grants consisting of the family grant (up to $50,000) and proximity housing grant (up to $30,000).
Homebuyers should therefore check their eligibility for the different housing grants against the potential discounts from selecting a unit from the open booking. As shared earlier, some units in the mature estates may have smaller discounts that can be easily offset with these additional grants when purchasing a resale flat of your choice.
Read Also: Guide To Housing Grants For First-timers
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