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 Cheapest 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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