Are you a buyer looking to  buy the perfect HDB Resale flat ? 
 Or perhaps you’re a potential seller thinking of selling your HDB flat? 
 Source: SpongeBob SquarePants | Giphy 
 You’ll probably want to know how much the HDB flat that you’re planning to buy or sell is worth. 
 Even if you’re not buying or selling, it’s not a bad idea to get a sense of whether your flat might appreciate in price. 
 Or to get a sense of whether a potential dream estate where you wanna live in in the future is within your financial reach. 
 So how do you figure that out? 
 I gotchu,  bruv . 
 HDB’s Valuation of an HDB Flat 
 When it comes to buying or selling an HDB flat. 
 An  HDB valuation  is the only official way you can find out how much an HDB Resale flat is worth. 
 It will also be the basis for determining how much  HDB Housing Loan or CPF  you can use to fund the purchase 
 In order to get an HDB valuation, the buyer and seller must first agree on a selling price. 
 Once the seller grants the buyer the  Option to Purchase (OTP ), which is a sum  between $1 to a maximum of $1,000  (to be negotiated between buyer and seller). 
 The buyer can then submit a  Request for Value  to arrange for HDB appointed valuers to inspect the seller’s HDB flat. 
 FYI: the processing fee for each Request for Value is  $120  (GST inclusive) 
 Once the valuation is done, HDB will not accept another Request for Value of the same flat from the same buyers or other different buyers, until the OTP expires. 
 I know what you’re thinking… 
 “Is there a way for me to find out the value of the flat  BEFORE  I involve HDB?” 
 A bit of a chicken and egg problem huh? 
 So… How Do I Figure Out How Much an HDB Flat is Worth? 
 Prior to 2014, a seller and buyer would decide on the selling price of the flat  AFTER  HDB’s valuation of the flat. 
 Since the valuation is pretty much fixed by HDB. 
 The seller and the buyer would then decide how much cash-over-valuation (COV) will be paid on top of this valuation. 
 Usually, this is  based on past COV prices  which were posted online by HDB. 
 Which  technically  could be anything between $1 to infinity and beyond. 
 Source: SpongeBob SquarePants | Giphy 
 Buyers who had cash flowing out the wazoo would have no problems paying whatever the seller is asking for especially if they  die die  also want that flat. 
 See how this quickly became a problem? 
 After HDB decided to stop publishing the COV prices, sellers could not use the COV as a way to jack up the selling price. 
 So now… the only way for buyers and sellers to agree on a price is by basing it on  the prices of past resale transactions . 
 Once the selling price is agreed upon, the buyer will then request for HDB to carry out a valuation to figure out how much COV has to be paid. 
 Meaning, if the agreed selling price of a flat is $650,000. 
 And the HDB appointed valuer values the flat at $600,000 after physically inspecting the flat… 
 That means that the buyer would have to pay a COV of $50,000. 
 HDB Resale Median Price: Prices of Past Resale Transactions 
 The only way you can figure out how much to sell or buy a flat would be to use the prices of past resale transactions. 
 Here are the median resale prices by town and flat type for  HDB Resale Flats transaction in 2Q 2021 . 
 
 
 
 Towns 1-Room 2-Room 3-Room 4-Room 5-Room Executive 
 
 
 
 
 Ang Mo Kio - Less than 20 transactions so not representative $322,000 $438,000 $600,000 Less than 20 transactions so not representative 
 
 
 Bedok - Less than 20 transactions so not representative $310,000 $430,000 $609,500 $777,800 
 
 
 Bishan - - Less than 20 transactions so not representative $545,000 $760,000 Less than 20 transactions so not representative 
 
 
 Bukit Batok - Less than 20 transactions so not representative $313,000 $417,500 $591,500 $681,500 
 
 
 Bukit Merah Less than 20 transactions so not representative Less than 20 transactions so not representative $357,000 $760,000 $816,000 - 
 
 
 Bukit Panjang - Less than 20 transactions so not representative $328,000 $450,000 $530,000 $687,500 
 
 
 Bukit Timah - - Less than 20 transactions so not representative Less than 20 transactions so not representative Less than 20 transactions so not representative Less than 20 transactions so not representative 
 
 
 Central - Less than 20 transactions so not representative Less than 20 transactions so not representative $941,000 Less than 20 transactions so not representative - 
 
 
 Choa Chu Kang - Less than 20 transactions so not representative $360,000 $460,000 $537,000 $600,000 
 
 
 Clementi - Less than 20 transactions so not representative $340,000 $695,000 $690,000 Less than 20 transactions so not representative 
 
 
 Geylang - Less than 20 transactions so not representative $307,000 $565,000 $688,000 Less than 20 transactions so not representative 
 
 
 Hougang - Less than 20 transactions so not representative $320,000 $435,500 $573,500 $740,000 
 
 
 Jurong East - Less than 20 transactions so not representative $328,500 $429,000 $528,000 $760,000 
 
 
 Jurong West - Less than 20 transactions so not representative $298,000 $418,000 $501,900 $590,000 
 
 
 Kallang/Whampoa - Less than 20 transactions so not representative $320,000 $685,000 $780,000 Less than 20 transactions so not representative 
 
 
 Marine Parade - Less than 20 transactions so not representative Less than 20 transactions so not representative Less than 20 transactions so not representative $796,000 - 
 
 
 Pasir Ris - Less than 20 transactions so not representative Less than 20 transactions so not representative $459,000 $542,000 $688,400 
 
 
 Punggol - Less than 20 transactions so not representative $393,000 $488,000 $585,000 Less than 20 transactions so not representative 
 
 
 Queenstown - Less than 20 transactions so not representative $358,000 $800,000 $932,500 Less than 20 transactions so not representative 
 
 
 Sembawang - Less than 20 transactions so not representative Less than 20 transactions so not representative $410,000 $470,900 Less than 20 transactions so not representative 
 
 
 Sengkang - Less than 20 transactions so not representative $372,000 $465,000 $515,900 $598,000 
 
 
 Serangoon - Less than 20 transactions so not representative Less than 20 transactions so not representative $465,000 $612,900 $875,500 
 
 
 Tampines - Less than 20 transactions so not representative $353,000 $466,000 $580,000 $726,500 
 
 
 Toa Payoh - Less than 20 transactions so not representative $280,000 $655,000 $760,400 Less than 20 transactions so not representative 
 
 
 Woodlands - Less than 20 transactions so not representative $295,000 $406,000 $485,000 $645,000 
 
 
 Yishun - Less than 20 transactions so not representative $325,000 $426,500 $542,500 $630,000 
 
 
 

 Note: figures are rounded to the nearest hundred dollars 
 
 Why Use Median Prices Instead of Average Prices? 
 
 The median prices listed are the fiftieth percentile amount of HDB resale flat purchases. 
 If you’re going, “ Simi ( Hokkien: What)?!” 
 This means that half of the flats were purchased at amounts above the median price. 
 And the other half of the flats were purchased at amounts below the median price. 
 Taking the median price gives us a  better representation  of what the resale prices are actually like according to the town and flat type. 
 But if you already have a specific address in mind and want to know what the resale prices are like — down to the individual block… 
 Or if you just want to find out how much the neighbours in your block sold their HDB flats for… 
 You can always use the  HDB Map Services  if you prefer a more interactive experience. 
 Source: HDB 
 Or you can use HDB’s  Resale Flat Prices  portal to check the transacted prices for resale flats within the past 2 years. 
 Here’s what I found for a 4-Room HDB flat in Tampines: 
 Source: HDB 
 If you’re wondering why there’s a significant price difference ($55,000) between both resale units at Simei Street 1. 
 It comes down to a couple of things. 
 What Affects the Valuation of an HDB Flat? 
 1) Condition of Flat 
 A well-maintained HDB flat with tasteful renovations and furnishing will always sell for a higher price. 
 Pay attention to what the exterior of the HDB flat and entire block looks like too as that will also affect prices. 
 2) Lease of Flat 
 Unless you’re buying a brand new BTO, any HDB flat that you get off the market will come with a lease that is less than the standard 99-years. 
 For  obvious reasons , the longer the remaining lease left on the HDB flat, the more valuable it will be. 
 FYI: the remaining lease will determine how much  HDB grants  or how much of your CPF you can use to fund the purchase 
 3) Location of Flat 
 Units on a higher floor generally command a premium. 
 Note: it’s the same with BTOs, every floor you go up, it’ll cost you a few thousand dollars 
 Also, if the flat is close to key amenities like: 
 
 shopping malls 
 markets 
 schools 
 MRT stations, bus stops, and interchanges 
 
 Or maybe it’s close to town or is a mere 2 MRT stops away from the Central Business District. 
 You can also expect people to pay more for such flats because of their prime location. 
 4) Size of Flat 
 The larger the flat, the higher the value. 
 Even though both Simei Street 1 options as listed above are 4-Room HDB Flats. 
 You’ll notice that one is a 4-Room Simplified (84 sqm). 
 Source: HDB 
 While the more expensive one is a 4-Room Model A (101 sqm). 
 Source: HDB 
 You pay more for more space. 
 5) Scarcity of Flat 
 For older types of flats like the executive maisonettes (yep, the ones with 2 storeys)… which are no longer being built. 
 Source: Renonation 
 These ultra-rare flats will definitely sell for much more. 
 It’s not just the type of flat too. 
 Flats in mature estates like Tiong Bahru, where the demand for housing is high. 
 And the estate is so built-up that it’s unlikely that new BTO projects will be launched… will also naturally sell for higher prices. 

https://blog.seedly.sg/hdb-valuation-resale-flat-price/