As the prices of HDB resale flats rose for a 14th consecutive month, many of us would be wondering which HDB flat size we can afford and in which town.
Compared with 2020, resale flat prices climbed 13.7% year on year. The August 2021 prices are just 0.1% off the all-time high recorded in April 2013.
In today’s article, we take a look at the various flat types and what they are transacting for in the different towns across Singapore.
HDB resale flats are a good option for those who know what they want and where they want to live.
When you apply for a BTO, there are no guarantee of success and your choice of the unit will largely depend on your queue number.
First, let’s take a look at the different flat types available.
3-room flat
Source: HDB
3-room flats are ideal if you are looking for a cosy and compact home.
The size ranges from 60 to 65 sqm, and there are 2 bedrooms, 1 of which is a master bedroom with an attached bathroom.
Other features include a kitchen, living/dining area, a common bathroom, service yard and a storeroom-cum-bomb shelter.
4-room flat
Source: HDB
This flat type is the most popular amongst homeowners.
The size is about 90 sqm and comes with 3 bedrooms, 1 of which is a master bedroom with an attached bathroom.
Other features include a kitchen, living/ dining area, a common bathroom, service yard and a storeroom-cum-bomb shelter.
5-room flat
Source: HDB
Larger households can consider 5-room flats, which offer more space.
The average size is 110sqm and come with 3 bedrooms, 1 of which is a master bedroom with an attached bathroom.
Other features include a kitchen, living room, dining area, a common bathroom, service yard and a storeroom-cum-bomb shelter.
3-generation (3Gen) flat
Source: HDB
3Gen or 3 generation flats are designed to meet the needs of multi-generation families. With an area size of 115 sqm, it has 4 bedrooms and 3 bathrooms.
A multi-generation family comprises at least a married couple and the parents of either spouse. The members of both generations must be listed as the owner/occupier of the flat. Only multi-generation families can buy these flats from another multi-generation family.
Other features include a kitchen, living room, dining area, a common bathroom, service yard and a storeroom-cum-bomb shelter.
Executive flat
Executive flats feature an additional space that can be used as a study room or home office. With many working from home, this is definitely a plus point.
With an area size of 130 sqm, executive flats are similar to 5-room flats, but with additional space for a study room, and in some instances, comes with a balcony as well.
Other features include 2 additional bedrooms, a kitchen, living room, dining area, a common bathroom, service yard and a storeroom-cum-bomb shelter.
Prices of different flat types
The following table shows the median resale prices by town and flat type for resale cases registered in the 2nd quarter of 2021:
Source: HDB
Legend
(-) Indicates no resale transactions in the quarter
Asterisks (" * ") refer to cases where there are less than 20 resale transactions in the quarter for the particular town and flat type. The median prices of these cases are not shown, as they may not be representative.
The data excluded transactions that may not accurately reflect the market price, i.e. resale of part shares, resale between related parties, cases under the Conversion Scheme, resale of terrace flats, and converted flats.
The figures are rounded to the nearest hundred dollars.
Affordability
Now that you know the average prices of the different flat types in the various HDB towns, you can make a calculated decision on which flat size you can afford.
You can make use of the HDB calculator, to work out your budget before looking for a suitable flat.
It will provide you with an estimated housing budget taking into account the following:
Available CPF Ordinary Account (OA) savings (you may retain up to $20,000)
Probable CPF Housing Grant amount (taking into account your income ceiling)
Estimated housing loan amount from HDB or regulated financial institutions (FIs)
Upon entering the relevant information, the calculator will give you an estimated amount of how much you can afford for a new flat.
That will allow you to make an informed decision on which flat type to apply.
Of course, this is just a guide and you need to consider your current and likely future financial situation, lifestyle and expenses to prevent over-committing.
Are you looking for a new home? Head to MOGUL.sg to browse your preference of properties for sale or rent in Singapore.
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