Which HDB Towns Are Winning the Price Growth Game?
Let’s talk HDB resale flat prices. Spoiler alert: if you owned a flat in Geylang last year, you’ve probably got a big grin on your face. Why? Because resale prices there skyrocketed by a whopping 14.4% — the highest in Singapore. Tampines and Kallang/Whampoa weren’t far behind, with 11.9% and 10.1% growth, respectively.
Let’s break down the highlights.
East Side: Rising Stars of Connectivity
The east region took the crown for regional price growth, thanks to a solid 9.1% boost. Why the surge? Look no further than the Thomson-East Coast Line’s new stage opening in June. Better MRT connectivity turned once-overlooked areas into prime real estate. Tampines, a long-time favorite, led the pack, benefiting from its family-friendly vibe and excellent amenities.
Geylang: The MVP
Geylang, often overlooked for its older flats, turned heads last year. Flats there saw 14.4% price growth, driven by a scarcity of units and the newly MOP-ed (Minimum Occupation Period) MacPherson Spring. With 94 years left on the lease and stellar connectivity near MacPherson MRT, these flats became hot property. Even three-room units hit $790,000, while four-roomers cracked the million-dollar mark.
Toa Payoh: The Family Magnet
While Geylang stole the spotlight, Toa Payoh quietly impressed. Five-room flats there grew by 11.4%, snagging second place for price growth in this category. Why? Families love the town for its proximity to top schools like Cedar Girls’ and CHIJ. Add six MRT stations and the upcoming Toa Payoh Integrated Development, and it’s easy to see why larger flats are in demand.
West Region: Playing Catch-Up
Meanwhile, the west region lagged behind, with only 4% growth. The glut of new Build-To-Order (BTO) flats here, including mega projects like Teban Breeze, siphoned demand from the resale market. Add to that less-than-ideal locations for some flats, and it’s clear why resale prices didn’t soar.
The Bigger Picture
Across Singapore, resale HDB flat prices rose by 9.6% last year — better than 2023’s 4.9% but shy of 2022’s scorching 10.4%. Central region flats still boast the highest prices, but their growth was modest, thanks to already eye-watering price tags.
So, what’s next? If you’re eyeing a flat in Geylang, Tampines, or Toa Payoh, be ready to pony up. But if you’re scouting the west, you might just snag a deal — if you don’t mind waiting for those MRT and mall upgrades to catch up.
