Your search results

Buy a $1M Resale HDB or a $1M Resale Condo?

Posted by Jayson Ang on August 19, 2023

| 0

TLDR

When comparing a million-dollar HDB flat to a private property of the same value, the HDB flat offers more living space, making it suitable for families. Condos, on the other hand, provide exclusive amenities but come with higher maintenance fees. HDB buyers can access grants and loans not available for private property purchases. While private properties offer higher rental demand and potential appreciation, HDB flats may be a better choice for long-term residence. Consider your priorities, consult a professional, and be aware of regulations when making a decision between HDB and private properties in Singapore.

As we witness an increase in million-dollar transactions for HDB flats in central regions like Queenstown or particular projects like Pinnacle@Duxton, the distinction between HDB flats and private properties is becoming less apparent.

Nevertheless, it prompts us to ask whether purchasing a condominium would be a more favorable option, despite such occurrences being atypical in Singapore’s property market.

$1 million HDB vs $1 million Private Property

Enjoy A Larger Living Space with HDB flats

HDB flats offer a larger living area compared to condos, especially when considering properties with similar prices.

For instance, a million-dollar HDB flat and a million-dollar condo located within six minutes of each other on foot and having similar remaining lease have been compared in the table above.

Here, the resale flat is found to be twice the size of the condo, providing more space for families with children.

However, a 1-bedder condo unit may be suitable for singles, newlyweds, or expats who do not require much living space.

Nonetheless, finding a condo of similar size will require looking further from the city, which means giving up a premium location.

2-Bedroom Condo in West Bay Condo

The condo unit is smaller than the HDB flat located at 53 Strathmore Ave, and has aged more compared to the recently completed 5-year required occupancy period of the resale flat.

Given the choice between an older condo with amenities in a less exclusive neighborhood or a newer HDB flat in a prime location with a greater range of lifestyle amenities, the HDB flat may still be preferable despite its high cost.

Condos Have More Amenities

As previously mentioned, residing in a condominium may offer you fewer living spaces or a location further away from the city.

However, the advantage lies in the range of exclusive amenities accessible to you within the premises, such as swimming pools, fitness centers, tennis courts, clubhouses, gardens, and playgrounds.

These facilities tend to be an immediate attraction for potential homebuyers who aspire to preserve a particular standard of living.

Additionally, families with young children can benefit from having a playground just a few floors below their unit within a secured, gated community.

Are The Condo Maintenance Fees Worth It?

The fancy amenities in condos come with a higher maintenance fee of $200-300 compared to the HDB’s service and conservancy charges that range from $20 to $100 per month.

HDBs also have government redevelopment programs like the Neighbourhood Renewal Programme that revamp the whole estate at a subsidised or no cost.

If you don’t plan to use condo facilities often or won’t use all of them, it’s better to invest in a bigger space.

Besides, most HDB estates are well-developed and have shopping malls, playgrounds, fitness areas, sports courts, and food centres that are similar to what condos offer.

In fact, mature estates where most million-dollar flats are located offer more options to choose from.

HDB Buyers Have Access To A Variety Of Grants And Loans

HDB flats have an advantage over private properties because buyers can use CPF grants to finance their purchase. The most popular grants are the Enhanced CPF Housing Grant (EHG) and the Proximity Housing Grant (PHG).

However, not everyone will be eligible for these grants.

Unfortunately, foreigners cannot buy HDB flats or receive CPF grants. Private properties are their only option.

There Is Higher Rental Demand And Capital Appreciation For Condos

When it comes to owning property in Singapore, there are pros and cons to both HDB flats and private properties.

Private property owners have the advantage of being able to rent or sell their property without waiting for a 5-year Minimum Occupation Period (MOP) like HDB flat owners.

Private property owners only need to wait for three years before selling to avoid paying the Seller’s Stamp Duty (SSD).

Private properties also have a higher potential for appreciation in value, but if you’re looking for a forever home and don’t plan on selling, an HDB flat may be the better option, even if it costs $1 million.

Ultimately, you must ask yourself what you’re willing to give up and what your non-negotiables are.

If you’re a family, a million-dollar HDB flat may be a better choice for the space and mature location, while singles may prefer a condo with amenities and location.

It’s best to speak with a professional before making any big decisions.

If you plan to move from a condo to an HDB flat, you’ll need to wait 15 months after selling your condo to buy an HDB resale flat, unless you’re a senior aged 55 or above buying a 4-room flat or smaller.

And if you plan to buy a second residential property, you’ll have to pay higher Additional Buyer’s Stamp Duty (ABSD) rates, which are 20% for the second property and 30% for the third or subsequent properties for Singaporeans.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Buying Tips Opinion Selling Tips

Discover the Optimal Timing to Invest in Singapore Real Estate: Unveiling Historical Insights

Jayson Ang – August 1, 2024 –

TLDR When considering the best time to buy or sell a property in Singapore, historical data analysis reveals key insights....

Mandarin Top 5

5 Pros Of Buying A Resale Property

Jayson Ang – March 6, 2024 –

Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...

Mandarin Top 5

5 Reasons : Why Investing In Singapore’s Property Market Can Be A Good Retirement Plan

Jayson Ang – June 22, 2024 –

Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...

All Buying Tips Reports Selling Tips

A Timeline of Property Cooling Measures in Singapore Through the Years

Jayson Ang – August 6, 2025 –

TLDR Since 2009, Singapore has implemented over 15 rounds of property cooling measures to curb speculation and keep homes affordable....

All Buying Tips Opinion

Neighbourhood Estate Guide: Is Holland Village the Most Charming and Relaxed of HDB Estates?

Jayson Ang – January 1, 2025 –

According to the 2014 master plan, Holland Village was given the prestigious title of an "identity node," confirming its status...

All Buying Tips

Should Foreign Buyers Be Deterred By the 30% ABSD?

Jayson Ang – December 7, 2022 –

TLDR Foreign buyers interested in private residential properties in Singapore is a common sight due to the country's positive reputation...

All Buying Tips

What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?

Jayson Ang – October 23, 2023 –

TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...

All Buying Tips Opinion

The Sneaky Role of Property Appraisals in Shaping Singapore’s Home Prices

Jayson Ang – January 20, 2024 –

TLDR When it comes to the real estate market in Singapore, understanding property valuations and the impact on mortgage loans...

Mandarin Top 5

Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise

Jayson Ang – June 21, 2025 –

TLDR Singapore stands out as a top destination for culture lovers, offering a rich blend of heritage and modernity through...

All Buying Tips Selling Tips

The Emergence of Million-Dollar HDB Flats in Singapore: Could This Become the Standard Moving Forward?

Jayson Ang – July 28, 2024 –

TLDR Understanding the nuances of the HDB property market in Singapore, especially the trend of million-dollar flats, requires a deep...

Mandarin Top 5

Top 5 Overlooked Features that Buyers are Looking for in Singapore Property

Jayson Ang – May 17, 2023 –

The top 5 overlooked features that buyers are looking for in the Singapore real estate market. These are the overlooked...

All Buying Tips Selling Tips

Discovering the Response of Private Property Owners towards the 15-Month Wait-Out Phase

Jayson Ang – August 25, 2023 –

TLDR The blog post discusses the impact of the 15-month wait-out period cooling measure on private property owners in Singapore....

All Buying Tips Opinion

The Evolving Landscape of HDB Upgrading in Post-COVID Singapore

Jayson Ang – May 12, 2026 –

TLDR The post-COVID Singapore property market has grown more complex, especially for HDB upgraders facing higher interest rates, cooling measures,...

Mandarin Top 5

Top 5 Reasons : Why Singapore’s Property Market Is the Best Place to Invest for Long-Term Growth – Expert Analysis!

Jayson Ang – June 9, 2025 –

TLDR Singapore’s property market stands out for long-term investment due to its strong economy, stable government policies, high rental demand,...

Mandarin Top 5

The Future Of Singapore Property Investing: 5 Trends To Watch Out For

Jayson Ang – July 10, 2024 –

The future of Singapore's property market is shaped by several emerging trends that reflect cautious optimism, enviable locations, and sociable...

All Opinion Selling Tips

Selling Your Singapore Condo? Don’t Overlook This Critical Factor

Jayson Ang – March 14, 2026 –

TLDR When selling a condo in Singapore, the number of units listed in the same development plays a crucial role....

Mandarin Top 5

Top 5 Cocktail Bars in Singapore for a Night Out

Jayson Ang – March 8, 2024 –

Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....

All Opinion

Is Housing Policy an Unintended Factor in Singapore’s Birth Rate?

Jayson Ang – April 29, 2026 –

TLDR Singapore’s housing policies contribute to its declining birth rate through a complex mix of factors beyond just price. Flat...

Buying Tips Mandarin Top 5

5 Reasons Why You Should Consider Investing In Singapore Real Estate

Jayson Ang – August 1, 2023 –

TLDR Investing in Singapore real estate offers attractive tax incentives, low cost of living, high rental yields, market reliability, diversification...