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Are Million-Dollar HDB Landed Homes Still Worth A Look In 2025 Despite Their Age?

Posted by Jayson Ang on October 5, 2025

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TLDR

Old HDB landed homes, like those in Whampoa, are rare and now fetch over $1.5 million, but their value growth has slowed sharply compared to regular flats. Over the past decade (2014–2024), standard HDB flats—especially executive units—have outperformed these landed homes, mainly due to lease decay and stricter CPF rules that limit financing for older properties. While these houses offer unique lifestyle perks (land, space, privacy) at a lower entry cost than private landed, buyers should expect flat or minimal gains moving forward. HDB landed homes best suit those prioritizing lifestyle over profit, such as retirees or pet lovers, not investors seeking appreciation. For most buyers, younger executive flats now offer better value and flexibility. The market for old HDB terraces will face more headwinds as leases shorten and financing tightens.

The most budget-friendly landed homes in Singapore typically aren’t private properties; instead, they are HDB terraced units, many of which originate from the 1950s. Due to their rarity, they attract significant attention whenever one is sold – for instance, one of these 52-year-old HDB landed houses in Whampoa was sold for $1.568 million in July 2024. This technically makes it the priciest 3-room “flat” ever sold, although it may not be entirely fair to draw that comparison. Nevertheless, this raised questions about the resale value of these old landed houses, prompting us to investigate further:

Transactions of HDB landed homes since 1990

We were able to identify 41 blocks with landed-type transactions from 1990 to the present. While this figure isn’t particularly high, it’s understandable since these properties are quite uncommon, leading to a lower transaction volume. Additionally, we couldn’t obtain the specific prices for these homes (as is the case with standard HDBs), but it provides some insight into the pricing trends.

Year	JLN BAHAGIA	JLN MA’MOR	JLN TENTERAM	STIRLING RD
1990	$86,063	$59,000	$90,000	$99,400
1991	$90,409	$70,000	$60,000	$100,800
1992	$111,800	$103,600		$158,000
1993	$196,385	$126,000		$225,333
1994	$283,500	$297,857	$288,000	$283,250
1995	$398,500	$372,143		$398,700
1996	$498,350	$445,769	$430,000	$498,286
1997	$516,282	$537,750	$578,000	$512,028
1998	$459,150	$463,000		$474,125
1999	$426,677	$452,989	$430,000	$460,000
2000	$482,857	$498,929	$450,000	$398,833
2001	$476,000	$468,333	$469,000	$426,000
2002	$431,955	$435,800	$390,000	$434,600
2003	$420,250	$397,667	$390,000	$410,200
2004	$416,400	$479,200	$515,000	$406,000
2005	$444,429	$368,333	$368,000	$394,800
2006	$448,667	$440,625		$376,115
2007	$434,933	$454,750		$491,722
2008	$480,600	$523,762		$518,571
2009	$608,627	$609,289		$568,446
2010	$707,111	$660,083	$663,333	$636,500
2011	$759,875	$768,000	$769,400	$740,296
2012	$747,750	$828,397	$810,000	$789,450
2013	$730,000	$933,222		$818,250
2014	$800,750	$880,750		$704,000
2015	$837,948	$842,667		$794,333
2016	$764,722	$843,750		$915,000
2017	$771,000	$806,481		$844,630
2018	$878,000	$810,333	$645,000	$873,000
2019	$755,000	$782,500		$850,000
2020	$833,571	$827,500	$678,000	$871,000
2021	$973,320	$907,500	$965,000	$864,000
2022	$863,500	$887,648		$924,333
2023	$1,021,500	$1,100,000		$780,500
2024	$847,222	$1,266,000
Change (1990 – 2024)	6.96%	9.44%	14.98%	6.44%
Change (2014 – 2024)	0.57%	3.70%	No Data	1.15%

Year	JLN BAHAGIA	JLN MA’MOR	JLN TENTERAM	STIRLING RD
1990	$74	$41	$89	$90
1991	$80	$60	$57	$88
1992	$83	$69		$122
1993	$128	$113		$189
1994	$247	$222	$185	$279
1995	$314	$341		$343
1996	$379	$419	$425	$459
1997	$400	$353	$303	$477
1998	$397	$331		$457
1999	$338	$342	$425	$326
2000	$429	$351	$431	$396
2001	$378	$334	$373	$394
2002	$352	$384	$385	$349
2003	$376	$392	$385	$393
2004	$347	$298	$216	$342
2005	$356	$386	$364	$345
2006	$309	$352		$364
2007	$380	$395		$423
2008	$507	$400		$503
2009	$507	$450		$513
2010	$544	$607	$567	$617
2011	$643	$707	$760	$753
2012	$822	$703	$801	$818
2013	$805	$592		$692
2014	$801	$721		$752
2015	$781	$686		$702
2016	$783	$666		$804
2017	$600	$641		$885
2018	$643	$575	$637	$873
2019	$702	$806		$908
2020	$726	$725	$670	$774
2021	$737	$669	$640	$781
2022	$915	$867		$742
2023	$784	$955		$783
2024	$762	$590
Change (1990 – 2024)	7.11%	8.14%	12.31%	6.78%
Change (2014 – 2024)	-0.51%	-1.98%	No Data	0.45%

Next, we will examine these landed home figures in relation to the performance of standard HDB flats:

Year	3 ROOM	4 ROOM	5 ROOM	EXECUTIVE
1990	$42,548	$81,757	$132,615	$186,458
1991	$44,390	$81,761	$138,103	$191,167
1992	$48,046	$90,912	$154,384	$213,971
1993	$70,767	$134,360	$227,253	$296,455
1994	$93,896	$175,046	$284,072	$367,723
1995	$120,862	$216,575	$341,553	$443,288
1996	$172,576	$295,868	$441,541	$572,772
1997	$194,325	$304,947	$442,182	$567,156
1998	$154,528	$253,703	$373,743	$479,760
1999	$145,733	$243,871	$355,042	$447,643
2000	$157,157	$256,708	$375,507	$479,089
2001	$144,927	$233,871	$340,184	$445,524
2002	$143,714	$224,189	$324,428	$422,226
2003	$159,283	$230,091	$322,054	$408,603
2004	$173,888	$237,554	$315,056	$386,484
2005	$170,063	$234,454	$303,456	$361,812
2006	$166,105	$235,465	$303,186	$357,635
2007	$180,589	$254,522	$327,557	$384,763
2008	$225,845	$308,725	$389,542	$458,551
2009	$248,522	$331,749	$403,023	$471,082
2010	$286,763	$372,523	$454,304	$522,056
2011	$324,178	$422,694	$501,826	$577,826
2012	$350,309	$456,252	$542,172	$629,253
2013	$361,126	$479,144	$568,800	$661,300
2014	$340,068	$444,921	$536,065	$639,124
2015	$323,645	$433,574	$515,018	$620,677
2016	$321,489	$434,348	$522,708	$624,048
2017	$316,668	$437,120	$532,277	$627,211
2018	$305,331	$431,704	$527,635	$630,780
2019	$298,230	$429,749	$526,812	$617,561
2020	$311,381	$448,559	$541,457	$635,395
2021	$351,378	$505,022	$603,990	$705,559
2022	$388,116	$549,022	$654,253	$782,007
2023	$411,272	$584,035	$685,338	$829,310
2024	$430,602	$614,876	$716,679	$864,590
Change (1990 – 2024)	7.04%	6.11%	5.09%	4.62%
Change (2014 – 2024)	2.39%	3.29%	2.95%	3.07%

Year	3 ROOM	4 ROOM	5 ROOM	EXECUTIVE
1990	$58	$80	$100	$116
1991	$60	$81	$104	$120
1992	$65	$90	$116	$134
1993	$97	$132	$171	$187
1994	$128	$170	$214	$232
1995	$164	$210	$257	$278
1996	$234	$284	$332	$359
1997	$261	$293	$332	$357
1998	$209	$243	$279	$301
1999	$198	$231	$264	$277
2000	$213	$242	$279	$298
2001	$197	$221	$256	$280
2002	$195	$212	$245	$266
2003	$216	$218	$243	$257
2004	$238	$227	$240	$244
2005	$233	$225	$233	$230
2006	$228	$227	$235	$227
2007	$248	$247	$256	$245
2008	$310	$299	$306	$293
2009	$341	$322	$318	$303
2010	$394	$361	$356	$335
2011	$445	$410	$395	$373
2012	$482	$443	$426	$409
2013	$496	$467	$446	$426
2014	$465	$434	$421	$412
2015	$442	$422	$405	$401
2016	$439	$423	$411	$402
2017	$432	$427	$419	$404
2018	$417	$422	$416	$406
2019	$409	$421	$415	$396
2020	$427	$443	$430	$407
2021	$482	$499	$480	$453
2022	$532	$541	$519	$499
2023	$562	$574	$543	$530
2024	$589	$606	$568	$553
Change (1990 – 2024)	7.07%	6.13%	5.25%	4.69%
Change (2014 – 2024)	2.41%	3.39%	3.05%	2.97%

The Numbers Game: HDB Landed vs Regular Flats

Past decade’s data tells an unexpected tale. Regular HDB flats matched or beat terraced houses across all sizes from 2014 to 2024. Lease decay’s fingerprints show clearly here – many terraced homes hit their lease midlife crisis while younger flats powered ahead.

CPF rules changed the game in May 2019. Now, your CPF use depends on whether the remaining lease can carry you to age 95. For aging HDB terraced houses with sub-50-year leases, this hits hard. Looking ahead, these properties face a double squeeze: limited financing options and restricted CPF use. Cash buyers become rare birds, choking future price growth.

The Executive Flat Alternative

Enter executive flats – spacious alternatives to landed living. Historical data since 1990 favored HDB landed homes, but the last decade flips this script. Again, age matters. Even old executive flats rarely match the vintage of 1950s terrace houses.

Space hunters face a choice: aging landed charm versus younger executive practicality. Each path carries different trade-offs.

Beyond the Dollar Signs

Real estate veterans share wisdom: HDB landed homes shine brightest for buyers who look past profit margins. Think retirees planning their forever home, gardening enthusiasts craving soil beneath their feet, or pet lovers needing extra space.

Compared to private landed prices, these homes offer similar lifestyle benefits at half the cost. But 2024 marks a turning point – future owners might need to accept minimal gains or even flat returns.

Want deeper insights into Singapore’s property scene? Follow us for market updates, or reach out for personalized property guidance.

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.

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