5 Reasons Why You Should Consider Hiring an Agent Instead of DIY-ing It
TLDR Understanding the complexities of the real estate market and transactions can be overwhelming. Enlisting the help of a real...
Read More
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.
You May Also Like …
Building A World-Class Nation: Top 5 Facts About Singapore’s Developed Infrastructure
Building A World-Class Nation: Top 5 Facts About Singapore's Developed Infrastructure Singapore is known for its high standard of living,...
Read More
Top 5 : Benefits of Investing in Older vs. Newer Singapore Property Market Condos for International Buyers?
Singapore's property market has long been an attractive investment destination for international buyers, offering a stable and well-regulated environment with...
Read More
5 Amazingly Fun Things to Explore in Singapore!
Singapore, a vibrant city-state located at the southern tip of the Malay Peninsula, is a melting pot of cultures and...
Read More
Singapore Property Bubble Ahead? My Friends Share My Market Predictions
TLDR The author delves into various opinions on the Singapore property market for the year 2023. Experts have differing views...
Read More
Top 5 Factors : Investing In Luxury Singapore Properties: Is It Worth It?
Investing in luxury properties has always been an attractive option for high-net-worth individuals seeking to diversify their investment portfolios. Singapore,...
Read More
Top 5 Dim Sum Restaurants in Singapore
Dim sum, a popular culinary delight that originated from China, has made its way into the hearts and taste buds...
Read More
Discover 11 Helpful Tips for Buying an Older Condo : A Comprehensive Guide for Buyers
TLDR When considering purchasing an older resale condo, ensure you investigate potential en-bloc bids, lift conditions, parking conveniences, playground safety,...
Read More
6 Unexpected Property Warning Signs That Can Be Negative for Some, But Beneficial for Others
TLDR When considering property preferences, what may appear as a disadvantage to some buyers could be a unique opportunity for...
Read More
Top 5 Best Secret Gardens in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to a plethora of hidden...
Read More
A Executive Summary Guide to the Singapore Real Estate Market 2023 and Beyond …
TLDR The Singapore real estate market is vibrant, driven by a strong economy, stable business climate, and attractive investment opportunities....
Read More
The Secret Strategies of Singapore’s Property Tycoons: Lessons You Can Learn
The Singapore property market has always been a hot topic for both locals and foreign investors. With its stable economy,...
Read More
A Timeline of Property Cooling Measures in Singapore Through the Years
TLDR Since 2009, Singapore has implemented over 15 rounds of property cooling measures to curb speculation and keep homes affordable....
Read More
Top 5 Art Galleries in Singapore for Contemporary Art
Singapore, known for its modern architecture and vibrant culture, has a thriving art scene that showcases the best of contemporary...
Read More
5 Things to do When You Go For A Property Viewing In Singapore Part 2
5 Things to do When You Go For A Property Viewing In Singapore Part 2 Here are 5 more things...
Read More
Are We Truly Headed For A Slowdown? How Will This Affect Property Prices?
TLDR The pandemic-induced recession has surprisingly boosted property prices in Singapore, defying conventional economic trends. Factors like cost-push inflation, limited...
Read More
Should You Be Upgrading To A Condo In 2023?
TLDR The 2022/23 property market is experiencing high prices, making it challenging for individuals to decide whether to upgrade their...
Read More
When to Strike Gold: The Ultimate Guide to Selling Your House in Singapore!
TLDR When deciding the best time to sell your property, consider various factors such as market trends, financial goals, and...
Read More
The Impact of a Real Estate Agent on Your Property’s Selling Price
TLDR In the world of real estate, the value of property agents lies in their ability to create competition among...
Read More
5 Factors : The Benefits Of Investing In A Property With Good Access To Green Spaces In Singapore
Real estate investment has always been considered a sound investment decision, as it offers long-term growth potential and a reliable...
Read More
