What Is Cash Over Valuation in HDB (COV)
TLDR Cash Over Valuation (COV) in HDB resale flats occurs when the purchase price exceeds HDB's valuation. COV cannot be...
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The Shifting Landscape: Why More Singaporeans Are Opting for Larger HDB Flats Over Condos for Upgrades in 2025
TLDR
By 2025, more Singaporeans are choosing larger HDB flats over condominiums as their upgrade path. Rising condo prices, especially for family-sized units, have priced many households out, while resale HDB flats offer comparable space at far lower costs. Families highlight practical benefits—proximity to schools, familiar neighborhoods, community ties, and affordability—as reasons for preferring bigger HDBs. For some, what began as a “temporary” solution became a permanent choice, offering comfort without financial strain. Others prioritize accessibility for aging parents or value the social networks built around HDB living. This shift reflects a broader recalibration of housing aspirations: rather than chasing private property for prestige or investment, many now favor stability, space, and lifestyle needs. The trend underscores how affordability pressures and evolving priorities are reshaping Singapore’s upgrade culture, making larger HDB flats a viable and even desirable long-term option.
The traditional “upgrade” path for many Singaporeans involves transitioning from an HDB flat to a condominium or Executive Condominium (EC). However, as of 2025, a noticeable shift is occurring. We’ve encountered an increasing number of homeowners deferring condo plans, settling for smaller private units, or, more frequently, choosing to upgrade to a larger HDB flat instead. Is this merely a temporary measure, or have condominium prices become genuinely unattainable for some families? We spoke with several homeowners who decided to prioritize a bigger HDB flat for their upgrade.
1. Priced Out Post-COVID: The Case of PV’s Family
LV, a Permanent Resident, and his Singaporean wife initially owned a 4-room HDB flat in Yishun and had planned to upgrade around 2018. They eyed Jadescape but decided to wait until their daughter completed her PSLE. However, an unexpected delay occurred when LV’s employer closed down, though he quickly secured a new job just before the pandemic.
LV recounts, “The bad part is after COVID, all the prices went up so high. That’s when we changed our target to resale [condos], but all the resale condos near Jadescape were very old.” He expanded his search to other neighborhoods but found himself priced out of family-sized units (around 1,200 sq. ft., which he desired for his two children). By late 2021, he observed resale listings for this size at approximately $1.7 million, exceeding the original new launch price of Jadescape.
Upon his wife’s colleague’s suggestion, LV, initially favoring a private property for its appreciation potential, eventually warmed to the idea of a larger HDB flat. The moment they viewed their current home, they were convinced: “The place was as big as the resale condos we’d seen. With the price difference we saved, we wouldn’t even need a reno loan. There’s a 24-hour coffee shop, where we go for supper all the time, and the bus stop outside has a direct bus to my workplace.” The seller even accepted their initial offer, despite their agent’s claim it was low.
Today, LV’s family is comfortable, and he finds a family-sized condo currently out of reach. While he would consider upgrading if his income substantially increases, he is content with his 5-room HDB as their permanent home.
2. Choosing a “Temporary” Home as a Permanent Solution: VV’s Experience
VO and her husband planned to upgrade to a condo in 2016 after their first child was born, seeking a property with facilities like pools, a luxury their parents never had. They envisioned an “eastside” neighborhood (Bedok, Tampines, Pasir Ris). VO also emphasized the importance of family proximity and the desire for a pet-friendly environment for her brother’s dogs.
When VO’s sister went overseas, her vacant 5-room HDB flat became a temporary residence for VO’s family, allowing them to sell their 4-room flat and take their time searching for a suitable condo. However, the temporary arrangement unexpectedly transformed into a permanent solution. VO’s family grew to love the 5-room flat: “It was close to many good preschools, my husband has three friends who live within walking distance, and I like having a wet market because we rarely eat out. The best part is it’s on the highest floor and an end-unit, with an unblocked view of Bedok Reservoir.” Although her brother’s dogs couldn’t permanently stay, the close proximity allowed for convenient visits.
Ultimately, they decided to purchase her sister’s flat. This decision not only saved a significant sum for their child’s future but also eliminated the stress of a second move. VO and her husband developed an “evening hanging out routine” with nearby friends, solidifying their contentment with their larger HDB home.
3. From Central to Fringe HDB: WX’s Calculated Move
KX, his wife, and son previously resided in a “small and old” 3-room HDB flat on Cross Street, inherited from his late father-in-law, just a few minutes’ walk from Chinatown MRT. Two factors prompted KX to consider upgrading: a property agent’s valuation of his current flat (surprisingly high, though the final sale price was lower) and his father’s early dementia, which raised concerns about future living arrangements for his parents.
Initially, the couple explored condos in the Clementi area due to its proximity to NUS, even considering a one-bedroom unit for their son during university. However, his son deemed it unnecessary. After a year of deliberation, their upgrade took an entirely different turn: KX’s family moved to an executive flat in Bedok.
KX explained, “My mum and dad are already familiar with the place. They’ve lived in Bedok since I was born, which is very important to my dad due to his dementia. Our place is about two bus stops from his previous flat, so it’s familiar. Also, my parents have old friends in the area who can help them.” The realization that his son might study abroad also influenced their decision to prioritize affordability.
Surprisingly, KX believes many Singaporeans exaggerate distances: “This is not Australia where far away means several hours or several days. Almost everywhere you want to go is at most 20 to 30 minutes. We act like moving to Bedok or Jurong is like moving to Malaysia.” This perspective enabled him to embrace a larger HDB flat in a familiar neighborhood, unburdened by the perceived loss of a central location or the absence of a condo.
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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