HDB Prices Continues To Rise In May 2024; Volumes Picks Up | Singapore Property News

HDB Prices Continues To Rise In May 2024; Volumes Picks Up

05 Jun 2024
Property Data
  1. HDB resale prices increased by 0.3% in May 2024 compared to April 2024.Mature Estate decreased by 0.3% while Non Mature Estate increased by 1.1% as compared to April 2024. In terms of room types, 3 Room prices increased by 0.1%, 4 Room prices increased by 0.1%, 5 Room prices increased by 1.6% and Executive prices decreased by 1.1%.

    fig1 resale price

fig2 SPI by property typefig3 median resale price

According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, the overall price increase is 6.0% from May 2023.
  • Year-on-year, prices for all room types increased over May 2023: 3 Room by 5.3%, 4 Room by 6.4%, 5 Room by 6.7% and Executive by 3.9%.
  • Both Mature and Non-Mature Estates prices increased by 4.8% and 6.5% respectively from a year ago.fig4 SPI mature vs non maturefig5 table mature vs non mature
  1. 2,513 HDB resale flats were transacted in May 2024, representing a 5.3% increase from April 2024.
  • Year-on-year, resale volume in May 2024 is 11.2% higher than the previous year.
  • Breaking it down by room type, in May 2024, 26.9% of the volume came from HDB 3 Room, 43.1% from 4 Room, 22.8% from 5 Room and 7.2% from Executive.
  • Breaking it down by estate, 59.1% of the resale volume in May 2024 came from Non-Mature Estates. The remaining 40.9% in the month are from Mature Estates.
fig6 resale volumefig7 resale volume breakdownfig8 volume breakdown by estate

The highest transacted price for a resale flat in the month is achieved at $1,515,000 by a 5 Room flat at Cantonment Road.


  • In Non-Mature Estates, the highest transacted price is achieved at $1,110,000 by an executive apartment at Hougang Ave 6.


  1. In May 2024, there are 74 HDB resale flats transacted for at least $1,000,000, representing an increase from April 2024 which recorded 64 such units.
  • The number of million-dollar flats sold comprise 2.9% of the total resale volumes in the month.
  • Kallang Whampoa records thirteen units of million-dollar flats sold in the month, followed by Bukit Merah which sold twelve units and Toa Payoh which sold eight units
  • The rest of the million-dollar flats come from Queenstown, Geylang, Bishan, Bedok, Central Area, Hougang, Ang Mo Kio, Serangoon, Clementi, Pasir Ris, Tampines, Jurong East, Marine Parade, Bukit Timah, Bukit Batok, Yishunfig9 million dollar flatsfig11 transacted in the month part1fig12 transacted in the month part2fig13 transacted in the month part3

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