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HDB Flat Resale Price Index (RPI)

What Is RPI?

You might heard of PMI, CPI and STI over and over again in the news. PMI stands for Purchasing Managers Index, it is a measure of the prevailing direction of economic trends in manufacturing, when the number is above 50, it means the manufacturing is in expanding mode, when the number is under 50, it means manufacturing is in contracting mode.
CPI stands for Consumer Product Index, it is a number to measure a basket of goods are cheaper or more expensive compared with its historic record, or in more economic term, the cost of living or inflation level.
Whereas STI - Straights Times Index is a measure of Singapore stock market movement, it is used to indicate whether the market is over-valued, under-valued or just reasonably valued.
Here RPI is quite the same, it is a number to measure the overall HDB resale market price level. It aims to give us some simplified idea of how the HDB flat resale market is moving compared against its historic record.

Why RPI?

Mainly due to its simplicity, by looking at this single index number, you would have an idea of how the resale market is doing for that quarter.

How Does RPI Work?

The index is based on quarterly average resale price by date of registration. They are computed using the stratified hedonic regression method, and an index of 100 was set as the base index according to the resale transaction data of 1st quarter 2009.

What Does the RPI Chart Suggest?

Overall the Resale Price Index (RPI) number raised from 24.3 to 131.5 during the past 30 years, and the compounded annual growth rate is about 5.79%, based on formula 24.3x(1+x)30 = 131.5
There are two major fast growing period, one is from 1st quarter of 1993 to 4th quarter of 1996, it is about 4 years. Another one is from 1st quarter of 2007 to 2nd quarter of 2013, it lasted for about 6.5 years.

From an investor's point of view, buying and selling of HDB flat might not be a good choice as suggested by the overall market return. The inflation and interests that you paid could eat up all the returns or a large portion of it.

However, from a public policy perspective, it is a huge success. A stable and affordable flat not only make Singapore one of the highest home ownership rate among many countries in the world, but also achieve relative fairness cross generations, greatly reduced the social inequality that caused problems for many other countries.

HDB Resale Transactions

No Month
Town Street Name Block Flat Type Storey Range Floor Area (m2) Flat Model Lease Commence Year Resale Price(S$)
1 2021-05 BUKIT MERAH HENDERSON RD 95C 4 ROOM 34 TO 36 93 Model A 2019 910,000$
2 2021-05 CLEMENTI CLEMENTI AVE 3 440A 3 ROOM 04 TO 06 69 Model A 2018 588,000$
3 2021-05 BUKIT MERAH TELOK BLANGAH HTS 70A 3 ROOM 01 TO 03 68 Model A 2017 585,000$
4 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 808B 5 ROOM 10 TO 12 112 Improved 2017 610,000$
5 2021-05 BUKIT MERAH TELOK BLANGAH HTS 70B 3 ROOM 16 TO 18 68 Model A 2017 608,888$
6 2021-05 HOUGANG UPP SERANGOON CRES 473A 5 ROOM 10 TO 12 113 Improved 2017 700,888$
7 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 810A 5 ROOM 19 TO 21 113 Improved 2017 605,000$
8 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 5 ROOM 04 TO 06 113 Improved 2017 550,000$
9 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 4 ROOM 22 TO 24 92 Model A 2017 505,000$
10 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815C 5 ROOM 16 TO 18 113 Improved 2017 595,000$
11 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 808A 5 ROOM 10 TO 12 112 Improved 2017 590,000$
12 2021-05 HOUGANG UPP SERANGOON CRES 473A 4 ROOM 01 TO 03 93 Model A 2017 453,000$
13 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 807B 4 ROOM 13 TO 15 92 Model A 2017 490,000$
14 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815C 4 ROOM 19 TO 21 93 Model A 2017 500,000$
15 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 4 ROOM 04 TO 06 93 Model A 2017 465,000$
16 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 807B 4 ROOM 04 TO 06 92 Model A 2017 460,000$
17 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 5 ROOM 10 TO 12 112 Improved 2017 628,000$
18 2021-05 CHOA CHU KANG KEAT HONG CL 805C 4 ROOM 07 TO 09 93 Model A 2017 480,000$
19 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 4 ROOM 16 TO 18 92 Model A 2017 498,000$
20 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815C 5 ROOM 10 TO 12 113 Improved 2017 590,000$
21 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 807C 4 ROOM 13 TO 15 92 Model A 2017 485,000$
22 2021-05 CHOA CHU KANG KEAT HONG CL 805C 5 ROOM 10 TO 12 113 Improved 2017 573,000$
23 2021-05 CHOA CHU KANG KEAT HONG LINK 816B 4 ROOM 13 TO 15 92 Model A 2017 510,000$
24 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 4 ROOM 01 TO 03 92 Model A 2017 450,000$
25 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 810A 4 ROOM 16 TO 18 93 Model A 2017 490,000$
26 2021-05 CHOA CHU KANG KEAT HONG CL 803D 5 ROOM 04 TO 06 113 Improved 2017 575,000$
27 2021-05 JURONG WEST JURONG WEST CTRL 3 698A 3 ROOM 13 TO 15 68 Model A 2017 430,000$
28 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 807A 3 ROOM 10 TO 12 67 Model A 2017 380,000$
29 2021-05 JURONG WEST JURONG WEST CTRL 3 697A 5 ROOM 10 TO 12 113 Improved 2017 798,000$
30 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 4 ROOM 16 TO 18 93 Model A 2017 505,000$
31 2021-05 CHOA CHU KANG KEAT HONG CL 805A 4 ROOM 07 TO 09 93 Model A 2017 465,000$
32 2021-05 CHOA CHU KANG KEAT HONG CL 805B 4 ROOM 10 TO 12 93 Model A 2017 485,000$
33 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815C 5 ROOM 10 TO 12 113 Improved 2017 590,000$
34 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 5 ROOM 04 TO 06 113 Improved 2017 542,000$
35 2021-05 HOUGANG UPP SERANGOON CRES 473B 3 ROOM 13 TO 15 68 Model A 2017 384,500$
36 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 809A 5 ROOM 13 TO 15 112 Improved 2017 560,000$
37 2021-05 CHOA CHU KANG KEAT HONG LINK 816B 4 ROOM 07 TO 09 92 Model A 2017 485,000$
38 2021-05 CLEMENTI CLEMENTI AVE 4 312C 4 ROOM 07 TO 09 93 Model A 2017 823,888$
39 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815A 4 ROOM 10 TO 12 93 Model A 2017 485,000$
40 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 4 ROOM 16 TO 18 93 Model A 2017 500,000$
41 2021-05 CHOA CHU KANG KEAT HONG CL 805A 4 ROOM 10 TO 12 93 Model A 2017 455,000$
42 2021-05 KALLANG/WHAMPOA JLN TENTERAM 116A 4 ROOM 19 TO 21 93 Model A 2017 736,000$
43 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815A 4 ROOM 16 TO 18 93 Model A 2017 508,000$
44 2021-05 HOUGANG UPP SERANGOON CRES 473A 5 ROOM 16 TO 18 113 Improved 2017 725,000$
45 2021-05 KALLANG/WHAMPOA JLN TENTERAM 116B 4 ROOM 19 TO 21 93 Model A 2017 720,000$
46 2021-05 HOUGANG UPP SERANGOON CRES 473C 4 ROOM 10 TO 12 93 Model A 2017 533,000$
47 2021-05 HOUGANG UPP SERANGOON CRES 473D 5 ROOM 07 TO 09 113 Improved 2017 630,000$
48 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815A 4 ROOM 10 TO 12 93 Model A 2017 468,000$
49 2021-05 HOUGANG UPP SERANGOON CRES 473D 5 ROOM 13 TO 15 113 Improved 2017 655,000$
50 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 808A 4 ROOM 01 TO 03 92 Model A 2017 445,000$
51 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 808C 4 ROOM 01 TO 03 92 Model A 2017 430,000$
52 2021-05 CHOA CHU KANG KEAT HONG CL 803D 4 ROOM 13 TO 15 93 Model A 2017 480,000$
53 2021-05 CHOA CHU KANG KEAT HONG LINK 816A 5 ROOM 19 TO 21 112 Improved 2017 605,000$
54 2021-05 JURONG WEST JURONG WEST CTRL 3 697A 4 ROOM 04 TO 06 93 Model A 2017 598,888$
55 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 809B 3 ROOM 04 TO 06 67 Model A 2017 355,000$
56 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 810A 5 ROOM 04 TO 06 113 Improved 2017 547,000$
57 2021-05 BUKIT MERAH TELOK BLANGAH HTS 70A 4 ROOM 22 TO 24 93 Model A 2017 890,000$
58 2021-05 KALLANG/WHAMPOA UPP BOON KENG RD 8B 3 ROOM 16 TO 18 70 Premium Apartmen 2017 600,000$
59 2021-05 CHOA CHU KANG KEAT HONG CL 804A 4 ROOM 10 TO 12 93 Model A 2017 470,000$
60 2021-05 HOUGANG UPP SERANGOON CRES 473A 3 ROOM 13 TO 15 68 Model A 2017 386,000$
61 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 811A 3 ROOM 07 TO 09 68 Model A 2017 368,000$
62 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 4 ROOM 10 TO 12 93 Model A 2017 485,000$
63 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 807B 4 ROOM 07 TO 09 92 Model A 2017 478,000$
64 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 808D 4 ROOM 07 TO 09 92 Model A 2017 468,000$
65 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 4 ROOM 10 TO 12 92 Model A 2017 480,000$
66 2021-05 BUKIT MERAH TELOK BLANGAH HTS 70B 4 ROOM 07 TO 09 93 Model A 2017 778,000$
67 2021-05 CHOA CHU KANG KEAT HONG LINK 817B 4 ROOM 19 TO 21 92 Model A 2017 530,000$
68 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815B 4 ROOM 07 TO 09 93 Model A 2017 470,000$
69 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 815A 4 ROOM 16 TO 18 93 Model A 2017 520,000$
70 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 7 810A 4 ROOM 04 TO 06 93 Model A 2017 443,000$
71 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 809B 2 ROOM 13 TO 15 47 Model A 2017 280,000$
72 2021-05 HOUGANG UPP SERANGOON CRES 473A 5 ROOM 13 TO 15 113 Improved 2017 655,000$
73 2021-05 CHOA CHU KANG CHOA CHU KANG AVE 1 809B 4 ROOM 10 TO 12 92 Model A 2017 472,000$
74 2021-05 CHOA CHU KANG KEAT HONG LINK 816B 5 ROOM 19 TO 21 112 Improved 2017 670,000$
75 2021-05 CHOA CHU KANG KEAT HONG LINK 817A 5 ROOM 16 TO 18 112 Improved 2017 600,000$
76 2021-05 HOUGANG UPP SERANGOON CRES 473A 5 ROOM 16 TO 18 113 Improved 2017 723,000$
77 2021-05 HOUGANG UPP SERANGOON CRES 473B 3 ROOM 16 TO 18 68 Model A 2017 415,000$
78 2021-05 HOUGANG UPP SERANGOON CRES 473C 4 ROOM 13 TO 15 93 Model A 2017 522,000$
79 2021-05 BUKIT MERAH TELOK BLANGAH HTS 70A 4 ROOM 16 TO 18 93 Model A 2017 850,000$
80 2021-05 HOUGANG UPP SERANGOON CRES 473D 5 ROOM 13 TO 15 113 Improved 2017 670,000$

Singapore HDB flat resale transactions in last 10 years. Get to know the overall HDB property market trend; Estmate your property value when selling; Or get a benchmark price when you are buying. Help you to make informed decision when buying or selling your property.

Data Used here is from https://data.gov.sg, which are under the Singapore Open Data License.

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