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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$)
1 2020-02 HOUGANG UPP SERANGOON VIEW 477C 4 ROOM 13 TO 15 92 Premium Apartmen 2016 500,000$
2 2020-02 SENGKANG FERNVALE LINK 414A 4 ROOM 04 TO 06 93 Model A 2016 408,000$
3 2020-02 SENGKANG FERNVALE LINK 416A 4 ROOM 01 TO 03 93 Model A 2016 385,000$
4 2020-02 SENGKANG FERNVALE LINK 416C 4 ROOM 10 TO 12 93 Model A 2016 432,888$
5 2020-02 SENGKANG FERNVALE LINK 416A 5 ROOM 07 TO 09 113 Improved 2016 578,000$
6 2020-02 YISHUN YISHUN ST 51 505C 5 ROOM 07 TO 09 113 Improved 2016 510,000$
7 2020-02 YISHUN YISHUN ST 51 505B 5 ROOM 04 TO 06 113 Improved 2016 515,000$
8 2020-02 HOUGANG UPP SERANGOON VIEW 477B 4 ROOM 13 TO 15 95 Premium Apartmen 2016 525,000$
9 2020-02 HOUGANG UPP SERANGOON VIEW 476B 4 ROOM 07 TO 09 92 Premium Apartmen 2016 513,888$
10 2020-02 YISHUN YISHUN ST 51 504B 4 ROOM 07 TO 09 93 Model A 2016 400,000$
11 2020-02 PUNGGOL PUNGGOL DR 665A 4 ROOM 07 TO 09 93 Premium Apartmen 2016 488,000$
12 2020-02 YISHUN YISHUN ST 51 504D 4 ROOM 04 TO 06 93 Model A 2016 380,000$
13 2020-02 SENGKANG SENGKANG WEST WAY 469B 5 ROOM 07 TO 09 113 Improved 2016 550,000$
14 2020-02 HOUGANG UPP SERANGOON VIEW 477C 4 ROOM 04 TO 06 92 Premium Apartmen 2016 450,000$
15 2020-02 HOUGANG UPP SERANGOON VIEW 476C 4 ROOM 04 TO 06 95 Premium Apartmen 2016 485,000$
16 2020-02 QUEENSTOWN DAWSON RD 92 4 ROOM 10 TO 12 95 Premium Apartmen 2016 843,888$
17 2020-02 PUNGGOL PUNGGOL DR 667B 5 ROOM 04 TO 06 113 Premium Apartmen 2016 642,800$
18 2020-02 YISHUN YISHUN ST 51 504C 4 ROOM 04 TO 06 92 Model A 2016 390,000$
19 2020-02 YISHUN YISHUN ST 51 505B 5 ROOM 01 TO 03 112 Improved 2016 460,000$
20 2020-02 SENGKANG FERNVALE LINK 416B 5 ROOM 01 TO 03 112 Improved 2016 515,000$
21 2020-02 SENGKANG FERNVALE LINK 414B 3 ROOM 22 TO 24 68 Model A 2016 360,000$
22 2020-02 SENGKANG FERNVALE LINK 416A 4 ROOM 10 TO 12 93 Model A 2016 430,000$
23 2020-02 HOUGANG UPP SERANGOON VIEW 477A 4 ROOM 10 TO 12 95 Premium Apartmen 2016 538,888$
24 2020-02 YISHUN YISHUN ST 51 505D 5 ROOM 10 TO 12 113 Improved 2016 533,000$
25 2020-02 SENGKANG FERNVALE LINK 414A 3 ROOM 07 TO 09 68 Model A 2016 337,888$
26 2020-02 SENGKANG FERNVALE LINK 415C 4 ROOM 16 TO 18 93 Model A 2016 458,000$
27 2020-02 PUNGGOL PUNGGOL DR 667A 4 ROOM 13 TO 15 93 Premium Apartmen 2016 545,000$
28 2020-02 YISHUN YISHUN ST 51 504A 4 ROOM 04 TO 06 92 Model A 2016 366,000$
29 2020-02 PUNGGOL PUNGGOL FIELD 258A 5 ROOM 01 TO 03 113 Improved 2016 537,500$
30 2020-02 YISHUN YISHUN ST 51 504A 4 ROOM 13 TO 15 92 Model A 2016 410,000$
31 2020-02 BUKIT MERAH BOON TIONG RD 10A 4 ROOM 04 TO 06 92 Model A 2016 920,000$
32 2020-02 PUNGGOL PUNGGOL DR 666B 5 ROOM 10 TO 12 113 Premium Apartmen 2016 668,000$
33 2020-02 PUNGGOL PUNGGOL DR 667B 3 ROOM 07 TO 09 68 Premium Apartmen 2016 430,000$
34 2020-02 SENGKANG FERNVALE LINK 415A 4 ROOM 10 TO 12 93 Model A 2016 455,000$
35 2020-02 BUKIT MERAH BOON TIONG RD 10B 4 ROOM 22 TO 24 87 Model A 2016 959,000$
36 2020-02 SENGKANG FERNVALE LINK 416B 4 ROOM 13 TO 15 93 Model A 2016 445,000$
37 2020-02 YISHUN YISHUN ST 51 505B 3 ROOM 10 TO 12 68 Model A 2016 310,000$
38 2020-02 PUNGGOL PUNGGOL FIELD 259A 4 ROOM 10 TO 12 93 Model A 2016 480,000$
39 2020-02 BUKIT MERAH BOON TIONG RD 10A 4 ROOM 07 TO 09 93 Model A 2016 930,800$
40 2020-02 HOUGANG UPP SERANGOON VIEW 477B 5 ROOM 13 TO 15 112 Premium Apartmen 2016 683,000$
41 2020-02 YISHUN YISHUN RING RD 342C 5 ROOM 01 TO 03 113 Premium Apartmen 2016 510,000$
42 2020-02 HOUGANG UPP SERANGOON VIEW 477B 5 ROOM 01 TO 03 115 Premium Apartmen 2016 741,000$
43 2020-02 YISHUN YISHUN ST 51 505A 4 ROOM 04 TO 06 92 Model A 2016 380,000$
44 2020-02 BUKIT MERAH BOON TIONG RD 10B 4 ROOM 13 TO 15 87 Model A 2016 928,000$
45 2020-02 YISHUN YISHUN ST 51 504A 5 ROOM 10 TO 12 112 Improved 2016 522,000$
46 2020-02 CHOA CHU KANG CHOA CHU KANG AVE 5 487B 4 ROOM 13 TO 15 93 Model A 2016 437,000$
47 2020-02 HOUGANG UPP SERANGOON VIEW 476C 5 ROOM 13 TO 15 115 Premium Apartmen 2016 705,000$
48 2020-02 BUKIT MERAH BOON TIONG RD 10A 4 ROOM 16 TO 18 92 Model A 2016 940,000$
49 2020-02 PUNGGOL PUNGGOL WAY 261A 3 ROOM 16 TO 18 68 Model A 2016 360,000$
50 2020-02 YISHUN YISHUN RING RD 342B 3 ROOM 13 TO 15 68 Premium Apartmen 2016 320,000$
51 2020-02 SENGKANG FERNVALE ST 472C 5 ROOM 16 TO 18 113 Improved 2016 572,000$
52 2020-02 HOUGANG UPP SERANGOON VIEW 476A 3 ROOM 16 TO 18 68 Premium Apartmen 2016 383,888$
53 2020-02 PUNGGOL PUNGGOL FIELD 259B 3 ROOM 01 TO 03 68 Model A 2016 330,000$
54 2020-02 SENGKANG FERNVALE LINK 415A 5 ROOM 19 TO 21 113 Improved 2016 582,888$
55 2020-02 QUEENSTOWN DAWSON RD 89 5 ROOM 34 TO 36 99 Premium Apartmen 2016 1,038,000$
56 2020-02 SENGKANG FERNVALE LINK 414B 3 ROOM 13 TO 15 68 Model A 2016 345,000$
57 2020-02 SENGKANG FERNVALE LINK 415A 5 ROOM 10 TO 12 113 Improved 2016 580,000$
58 2020-02 SENGKANG FERNVALE LINK 415A 4 ROOM 16 TO 18 93 Model A 2016 483,000$
59 2020-02 PUNGGOL PUNGGOL WAY 260B 5 ROOM 13 TO 15 113 Improved 2016 650,000$
60 2020-02 SENGKANG FERNVALE LINK 414B 4 ROOM 13 TO 15 93 Model A 2016 439,000$
61 2020-02 BUKIT PANJANG SEGAR RD 548B 4 ROOM 16 TO 18 92 Model A 2015 450,000$
62 2020-02 JURONG WEST BOON LAY DR 196B 5 ROOM 16 TO 18 113 Improved 2015 580,000$
63 2020-02 BUKIT PANJANG SEGAR RD 547D 2 ROOM 04 TO 06 47 Model A 2015 215,000$
64 2020-02 BUKIT PANJANG SEGAR RD 546A 4 ROOM 16 TO 18 92 Model A 2015 435,000$
65 2020-02 CHOA CHU KANG CHOA CHU KANG ST 52 574 4 ROOM 04 TO 06 92 Model A 2015 420,000$
66 2020-02 JURONG WEST YUNG KUANG RD 175A 5 ROOM 16 TO 18 116 Premium Apartmen 2015 585,000$
67 2020-02 BUKIT PANJANG SENJA RD 636C 4 ROOM 10 TO 12 92 Model A 2015 440,000$
68 2020-02 BUKIT PANJANG SEGAR RD 548B 4 ROOM 07 TO 09 92 Model A 2015 429,000$
69 2020-02 HOUGANG BUANGKOK GREEN 987A 4 ROOM 07 TO 09 93 Model A 2015 438,000$
70 2020-02 JURONG WEST BOON LAY DR 196A 5 ROOM 13 TO 15 113 Improved 2015 578,000$
71 2020-02 JURONG WEST YUNG KUANG RD 175A 5 ROOM 19 TO 21 116 Premium Apartmen 2015 608,000$
72 2020-02 HOUGANG BUANGKOK GREEN 987B 3 ROOM 16 TO 18 68 Model A 2015 320,000$
73 2020-02 BUKIT PANJANG SEGAR RD 548A 4 ROOM 10 TO 12 92 Model A 2015 448,000$
74 2020-02 JURONG WEST BOON LAY DR 197D 5 ROOM 13 TO 15 113 Improved 2015 618,000$
75 2020-02 JURONG WEST BOON LAY DR 197D 5 ROOM 10 TO 12 113 Improved 2015 576,500$
76 2020-02 BUKIT PANJANG SENJA RD 636B 4 ROOM 04 TO 06 92 Model A 2015 380,000$
77 2020-02 JURONG WEST BOON LAY DR 197D 5 ROOM 16 TO 18 113 Improved 2015 570,000$
78 2020-02 PASIR RIS PASIR RIS ST 51 527D 3 ROOM 07 TO 09 68 Model A 2015 380,000$
79 2020-02 BUKIT PANJANG SEGAR RD 461 4 ROOM 13 TO 15 93 Premium Apartmen 2015 443,000$
80 2020-02 PASIR RIS PASIR RIS ST 51 528A 3 ROOM 04 TO 06 68 Model A 2015 380,000$

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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