Demand for older Housing and Development Board (HDB) flats in Singapore has surged significantly in recent years, driven by a growing preference for affordability and space amid a limited supply of large-sized new flats. Despite concerns about the ageing nature of these units, buyers increasingly view older flats as viable housing options, especially given the rising prices in the private property market.
Recent resale transactions illustrate this trend. A four-room flat measuring 104 square meters in Yishun was sold in July 2026 for $265,000, while a centrally located three-room flat of 64 square meters in Toa Payoh changed hands for $288,000 the previous month. More noteworthy are sales of two-storey maisonettes, which have commanded prices well below $1 million. In June 2026, a 139-square-meter Model A maisonette in Jurong West was sold for $660,000, while similarly sized flats in Jalan Rajah and Jurong West were transacted for $838,000 and under $720,000, respectively. Comparable private properties typically fetch over $2 million in today’s market.
The increasing popularity of older flats is reflected in the volume of transactions. Resale dealings involving flats aged 40 years or older rose from 1,223 units in 2015 to a record 6,815 in 2025. In the first half of 2026 alone, 3,490 such flats were sold, slightly below the 3,570 units in the same period of 2025 but still higher than the 3,032 units sold in early 2024. Meanwhile, resale transactions for newer flats under 10 years old have declined steadily from 3,665 in the first half of 2024 to 2,322 in the first half of 2026.
Older flats now represent a growing share of the resale market, accounting for 28.5 percent of all transactions in the first half of 2026, up from just 6.9 percent a decade earlier. This translates to nearly one in every three resale flats being over 40 years old.
This shift has introduced new buyer profiles, including retirees, older singles, mature families, and new citizens or permanent residents. Many retirees, for example, downsize from private condominiums or landed homes into older resale flats, often with no intention of passing the property on to heirs, thus mitigating concerns over lease decay. Several buyers also seek older flats for their larger living spaces compared to newer, smaller units.
Popular mature estates such as Bedok, Ang Mo Kio, Tampines, Toa Payoh, and Geylang have seen significant activity in older-flat sales, often with median prices at or below $600,000 in the past 18 months.
Several policy changes and government schemes may further boost demand. The removal of the 15-month wait-out period for private property owners before purchasing non-subsidised resale HDB flats makes it easier for cash-rich sellers to enter the resale market again, potentially increasing sales of larger flats. The Lease Buyback Scheme offers seniors a way to monetise part of their flat leases while continuing to live there, a benefit exclusive to HDB flats and not private properties, which may have drawn elderly buyers toward older flats.
Additionally, the Voluntary Early Redevelopment Scheme (VERS), announced in 2018, has improved perceptions of older flats by offering owners the option to sell their flats back to the government before the lease expires, although specific details remain forthcoming. Home Improvement Programmes also help maintain the condition and liveability of ageing flats through repairs and upgrades.
Prospective buyers are advised to consider factors such as renovation and upkeep costs, which can range from $30,000 to $100,000 depending on flat size and condition. More extensive repairs, including electrical rewiring and re-tiling of kitchens and bathrooms, may also be necessary. Financing older flats can be challenging because loan eligibility and the use of CPF savings to service mortgages depend on remaining lease duration.
Overall, while older HDB flats present certain trade-offs, they continue to attract a broadening spectrum of buyers seeking space and affordability in an increasingly expensive housing market.