Wednesday, August 12, 2009

My HDB Flat is Worth Half A Million?

In Singapore, the government provides affordable housing through the Housing Development Board (HDB) which provides flats for people at very cheap rates. I bought my flat from HDB brand new and it cost me slightly over $300,000 for a 90 square metre or 968 sq foot flat. That works out to be around $325 per square foot which is quite alright for Singapore flats.

Yes.. I know that I should never count my HDB flat as an asset since I am essentially living in it.

But just for interest sake, I checked out the HDB website and realised that flats around my area were selling for over half a million!

There were not a lot of transactions but I guess that it should provide a rough gauge of how much my flat is worth now. It's a pity that I am not able to refinance it to unlock some of the cash value in my HDB flat. Otherwise, I would be really rich in cash.

Oh well, guess I will just have to wait for another few more years before I can start hunting for a 2nd property to either live in or rent out..


  1. You are right. Unable to unlock your HDB flat value / refinance it without selling. I am in similar position, too. Assest rich - cash poor. HDB should re-examine this ruling to enable flat holders to unlock their values. Anyone have bright ideas on how to unlock it without selling the flat.


  2. Hi Anonymous,

    Think the elderly are allowed to unlock the cash value through some kind of reverse mortgage.

    Anyway, this posting is dated. Property prices have gone up again over the past 2 years.


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