Nearly 300 blocks of Singapore’s oldest HDB flats, built in the 1960s, are now entering the final 30 years of their leases. While some have seen strong price growth in the past five years, latest data suggests that demand is slowing and values are flattening compared to the broader resale market.
PropertyGuru’s data shows that the median asking price for 1960s-built HDB flats rose just 1.6% in the past year to $375,000, far below the 10.3% increase observed across the overall resale market.
On the surface, some transactions still look strong – such as old four-room terraced flats in Queenstown hitting $899,000 in 2025 – but analysts caution that most flats in this age bracket are struggling to keep up with newer resale counterparts.
Why is this happening?
With just decades left on their 99-year leases, these flats face the harsh reality of lease decay. Unlike earlier years when some buyers speculated on potential en bloc under SERS, the government has clarified that it will not rely on this scheme going forward. Instead, the upcoming VERS (Voluntary Early Redevelopment Scheme) may provide some options, though it comes with uncertainties such as collective consent and valuation disputes.
For seniors living in these ageing homes, schemes like the Lease Buyback Scheme (LBS) or Silver Housing Bonus provide ways to monetise and support retirement needs. Yet, for buyers, these flats may no longer be attractive compared to newer alternatives, especially with rising public housing supply.
📊 Infographic Snapshot: 1960s HDB Flats
- 🏢 Stock of Oldest Flats
- 299 blocks, 24,428 units (mostly in Queenstown, Toa Payoh, Bukit Merah, Geylang)
- 💰 Price Trends
- Median price (2025): $375,000 (+1.6% YoY)
- Past 5 years: +30–60% (three-room, two-room units)
- Since 2013: only +5.8–5.9% (much slower than newer flats)
- 📉 Demand & Valuations
- Listing views dropped 28% YoY
- Mismatch between asking & valuations (e.g. 3-room median asking $388,888 vs valuation $336,000)
- 🏠 Transaction Volume
- Stable: 219–300 sales annually over past decade
- 170 sold in first 7 months of 2025
- 👵 Monetisation Options
- Lease Buyback Scheme (LBS): ~13,700 households benefitted (avg proceeds $100k–$300k)
- Silver Housing Bonus: 2,535 households benefitted as at 2024
- 🔮 Future Outlook
- No blanket SERS going forward
- VERS may provide limited safety net but faces challenges
✅ Summary Highlights
- ✅ Nearly 300 HDB blocks from the 1960s are in final lease stretch
- ✅ Prices up just 1.6% YoY, lagging behind broader resale market (+10.3%)
- ✅ Demand slowing – listing views fell 28% YoY
- ✅ Mismatch between seller expectations & valuations
- ✅ Government shifting from SERS to VERS, creating uncertainty for future redevelopment
- ✅ Monetisation schemes (LBS, Silver Housing Bonus) remain key options for seniors
📞 If you’re wondering what this means for your ageing HDB flat – whether to hold, sell, or monetise – let’s have a conversation. I can help assess your options and guide you on the best path forward.