HDB home prices then and now

By
/ EdgeProp
|
August 8, 2018 9:00 PM SGT
The Housing & Development Board (HDB) was set up on 1 February 1960 to solve Singapore’s housing crisis. Back in the day, many people were living in unhygienic slums and crowded squatter settlements. Only 9% of Singaporeans lived in government flats, while others yearned for a place to call home.
HDB sprang into action, and in less than three years, a total of 21,000 flats were built. By 1965, the HDB had built 54,000 flats.
Today, over one million HDB flats have been completed across the island, providing affordable housing options for generations of Singaporeans throughout the decades. But just how much have HDB home prices changed throughout the years? Read on for answers.
Source: HDB, EdgeProp.sg
1) 1970s
During its first decade of operation, HDB built only one- to four-room flats. To cope with a growing population, five-room flats were then introduced in the 1970s.
By the end of the decade, 36% of the total population were living in HDB flats. Average prices of HDB homes in the 1970s were:
3-room: Avg size - 646 sq ft; Avg price - $15,000 (New sale)
4-room: Avg size - 807 sq ft; Avg price - $20,000 (New sale)
5-room: Avg size - 1,022 sq ft; Avg price - $30,000 (New sale)
2) 1980s
Average floor sizes of new flats were increased from the early 1980s in response to the demand for bigger living spaces. Housing types like maisonettes were also introduced during this era.
More notably, HDB eased its eligibility conditions to allow more people a chance at homeownership in 1989, when it relaxed its citizenship criterion to allow Singapore permanent residents to own HDB flats. Average HDB flat prices in the 1980s were:
3-room: Avg size - 646 sq ft; Avg price - $50,000 (New sale)
4-room: Avg size - 807 sq ft;...