How Much Is My HDB Flat Worth? A Plain-English Guide

September 2026  ·  DoubleHuat Market Insights

Whether you are selling your flat or hunting for a resale unit, one question sits at the centre of everything: what is this flat actually worth?

The tricky part in Singapore is that there are really two numbers — the price buyer and seller agree on, and HDB's official valuation. They are not the same thing, and knowing the difference can save (or cost) you tens of thousands of dollars.

Here is how it all works, in plain English.

Price vs Valuation: Two Different Numbers

• The price is what the buyer and seller agree on through negotiation.
• The valuation is HDB's official estimate of the flat's fair market value, done by an independent professional valuer.
• Here is the surprise for many first-timers: in a resale deal, you agree the price first, and HDB only does the valuation after.

Think of it this way: the price is what two people shake hands on. The valuation is what a neutral expert says the flat is worth. When the price is higher than the valuation, the gap must be paid in cash — that is "COV", covered in our separate guide.

What Actually Decides Your Flat's Value

An HDB valuer does not pull a number from thin air. They look mainly at recent sales of similar flats nearby — then adjust for what makes your flat different. The big factors:

• Recent comparable sales. Flats of the same type, in the same block or neighbouring blocks, sold in roughly the last 12 months. This is the backbone of the whole valuation.
• Remaining lease. A flat with 90 years left is worth more than the same flat with 50 years left. (We cover this fully in our lease decay guide.)
• Floor level. Higher floors usually fetch more — often a 5% to 15% premium over low floors in the same block, especially with good views or breeze. Tip: buyers compare relative height (a 10th floor in a 12-storey block feels different from a 10th floor in a 25-storey block).
• Actual size in square feet / metres. "4-room" is not one fixed size — it can range widely. Always compare price per square metre, not just the flat type.
• Condition. A well-kept flat helps buyer appeal. But note: valuers focus on comparable sales, not on how much you spent renovating. A fancy reno may help you sell faster, but it does not automatically raise the official valuation.
• Location perks. Being near an MRT station or a popular school can lift value — but always alongside the factors above, not on its own.

Key trap to avoid: don't use the town's median price. Two flats in the same town and same type can differ by S$100,000 or more once you account for lease, floor, size and condition.

How the Official Valuation Actually Happens

For a resale flat, the sequence is:

• 1. Buyer and seller agree on a price.
• 2. Buyer pays the Option Fee and gets the Option to Purchase (OTP).
• 3. The buyer requests the valuation from HDB (a "Request for Value").
• 4. HDB assigns an independent valuer. Often they don't even need to visit — there are usually enough nearby sales to work from.
• 5. In about 5 to 10 working days, the valuation is confirmed.

A few practical notes:

• The valuation fee is S$120, paid by the buyer, regardless of flat type.
• Only the buyer is told the valuation figure. There is no detailed written report handed over.
• This official value is what decides how much CPF and loan you can use.

So How Do I Estimate Before All That?

You can't get the official number until late in the process — but you can make a solid estimate beforehand, which is exactly what smart buyers and sellers do:

• Pull recent transactions of the same flat type, size, and floor range in the same block or neighbouring blocks — ideally the last 6 to 12 months.
• Adjust for the obvious differences: higher/lower floor, longer/shorter lease, bigger/smaller size, renovated/original condition.
• Build a small "evidence file" of these comparables. This is your best defence in negotiation — far stronger than quoting a town median or an agent's gut feel.

A worked example (round numbers):

• You're eyeing a 4-room flat, mid-floor, ~90 sqm, decent lease.
• Three similar units in the same block sold recently for about S$620k, S$635k, and S$640k.
• That clusters around ~S$630k — a fair working estimate.
• If the seller is asking S$680k, you now know you're likely looking at a gap above valuation — which would be cash COV. That's your cue to negotiate or budget cash.