https://www.asiaone.com/singapore/i...-hdb-flat-owners-took-leap-private-homes-2024
singapore
Siti and her family moved to a condo last year.
PHOTO: Siti Nur Arfina
PUBLISHED ON March 06, 2025 10:26 AMByKoh Xing Ying
After living in their Jurong West HDB flat for over 20 years, this Singaporean couple finally decided that it was time to upgrade to a private property.
The value of their five-room flat has, after all, appreciated by around $400,000 over the years.
Jeffrey Teh, 49, and Ling Goh, 46, paid about $350,000 for their flat some 20 years ago. They subsequently forked out about $1.42 million for their three-room condo in Choa Chu Kang last year.
Speaking to AsiaOne, the couple said that their decision to make the move was driven by investment goals and the future of their two children.
"We have been living in our HDB flat for a period of time and we have seen a healthy growth in our flat's market value. We thought it was a good time for us to upgrade to a private home," said Teh, who operates his own business.
Goh, who works as an admin manager, added that the leap was also made for their children as they got to enjoy the condo's facilities and the proximity to their schools.
This couple is among the growing number of HDB flat owners who made the leap to private housing in 2024.
According to PropNex, some 5,450 new and resale non-landed private homes were purchased by those with HDB addresses in 2024, marking a 7.7 per cent increase from 5,060 in 2023.
Christine Sun, chief researcher and strategist at OrangeTee Group told AsiaOne that more buyers with HDB addresses bought resale private homes in 2024, where private property resale transactions jumped 19.9 per cent, rising from 3,347 units in 2023 to 4,013 units in 2024.
She pointed out that the increase in overall resale transactions is likely due to the completion of nearly 20,000 condo units in 2023. This translates to more housing options for HDB upgraders.
Ismail Gafoor, CEO of PropNex Realty, added that factors such as the moderation in interest rates towards the end of last year and the resilience of the HDB resale market may have encouraged some flat owners to consider upgrading.
"They (HDB flat owners) could have sold their flat and recycled the proceeds to finance a new private home purchase. Some of them may see this as part of a real estate asset progression journey to help them build capital over the long term," said Ismail.
The couple, who earns a combined salary of about $10,000, told AsiaOne it took them some time to decide to upgrade, but felt it was necessary due to their growing family of six.
Siti, who works alongside her husband at a massage parlour, added that her family also has a helper living with them, making space in their previous HDB flat limited.
The family sold their three-room HDB flat in Yishun for a profit of about $150,000 before purchasing their resale condo which costs them $980,000 in the same estate last year.
"This wasn't an easy decision for us to sell our HDB and move to a condo. My husband and I really had to plan our finances and carefully consider our long-term goals," said the mother of three.
singapore
'It was a good time to upgrade': More HDB flat owners took the leap to private homes in 2024
Siti and her family moved to a condo last year.
PHOTO: Siti Nur Arfina
PUBLISHED ON March 06, 2025 10:26 AMByKoh Xing Ying
After living in their Jurong West HDB flat for over 20 years, this Singaporean couple finally decided that it was time to upgrade to a private property.
The value of their five-room flat has, after all, appreciated by around $400,000 over the years.
Jeffrey Teh, 49, and Ling Goh, 46, paid about $350,000 for their flat some 20 years ago. They subsequently forked out about $1.42 million for their three-room condo in Choa Chu Kang last year.
Speaking to AsiaOne, the couple said that their decision to make the move was driven by investment goals and the future of their two children.
"We have been living in our HDB flat for a period of time and we have seen a healthy growth in our flat's market value. We thought it was a good time for us to upgrade to a private home," said Teh, who operates his own business.
Goh, who works as an admin manager, added that the leap was also made for their children as they got to enjoy the condo's facilities and the proximity to their schools.
This couple is among the growing number of HDB flat owners who made the leap to private housing in 2024.
According to PropNex, some 5,450 new and resale non-landed private homes were purchased by those with HDB addresses in 2024, marking a 7.7 per cent increase from 5,060 in 2023.
Christine Sun, chief researcher and strategist at OrangeTee Group told AsiaOne that more buyers with HDB addresses bought resale private homes in 2024, where private property resale transactions jumped 19.9 per cent, rising from 3,347 units in 2023 to 4,013 units in 2024.
She pointed out that the increase in overall resale transactions is likely due to the completion of nearly 20,000 condo units in 2023. This translates to more housing options for HDB upgraders.
Ismail Gafoor, CEO of PropNex Realty, added that factors such as the moderation in interest rates towards the end of last year and the resilience of the HDB resale market may have encouraged some flat owners to consider upgrading.
"They (HDB flat owners) could have sold their flat and recycled the proceeds to finance a new private home purchase. Some of them may see this as part of a real estate asset progression journey to help them build capital over the long term," said Ismail.
'Wasn't an easy decision'
Another couple who upgraded to a private property were Siti Nur Arfina, 31, and Nor Fahmi, 32.The couple, who earns a combined salary of about $10,000, told AsiaOne it took them some time to decide to upgrade, but felt it was necessary due to their growing family of six.
Siti, who works alongside her husband at a massage parlour, added that her family also has a helper living with them, making space in their previous HDB flat limited.
The family sold their three-room HDB flat in Yishun for a profit of about $150,000 before purchasing their resale condo which costs them $980,000 in the same estate last year.
"This wasn't an easy decision for us to sell our HDB and move to a condo. My husband and I really had to plan our finances and carefully consider our long-term goals," said the mother of three.
