Do old HDB flats lose value?

Older HDB flats transact at clearly lower prices per square foot. As of Q3 2026, flats with 90+ years of remaining lease sold at a median of S$749 per square foot, against S$553 psf for flats with under 60 years remaining — a gap of 26% — according to the Propkaki Curve™, computed quarterly by Propkaki's Singapore HDB Lease Decay Tracker from every resale registered with HDB via data.gov.sg. Part of the gap reflects location mix, since newer leases cluster in newer towns.

The Propkaki Curve™ — median resale PSF by remaining lease

Bands group flats by completed years of remaining lease at the point of resale. Gap vs 90+ years = how much cheaper each band is relative to the 90+ years band, on a per-square-foot basis. Any band with fewer than 10 transactions in a quarter is suppressed rather than shown on a thin sample.

How to read this honestly

Price per square foot controls for flat size, but the bands do not control for location: flats with long remaining leases cluster in newer towns, and flats with short leases in mature central estates. Part of the band gap is therefore location mix rather than lease decay alone. The figures describe transacted prices — they are not a forecast of any individual flat's future value.

The five-band curve is published as the Propkaki Curve™, Propkaki's named quarterly measure of HDB lease decay, with a permanent versioned methodology.