Singapore HDB Resale Flat Valuation Estimator 2026 — PSF Price Range by Estate & Floor, Cash Over Valuation (COV) Calculator, HDB Loan Cap & CPF Withdrawal Limit Based on Singapore Resale Transactions

HDB valuation for resale flats is conducted by an HDB-appointed licensed valuer after the buyer and seller sign the Option to Purchase (OTP). The valuer assesses the flat’s market value based on recent comparable transactions in the same estate — same flat type, similar storey range, similar age — typically from the past 3–6 months. The valuation determines: (1) the CPF amount you can use (capped at 80% of the lower of price or valuation); (2) the maximum HDB or bank loan quantum; (3) whether Cash Over Valuation (COV) is payable. An official valuation typically costs S$150–S$300 and takes 3–5 business days.

Cash Over Valuation (COV) is the difference between the agreed purchase price and the HDB valuation, when the purchase price exceeds the valuation. COV must be paid entirely in cash — it cannot be funded by CPF OA, HDB loan, or bank loan. Example: agreed price S$600,000, HDB valuation S$560,000 → COV = S$40,000 in cash. COV became prevalent again in Singapore’s hot resale market of 2022–2026. Always check comparable transaction prices before offering and factor COV into your total cash budget.

HDB-appointed valuers use the “comparable sales approach” — they identify 3–5 recent resale transactions of similar flats (same flat type, similar storey range, similar remaining lease, same or adjacent estate) and derive a per-sqft (PSF) value. This PSF is applied to the subject flat’s floor area to arrive at the valuation. Adjustments are made for differences in floor level, facing, proximity to amenities, flat condition, and remaining lease. The resulting valuation is the market value HDB recognises for CPF and loan purposes.

Key valuation factors: (1) Location/estate — premium central estates (Queenstown, Bishan) command S$650–S$900+ PSF; new towns (Punggol, Sengkang) range S$340–S$460 PSF; (2) Floor level — higher floors command 10–25% premium; (3) Remaining lease — below 60 years triggers CPF restrictions and valuation discounts; (4) Flat type and size — larger flats typically have lower PSF but higher absolute values; (5) Facing and orientation — unblocked views, north-south facing add value; (6) Proximity to MRT, schools, hawker centres — walkability premiums; (7) Condition and renovation — well-maintained flats may attract slightly higher market prices, though valuers assess structure not cosmetic condition.

Your CPF OA withdrawal for a Singapore HDB resale flat is capped at 80% of the lower of (1) the purchase price or (2) the HDB valuation. If the purchase price exceeds the valuation, your CPF cap is 80% of the valuation — not the purchase price. Example: purchase price S$620,000, valuation S$580,000 → CPF limit = 80% × S$580,000 = S$464,000. You must pay the COV (S$40,000) in cash AND anything above the CPF limit from cash or loan.

The asking price is what the seller wants; the HDB valuation is what an independent licensed valuer determines the market value to be. They can differ significantly in a hot or cooling market. If asking price > valuation: buyer pays COV in cash. If asking price ≤ valuation: no COV, and the purchase price becomes the basis for CPF and loan (advantageous for the buyer). Always determine the valuation before agreeing to a price in a competitive market, as COV can be a significant and unexpected cash drain.

No. COV is explicitly excluded from CPF usage. CPF can only be used up to the valuation limit (80% of the lower of price or valuation). Any amount above the valuation — the COV — must come from your personal cash savings. This is a key constraint many first-time buyers overlook. In 2026, Singapore’s hot resale market has seen COVs of S$20,000–S$100,000+ for premium flats, requiring buyers to have significant cash reserves beyond their CPF savings.

The HDB loan quantum is 80% of the lower of purchase price or HDB valuation. If the purchase price is S$620,000 and the valuation is S$580,000, the HDB loan is capped at 80% × S$580,000 = S$464,000. The COV (S$40,000) must be cash, and the 20% down payment (S$116,000) can come from CPF OA. So total cash from CPF: S$116,000 (down payment) = from CPF. Cash: S$40,000 (COV). Loan: S$464,000. Total: S$620,000.

After signing the Option to Purchase (OTP), you can request an official HDB valuation via: (1) HDB eServices portal (MyHDBPage) — submit the OTP reference and pay the valuation fee (approximately S$150–S$300); (2) Engage an HDB-approved valuer directly if you want an independent preliminary assessment before signing the OTP. The valuation is typically completed within 3–5 business days. You receive the valuation report before your OTP exercise deadline, allowing you to decide whether to proceed at the agreed price given the COV.

PSF (Price per Square Foot) is the purchase price divided by the flat’s floor area in square feet. It is the universal comparison metric for Singapore property. A 4-room flat of 969 sqft selling at S$620,000 = S$640 PSF. PSF allows you to compare across different flat sizes, floors, and even different estates. Valuers use PSF comparables from recent transactions to derive valuations. Our estimator provides indicative 2026 PSF ranges by estate tier, allowing you to gauge whether an asking price is at, above, or below market. For the most accurate PSF comparables, use HDB’s Resale Flat Prices dataset.

Generally yes, but with diminishing returns. In Singapore HDB blocks, each floor level above adds a premium — typically S$3,000–S$10,000 per floor. High-floor flats with unobstructed views command the highest premiums. However, the premium plateaus at very high levels (above level 25–30), and some buyers actually prefer mid-level floors (levels 6–15) for accessibility. Also, not all high floors have good views — a high floor facing a construction site or another HDB block may be valued similarly to a low floor with an open view. Valuers assess specific facing and view, not just floor number.

Remaining lease significantly impacts valuation for older HDB flats: 80+ years remaining: minimal impact; 60–79 years: slight discount begins; below 60 years: CPF usage restrictions begin (you can only use CPF if the remaining lease can cover the youngest buyer to age 95); below 30 years: major valuation discount and most CPF/bank loan access is restricted. The government has also signalled that public housing will eventually be returned to HDB at lease expiry, making remaining lease a critical consideration for long-term value.

Yes. There is no restriction on buying below the HDB valuation — it actually benefits the buyer. If you agree on a price below the valuation, the purchase price becomes the basis for CPF usage and loan quantum (lower of price/valuation = price). However, in a hot Singapore resale market, most transactions occur at or above valuation — negotiating below valuation requires finding a motivated seller or a flat with specific drawbacks (old lease, specific facing, estate factors) that the market has not fully priced in. Monitor estate-level transaction data at HDB’s resale statistics portal for realistic pricing.

If HDB valuation is lower than your agreed purchase price: the difference = Cash Over Valuation (COV), which you must pay in cash. You have options: (1) Proceed with the transaction and pay the COV in cash (if you have sufficient savings); (2) Negotiate with the seller to reduce the price to the valuation or somewhere in between; (3) Walk away from the deal (but you forfeit the OTP booking fee, typically 1% of price). Many buyers in Singapore negotiate the price down after receiving a low valuation, especially if comparable recent transactions support a lower price. Your property agent should help with this negotiation.

For bank loans, the maximum loan quantum is 75% of the lower of purchase price or valuation. If purchase price is S$620,000 and valuation is S$580,000: bank loan cap = 75% × S$580,000 = S$435,000. Compared to HDB loan: 80% × S$580,000 = S$464,000. The lower bank loan LTV means buyers using bank loans need more CPF/cash for down payment (25% vs 20%) plus 5% mandatory cash. Valuation shortfalls therefore affect bank loan buyers more severely than HDB loan buyers in terms of total cash required.

Singapore HDB resale flat prices have been elevated since the post-COVID demand surge of 2021–2023, with the HDB Resale Price Index rising sharply. In 2024–2026, price growth moderated as supply from earlier BTO launches completed, cooling measures took effect, and interest rate uncertainty dampened some demand. However, mature estate resale prices remain near record highs, particularly in central locations. New town prices (Punggol, Sengkang) have also risen significantly as these estates matured and MRT connectivity improved. Always verify against the latest HDB Resale Statistics for the most current transaction data for your specific estate.