Data on Average Land Price for State Land Sold to HDB for Construction of Public Housing

Mr Chua Kheng Wee Louis asked the Minister for National Development (a) in each year over the last five years, what is the average land price for state land sold to HDB for the construction of public housing, as broken down by district; and (b) what is the cumulative and percentage change in public housing land value in the last five years.

The Housing and Development Board (HDB) pays fair market value for state land that is purchased to develop HDB flats, which is determined independently by the Chief Valuer.

For non-mature estates, the total land costs that HDB paid to the Singapore Land Authority (SLA) for public housing land from financial years (FYs) 2019 to 2023 ranged from $907 million to $2.6 billion per year. For mature estates, the total land costs within the same period ranged from $1.3 billion to $5 billion per year. HDB does not use district boundaries to classify flats.

Total land costs vary from year to year due to prevailing market conditions and the specific attributes of the land parcels purchased for public housing, including location and parcel size.

Apart from the land costs that HDB pays to SLA at the point of purchase, HDB does not track the fluctuations in public housing land value from year to year.