Renovations are big investments for any Singaporean homeowner, especially if it’s for a resale HDB flat. A common problem for many first-time homebuyers is not finding a great deal on a home in their preferred location.
We are talking about the area where you live. It could be any of the HDB towns. The data from our housing renewal projects suggest that this point isn’t irrelevant. Are you not sure? Take a look at the numbers for yourself.
Average renovation costs
The districts with the lowest cost of renovation
One of the hippest, most picturesque places in Singapore, Punggol is also a relatively newer town, where things like electrical wiring and flooring are still likely to be in good condition. Overall, the average renovation cost for resale HDB flats in Punggol comes up to a manageable sum of SGD53,300, while Sengkang and Yishun trail behind with average costs of SGD55,700 and SGD56,500, respectively.
The districts with the highest renovation costs
The district with the highest average renovation cost isn’t from the central part of the country. With an average renovation cost of $78,500 per resale home, the title was taken over by Pasir Ris.
The cost of renovation in Kallang/Whampoa is an average of $74,000. The higher renovation costs might be due to the older properties of the three mature estates.
Average renovation costs per square meter
The costs are related to the size of the property. We compare the average renovation costs to see if there is a significance difference.
The district has the lowest cost per square meter
With an average unit size of 112.42 sqm, Yishun has the lowest renovation prices here, with an average cost of $500 per square meter. Following Yishun are Punggol and Choa Chu Kang, each with an average renovation cost of over $500 per square meter.
The district with the highest cost for renovations per square meter.
The area with the highest renovation cost per sqm is Kallang/Whampoa, which comes up to a whopping SGD763.62 per sqm, which beats the Central area. The higher disposable income of homeowners in this area could be a factor as properties in centrally-located areas are generally pricier.
The price disparity would be explained by the fact that no other district comes close to the average renovation costs. The 3rd most expensive area is Tampines, with an average cost of around $656 per sqm.
The costs of renovation across different estates
Mature vs Non-mature estates
The Central area and Kallang/Whampoa are more expensive than other areas. Generally, flats in mature estates are more expensive than those in non-mature estates.
It seems like this trend is reflected within the average renovation costs for mature and non-mature estates as well, with renovations for resale units in mature estates going at around SGD68,852. While those in non-mature estates average at around SGD62,599 (or SGD562.56 per sqm).
Central vs non-Central areas
People may assume that renovations within the Central region will cost more than those in the non-Central ones due to homeowner affluence or flat age.
We found out after crunching the numbers that they don’t differ much. The average renovation price for homes in the Central area is around SGD66,700, while those in the non-Central areas are around SGD66,000.
Do locations affect costs?
It is said that correlation does not equal causation. Other factors will come into play when it comes to higher prices due to a house being renovated.
Based on our data, it seems as though a house’s location and cost of renovations might have a connection, but since we don’t have any solid evidence for this, we can only speculate.
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