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Hey Google, Tell Me the Total Value of Every Home in Singapore? (Hint: It’s more than $1 Trillion)

By May 5, 2020May 27th, 2020No Comments

Ok, if you ask Google that question, “tell me every value of every home in Singapore”, Google will literally direct you to IRAS website, where you can then proceed to pay your property tax (trust me, I just tried).

Turns out there’s still something that Google doesn’t know. In fact, this is actually an incredibly difficult question to answer, but one that our research team at UrbanZoom has decided to take on. So fasten your seat belt, property nerds!

Hey Google, what's the value of the entire housing market in Singapore?

Random DudeGoogle Home Owner
To measure the entire housing worth in Singapore, we need 2 things:

  • Some sort of AI or machine to value every single home in Singapore (in terms of their location, size etc)
  • Complete (or almost) dataset of every single home in Singapore
Luckily for you, we at UrbanZoom have just those 2 things!

1.With our Artificial Intelligence-based auto-valuation tool, ZoomValue, we are able to gain pretty accurate predictions of the value of almost every house in Singapore. To achieve such a high level of accuracy, we really ran our AI through the gauntlet, training the AI-model until we’re extremely confident in its predictions. In fact, our ZoomValue tool is trusted and used by Singaporean Banks such as DBS & OCBC.

(Predictions from ZoomValue are not meant to be a replacement for official appraisal. A professional valuer is still required!)

2. After careful data collection from both private and public sources, we collated a largely complete data set of all existing homes in Singapore. This data set also includes homes that are currently in construction, or have been announced. Worry not, we’ve done the hard part for you 😉

Total number of units based on housing type

As you can see from our data set, there’s just over 1.2 million HDB flats, about 350,000 condominium units, and finally just over 80,000 landed homes in Singapore.

Now that we have everything prepared, let’s run ZoomValue through our comprehensive dataset:

Drum Roll Please!

We found that Singapore’s Entire Property Market is worth S$1.43 Trillion!

Imagine how many Toilet Rolls you can get with that amount of $$$

Toilet Roll CollectorI like to stand in queues

Now that we know that SG’s housing market is worth S$1.43 Trillion. What is the contribution of each property type ( HDB, Condo & Landed)? Could the HDBs make up the largest proportion in terms of value because there are close to 1.2 Million HDB units?

The breakdown is as follows:

Singapore Property Market Value

Well, what a SHOCKER! With just 350,000 units, the combined value of Condos is the highest coming in at a total of $600b. In second place, the total value of HDB is $520b. The last place goes to Landed worth $320b.

It’s interesting to see the combined value for each housing class. But I guess you’re wondering how are the prices distributed in each of these different housing classes?

Let’s find out:

Singapore Property Price Distribution

There are 2 interesting points from this chart above. The first is that at the $500k mark, we see a few Condominium units showing up. The second interesting thing we learned was that the HDB numbers dwindle down as we reach the S$1m mark. The million-dollar mark is special because that is when we also start to see a few landed units joining in the party.

HDB worth S$1m?? With that million dollars I would rather buy a private property!

Kaypoh AuntyI love to read a book called: Facebook

I do agree with the Kaypoh Aunty. With that amount of money (S$1m) we can buy a good Condo unit or even Landed property! Well, that being said, it all comes down to location. Based on our findings the million-dollar HDB units are newly built and are within close proximity to the Central Business District (CBD). While the S$1 million Private Properties are in places like Kranji & Yishun. (Find out what S$1m can get you in the 2019 Private Resale Market) 

Location plays a pivotal role in the price we pay for our housing. Therefore,to find out the most expensive locations in Singapore we plotted a map with the Price Per Square Foot ($PSF) data.

Singapore PSF map

The darker the shade of green, the more money you have to pay in terms of $PSF. From the map, the most expensive regions are Sentosa, Bukit Timah & Orchard areas. Whereas, the cheaper PSF are associated with heartlands such as Tampines, Woodlands and Jurong.

The trend is such that the further you move away from the core city, the lighter the shade of green and cheaper the housing gets.

In our study, we took into consideration units that were being built at the moment. So what is the value of HDB and Condo units that are still under construction?

HDB Value

The HDB units that are being constructed have a value of S$25b as compared to S$500b of existing HDB units. Which means that there is going to be a 5% increase in terms of value on HDBs once these units are constructed. But how is it like for Singapore Condos?

Value of existing condos VS condos being constructed

The Condos being constructed have a total valuation of S$60b. That is about close to 10% of the value of existing Condos (S$540b). Are we about to see a supply glut in the Singapore Condo market?

Well and that wraps up our first article nicely. As mentioned at the start of the article, this particular research is the first of its kind. For the first time in Singapore, we have found the total value of Singapore’s Housing Market! We achieved this huge feat due to 2 main reasons. Firstly, we had an Artificial Intelligence Tool called ZoomValue (P.s Check out the value of your home). Secondly, we have a comprehensive dataset of all the housing units in Singapore.

This is just one of the many interesting studies we are doing at UrbanZoom. We will be sharing more articles such as this one, full of juicy property insights. Sign up to our newsletter so that you don’t miss out on our future articles!

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