Outdated HDB resale price index to be revised

The last revision was in 2004.

The HDB resale price index will be revised to suit changes in the market, Minister for National Development Khaw Boon Wan said in blog post yesterday.

According to Minister Khaw, the current RPI no longer reflects recent changes in the HDB resale market, such as a wider range of flats, more resale deals in newer towns, and a greater variance in the age profile of flats being transacted in the resale market.

“With these significant changes in the HDB resale market, the current RPI may not adequately reflect the resale market. It is therefore timely to review the RPI methodology to better capture price changes over time, and control for the variations in attributes of the resale flats transacted. This will allow the index to continue serving its purpose of providing timely and reliable information on the resale market movements,” he wrote.

Minister Khaw also revealed that HDB has been working with a consultant from the NUS Department of Real Estate to review the RPI computation methodology.

He stated that the review has recently been completed, and that the HDB will be sharing more details soon.

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