How Much Is The HDB Renovation in Singapore this 2020?

The average price of renovating a four-room, 90-square-meter HDB flat in Singapore may cost around $55,000, according to ValueChampion. Most homes in the city-state are four-room HDB flats, so we’ll focus on them as the purpose of this article.

The Major Cost Contributors for Renovation

You should expect to spend on seven elements for renovating your apartment. These comprise demolition, plumbing, electrical, flooring and tiling, painting, carpentry and appliances. Tearing down walls to expand the space may cost $6,000 on average or $50 per foot. New plumbing installations may cost almost $900 with each bathroom and kitchen costing $270 to $400.

Electrical systems will cost $4,000 on average or up to $150 per piece. Flooring and tiling work will cost $11,625 on average, but you could spend anywhere from $8,000 to $20,000 depending on the materials.

You will also need to spend between $1,000 and $1,700 for paint. Carpentry will cost from $100 and $500 per foot or $24,000 on average. New appliances such as washing machines and air-conditioning units will cost $7,500.

Based on these figures, you will save a lot of money if you trim down the need for carpentry work. Try to look for a renovation contractor with in house loan products to make it easier for you. These contractors offer the convenience of handling the project and the financing for it at the same time.

How Much Does It Cost to Renovate an HDB Flat in 2020 - Material Expenses
Material Expenses

Your choice of materials will also greatly determine the overall cost of a home renovation. If your HDB flat’s floor area measures between 100 and 140 square meters, a price difference from $5 to $10 for materials will be significant.

For instance, marble flooring will cost a lot more than ceramic or tiles at $10 per square foot. That’s just the low-end price for marble floors. High-end materials can cost up to $15 per square foot.

Ceramic tiles only cost $3 per square foot on the low end. Surprisingly, high-end ceramic tiles also cost $15 per square foot.

Vinyl and laminate flooring don’t seem to have drastic cost changes based on the high- to low-end price bracket. Low-end vinyl costs $6 per square foot, while the cheapest laminate flooring costs $3.5 per square foot. The price for these two materials only increases by $1 to $1.5 when you choose the high-end type.

Granite is one of the most expensive flooring materials in the market. You would have to spend $10 per square foot on the low-end type, $15 per square foot for the typical material and $20 per square foot for high-end materials.

Don’t forget to include the installation cost whichever flooring material you choose for your home. The cost of labor can range from $3 per square foot to $10 per square foot depending on the material.

How Much Does It Cost to Renovate an HDB Flat in 2020 - Style of Your Flat
The Style of Your Flat

Do you want a contemporary style for your house? This style will significantly increase your budget and force you to spend $82,000. Transitional styles for flats also cost the same price.

A retro-themed design is among the cheapest ones at $30,000 on average. Modern, industrial and vintage styles cost between $60,000 and $65,000 on average.

You will need to consult with an interior designer or residential architect to achieve your desired look for the house, which means additional expenses for consultancy fees. Some homeowners choose to do the work themselves and only buy the necessary materials.

You will have to invest a lot of time and effort if you decide on a DIY renovation. If you need money to pay for extra labor and manpower, a renovation loan will be a better choice than applying for a personal loan.

How Much Does It Cost to Renovate an HDB Flat in 2020 -Borrow From a Renovation Loan in 2020
How Much Can You Borrow From a Renovation Loan in 2020?

It’s ideal to spend up to 20% of your home’s value for a renovation, but the amount can be too large that homeowners opt for a home renovation loan to help with the expenses. The average interest rate for home improvement loans in Singapore ranges from 5% to 5.28% depending on the loan tenure. There’s also a one-time processing fee between 1% and 2%.

When choosing between a flat rate and rest rate, you should choose the latter option. The rest rate for home renovation loans often requires you to pay interest per month, aside from the outstanding balance.

This will allow you to pay off the loan more quickly due to the diminishing balance and interest. Flat rate loans are more expensive in the long term because you will pay a constant amount for monthly interest despite already repaying the principal amount.

You should apply for a loan from the bank where you have an account. The chances of approval are higher because of your business relationship with them, which can help you with getting a lower interest rate.

Never apply for a personal loan because the rates are almost guaranteed to be higher. Home renovation loans use your property as collateral, while personal loans are unsecured that cause lenders to impose a higher rate.

For instance, you would only pay around $410 in interest payments for a one-year home renovation loan worth $15,000 compared to $1,170 if you applied for a personal loan. Make sure that you talk to a renovation contractor before signing a contract for financing your home development project.


You should make a list of the necessary renovations that can’t be ignored like plumbing problems and old electrical wiring. These should be your priority before you make aesthetic changes for your flat. If you’re struggling to gain approval for a home renovation loan from a bank, then consider borrowing money from a licensed money lender in Singapore. Click here to find out more about Bugis Credit’s competitive rates and flexible payment terms.

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