OBJECTIVES: The first Patient-Centered Medical Home (PCMH) in Singapore was launched in November 2016. Key components encompassed medical care in the primary care clinic and psychosocial care in home-based care management. Our study aimed to examine the cost analysis of this novel model of care from perspectives of healthcare providers, patients and society, and the financing of PCMH services. METHODS: We adopted a micro-costing approach by collecting data on resource use and unit costs of resources. We also considered direct medical and non-medical costs associated with non-PCMH medical facility visits, community care, and informal caregiving by domestic workers and family members. RESULTS: Analysis was conducted on 165 study participants enrolled into PCMH from November’17 to April’20, with mean age 77 years (SD: 9.9). Mean total cost to participants was SGD123(USD93) (13.8%) higher per participant for the first 3-month period post-enrolment and increased by SGD180(USD136) (20.3%) per participant for the subsequent 3-month period, compared to baseline. Total resource cost of PCHM service provision was SGD834(USD628) per participant for the first 3-month period post-enrolment, followed by a significant reduction to SGD407(USD306) per participant for the subsequent 3-month period. There was a concurrent significant decrease in mean costs of other primary care per participant for the first 3- month period post-enrolment and subsequent 3-month period, suggestive of substitution effects due to the intervention. Mean total societal cost increased by SGD560(USD422) (17.8%) per participant for the first 3-month period post-enrolment and increased by SGD365(USD275) (11.6%) per participant for the subsequent 3-month period, compared to baseline. In financing PCMH, government subsidies formed the largest payment component (54% in 1^st quarter; 59% in 2^nd quarter), followed by PCMH subsidies. Participants paid a minority proportion of the bill. CONCLUSIONS: Evidence from Singapore’s first PCMH demonstration suggests that implementation costs are reasonable, with potential for long-term sustainability.