While condominium launch prices are the talk of the town, HDB resale flat prices are also still on the rise. Even if we look past the headlines telling us that over 1,000 flats sold in 2024 exceeded $1 million, the HDB’s Resale Price Index can help us visualise the upward tick in HDB resale flat prices.
Source: HDB
We can clearly see that HDB resale flat prices started rising at the end of 2020. In the past year alone, the Resale Price Index rose from 180.4 in Q4 2023 to 197.9 in Q4 2024 – translating to a 10% increase in overall resale prices.
In the midst of rising HDB resale flat prices, though, there may be a silver lining. Relatively affordable flat prices are still available in many parts of the island, even in “unexpected” HDB towns.
Read Also: Is HDB Flat Prices Going Up A Good Or Bad Thing?
Lowest Median 3-Room Resale Flat Prices In 2024
Despite being in what used to be known as mature estates, 3-room resale flats in Toa Payoh, Geylang and Clementi continue to be sold at relatively affordable prices.
| Town | Q2 2024 | Q3 2024 | Q4 2024 |
| Toa Payoh | $385,000 | $380,000 | $380,000 |
| Jurong West | $372,500 | $378,000 | $395,000 |
| Geylang | $359,000 | $416,500 | $381,400 |
| Jurong East | $383,000 | $395,000 | $410,000 |
| Clementi | $390,000 | $385,000 | $420,000 |
There are two main reasons for this. Firstly, these are older flats with a remaining lease of less than 70 years. Secondly, demand for 3-room flats is also generally lower. 3-room resale flats made up only 24.7% of the total resale applications registered in 2024.
However, with the Silver Housing Bonus (SHB) extended to seniors living in private properties from 1 December 2025, demand for 3-room flats may increase significantly. This scheme will give private property owners who rightsize to a 3-room of smaller HDB flat up to $20,000 in SHB cash bonus.
Read Also: Guide To HDB Silver Housing Bonus Scheme, And How It Can Help You (Or Your Parents) With Retirement
Lowest Median 4-Room Resale Flat Prices in 2024
Prices for 4-room HDB flats increased steadily through the year, with the median price getting slightly higher, even among the cheapest HDB towns.
| Town | Q2 2024 | Q3 2024 | Q4 2024 |
| Jurong West | $488,000 | $515,000 | $521,500 |
| Jurong East | $495,000 | $510,000 | $530,000 |
| Choa Chu Kang | $515,000 | $535,000 | $540,000 |
| Woodlands | $525,000 | $530,000 | $548,000 |
| Bukit Panjang | $538,000 | $531,000 | $545,000 |
This demonstrates the high demand for flats of this size, both from new homeowners and potentially from downgraders who still want three separate bedrooms. With a higher demand for 4-room flats, there may also be a trickling of buyers who may not want to fork out a premium for a 4-room flat in a more popular HDB town.
Downgraders who sold their private residential property normally would have to wait 15 months before purchasing a resale HDB flat. Older downgraders aged 55 and above are exempted from the wait out period if they plan to purchase a 4-room flat or smaller.
Lowest Median 5-Room Resale Flat Prices in 2024
While a growing minority of resale flats are crossing the $1 million mark, on the other end of the spectrum, the median 5-room resale flat prices have all crossed the $600,000 mark in 2024.
| Town | Q2 2024 | Q3 2024 | Q4 2024 |
| Jurong West | $600,000 | $600,000 | $620,000 |
| Sembawang | $608,000 | $620,000 | $629,000 |
| Choa Chu Kang | $605,000 | $628,000 | $650,400 |
| Woodlands | $630,000 | $640,000 | $648,900 |
| Bukit Panjang | $650,000 | $661,000 | $695,000 |
Conspicuously missing in the list of cheapest HDB towns above is Jurong East, where 5-room flat prices have gone past $700,000 in 2024. Even before the planned Jurong Lake District develops, demand for larger properties in Jurong East remains strong, underscoring the intrinsic commercial and industrial value of the region.
Read Also: Buying The Biggest HDB Flat As Your First Home: 5 Reasons Why It May Not Always Make Sense
Which Are The 5 Cheapest HDB Estates In 2025
If you are size agnostic but are just looking for the cheapest neighbourhoods to buy a resale flat in, start looking for listings in these 5 HDB towns.
| Town | 3-Room Flats | 4-Room Flats | 5-Room Flats |
| Jurong West | $395,000 | $521,500 | $620,000 |
| Woodlands | $392,500 | $548,000 | $648,900 |
| Choa Chu Kang | $430,900 | $540,000 | $650,400 |
| Jurong East | $410,000 | $530,000 | $705,000 |
| Bukit Panjang | $440,300 | $545,000 | $695,000 |
The West Region of Singapore is heavily represented in this list, and it’s not surprising. Once known as “non-mature estates”, they are traditionally more affordably priced due to their less central location, limited connectivity and having fewer amenities.
This may be a thing of the past, as plans have been made to create the largest mixed-used business district outside the city centre, known as the Jurong Lake District. The Jurong Lake District
By 2035, there will be at least 4 MRT lines going through the Jurong Lake District, including the new Jurong Region Line. This will enhance residents’ accessibility to the rest of Singapore.
Buying a resale HDB flat in the West Region allows you to take advantage of some of the lowest prices today, and by the time your Minimum Occupation Period (MOP) is up, the main stages of the Jurong Region Line would be complete, which should increase the value of your property.
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