HDB flats remain a popular choice among new homebuyers and upgraders in need of larger spaces to accommodate their growing families. Particularly, resale HDB flats have been in high demand over the past three years, driven partly by delays in the completion of build-to-order (BTO) projects.
This surge in demand pushed resale HDB prices to climb for the third consecutive year, with a 4.8% increase in 2023. However, there are signs of moderating demand and price resistance, with the 2023 increase being less than half of the 10.4% surge in 2022.
While there may be concerns about the rising trend of HDB flats transacting over a million dollars, affordable housing options are still available at certain non-mature estates. Here’s a list of the cheapest HDB estates across the various flat types where you could begin searching for your dream home.
Towns
3-Room
4-Room
5-Room
Executive
Ang Mo Kio
$388,000
$594,000
$788,000
*
Bedok
$375,000
$530,000
$695,000
*
Bishan
*
$707,000
$918,000
*
Bukit Batok
$378,000
$593,000
$767,500
$835,000
Bukit Merah
$411,500
$856,000
$959,000
–
Bukit Panjang
$405,000
$503,000
$620,000
*
Bukit Timah
*
*
*
*
Central
$481,500
*
*
–
Choa Chu Kang
*
$508,000
$603,000
*
Clementi
$394,000
$561,000
*
*
Geylang
$345,000
$615,000
*
*
Hougang
$398,900
$560,000
$655,000
$895,000
Jurong East
$365,000
$497,500
$628,000
*
Jurong West
$365,000
$490,000
$588,000
$698,000
Kallang/Whampoa
$384,500
$830,000
$880,400
*
Marine Parade
*
*
*
–
Pasir Ris
*
$555,000
$663,000
$816,000
Punggol
$475,000
$605,000
$670,000
*
Queenstown
$401,000
$928,000
*
*
Sembawang
$440,000
$551,000
$602,900
*
Sengkang
$470,000
$575,000
$610,000
$730,000
Serangoon
$390,000
$600,000
*
*
Tampines
$430,000
$579,000
$685,000
$877,400
Toa Payoh
$370,000
$750,000
$881,900
*
Woodlands
$395,500
$515,000
$598,500
$800,000
Yishun
$400,000
$520,000
$660,000
*
Overall Median
$395,500
$575,000
$663,000
$816,000
Source: HDB Q42023 Resale Statistics
Legend:
(*) refers to cases where there are less than 20 resale transactions in the quarter for the particular town and flat type.
(-) indicates no resale transactions for the quarter.
Read Also: Could We See An HDB Flat Sold For $2 Million Within This Decade?
Top 5 Cheapest HDB Estates For 3-Room Resale Flats
#
Towns
3-Room
Change From 2022
1
Geylang
$345,000
(+3%) $335,000
2
Jurong East
$365,000
(+1.4%) $360,000
3
Jurong West
$365,000
(+2%) $358,000
4
Toa Payoh
$370,000
(+9%) $340,000
5
Bedok
$375,000
(+4%) $360,000
Bishan, Bukit Timah, Choa Chu Kang, Marine Parade, and Pasir Ris were excluded due to insufficient resale transaction data.
In 2023, the overall median 3-room resale price reached $395,500, which is an increase of $12,250, or 3.2%, from the previous year. This figure exceeds the 3-room median resale prices of the five cheapest estates by $20,000 to $50,000.
Of the five estates, three—Geylang, Toa Payoh, and Bedok—are considered mature estates, while the remaining two—Jurong East and Jurong West—are non-mature estates. One of the reasons for the lower-than-average median prices in the mature estates is the large number of older flats, which tend to have less than 70-year lease balances.
Among the five estates, 3-room flats in Toa Payoh increased the most, by around $30,000 compared to 2022. In contrast, flats in Jurong East saw the smallest increase of $5,000 in 2023 from the previous year.
Read Also: 3STD, 3I, 3S, 3NG, 3A: Guide To Understanding The Different Variations OF 3-Room HDB Flats
Top 5 Cheapest HDB Estates For 4-Room Resale Flats
#
Towns
4-Room
Change From 2022
1
Jurong West
$490,000
(+1.8%) $481,500
2
Jurong East
$497,500
(+7%) $465,000
3
Bukit Panjang
$503,000
(+5%) $480,000
4
Choa Chu Kang
$508,000
(+1.6%) $500,000
5
Woodlands
$515,000
(+4%) $495,000
Bukit Timah, Central, and Marine Parade, were excluded due to insufficient resale transaction data.
The overall median 4-room resale price reached $575,000 in 2023, which is an increase of $37,250, or 6.9%, from the previous year. It is also the highest increase across the different flat types over the past year, indicating strong demand for 4-room resale flat units by homebuyers. This figure also exceeds the 4-room median resale prices of the five cheapest estates by $8,000 to $32,500.
The five cheapest estates, which are all classified as non-mature towns, are situated in the North, North-West, and West regions. Generally, the 4-room flats in these estates tend to have less than 80-year lease balances and are considered to be the least accessible to the city centre. Nevertheless, major transformations and town rejuvenation programmes are being planned at Jurong East, Choa Chu Kang, and Woodlands to make them more appealing to homebuyers.
Among them, 4-room flats in Jurong East increased the most, by around $32,500 compared to the previous year, 2022. Conversely, flats in Choa Chu Kang saw a more modest increase of only $8,000.
Read Also: 4A, 4S, 4I: Why Are There So Many Types Of HDB 4-Room Flats In Singapore
Top 5 Cheapest HDB Estates For 5-Room Resale Flats
#
Towns
5-Room
Change From 2022
1
Jurong West
$588,000
(+4%) $566,000
2
Woodlands
$598,500
(+3.2%) $580,000
3
Sembawang
$602,900
(+4.1%) $579,000
4
Choa Chu Kang
$603,000
(+2.6%) $588,000
5
Sengkang
$610,000
(+5.2%) $580,000
Bukit Timah, Central, Clementi, Geylang, Marine Parade, Queenstown, and Serangoon were excluded due to insufficient resale transaction data.
In 2023, the overall median 5-room resale price reached $663,000, which is an increase of $13,000, or 2%, from the previous year. This is the smallest increase across the different flat types over the past year. This figure also exceeds the 5-room median resale prices of the five cheapest estates by $15,000 to $30,000.
Similar to the 4-room list, the cheapest 5-room estates are all classified as non-mature towns, though they are well developed with established amenities and transport connectivity. Among them, Choa Chu Kang, Jurong West, and Woodlands have appeared in both lists.
Among the five estates, 5-room flats in Sengkang increased the most, by around $30,000 compared to the previous year, in 2022. In contrast, flats in Choa Chu Kang again saw the smallest increase of $15,000.
Read Also: 5S, 5I, 5A: The Different Types Of HDB 5-Room Flats In Singapore
Top 5 Cheapest HDB Estates For Executive Resale Flats
#
Towns
Executive
Change From 2022
1
Jurong West
$698,000
(+1.9%) $685,000
2
Sengkang
$730,000
(+2.8%) $710,000
3
Woodlands
$800,000
(+5%) $762,500
4
Pasir Ris
$816,000
(+2.5%) $796,000
5
Bukit Batok
$835,000
–
Ang Mo Kio, Bedok, Bishan, Bukit Merah, Bukit Panjang, Bukit Timah, Central, Choa Chu Kang, Clementi, Geylang, Jurong East, Kallang/Whampoa, Marine Parade, Punggol, Queenstown, Sembawang, Serangoon, Toa Payoh, and Yishun were excluded due to insufficient resale transaction data.
The overall median executive resale price reached $816,000 in 2023, which is an increase of $42,866, or 5.5%, compared to the previous year. As this is the largest HDB flat type, they tend to typically command a higher price. This figure also exceeds the executive median resale prices of the five cheapest estates by $13,000 to $37,500.
One estate that has appeared consistently across all the flat types is Jurong West, which in 2023 was one of the five estates without a million-dollar HDB transaction. Similar to the 4- and 5-room flat types, it has the lowest median price for executive flats across the 27 estates and towns.
Among the five estates, executive flats in Woodlands increased the most, by around $38,000 compared to the previous year. In contrast, flats in Jurong West saw the smallest increase of $13,000. As there weren’t sufficient transactions for Bukit Batok in 4Q2022, we are unable to make any comparisons over the two-year period.
4-Room HDB Flat Types Were A Popular Choice Among Homebuyers In 2023
Compared to 2022, where the median prices of 3-room and 5-room flat types saw increases of between 6% and 15%, the price increments in 2023 were more modest, ranging between 2% and 3%. In contrast, 4-room flats were the popular choice among homeowners in 2023, with median prices rising the most by 6.9%.
The easing of the COVID-19 pandemic measures in 2023 and the widespread adoption of a return-to-office policy by most companies may have reduced demand for larger living spaces. Additionally, with the average family size at 3.11 persons per household, 4-room flat types – which comprise 31% of all residential dwelling types are likely to cater effectively to the needs of the majority of homebuyers.
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Read Also: HDB Price Guide: 5 Cheapest HDB Estates For 2023
Feature Image Credit: Gan Siang Hong
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