When looking for the perfect home, one of the first questions many ask is “Which neighbourhood do I want to live in?” Then, when comparing Singapore HDB resale flat prices, you’ll realise that not all neighbourhoods are made equal.
For example, if you compare an HDB flat near an MRT station and shopping mall in a mature estate, against one in a more ‘ulu’, non-mature estate like Woodlands, you’ll find the flats would be priced very differently.
In this article, we take a look at HDB resale transaction prices in 2022 (as published by HDB, Q3 2022), and rank the top five most expensive and most affordable estates for each unit type.
Median Q3 2022 HDB Resale Transaction Prices: Most Affordable HDB Estates
| For 3-room flats | Geylang ($320,000), Jurong West ($339,000), Toa Payoh ($341,400), Woodlands ($345,000), Bukit Batok ($353,000) |
| For 4-room flats | Jurong East ($460,000), Woodlands ($468,000), Bukit Panjang ($471,900), Yishun ($473,000), Bedok & Jurong West ($475,000) |
| For 5-room flats | Woodlands ($560,000), Jurong West ($565,000), Sembawang ($566,000), Choa Chu Kang ($588,000), Sengkang ($595,400) |
| For executive apartments | Sembawang ($636,500), Jurong West ($665,000), Sengkang ($723,600), Choa Chu Kang ($742,000), Yishun ($748,000) |
Median Q3 2022 HDB Resale Transaction Prices: Most Expensive HDB Estates
| For 3-room flats | Queenstown ($395,000), Marine Parade ($412,500), Punggol ($436,900), Sengkang ($438,000), Central ($460,000) |
| For 4-room flats | Central ($680,000), Toa Payoh ($740,000), Bukit Merah ($765,000), Kallang/Whampoa ($778,400), Queenstown ($860,000) |
| For 5-room flats | Kallang/Whampoa ($840,000), Bishan ($855,000), Toa Payoh ($870,000), Bukit Merah ($875,000), Queenstown ($894,000) |
| For executive apartments | Tampines ($844,000), Hougang ($822,000), Bedok ($820,000), Bukit Batok ($790,900), Bishan ($1,045,000) |
Note: For 3-room HDB flats, Bishan, Bukit Timah, Pasir Ris and Sembawang were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in the quarter). For 4-room resale HDB flats, Bukit Timah and Marine Parade were excluded; for 5-room resale HDB flats, Bukit Timah, Central, Clementi, Marine Parade and Serangoon were also excluded for the same reason. For executive flats, Ang Mo Kio, Bukit Timah, Clementi, Geylang, Jurong East, Kallang/Whampoa, Punggol, Queenstown, Serangoon and Toa Payoh were excluded.
3-room HDB Resale Prices in Q3 2022
At 60 to 65 sq m (646 to 700 sq ft) large, 3-room flats make an ideal home for singles, couples and even some small families with young children. Let’s start by taking a look at some of the most affordable and expensive neighbourhoods to purchase a 3-room HDB flat.
If you’re looking for an affordable yet accessible 3-room flat, you’re looking at properties in Toa Payoh, Woodlands, Jurong West, Geylang, and Bukit Batok. While Toa Payoh and Geylang are both mature estates and city-fringe locations, flats there tend to be older with a shorter remaining lease, which explains the lower median prices despite their fantastic location, close to the city centre.
The most expensive 3-room flats can be found in the Central area, Punggol, Sengkang, Marine Parade, and Queenstown. For Punggol and Sengkang, the reason for the higher prices could be due to the 31,000+ HDB flats which fulfilled their Minimum Occupation Period (MOP) in 2022 being located in these two towns, propping prices up.
4-room HDB Resale Prices in Q3 2022
4-room HDB flats are one of the most popular unit types. They provide a good amount of space (90 sq m or 969 sq ft), suitable for couples who are set to become parents and small families.
Those looking for space but are on a budget, look for 4-room flats in the far North, East and West regions. Woodlands, Bukit Panjang, Jurong East, Yishun, Bedok and Jurong West had the lowest median prices in Q3 2022. Of these HDB towns, Bedok is a well-developed mature estate. Woodlands, Jurong East and Yishun have more malls and amenities in the area than Jurong West, an up-and-coming neighbourhood.
Unsurprisingly, 4-room flats in the Central area, Queenstown, Kallang/Whampoa, Toa Payoh and Bukit Merah were the most costly. These flats, which are in close proximity to the city centre, are suited for those who value connectivity and easy access to the Central Business District (CBD).
5-room HDB Resale Prices in Q3 2022
Ah… 5-room flats, considered one of the more ‘luxurious’ HDB units. These flats are great for larger families, with modern 5-room flats offering about 110 sqm or 1,184 sq ft of space; this is comparable to the size of some 4-bedroom condo units. Older flats are sometimes even bigger.
Queenstown is the next most expensive, followed by Bukit Merah, Toa Payoh, Bishan and Kallang/Whampoa. All of which are very desirable city-fringe locations.
For the most affordable 5-room flats, check out Sembawang, Woodlands, Jurong West, Choa Chu Kang, and Sengkang. Again, these areas are far from the city centre; the longer travel time to the city is a trade-off for the space premium. But hey, with hybrid work arrangements becoming the new norm, this may not be a huge issue.
HDB Executive Apartment Resale Prices in Q3 2022
The biggest among flats currently available from HDB, executive flats come with plenty of space (130 sq m or 1,399 sq ft). They typically come with additional space for a study room (and maybe even a home gym), while some also feature balconies.
Executive flats are the largest modern HDB flat size, and you can score a resale unit in Jurong West, Sengkang and Sembawang for $730,000 or less That’s quite a steal! Although that is indeed expensive for public housing, it is still cheaper than the most expensive 4-room flats in the city fringe.
HDB Resale Transaction Prices: Most Expensive and Affordable Estates Across All Housing Types
In general, the most expensive neighbourhoods are mature estates in prime locations or on the city fringe. The Central area is generally the most expensive because it’s the closest to the CBD. The flats there are typically older, but they still command a large premium.
The other popular estates are slightly further away but still well-connected to the city. Many HDB flats at Dawson Road, Queenstown, recently fulfilled their MOP this year, and in 2020 and 2021 as well, which explains the surge in popularity for flats in the area.
If you’re looking for properties that are easier on the wallet, look at developing estates at the further ends of the island. In the north, Woodlands and Yishun tend to offer the cheapest homes. Woodlands and Yishun are quite well-equipped with multiple transport nodes (New MRT train lines) and Causeway Point mall in Woodlands, Northpoint City in Yishun.
In the West, there’s Jurong West and Jurong East. Jurong is quite an exciting estate to live in as well, considering the Jurong Lake District transformation, which will include a large mixed-use business district, the development of the upcoming Jurong Region Line and Cross Island Line, and more. Jurong East has got multiple huge malls such as Jem, Westgate and Jcube.
Buying and Financing an HDB Resale Flat in Singapore
Not sure of how to budget for your upcoming HDB flat purchase? There are several things to consider when taking up a home loan to finance an HDB flat.
First, you’ll need to check how much savings you have, whether in cash and/or CPF. This is mainly for the upfront payments, which include the downpayment and various fees involved.
You can reference this article for a breakdown of the HDB resale grant and payments: A Step-by-Step Guide on How to Pay for a Resale HDB Flat
There’s also your income, the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR), and potentially Cash Over Valuation (COV) fees, to account for. This may affect your loan size and your monthly mortgage repayments. If you need help, you can approach our friendly and knowledgeable mortgage experts for tailored financial advice.
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