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 the HDB resale statistics for Q3 2023 and rank where you’ll likely find the cheapest flats in Singapore to the highest HDB resale prices. These prices are based on the median resale prices by town and flat type.
Cheapest Flats in Singapore: Median Q3 2023 HDB Resale Transaction Prices
For 3-room flats
Geylang ($330,000), Toa Payoh ($350,000), Jurong West ($360,000), Bedok ($370,000), and Woodlands ($374,000)
For 4-room flats
Jurong East ($473,000), Woodlands ($498,000), Choa Chu Kang ($500,000), Yishun ($500,000), Jurong West ($500,000), Bukit Panjang ($508,000) and Bedok ($523,000)
For 5-room flats
Choa Chu Kang ($579,000), Sembawang ($580,000), Jurong West ($580,000), Woodlands ($590,000), Bukit Panjang ($615,000), and Jurong East ($625,000)
For executive apartments
Jurong West ($700,000) and Sengkang ($739,000)
Highest HDB Resale Prices: Median Q3 2023 HDB Resale Transaction Prices
For 3-room flats
Central ($470,000), Punggol ($470,000), Sengkang ($465,000), Sembawang ($447,500), Bukit Merah ($439,500), and Serangoon ($420,000)
For 4-room flats
Queenstown ($928,000), Bukit Merah ($860,000), Kallang/Whampoa ($790,400), Toa Payoh ($780,000), and Bishan ($715,000)
For 5-room flats
Bishan ($929,000), Bukit Merah ($928,000), Kallang/Whampoa ($907,900), Toa Payoh ($900,000), and Bukit Batok ($758,000)
For executive apartments
Serangoon ($900,000) and Hougang ($868,000)
Note: For 3-room HDB flats, Bishan, Bukit Timah, Marine Parade, and Pasir Ris 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, Central, and Marine Parade were excluded; for 5-room resale HDB flats, Bukit Timah, Central, Clementi, Marine Parade, and Queenstown were also excluded for the same reason.
For executive flats, Ang Mo Kio, Bedok, Bishan, Bukit Batok, Bukit Timah, Choa Chu Kang, Clementi, Geylang, Jurong East, Kallang/Whampoa, Punggol, Queenstown, Sembawang, Toa Payoh, and Yishun were similarly excluded. For Bukit Merah, Central, and Marine Parade, there were no executive flat transactions for Q3 2023.
3-room HDB Resale Prices in Q3 2023
At 646 to 700 sq ft, 3-room HDB 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 older estates such as Geylang, Bedok and Toa Payoh. They are all mature estates, with Toa Payoh and Geylang being located on the city fringe, where flats there tend to be older with a shorter remaining lease, which explains the lower median prices despite their fantastic location. Jurong West and Woodlands are other affordable options.
The most expensive 3-room flats can be found in Sengkang, Bukit Merah, Punggol, Sembawang, and Central. 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. Likewise, in 2023 there were many freshly MOP-ed flats in Bukit Batok, Yishun, Sembawang, and Sengkang.
4-room HDB Resale Prices in Q3 2023
4-room HDB flats are one of the most popular unit types. They provide a good amount of space (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 Western and Northern regions. HDB resale flats in Jurong West, Woodlands, Choa Chu Kang, Yishun, Bukit Panjang, and Jurong East had the lowest resale transaction prices. Woodlands and Jurong East have more malls and amenities in the area than Jurong West, an up-and-coming neighbourhood.
Unsurprisingly, 4-room flats close to the city centre, such as Bukit Merah, Central, Queenstown, Kallang/Whampoa, Bishan, and Toa Payoh were the most costly. These flats are suited for those who value connectivity and easy access to the Central Business District (CBD).
5-room HDB Resale Prices in Q3 2023
5-room flats are considered one of the more ‘luxurious’ HDB units due to their space premiums. These flats are great for larger families, with modern 5-room flats offering about 1,184 sq ft of space; this is comparable to the size of some 4-bedroom condos. Older flats are sometimes even bigger.
Bishan is the next most expensive, followed by Bukit Merah, Kallang/Whampoa, Toa Payoh, and Bukit Batok, all of which are very desirable city-fringe locations with the exception of the last estate.
For the most affordable 5-room flats, check out Woodlands, Jurong West, Jurong East, Choa Chu Kang, and Bukit Panjang. 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 this may not be a huge issue if your company still allows you to work from home most of the time.
HDB Executive Apartment Resale Prices in Q3 2023
The biggest among flats currently available from HDB, executive flats come with plenty of space (1,399 sq ft). They typically come with additional space for a study room (and maybe even a home gym), while some also feature HDB balconies.
Executive flats are the largest modern HDB flat size, and you can score a resale unit in Jurong West for $700,000 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.
Cheapest Flats in Singapore to Highest HDB Resale Prices: HDB Resale Prices in Q3 2023
In general, the most expensive neighbourhoods are mature estates in prime locations or the ones which have BTO flats that recently fulfilled their MOP.
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 premium due to their location. Other more expensive, popular estates are typically located on the city fringe, but still well-connected to the city.
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, Jurong West and Bukit Panjang tend to offer the cheapest flats in Singapore. Woodlands and Bukit Panjang are quite well-equipped with multiple transport nodes such as the two newest MRT train lines – the Downtown line (DTL) and the Thomson-East Coast line (TEL). They also have shopping malls such as Causeway Point in Woodlands and Hillion Mall in Bukit Panjang.
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 (JLD) transformation, which will include a large mixed-use business district, the development of the upcoming Jurong Region Line (JRL), Cross Island Line, and more. Jurong East has multiple huge malls such as Jem and Westgate; meanwhile, Jurong West is close to the upcoming Tengah estate.
HDB Resale Price: Buy Now or Wait?
In Q3 2023, HDB resale prices increased 1.3% quarter-on-quarter (QoQ), lower than the 1.5% growth recorded in Q2 2023; Q1 2023 saw a 1.0% QoQ growth. While prices remain on the uptick, the price moderation is sending clear signals that the market is peaking; in 2022, the average QoQ growth was 2.5%.
Property analysts expect resale HDB prices to climb by 5% to 11% in 2023, although the increase in the supply of new BTO flats may help lower the anticipated spike.
The Budget 2023 announcements, which included increments in the CPF housing grants for eligible first-timer families and singles looking to buy HDB resale flats, may help make these properties more affordable for Singaporeans eager to buy them this year.
Buying and Financing an HDB Resale Flat in Singapore
Not sure of how to budget for your upcoming HDB resale 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.
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.