Commentary Cheapest Condos And HDBs In Singapore: Here’s How Much Prices Have Risen Since 2020
- Ryan J
- November 28, 2022
- 6 min read
With private home and resale flat prices rising across the board, is a cheap home even possible in 2022? It’s a tough year for first-time home buyers, and even HDB upgraders have been slowly starting to be priced out. Here’s a look at how much some of the cheapest properties in Singapore have increased in prices in the past 2 years (we examined prices in the resale market for both private and HDB flats):
Price increases of the lowest-priced properties since H1 2020 (Private)
This is a list of the cheapest private developments, and their price movements, since H1 2020, based on available URA data.
|Projects||Type||2020-H1||2020-H1 Vol.||2022-H2||2022-H2 Vol||$PSF Increase|
|Clover By The Park||Condominium||$1,155||4||$1,628||3||41.0%|
|Varsity Park Condominium||Condominium||$929||1||$1,302||7||40.2%|
|Hazel Park Condominium||Condominium||$1,135||4||$1,552||1||36.7%|
|Changi Rise Condominium||Condominium||$730||10||$984||9||34.8%|
|Esparina Residences||Executive Condominium||$1,017||9||$1,358||7||33.5%|
|Riverparc Residence||Executive Condominium||$867||21||$1,157||10||33.5%|
|The Rivervale||Executive Condominium||$723||4||$961||1||33.0%|
|Costa Del Sol||Condominium||$1,249||6||$1,636||16||31.0%|
The above includes all transactions (new, resale, and sub sale) except en-bloc transactions. We used the average price psf for each project, as reflected for each half of the year; projects without any transactions in 1H 2020 were left out, as we can’t compare them to the present.
Some observations on projects with the biggest price increases:
It’s perhaps not a surprise to see four Executive Condominiums in this list given how condo prices have moved in the past 2 years. As such, demand has moved to resale ECs, with a profit analysis by OrangeTee showing that a sample size of 4,266 ECs has grossed around $300,000 in profits. The study also showed that the median prices of resale ECs have increased by 30.3 per cent to $1,115 psf in the first 8 months of 2022, as compared to $856 in 2019.
Northoaks used to be one of the more affordable options in H1 2020 as well at $554 psf registered the second highest increase to $794 psf in H2 2022. There were a healthy number of transactions too, with 6 in the first half of 2020, and 7 in the second half of 2022 so far.
Of the more affordable condos, the highest price increase goes to Clover By The Park. This has increased from an average of $1,154 psf in H1 2020 to a high of $1,627 psf in H2 2022 (so far).
Some observations on projects with falling prices:
The projects that saw the most notable price decreases (on a psf basis) were:
- Suites 28 – down 36.32 per cent
- Sandy Island (detached housing) – down 32.5 per cent
- Prestige Heights – down 26.4 per cent
- Cairnhill Nine – down 22.57 per cent
- Nanyang Park (semi-detached housing) – down 19.62 per cent
|Projects||Type||2020-H1||2020-H1 Vol.||2022-H2||2022-H2 Vol||$PSF Decrease|
|SUITES 28||Apartment||$1,261||1||$803||1||-36.3%||Suites 28|
|THE BEVERLY||Apartment||$1,335||1||$880||1||-34.1%||The Beverly|
|SANDY ISLAND||Detached House||$2,044||1||$1,389||1||-32.0%||Sandy Island|
|PRESTIGE HEIGHTS||Apartment||$1,708||1||$1,257||2||-26.4%||Prestige Heights|
|CAIRNHILL NINE||Apartment||$2,650||1||$2,052||1||-22.6%||Cairnhill Nine|
|MI CASA||Condominium||$898||5||$710||1||-20.9%||Mi Casa|
|NANYANG PARK||Terrace House||$1,262||2||$1,014||2||-19.6%||Nanyang Park|
|PARRY GREEN||Terrace House||$993||2||$813||1||-18.1%||Parry Green|
|SCOTTS HIGHPARK||Condominium||$2,033||2||$1,734||1||-14.7%||Scotts Highpark|
|THE RED HOUSE||Apartment||$1,456||1||$1,253||1||-13.9%||The Red House|
|THE VIRIDIAN||Apartment||$1,564||1||$1,346||1||-13.9%||The Viridian|
|THE CLAYMORE||Condominium||$3,456||1||$3,097||1||-10.4%||The Claymore|
|TROPIKA EAST||Condominium||$1,418||2||$1,297||2||-8.5%||Tropika East|
|TRE RESIDENCES||Condominium||$1,715||1||$1,588||9||-7.4%||Tre Residences|
|WALLICH RESIDENCE||Apartment||$3,743||5||$3,470||6||-7.3%||Wallich Residence|
|CONCOURSE SKYLINE||Apartment||$1,987||4||$1,859||5||-6.4%||Concourse Skyline|
|V ON SHENTON||Apartment||$2,332||9||$2,183||5||-6.4%||V On Shenton|
Unfortunately, these steep drops won’t help the average buyer. What these disparate projects have in common is a high quantum; beyond what your average Singaporean could afford.
Suites 28, Prestige Heights, and Sandy Island are pricey city fringe projects; they are in Districts 14, 12, and 4 respectively. Cairnhill Nine is a Core Central Region project (District 9), and Nanyang Park may be a fringe region (District 19), but it’s a pricier semi-detached project.
Also, take note that all these projects have small unit counts. Cairnhill Nine is the largest, with just 268 units. Smaller projects are, as always, on the pricier end.
A family-sized 969 sq. ft. unit at Cairnhill Nine, transacts at as high as $1.98 million; while Sandy Island’s detached housing recently transacted at prices of $10.8 million. Even Nanyang Park, in a fringe region, saw recent transactions of around $3.6 million for semi-detached units.
It seems even in the hottest market, high quantum units have more limited room for appreciation, and many of these properties remain a homeowners’ indulgence rather than an investment asset.
Price increases of the lowest-priced properties since H1 2020 (HDB)
|Address||Type||2020-H1 PSF||2022-H2 PSF||2022-H2|
|303 YISHUN CTRL||3 Room||$276||$474||71.5%|
|26 TOA PAYOH EAST||3 Room||$260||$439||68.8%|
|204 MARSILING DR||3 Room||$287||$433||51.0%|
|32 MARSILING DR||3 Room||$269||$405||50.3%|
|1 MARSILING DR||3 Room||$274||$411||49.8%|
|24 MARSILING DR||3 Room||$277||$413||49.0%|
|23 MARSILING DR||3 Room||$284||$415||45.9%|
|22 MARSILING DR||3 Room||$284||$404||42.2%|
|114 HO CHING RD||3 Room||$288||$379||31.6%|
|33 TEBAN GDNS RD||3 Room||$269||$338||25.6%|
|27 MARSILING DR||4 Room||$245||$403||64.6%|
|304 JURONG EAST ST 32||4 Room||$257||$419||63.2%|
|389 YISHUN AVE 6||4 Room||$268||$425||58.5%|
|395 YISHUN RING RD||4 Room||$268||$424||58.3%|
|851 JURONG WEST ST 81||4 Room||$267||$383||43.5%|
|723 JURONG WEST AVE 5||4 Room||$268||$384||43.3%|
|114 YISHUN RING RD||4 Room||$271||$388||43.1%|
|941 JURONG WEST ST 91||4 Room||$265||$379||42.7%|
|445 JURONG WEST ST 42||4 Room||$261||$366||40.5%|
|902 JURONG WEST ST 91||4 Room||$267||$374||40.2%|
|661 WOODLANDS RING RD||5 Room||$273||$445||63.4%|
|206 BOON LAY DR||5 Room||$238||$389||63.2%|
|10 MARSILING DR||5 Room||$219||$344||56.9%|
|461 JURONG WEST ST 41||5 Room||$276||$409||47.9%|
|120 MARSILING RISE||5 Room||$256||$364||42.2%|
|12 TECK WHYE LANE||5 Room||$277||$381||37.7%|
|729 JURONG WEST AVE 5||5 Room||$276||$369||33.3%|
|826 JURONG WEST ST 81||5 Room||$274||$361||31.7%|
|123 MARSILING RISE||5 Room||$265||$347||30.9%|
|137 MARSILING RD||5 Room||$269||$349||30.0%|
|141 MARSILING RD||Executive||$299||$443||48.1%|
|467A ADMIRALTY DR||Executive||$302||$441||46.1%|
|128 MARSILING RISE||Executive||$314||$457||45.4%|
|556 JURONG WEST ST 42||Executive||$290||$418||44.1%|
|274A JURONG WEST AVE 3||Executive||$317||$445||40.5%|
|468B ADMIRALTY DR||Executive||$310||$418||34.8%|
|407 JURONG WEST ST 42||Executive||$314||$420||33.9%|
|520 WOODLANDS DR 14||Executive||$314||$420||33.8%|
|530 CHOA CHU KANG ST 51||Executive||$306||$408||33.2%|
|841 JURONG WEST ST 81||Executive||$306||$389||27.2%|
As above, this list shows the price movements of the cheapest flats we’ve found, since H1 2020. Quite tellingly, almost everything has risen in price across the board.
As HDB does not use the names of the projects, we’re only able to locate these based on specific blocks. Blocks that did not have a single transaction in H1 2020 were excluded.
Note: Given the large amount of data, only 10 addresses per flat type were included.
Some observations from the price movements
The price movements from Executive Flats were lower on average, than 3, 4, and 5-room flats within the list. On average, the 3, 4, and 5-room flats saw prices rise by about 47 to 48 per cent; whereas Executive Flats saw prices rise by an average of 34 per cent.
Which is understandable, given the higher quantum. This might also be a result of the Mortgage Servicing Ratio (MSR), which caps home loan repayments to 30 per cent of the buyers’ income – this could have a more restrictive effect on the larger, and hence higher quantum, executive flats.
Nonetheless, we would expect some movement in the prices of 3 and 4-room flats in the near term. This is following the September cooling measures, where a 15-month wait-out period was enforced on private home sellers seeking to buy resale flats. An exception to the wait-out period was made for Singaporeans aged 55 or higher, buying 4-room or smaller flats.
While home prices are rising across the board, the unique quality of real estate is that there are always exceptions. If you’re willing to compromise, there may still be a decent option out there for you. Follow us on Stacked for updates, and in-depth reviews of new and resale units alike.