Condo Vs HDB Price Gap Analysis: Singapore Estates Where Resale HDBs Present A Clearer Value Case Than Condos

For the price of a new launch two-bedder today – around $1.6 million to $1.8 million – you could have your choice of an HDB flat. Even a smaller condo unit is still priced lower than units at Pinnacle @ Duxton, SkyTerrace @ Dawson, etc. So in the current market, it’s not surprising that some families would upgrade to a bigger or better-located resale flat, rather than move to a condo. This week, we look at the various estates in Singapore where the price gap between condos and HDB flats is so big, it probably makes better sense to buy the flat:

Before diving into specific estates, let’s start with the big picture. 

Over the past 10 years, the average price difference between non-landed private homes and HDB flats has widened by almost nine per cent:

From 2014 to 2024, HDB resale flats have appreciated by about 38 per cent, compared to 18 per cent for non-landed private properties (the much higher percentage gains of HDB flats are due to their lower price).

The gap between the two has widened, but not in a linear manner. We can see that, depending on the year, the price gap fluctuates quite a bit, depending on what types of units were sold (larger or newer resale flats* can skew averages upward). Factors like lease decay, flat size, and estate-specific demand also play a significant role in the yearly swings.

*In particular, resale flats fresh out of their five-year Minimum Occupancy Period (MOP) tend to sell at a significant premium

Let’s now do a breakdown based on estate, square footage, and age.

We looked at transactions from 2024 to June 2025 to keep the time period relevant. For consistency, we matched HDB towns with their corresponding URA planning areas, so that HDB and condo transactions are compared within the same locations.

Two-bedroom condo vs. three-room HDB (600–800 sq ft)

To keep the comparison as close as possible, we’ve narrowed the size range of the units. This helps ensure a more “apples-to-apples” view, without distortions from larger patio or penthouse units, or from older projects where unit sizes tend to be bigger.

Currently aged between 5 and 10 y/o

Across the towns, the price gap between a two-bedroom condo and a 3-room flat is generally in the range of $450,000 to $820,000. The widest differences appear in estates such as Jurong West, Bukit Batok, and Queenstown, where the spread crosses $790,000.

On the other end, Pasir Ris, Woodlands, and Choa Chu Kang show narrower gaps of around $450,000 to $500,000. Two notable highlights here are Tampines and Pasir Ris: in these two towns, the gaps are very narrow, at $541,623 and $456,627 respectively – one could make the argument that in these two cases, a condo might make more sense than buying a flat. 

Among properties in this age range, Jurong West shows the widest gap between two-bedroom condos and 3-room flats. Looking closer at the transactions, however, there was only one condo project with two-bedders, that fit within the 600–800 sq ft range. This was Lake Grande:

These are the 3-room HDBs transacted

Two-bedders at Lake Grande averaged around $1.29 million. By contrast, recent 3-room flats in the same town ranged between about $468,000 and $554,000 across blocks at Boon Lay Avenue, Boon Lay Drive, Corporation Drive, Jurong West Central 3, and Jurong West Street 42.

This explains the large spread of over $800,000 between the two housing types; but because this whole comparison hinges on Lake Grande, we need to take it with a proverbial pinch of salt.

Now, let’s look at the price gap in the 11 to 20 year age range

Among homes aged between 11 and 20 years, the widest gap turned up in Queenstown. Here, two-bedder condos averaged about $1.66 million, while comparable three-room flats came in at around $686,000; a difference of nearly $970,000.

By comparison, other towns with sizeable gaps included Jurong East (around $951,000 difference) and Bukit Merah (about $875,000). At the more moderate end, places like Woodlands and Yishun showed price gaps closer to $400,000–$450,000.

However, we have to note that there was just one project (Commonwealth Towers) with two-bedders in the 600–800 sq ft range transacting during this period. This means the results may not be reflective of the wider condo/HDB gap in the wider estate – it just reflects on the price gap against this one specific project:

These are the 3-room HDBs transacted

As an aside, note that Commonwealth Towers is right next to Queenstown MRT (EWL), so it does stand out against some of the area’s condo projects as well. This may explain the wider price gap, as the flats are being compared to a condo with a more premium location.

Now, let’s look at the price gap in the 31 to 40 year age range

There’s less to compare since few condos have made it to this age range so far. Nonetheless, the widest gap appeared in In the 31 to 40 year age range, the widest gap appeared in Bukit Merah. Two-bedder condos here averaged about $1.33 million, compared to roughly $491,000 for 3-room flats, a difference of around $841,000. 

In Hougang, the gap was much smaller. Two-bedders averaged about $827,000, while comparable three-room flats came in at about $424,000, leaving a difference of just over $400,000.

Looking into the transactions, the Bukit Merah figures were based on two condo projects with two-bedders in the 600–800 sq ft range. Given that Bukit Merah is an older HDB cluster, it may also contribute to the price gap against the newer private counterparts; we’ll see more of this again later.

These are the 3-room HDBs transacted

Now let’s look at three-bedders versus 4-room flats, which is roughly a range of about 850 to 1,100 sq ft. 

The widest price gap for this size and age category is in Bukit Merah. Two private projects fall into our 850–1,100 sq ft band: Artra, with an average of about $2.51 million, and Avenue South Residence at around $2.19 million.

On the HDB side, recent four-room transactions ranged from roughly $818,000 at Depot Road to around $1.19 million at Boon Tiong Road, with Henderson Road and Telok Blangah blocks clustering in the $920,000 to $1.01 million range.

We also saw this above, with the two-bedder versus 3-room flat comparisons. The difference of over $1.2 million highlights how sharp the divide can get when newer condos are pitted against older HDB flats. Some Bukit Merah HDB flats, like Depot Road, Henderson Road, and Telok Blangah, date all the way back to the late 1970s. This results in a glaring age as well as price disparity. 

These are the 4-room HDBs transacted

Now let’s look at the 11 to 20 year old age range, for these property sizes

Once again, the widest gap appeared in Queenstown. Here, three-bedder condos averaged about $2.26 million, while four-room flats came in at around $945,000 – a difference of roughly $1.31 million.

Close behind were Jurong East (about $1.31 million difference) and Bishan (around $1.30 million). Other mature estates such as Bukit Merah and Ang Mo Kio also showed gaps exceeding $1.1 million. At the more moderate end, places like Hougang and Yishun saw price differences closer to $630,000.

As before though, in Queenstown, the condo data came from just Commonwealth Towers. As such, the figure reflects this specific project rather than being fully representative of the estate.

These are the 4-room HDBs transacted

Next, we’ll look at the 21 to 30 year age range

The gap was widest in Serangoon, for this size and age band. Three private projects fall within the 850–1,100 sq ft band: Casa Rosa, averaging about $1.35 million; Cherry Gardens at around $1.43 million; and SunGlade, the highest at close to $1.69 million.

By comparison, 4-room flats in the same town ranged from about $586,000 to $756,000, with Serangoon Central Drive units at the upper end, and blocks along Serangoon North Avenue 3 and 4 transacting in the mid-$500,000 to $600,000 range.

This leaves a spread of roughly $700,000 to over $1 million; an especially wide margin that reflects the age of Serangoon’s flats (many from the 1980s and 1990s).

These are the 4-room HDBs transacted

Now, let’s look at units in the 31 to 40-year old age range

There isn’t much to compare here, as very few condos make it to this age without going en-bloc. This gives us only two areas to look at:

In Bukit Merah, three-bedroom condos averaged around $1.76 million, while 4-room flats in the same town transacted at about $687,000; a gap of just over $1.07 million. In Bukit Batok, the difference was narrower, with condos at about $1.12 million versus HDB flats at roughly $492,000, leaving a spread of around $623,000.

The small sample size means these figures should be read cautiously, but they do show how the gap can remain significant even among the oldest projects.

There are only two projects that fall into this size and age category: Emerald Park and Tanglin Regency.

These are the 4-room HDBs transacted

So what have we learned?

The bottom line is that, in estates such as Bukit Merah, Queenstown, and Serangoon, the numbers lean heavily toward buying a resale flat; at least for owner-occupiers. The gaps here are so wide (at around $1 million or above) that it becomes questionable if the pool/gym/clubhouse is worth the price premium for condos. 

It might make sense for investors to still pick condos in these areas (e.g., they’re more interested in gains or rental than personal use), but pure homebuyers could find the premium tough to justify. 

On the other hand, in places like Pasir Ris, Woodlands, or Choa Chu Kang, the gap is narrower; sometimes under half a million. If you really want a condo lifestyle, this is where it could make more sense. 

For those eyeing central or mature estates, you could consider an older HDB flat instead of a condo, if you just purely want the location; but this is with the caveat that you’re already older, as younger Singaporeans may want to avoid buying 30 to 40-year-old flats due to lease decay. 

But if you’re in the further-out towns, where the condo–HDB gap is slimmer, then sure – go for the condo if you value the facilities and can handle the monthly maintenance. It may also be viable if this won’t be the last stop on your property journey, and you’re eyeing higher absolute gains. 

In any case, these are broad trends, and the “right” choice can look very different depending on your age, budget, and long-term plans. If you’d like a clearer picture of whether a condo or HDB flat makes more sense for your situation, you can speak to our team. They’ll break down the actual numbers for your preferred towns and unit types, so you can make a confident, future-proof decision. 

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