Where To Find The Cheapest 4-room Resale HDB Flats In 2024 (From $350,000)

2024 is an important month, coming in at the tail end of the housing supply craze. With home production ramping up in the past two years, and Covid firmly in the rearview mirror, some HDB buyers are hoping for a break – but while the situation is seemingly better, it’s hard to say if we’ll see lower prices this very year. Here’s a look at how things are shaping up so far:

The HDB resale situation in 2024

One of the biggest changes on the resale scene is from the BTO side of the equation. In August last year, the government ended the old system of mature versus non-mature flats; and flats are now classed into Prime, Plus, and Standard. We already have some Prime housing, and 2024 will see the first batch of Plus model flats in the Bayshore area.

Over the coming year, we may see the effect of the new housing model start to sink in. Plus and Prime flats may draw buyers who want a better HDB location, but who have no interest in upgrading*. This could allow some BTO launches to siphon demand from the resale segment. 

Conversely, we may see an uptick in prices of flats that are very close to Plus or Prime model launches. This is because nearby flats have the same locational advantages, but don’t have drawbacks like a 10-year MOP or Subsidy Recovery (SR) clawbacks. 

This aside, OrangeTee and Huttons forecast a three to five per cent increase in average flat prices for 2024, while PropNex places the number at four to five per cent. This is a slower pace of growth compared to the past two years, due to the increased supply. 

And as mentioned before, one other possible factor which may cap price growth is the rising interest rates. While HDB loan rates remain the same (2.6 per cent), some buyers are forced to use bank loans instead; these buyers may be increasingly resistant to high prices, given that rates began to approach the four per cent mark in late 2023. 

Overall, it’s not the huge price drop that some buyers have been hoping for; but buyers are in a slightly better position compared to the immediate aftermath of Covid. 

*Upgraders tend to prefer resale flats to BTO flats, as they can upgrade in exactly five years with no construction time. 

How 4-room flat prices moved in 2023 non-mature towns

These are how prices have moved in non-mature towns, over the past year:

Cheapest 4-room flats categorised by age:

10 years and below

11 – 20 years old

21 – 30 years old

More than 30 years old

Some general observations:

Amongst the oldest flats (30 years or more), Woodlands dominates the list. At $330,000 to $385,000, which is almost as low as some BTO counterparts today, it would seem Woodlands has some of the most affordable flats in Singapore. However, this can give a misleading picture. 

However, don’t mistake the abundance of cheaper flats in Woodlands as a sign that Woodlands is as “ulu” as before. Note that in terms of overall price movement, Woodlands is the third highest, seeing a rise of 4.4 per cent between the first and second half of 2023. 

This could be a sign of things to come as the development of Woodlands North Coast – and indeed Woodlands as a Regional Centre for the North – continues to unfold. Over the long term, this can provide more room for appreciation. 

For those worried about lease decay (i.e., you want a newer flat), Woodlands along with Choa Chu Kang and Bukit Panjang may be good places to look. 4-room flats here are still well below the $500,000 mark, even if they’re less than 10 years old.

Cheapest 4-room flats in mature towns

Cheapest 4-room flat by age

Less than 10 years old

11 – 20 years old

21 – 30 years old

More than 30 years old

Some general observations:

Tampines does have a lot of fairly new, yet affordable (below $650,000) resale flats; but unsurprisingly, these are not the flats in the most popular part of Tampines (that would be Tampines Central, where the malls and offices are at). 

Tampines Street 45 and Tampines Avenue 8 are quite far from the MRT, and the nearest stations are Tampines East or Tampines West on the Downtown Line (unlike Tampines Central with access to the East-West Line). Nonetheless, if you’re not fussy, there’s usually a bus connection to the MRT stations, or to Tampines Central (which is accessible from Tampines East and Tampines West also). All in, we’d say it’s not a bad deal, for a flat that might be under six years old. 

Meanwhile, 35 Circuit Road, in Geylang, has a rather eye-opening transaction of $350,000 for a 4-room flat; low given how convenient the location is. It’s within walking distance of Mattar MRT (DTL), and local amenities like the hawker centre and market are all a short stroll away. You can also get to Macpherson MRT (DT/CC) with relative ease. Paya Lebar, a major commercial hub, is also nearby. Perhaps it’s just a certain stigma about it being an “old people’s area,” but it is quite underrated for that price. 

The rest of the list can be described as “the usual suspects.” We don’t think anyone would be surprised to read that Bedok and Pasir Ris are among the more affordable mature areas. 

The resale flat market is slowing overall, but areas near Prime and Plus model housing may resist the loss of momentum 

As mentioned above, the lack of Plus and Prime restrictions may cause these flats to actually increase in price, at least in the near term. As such, there still isn’t much opportunity for first-time or lower-budget buyers, in traditional hotspots like Queenstown or Tanjong Pagar. 

If you’re dead set on such locations, you may have to do with an older non-central flat for now, and aim to upgrade into these places later on.