Resale flat prices may be seeing slower growth, but they’re still past any price level prior to Covid; and from the look of things, the $500,000 resale 5-room flat may be a thing of the past. Or is it? As it turns out, it’s still barely possible from what we've seen in 2023, depending on which districts you look in. For those of you who are on a budget, but absolutely must get a resale 5-room, here are some towns you might want to look into:

First, a look at 5-room flat price movements over 2023

A shortlist filtered by price, size or tenure is a useful way to narrow your options, but it won't tell you which property is the best fit for your finances, lifestyle or long-term plans.

That's where the real evaluation begins: comparing the trade-offs between each option to decide which one makes the most sense for your situation.

Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.

Today, the team has worked with more than 2,000 clients across over $5B in property transactions.

See how the consultation works →

Non-mature estate price movement

Non Mature2023-H12023-H2
TownAverage PriceAverage AgeVolAverage PriceAverage AgeVolChange in price
BUKIT BATOK$763,76911109$760,95313153-0.4%
BUKIT PANJANG$629,5012485$633,953251160.7%
CHOA CHU KANG$589,03222166$595,355222001.1%
HOUGANG$679,73724119$687,979261681.2%
JURONG EAST$645,5333539$634,4923666-1.7%
JURONG WEST$597,88524181$591,19824269-1.1%
PUNGGOL$673,53813246$686,427133601.9%
SEMBAWANG$603,98418110$610,027181451.0%
SENGKANG$633,31317287$641,910183471.4%
WOODLANDS$592,62822275$598,553243121.0%
YISHUN$638,27620149$653,321211702.4%

Mature estate price movement

Mature2023-H12023-H2
TownAverage PriceAverage AgeVolAverage PriceAverage of ageVolChange in price
ANG MO KIO$785,7823449$820,94931754.5%
BEDOK$701,7653479$707,850361390.9%
BISHAN$899,1073442$924,45733612.8%
BUKIT MERAH$876,6192971$977,400299711.5%
BUKIT TIMAH$991,944352$1,064,4443797.3%
CENTRAL AREA$1,230,625188$1,212,861228-1.4%
CLEMENTI$840,8023333$915,25826348.9%
GEYLANG$790,1073825$793,97838440.5%
KALLANG/WHAMPOA$846,6993246$904,13329626.8%
MARINE PARADE$864,9244916$891,09348203.0%
PASIR RIS$652,4523098$672,42729993.1%
QUEENSTOWN$993,1032826$951,3083526-4.2%
SERANGOON$670,5363227$740,991333910.5%
TAMPINES$696,81128191$696,46031234-0.1%
TOA PAYOH$907,1313055$912,24929590.6%

Generally, there’s not much change since last year; the stand-outs being Bukit Merah and Serangoon. The big price jump in Bukit Merah was due to a record-breaking $1.45 million transaction, while earlier last year we had pointed out the noticeable pick-up in Serangoon resale prices. 

City Vue @Henderson Review

Broadly speaking, however, prices in many HDB towns have lost some momentum, which provides a glimmer of hope for buyers. We’d also note that HDB ramped up production over 2022/23, and as those new flats hit their MOP and join the resale market, we don’t see a probability of the same meteoric price rise in previous years. 

Now, on to where we found the cheapest flats

Age is a factor here, and if we just went by the absolute lowest quantum, we’d end up with just the very oldest flats. This may not work for everyone (e.g., if the least doesn’t last till the youngest borrower reaches 95 years old, there will be restrictions on CPF usage). So we’ve broken these up by age instead.

In addition, we know HDB doesn’t use mature and non-mature categorisations anymore; but we’ve continued using these, as most Singaporeans still evaluate the neighbourhood along the same lines.

Let’s start with non-mature HDB towns

Non-mature flats under 10 years of age

TownAddressFloor RangeSizeLease StartPrice
CHOA CHU KANG485A CHOA CHU KANG AVE 504 TO 061132016$570,000
WOODLANDS787D WOODLANDS CRES04 TO 061122015$570,000
YISHUN335C YISHUN ST 3104 TO 061122015$575,000
WOODLANDS519 WOODLANDS CRES04 TO 061122015$575,000
WOODLANDS511 WOODLANDS CRES04 TO 061122015$580,000
CHOA CHU KANG810A CHOA CHU KANG AVE 504 TO 061132016$580,000
YISHUN428B YISHUN AVE 104 TO 061122015$580,000
WOODLANDS777 WOODLANDS CRES07 TO 091122015$583,000
CHOA CHU KANG490D CHOA CHU KANG AVE 504 TO 061132016$590,000
YISHUN770 YISHUN AVE 1104 TO 061122015$590,000
CHOA CHU KANG488D CHOA CHU KANG AVE 507 TO 091132016$590,000
CHOA CHU KANG810B CHOA CHU KANG AVE 504 TO 061132016$595,000
CHOA CHU KANG817B KEAT HONG CL04 TO 061132018$598,000

Non-mature flats between 11 - 20 years old

TownAddressFloor RangeSizeLease StartPrice
SENGKANG440B FERNVALE LANE07 TO 091112004$515,000
WOODLANDS638 WOODLANDS DR 7504 TO 061102004$520,000
SEMBAWANG119B ADMIRALTY LINK07 TO 091112004$520,000
SEMBAWANG493 ADMIRALTY LINK04 TO 061112004$525,000
SEMBAWANG507C WELLINGTON CIRCLE07 TO 091102004$525,000
SEMBAWANG120B ADMIRALTY LINK10 TO 121102004$525,000
WOODLANDS653 WOODLANDS DR 7504 TO 061102004$528,000
WOODLANDS638 WOODLANDS DR 7507 TO 091102004$528,000
SENGKANG416B FERNVALE LANE04 TO 061122004$530,000
SEMBAWANG402 ADMIRALTY LINK07 TO 091112004$530,000
WOODLANDS638 WOODLANDS DR 7510 TO 121102004$530,000
SEMBAWANG491 ADMIRALTY LINK10 TO 121112004$530,000
SEMBAWANG120D ADMIRALTY LINK04 TO 061122004$530,888
WOODLANDS690E WOODLANDS DR 7504 TO 061102004$532,000
WOODLANDS634 WOODLANDS DR 7510 TO 121102004$533,000
WOODLANDS689C WOODLANDS DR 7504 TO 061102004$535,000
WOODLANDS689A WOODLANDS DR 7513 TO 151102004$535,000
WOODLANDS690C WOODLANDS DR 7504 TO 061102004$540,000
SEMBAWANG413 SEMBAWANG DR10 TO 121102006$540,000
SENGKANG416C FERNVALE LANE19 TO 211122004$540,000
WOODLANDS687A WOODLANDS DR 7516 TO 181102004$541,888
PUNGGOL106D PUNGGOL FIELD04 TO 061102004$545,000
WOODLANDS659 WOODLANDS DR 7513 TO 151102004$545,000

Non-mature flats between 21 - 30 years old

TownAddressFloor RangeSizeLease StartPrice
SENGKANG186A RIVERVALE DR04 TO 061152000$478,000
CHOA CHU KANG221 CHOA CHU KANG CRES04 TO 061102003$478,000
CHOA CHU KANG679 CHOA CHU KANG CRES04 TO 061102002$488,000
SEMBAWANG353B ADMIRALTY DR04 TO 061182001$488,000
SEMBAWANG120D ADMIRALTY LINK04 TO 061102001$490,000
SEMBAWANG119B ADMIRALTY LINK10 TO 121102001$490,000
PUNGGOL104B EDGEDALE PLAINS04 TO 061122003$495,000
CHOA CHU KANG785 CHOA CHU KANG CRES04 TO 061102002$495,000
CHOA CHU KANG683B CHOA CHU KANG CRES04 TO 061102002$495,000
CHOA CHU KANG684A CHOA CHU KANG CRES04 TO 061102002$496,000
JURONG WEST276C JURONG WEST ST 2504 TO 061112002$498,000
SENGKANG188C RIVERVALE DR04 TO 061092001$498,888

Non-mature flats above 30 years old

TownAddressFloor RangeSizeLease StartPrice
WOODLANDS141 MARSILING DR10 TO 121171976$418,000
WOODLANDS137 MARSILING DR13 TO 151181977$430,000
JURONG WEST197D BOON LAY DR04 TO 061201976$450,000
JURONG EAST60 PANDAN GDNS10 TO 121141979$450,000
WOODLANDS37 MARSILING DR04 TO 061241978$460,000
JURONG WEST200 BOON LAY DR04 TO 061211976$470,000
JURONG WEST351 BOON LAY DR07 TO 091131976$470,000
CHOA CHU KANG18 TECK WHYE LANE04 TO 061191979$478,000
WOODLANDS36 MARSILING DR04 TO 061231976$480,000
JURONG WEST367 BOON LAY DR07 TO 091211976$480,000
JURONG WEST444 BOON LAY DR07 TO 091121976$480,000
JURONG EAST413 PANDAN GDNS07 TO 091141979$480,000
WOODLANDS123 MARSILING DR13 TO 151241978$480,000
WOODLANDS123 MARSILING DR19 TO 211171976$480,000
JURONG WEST427 BOON LAY DR04 TO 061201976$480,888
WOODLANDS129 MARSILING RD04 TO 061211985$482,000
JURONG WEST339B JURONG WEST ST 9304 TO 061221989$482,000
WOODLANDS125 MARSILING DR04 TO 061241978$485,000
WOODLANDS120 MARSILING DR07 TO 091181977$485,000
JURONG WEST197D BOON LAY DR10 TO 121211976$485,000
CHOA CHU KANG13 TECK WHYE LANE16 TO 181191979$485,000
JURONG WEST260 BOON LAY DR07 TO 091201976$488,000
JURONG EAST21 PANDAN GDNS04 TO 061171979$488,888
JURONG WEST200 BOON LAY DR07 TO 091221976$488,888
WOODLANDS831 WOODLANDS ST 1304 TO 061211985$490,000
WOODLANDS137 MARSILING DR10 TO 121241978$490,000
CHOA CHU KANG425 TECK WHYE LANE13 TO 151191979$490,000
WOODLANDS370 MARSILING DR16 TO 181181977$490,000
YISHUN333A YISHUN ST 2204 TO 061221987$495,000
CHOA CHU KANG141 TECK WHYE LANE16 TO 181191979$495,000

Overall, the cheapest non-mature towns for 5-room flats are Woodlands, Choa Chu Kang, Sembawang, and Sengkang. 

If you look at the oldest flats, however, Jurong West (and in rarer cases Jurong East) start to make an appearance. This still goes back to the roots of the town; right up to the 1980s, Jurong was a manufacturing hub. The flats that are in the Jurong West area were initially meant for housing blue-collar workers, and hence the oldest ones started at low initial prices.

jurong west central design 1

It’s also possible that the huge transformation of Jurong East, near the MRT station, is far ahead of the changes we’ve seen in Jurong West. One side is the “second CBD” which is a retail powerhouse, with JEM, Westgate, IMM, and so forth; whereas Jurong West is still more known as “that place where foreign workers like to rent.” This is likely to change in the coming years though, as Jurong’s transformation continues.

Conversely, among the youngest HDB flats, Yishun is more prevalent. Putting aside the usual slew of jokes (Yishun has a generally undeserved reputation for weirdness), many Singaporeans still consider Yishun a bit too secluded and far up north, although decentralisation may fix that with time. Besides, additions like Northpoint City mean that you don't have to travel outside of Yishun to get access to your usual slew of restaurants/cafes and shops.

One notable observation is that, if you’re willing to settle for a 21+ year old, non-mature flat, prices can be below $500,000. The 5-room flats only climb past $500,000 if you want newer flats, for the non-mature towns.

Now let’s look at mature towns

Mature flats below 10 years old

TownAddressFloor RangeSizeLease StartPrice
TAMPINES491G TAMPINES ST 4510 TO 121132018$748,000
TAMPINES494H TAMPINES ST 4507 TO 091132018$748,888
TAMPINES14 TAMPINES ST 8604 TO 061142017$758,000
TAMPINES494J TAMPINES ST 4504 TO 061132018$762,000
TAMPINES870A TAMPINES ST 8604 TO 061132017$770,000
TAMPINES716 TAMPINES ST 4504 TO 061132018$770,000
TAMPINES703 TAMPINES ST 4504 TO 061132018$775,000
TAMPINES494H TAMPINES ST 4510 TO 121132018$775,000
TAMPINES494H TAMPINES ST 4507 TO 091132018$780,000
TAMPINES714 TAMPINES ST 4507 TO 091132018$788,000
TAMPINES498A TAMPINES ST 4510 TO 121132018$788,888
TAMPINES871C TAMPINES ST 8604 TO 061142017$790,000
PASIR RIS520 PASIR RIS ST 5107 TO 091132015$790,000
TAMPINES497G TAMPINES ST 4507 TO 091132018$795,000
TAMPINES926 TAMPINES ST 8610 TO 121142017$795,000
PASIR RIS526D PASIR RIS ST 5113 TO 151132015$798,888

Mature flats between 11 - 20 years old

TownAddressFloor RangeSizeLease StartPrice
KALLANG/WHAMPOA21 JLN TENTERAM19 TO 211052004$758,000
KALLANG/WHAMPOA14 UPP BOON KENG RD04 TO 061102006$775,000
KALLANG/WHAMPOA4C JLN TENTERAM25 TO 271052004$778,000
BUKIT MERAH50 DEPOT RD16 TO 181152006$790,000
KALLANG/WHAMPOA14A JLN TENTERAM22 TO 241052004$790,000

Mature flats between 21 - 30 years old

TownAddressFloor RangeSizeLease StartPrice
TAMPINES455 TAMPINES ST 3404 TO 061211996$585,000
PASIR RIS146 PASIR RIS ST 1104 TO 061261994$600,000
TAMPINES373 TAMPINES ST 3307 TO 091261996$600,000
PASIR RIS180 PASIR RIS ST 1107 TO 091261994$600,000
SERANGOON523 SERANGOON NTH AVE 404 TO 061211997$603,000
PASIR RIS225 PASIR RIS ST 2107 TO 091341994$610,000
TAMPINES339 TAMPINES ST 3304 TO 061221996$618,000
PASIR RIS750 PASIR RIS ST 7104 TO 061211996$620,000
PASIR RIS751 PASIR RIS ST 7107 TO 091281996$622,000
PASIR RIS214 PASIR RIS ST 1304 TO 061281995$625,000
PASIR RIS757 PASIR RIS ST 7110 TO 121261996$627,000
PASIR RIS725 PASIR RIS ST 7107 TO 091281996$628,000
BEDOK771 BEDOK RESERVOIR VIEW04 TO 061152000$630,000
TAMPINES342 TAMPINES ST 3307 TO 091281996$630,000
TAMPINES450A TAMPINES ST 3410 TO 121211997$630,000
PASIR RIS255 PASIR RIS ST 2107 TO 091271994$630,000
TAMPINES345 TAMPINES ST 3304 TO 061341996$630,000
PASIR RIS721 PASIR RIS ST 7104 TO 061281996$630,000
PASIR RIS627 PASIR RIS DR 304 TO 061201995$630,000
PASIR RIS182 PASIR RIS ST 1107 TO 091251995$630,000
PASIR RIS760 PASIR RIS ST 7104 TO 061271996$633,888
PASIR RIS626 PASIR RIS DR 304 TO 061221995$635,000
PASIR RIS661C PASIR RIS ST 7104 TO 061261996$635,000
ANG MO KIO725 ANG MO KIO AVE 404 TO 061341996$635,000
PASIR RIS113 PASIR RIS ST 1107 TO 091271995$635,000
TAMPINES360 TAMPINES ST 3404 TO 061211997$635,000
PASIR RIS184 PASIR RIS ST 1107 TO 091281994$638,000
TAMPINES366 TAMPINES ST 3407 TO 091211997$638,000
TAMPINES367 TAMPINES ST 3404 TO 061211996$640,000
TAMPINES367 TAMPINES ST 3404 TO 061221997$640,000
TAMPINES712 TAMPINES ST 7104 TO 061201997$642,000
PASIR RIS228 PASIR RIS ST 2104 TO 061341994$643,000
PASIR RIS760 PASIR RIS ST 7107 TO 091251996$645,000
SERANGOON512 SERANGOON NTH AVE 404 TO 061211997$645,000
PASIR RIS756 PASIR RIS ST 7107 TO 091271996$645,000
TAMPINES707 TAMPINES ST 7107 TO 091201997$645,000
PASIR RIS458 PASIR RIS DR 1004 TO 061271996$645,000
TAMPINES867 TAMPINES ST 7213 TO 151201997$648,000
TAMPINES346 TAMPINES ST 3304 TO 061361996$648,000
PASIR RIS741 PASIR RIS ST 7104 TO 061271996$648,000

Mature flats more than 30 years old

TownAddressFloor RangeSizeLease StartPrice
BEDOK413 BEDOK NTH AVE 104 TO 061211980$508,000
TAMPINES294 TAMPINES ST 2204 TO 061261985$545,000
BEDOK613A BEDOK RESERVOIR RD07 TO 091201982$548,000
BEDOK723 BEDOK RESERVOIR RD04 TO 061261985$550,000
GEYLANG7 EUNOS CRES04 TO 061231977$560,888
BEDOK761 BEDOK RESERVOIR RD07 TO 091211982$568,000
BEDOK670 CHAI CHEE ST04 TO 061211981$570,000
BEDOK604 BEDOK RESERVOIR RD07 TO 091211982$573,800
BEDOK671 CHAI CHEE ST04 TO 061211981$575,000
BEDOK613A BEDOK RESERVOIR RD07 TO 091211981$580,000
BEDOK604 BEDOK RESERVOIR RD07 TO 091211982$582,000
TAMPINES388 TAMPINES ST 2204 TO 061211985$582,888
BEDOK54 CHAI CHEE ST10 TO 121211981$583,000
BEDOK30 NEW UPP CHANGI RD04 TO 061181977$585,000
TOA PAYOH218 LOR 8 TOA PAYOH16 TO 181171976$588,000
GEYLANG6 EUNOS CRES13 TO 151231977$588,000
GEYLANG997B UBI AVE 104 TO 061221989$588,000
TAMPINES279 TAMPINES ST 2210 TO 121261985$590,000
BEDOK629 BEDOK RESERVOIR RD04 TO 061231982$590,000
BEDOK710 BEDOK RESERVOIR RD07 TO 091221982$590,000
GEYLANG15 EUNOS CRES04 TO 061231977$590,000
PASIR RIS551 PASIR RIS ST 2104 TO 061281993$590,000
BEDOK621 BEDOK RESERVOIR RD04 TO 061211980$590,000
BEDOK748B BEDOK NTH ST 413 TO 151171978$590,000
BEDOK612 BEDOK RESERVOIR RD04 TO 061201982$592,000
BEDOK90 BEDOK NTH RD10 TO 121171978$592,000
KALLANG/WHAMPOA113 UPP BOON KENG RD13 TO 151171976$595,000
BEDOK415 BEDOK NTH AVE 107 TO 091211980$595,000
BEDOK603 BEDOK RESERVOIR RD07 TO 091211983$595,000
BEDOK142 BEDOK RESERVOIR RD04 TO 061221986$595,000
BEDOK710 BEDOK RESERVOIR RD10 TO 121231982$595,000
BEDOK722 BEDOK RESERVOIR RD07 TO 091211980$595,000
GEYLANG997C UBI AVE 104 TO 061221989$595,000
GEYLANG13 EUNOS CRES04 TO 061171977$596,888
TAMPINES279 TAMPINES ST 2204 TO 061211985$598,888

For mature towns, there’s not a single 5-room flat that’s below $500,000 anymore. The absolute lowest we found was $508,000, for a 30+ year old flat in Bedok. 

That said, Tampines is generally the cheaper option here, if you want a newer 5-room flat. Prices are still north of $740,000, but this may be as cheap as it gets if you want a newer flat that is 10 years old or under. 

The thing about Tampines though, is that it’s a big place: even though it’s a regional centre, a lot of the best qualities are concentrated in Tampines Central - this is where there’s a large cluster of malls, office space, the Tampines MRT station, and so forth. Areas like Tampines Street 45, which are closer to Tampines East MRT, are rather far from this hotspot; so there can be a big discrepancy in the level of convenience.

Bedok South Horizon 100 top view buildings

Among the oldest flats, Bedok is quite prevalent. Bedok used to be the biggest town in Singapore by the way (but it was overtaken by Tampines in the mid-90s, then by Jurong West, and today the biggest is Hougang).

But still, like Tampines, it’s a big area; and although it’s called mature, some areas are still a bit inaccessible. Bedok North Avenue 1, and Bedok Reservoir, for instance, are seemingly light-years apart from Bedok Central, where you find amenities like Bedok Point, the upcoming Sky Eden, etc. So while we can tell you the cheapest 5-room flats are here, this neighbourhood is so large that it’s quite difficult to generalise. 

To be sure, these aren’t the cheapest prices - in fact, they’re probably surprising if this is the first time you’ve checked resale prices since the previous decade. But this is the reality of the market now; and if you can afford to wait and are on a budget, this may be your cue to join the BTO line for now. 

A shortlist sorted by one variable is a fast way to narrow your options, but the pick that's cheapest, biggest, or most convenient isn't always the one that fits your situation best.

If you'd like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.

And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com. We read every message.