Despite new cooling measures, there’s no immediate relief for resale flat buyers. Let’s be frank: prices aren’t going to drop just because of minor loan curbs in the short term, and ABSD is more of an issue for the private market. So it comes to good old-fashioned block-by-block searching if you need a resale HDB flat quite immediately (as with a lot of people, judging by the demand). We’ve saved you some of the work, by finding the cheapest estates:
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.
The cheapest resale flats by estate
The following are based on median transaction prices, over the past six months:
1. Sembawang
Average prices to date (December 2021):
3-room: $350,000
4-room: $420,000
5-room: $490,000
Executive flat: $570,000
Price movement of resale flats to date (2H 2021):
3-room: +4% (Rank 2 of 26 estates)
4-room: +1.3% (Rank 7 of 26 estates)
5-room: +1.2% (Rank 7 of 26 estates)
Executive flat: +0.8% (Rank 11 of 22 estates)
Overall price movement: Prices rose by 1.19% across all flat types month on month, with the highest increase being for 3-room flats.
However, note that prices for 3-room flats were calculated only from August 2021 onwards given the lack of pricing data between May - July.
Why so cheap?
It’s not unsurprising that a non-mature town like Sembawang is cheaper. However, this estate has gone under the radar, due to more dramatic changes in other fringe towns.
Woodlands, for instance, is going to benefit from the Woodlands North corridor, whilst Punggol has the upcoming Punggol Digital District. While Pasir Ris once had a reputation for being just as “ulu”, it has a slight edge in being a family and recreation hotspot (e.g., Downtown East is located in Pasir Ris).
Why buy in Sembawang then?
The main area of interest, in Sembawang, is around the Canberra area. This is due to the ongoing development of Bukit Canberra, which began in the first half of 2020.
While designated as a sports hub, you probably know that the Singaporean definition of “sports hub” is primarily a lot of food and retail (we’re looking at you, Kallang Wave Mall). Bukit Canberra is a 12 ha. site, so there’s a lot of commercial space available. It will also house neighbourhood essentials, such as eldercare and polyclinics.
If you’re looking for a flat in Sembawang and want future rental or resale gains, we’d suggest looking around one kilometre of Bukit Canberra; this is mostly the northern end of Sembawang.
Other than Bukit Canberra, Sembawang is mainly known for its greenery, and the Sembawang Hot Spring Park.
2. Woodlands
Average prices to date (May 2021 - December 2021):
3-room: $314,000
4-room: $420,000
5-room: $495,000
Executive flat: $680,000
Average monthly appreciation of resale flats (May-21 to Nov-21):
3-room: +2.9% (Rank 4 of 26 estates)
4-room: +0.7% (Rank 14 of 26 estates)
5-room: +1.1% (Rank 11 of 26 estates)
Executive flat: +1.2% (Rank 9 of 22 estates)
Overall price movement: Prices rose 1.02 per cent month on month across the board. Woodlands ties with Sembawang for having the cheapest 4-room flats, across HDB towns.
Why so cheap?
The market is still catching up to certain realities in Woodlands, although it’s doing so fast (see below). Right up till around 2020, Woodlands had a reputation for being “ulu”, and only good for living near the causeway.
Woodlands is also just about to hit its stride with the upcoming changes; so it can look deceptively void of amenities for now.
Why buy in Woodlands then?
Woodlands may be at something of an inflection point; and we’ve been saying since 2020 that we are seeing the end of “cheap Woodlands” in a few years. Case in point: one of the most expensive fringe region flats in 2021 was sold in Woodlands. This was an executive flat that transacted for $980,000 in October.
Woodlands is a designated regional centre, and it will be to the north what Tampines is to the east. Part of this involves the creation of an agricultural and food technology corridor, which will combine educational institutes, tech companies, and the inevitable slew of shops and restaurants that come with it.
We do wonder, though, if long-time Woodlands residents will miss the peace and quiet. Woodlands used to be famous for the fresh air and lower density, but a change is about to happen.
3. Jurong West
Average prices to date (May 2021 - December 2021):
3-room: $298,000
4-room: $435,000
5-room: $517,444
Executive flat: $620,000
Average monthly appreciation of resale flats (May-21 to Nov-21):
3-room: +2.3% (Rank 7 of 26 estates)
4-room: +1.7% (Rank 6 of 26 estates)
5-room: +1.1% (Rank 12 of 26 estates)
Executive flat: +1.4% (Rank 6 of 22 estates)
Overall price movement: Prices rose 0.92 per cent month on month from May 2021 - November 2021.
Why so cheap?
Because all the upgrades and changes have been in Jurong East. Whilst its neighbouring area has become a retail hotspot with JEM, JCube, etc., Jurong West has remained a pretty dull area.
Why buy in Jurong West then?
To be blunt, not much apart from the low price.
However, the development of Wenya Industrial Estate, as well as Tukang Innovation Park, add some reasons – if you work in these areas, or want a good source of potential tenants in future, Jurong West flats can be great for the price.
Oh, and one of Singapore’s best-known cycling paths for hardcore bicyclists is here: it’s the 10-kilometre track at Taman Jurong. Fresh air, great scenery, and there aren’t crowds of people ignoring the bike path.
4. Sengkang
Average prices to date (December 2021):
3-room: $390,000
4-room: $480,000
5-room: $525,000
Executive flat: $626,500
Average monthly appreciation of resale flats (May-21 to Nov-21):
3-room: +0.6% (Rank 18 of 26 estates)
4-room: +0.5% (Rank 19 of 26 estates)
5-room: +1.2% (Rank 10 of 26 estates)
Executive flat: +2.2% (Rank 3 of 22 estates)
Overall price movement: Prices are up 1.27 per cent in Sengkang. At present, Sengkang has the most expensive 3-room and 4-room flats, among our five highlighted towns.
Why so cheap?
Partly because of the buyer demographic. Sengkang attracts an unusually high number of young residents (aged 25 to 34 years), among HDB towns. These younger residents haven’t had as many decades to accumulate their CPF savings. This could be one of the reasons 3-room and 4-room flats seemed to outpace their larger counterparts here (the buyers are going for a lower quantum).
Besides that, Sengkang’s prices are low simply because it’s a non-mature area; and there is quite a ways to go before its potential is fulfilled.
Why buy in Sengkang then?
Since around 2018, there’s been a childcare centre boom in Sengkang; there were well over 300 childcare centres here by around 2020. This is, again, due to the sheer number of young couples in the area (It’s a bit of a domino effect: younger demographics will attract businesses that cater to them, which in turn attract other younger buyers, etc.)
Sengkang is also home to the Jalan Kayu identity node, a foodie haven, and recreational space. Even the low-rise buildings have been preserved here, to maintain an air of authenticity.
Some hopeful owner-investors see hipster potential in identity nodes, and are hoping for a Tiong Bahru-style gentrification of Sengkang; or perhaps a transformation into a future Holland V equivalent (Holland V is an identity node).
5. Choa Chu Kang
Average prices to date (December 2021):
3-room: $375,000
4-room: $460,000
5-room: $550,000
Executive flat: $626,250
Average monthly appreciation of resale flats (May-21 to Nov-21):
3-room: +0.7% (Rank 17 of 26 estates)
4-room: +0.2% (Rank 22 of 26 estates)
5-room: +1.6% (Rank 7 of 26 estates)
Executive flat: +1.0% (Rank 10 of 22 estates)
Overall price movement: Prices in Choa Chu Kang edged up to around half a percentage point. Prices of 3 and 4-room flats here did not appreciate as much as other HDB estates.
Why so cheap?
Choa Chu Kang prices have remained low in the past two decades, and it’s hard to pinpoint why (outside of being a non-mature area).
One theory is that, because the government chose to place the Downtown Line station at neighbouring Bukit Panjang instead, it siphoned off demand to this adjoining area.
Beyond that, it may simply be that Choa Chu Kang has been skipped over for major changes. Choa Chu Kang has always been known as a bit of agricultural area, with the fish farm, egg farm, vegetable farms, etc. The slow disappearance of many of these businesses, however, coupled with the lack of notable new developments, is eroding interest.
Why buy in Choa Chu Kang then?
There’s still some “agri-tainment” in the area, such as the well-known Qian Hu Fish Farm. This town is also known for its greenery, and Choa Chu Kang Park is one of the largest family recreation areas in the west. There are even allotment spots for families in the park, so you can have a garden without a landed property.
For those who want a true family space, Choa Chu Kang has been underrated in some sense.
There is also the added benefit (for families) of the upcoming Safra clubhouse. The highlight here is the pretty stunning sheltered pool, and the 1.4ha space will also feature a 50,000 sq ft fitness and wellness hub with a gym, mixed martial arts rings and fitness studio.
Average resale prices in other HDB towns
| Town | 3 ROOM | 4 ROOM | 5 ROOM | EXECUTIVE |
| Ang Mo Kio | $330,000 | $450,000 | $648,000 | $920,000 |
| Bedok | $320,000 | $445,000 | $615,500 | $777,400 |
| Bishan | $405,000 | $582,500 | $790,000 | $980,000 |
| Bukit Batok | $320,000 | $445,000 | $604,444 | $690,000 |
| Bukit Merah | $350,000 | $760,000 | $826,500 | $818,500 |
| Bukit Panjang | $340,000 | $452,400 | $556,500 | $700,000 |
| Bukit Timah | $408,000 | $652,500 | $870,000 | $1,050,000 |
| Central Area | $445,000 | $950,000 | $1,088,444 | |
| Choa Chu Kang | $375,000 | $460,000 | $550,000 | $626,250 |
| Clementi | $350,000 | $728,000 | $686,444 | $870,000 |
| Geylang | $295,000 | $614,000 | $706,888 | $825,944 |
| Hougang | $330,000 | $452,000 | $580,000 | $742,000 |
| Jurong East | $330,000 | $450,000 | $584,000 | $765,000 |
| Jurong West | $298,000 | $435,000 | $517,444 | $620,000 |
| Kallang/Whampoa | $335,000 | $668,000 | $750,000 | $855,000 |
| Marine Parade | $385,000 | $495,000 | $804,000 | |
| Pasir Ris | $440,000 | $473,000 | $562,000 | $700,000 |
| Punggol | $398,500 | $500,000 | $600,000 | $603,888 |
| Queenstown | $355,888 | $785,000 | $907,500 | $1,235,000 |
| Sembawang | $350,000 | $420,000 | $490,000 | $570,000 |
| Sengkang | $390,000 | $480,000 | $525,000 | $626,500 |
| Serangoon | $345,000 | $480,500 | $625,000 | $830,000 |
| Tampines | $366,800 | $478,500 | $580,000 | $730,000 |
| Toa Payoh | $290,000 | $632,944 | $822,500 | $866,000 |
| Woodlands | $314,000 | $420,000 | $495,000 | $680,000 |
| Yishun | $330,000 | $440,000 | $550,000 | $666,500 |
Once you’ve picked the town, it’s important to go block-by-block and find the best deals. We have experts on hand to help you do that, so do reach out to us on Stacked. You can also follow us for news and updates on the Singapore property market.
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.
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