HDB Resale Prices Q1 2023: Singapore Estates Ranked from Most Expensive to Most Affordable

HDB Resale Prices Q1 2023: Singapore Estates Ranked from Most Expensive to Most Affordable
HDB Resale Prices Q1 2023: Singapore Estates Ranked from Most Expensive to Most Affordable

When looking for the perfect home, one of the first questions many ask is “Which neighbourhood do I want to live in?” Then, when comparing Singapore HDB resale flat prices, you’ll realise that not all neighbourhoods are made equal.

For example, if you compare an HDB flat near an MRT station and shopping mall in a mature estate, against one in a more ‘ulu’, non-mature estate like Woodlands, you’ll find the flats would be priced very differently.

In this article, we take a look at the HDB resale statistics for Q1 2023 and rank the top five most expensive and most affordable estates for each unit type. These prices are based on the median resale prices by town and flat type.

Median Q1 2023 HDB Resale Transaction Prices: Most Affordable HDB Estates

For 3-room flats Jurong West ($339,000), Geylang ($344,400), Toa Payoh ($358,000), Bedok ($365,000) Jurong East ($369,000)
For 4-room flats Jurong East ($470,000), Jurong West ($478,000), Yishun ($480,000), Woodlands ($485,000), Bedok ($486,000)
For 5-room flats Sembawang ($578,000), Jurong West ($578,900), Choa Chu Kang ($580,000), Woodlands ($583,000), Sengkang ($600,000)
For executive apartments Choa Chu Kang ($713,000) and Jurong West ($690,000)
Source: HDB

Median Q1 2023 HDB Resale Transaction Prices: Most Expensive HDB Estates

For 3-room flats Sembawang ($435,800), Sengkang ($437,500), Marine Parade ($438,000), Central and Punggol ($450,000)
For 4-room flats Central ($728,000), Kallang/Whampoa ($735,000), Toa Payoh ($779,000), Bukit Merah ($813,900), Queenstown ($864,000)
For 5-room flats Ang Mo Kio ($785,000), Kallang/Whampoa ($805,000), Bukit Merah ($870,000), Toa Payoh ($897,500), Bishan ($900,000)
For executive apartments Bedok ($865,000) and Tampines ($864,000)
Source: HDB

Note: For 3-room HDB flats, Bishan, Bukit Timah, and Pasir Ris were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in the quarter).

For 4-room resale HDB flats, Bukit Timah and Marine Parade were excluded; for 5-room resale HDB flats, Bukit Timah, Central, Geylang, Marine Parade, Queenstown, and Serangoon were also excluded for the same reason.

For executive flats, Ang Mo Kio, Bishan, Bukit Merah, Bukit Panjang, Bukit Timah, Central, Clementi, Geylang, Jurong East, Kallang/Whampoa, Marine Parade, Punggol, Queenstown, Sembawang, Serangoon, Toa Payoh, and Yishun were excluded.

3-room HDB Resale Prices in Q1 2023

At 60 to 65 sq m (646 to 700 sq ft) large, 3-room HDB flats make an ideal home for singles, couples, and even some small families with young children. Let’s start by taking a look at some of the most affordable and expensive neighbourhoods to purchase a 3-room HDB flat.

If you’re looking for an affordable yet accessible 3-room flat, you’re looking at properties in older estates such as Geylang, Toa Payoh, and Bedok. They are all mature estates, with Toa Payoh and Geylang being located on the city fringe, where flats there tend to be older with a shorter remaining lease, which explains the lower median prices despite their fantastic location. Jurong West and Jurong East are other affordable options.

The most expensive 3-room flats can be found in the Sembawang, Sengkang, Marine Parade, Central and Punggol. For Punggol and Sengkang, the reason for the higher prices could be due to the 31,000+ HDB flats which fulfilled their Minimum Occupation Period (MOP) in 2022 being located in these two towns, propping prices up.

In 2023, we will see freshly MOP-ed flats in Bukit Batok, Yishun, Sembawang, and Sengkang. As such, we may see the median prices for resale flats in these estates creep up.

“title”: “34 Freshly MOP-ed HDB Resale Flats in Singapore to Expect in 2023/2024”,
“excerpt”: “Read more here.”,
“link”: “https://www.propertyguru.com.sg/property-guides/mop-hdb-resale-flats-43364”,
“image”: “https://img.iproperty.com.my/angel/1110×624-crop/wp-content/uploads/sites/3/2022/01/mop-hdb-resale-flats.jpg”

4-room HDB Resale Prices in Q1 2023

4-room HDB flats are one of the most popular unit types. They provide a good amount of space (90 sq m or 969 sq ft), suitable for couples who are set to become parents and small families.

Those looking for space but are on a budget, look for 4-room flats in the far Western and Northern regions. HDB resale flats in Jurong East, Jurong West, Yishun, and Woodlands had the lowest resale transaction prices. Woodlands, Jurong East, and Yishun have more malls and amenities in the area than Jurong West, an up-and-coming neighbourhood. This quarter, Bedok also made the list.

Unsurprisingly, 4-room flats close to the city centre, such as Central, Queenstown, Kallang/Whampoa, Toa Payoh, and Bukit Merah were the most costly. These flats are suited for those who value connectivity and easy access to the Central Business District (CBD).

5-room HDB Resale Prices in Q1 2023

5-room flats are considered one of the more ‘luxurious’ HDB units due to their space premiums. These flats are great for larger families, with modern 5-room flats offering about 110 sqm or 1,184 sq ft of space; this is comparable to the size of some 4-bedroom condo units. Older flats are sometimes even bigger.

Bishan is the next most expensive, followed by Toa Payoh, Bukit Merah, Kallang/Whampoa, and Ang Mo Kio. All of which are very desirable city-fringe locations.

For the most affordable 5-room flats, check out Jurong West, Sembawang, Woodlands, Sengkang, and Choa Chu Kang. Again, these areas are far from the city centre; the longer travel time to the city is a trade-off for the space premium. But this may not be a huge issue if your company still allows you to work from home most of the time.

HDB Executive Apartment Resale Prices in Q1 2023

The biggest among flats currently available from HDB, executive flats come with plenty of space (130 sq m or 1,399 sq ft). They typically come with additional space for a study room (and maybe even a home gym), while some also feature HDB balconies.

Executive flats are the largest modern HDB flat size, and you can score a resale unit in Jurong West for $690,000 or less. That’s quite a steal! Although that is indeed expensive for public housing, it is still cheaper than the most expensive 4-room flats in the city fringe.

HDB Resale Transaction Prices: Most Expensive and Affordable Estates Across All Housing Types

In general, the most expensive neighbourhoods are mature estates in prime locations or BTO flats that recently fulfilled their MOP.

The Central area is generally the most expensive because it’s the closest to the CBD. The flats there are typically older, but they still command a premium due to their location. Other more expensive, popular estates are typically located on the city fringe, but still well-connected to the city.

If you’re looking for properties that are easier on the wallet, look at developing estates at the further ends of the island. In the north, Woodlands and Yishun tend to offer the cheapest homes. Woodlands and Yishun are quite well-equipped with multiple transport nodes (new MRT train lines) and Causeway Point in Woodlands, Northpoint City in Yishun.

In the West, there’s Jurong West and Jurong East. Jurong is quite an exciting estate to live in as well, considering the Jurong Lake District transformation, which will include a large mixed-use business district, the development of the upcoming Jurong Region Line (JRL), Cross Island Line, and more. Jurong East has got multiple huge malls such as Jem and Westgate.

HDB Resale Price: Buy Now or Wait?

According to HDB, resale prices rose by 10.3% in the whole year of 2022. However, this was slower than the 12.7% increase in 2021. Additionally, resale transactions decreased by 10.1%, from 31,017 cases to 27,896 cases in 2022. In Q1 2023, prices increased 1.0% quarter-on-quarter (QoQ), the smallest quarterly increase compared to the last 10 quarters.

While prices remain on the uptick, all signs point towards a slowdown as price growth becomes more muted. Property analysts expect resale HDB prices to climb by 5% to 11% in 2023, although the increase in the supply of new BTO flats may help lower the anticipated spike.

The Budget 2023 announcements, which included increments in the CPF housing grants for eligible first-timer families and singles looking to buy HDB resale flats, may help make these properties more affordable for Singaporeans eager to buy them this year.

Buying and Financing an HDB Resale Flat in Singapore

Not sure of how to budget for your upcoming HDB resale flat purchase? There are several things to consider when taking up a home loan to finance an HDB flat.

First, you’ll need to check how much savings you have, whether in cash and/or CPF. This is mainly for the upfront payments, which include the downpayment and various fees involved.

There’s also your income, the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR), and potentially cash over valuation (COV) fees, to account for. This may affect your loan size and your monthly mortgage repayments. If you need help, you can approach our friendly and knowledgeable Mortgage Experts for tailored financial advice.

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Disclaimer: Information provided on this website is general in nature and does not constitute financial advice.

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