In 2020, resale home prices made headlines for hitting an 8-year high, with prices skyrocketing despite the COVID-19 pandemic. Come 2021, the spikes have shown no sign of stopping people who want to buy a house in Singapore.
Resale prices have risen for 12 straight months as of June 2021, and with a 13.2% increase from June 2020, year-on-year. There could be many reasons why this is happening despite an economic recession.
Given that HDB homes are public housing, it’s part of the government’s duty to ensure that public housing remains accessible for people looking to buy a house in Singapore. So there has been speculation that cooling measures are soon to come to help rebalance the property market.
Apart from wanting a quick outlook on the most expensive and cheapest HDB estates in 2021, you might also be curious about what sorts of properties are fetching the highest and lowest prices in these almost-dystopian times!
You can speak to a mortgage broker in Singapore to get the best resale recommendations for you based on your current financial situation and the best home loan in Singapore for you.
But first… will new cooling measures come anytime soon?
The rising resale property prices have undoubtedly led to speculation that the government will soon introduce new cooling measures.
On 2 separate occasions in January 2021, Deputy Prime Minister and Minister for Finance Heng Swee Keat, and Minister for National Development Desmond Lee, said that the government was monitoring property prices very closely.
The lottery effect of homes in new prime region HDB BTO developments is also in consideration to be mitigated, according to the Ministry of National Development.
Monetary Authority of Singapore (MAS), Ministry of National Development (MND) and Urban Redevelopment Authority (URA) have also said that they would remain highly vigilant to the “the risk of a sustained increase in prices relative to income trends”.
In all, if you’ve got your eye on property prices, it might be a good idea to pay very close attention to upcoming budget announcements.
Cooling measures might come in the form of changes to your home loan in Singapore, particularly in the areas of Loan-To-Value (LTV) limits and restrictions on loan tenure if you were to take a bank loan instead of an HDB loan.
For your home loan in Singapore, the LTV limit can put a maximum cap on how much financial institutions can offer you on a bank loan according to the amount of your entire loan.
A similar cooling measure comes in the form of changes to the Total Debt Servicing Ratio (TDSR), limiting the amount you can spend on repaying debt.
Other cooling measures include Additional Buyer’s Stamp Duty (ABSD) and the Sellers’ Stamp Duty (SSD). By manipulating and changing these amounts, the government can deter homebuyers from diving into resale purchases, thus reducing the inflation that the resale market has seen.
Learn more about ABSD and how you can avoid it here
According to National Development Minister Desmond Lee, property cooling measures are necessary for the “well-being” of Singaporeans. They are intended to help encourage prudence and caution in their property purchases.
It also helps to reduce instances of speculative activity in the local property market.
The current prices of HDB estates if you buy a house in Singapore in 2021
Let’s have at the most expensive HDB estates in Singapore, from 3-room homes, all the way up to executive homes.
These are median prices based on resale prices registered in the second quarter of 2021, as reported by HDB.
The legend is as follows:
“*” indicates that there were less than 20 resale transactions made in the estate of that flat type. Therefore, median prices are not shown.
“-” indicates that there were no resale transactions in that estate within the quarter.
| HDB Estate | 3-Room | 4-Room | 5-Room | Executive |
| Ang Mo Kio | $322,000 | $438,000 | $600,000 | * |
| Bedok | $310,000 | $430,000 | $609,500 | $777,800 |
| Bishan | * | $545,000 | $760,000 | * |
| Bukit Batok | $313,000 | $417,500 | $591,500 | $681,500 |
| Bukit Merah | $357,000 | $760,000 | $816,000 | – |
| Bukit Panjang | $328,000 | $450,000 | $530,000 | $687,500 |
| Bukit Timah | * | * | * | * |
| Central | * | $941,000 | * | – |
| Choa Chu Kang | $360,000 | $460,000 | $537,000 | $600,000 |
| Clementi | $340,000 | $695,000 | $690,000 | * |
| Geylang | $307,000 | $565,000 | $688,000 | * |
| Hougang | $320,000 | $435,500 | $573,500 | $740,000 |
| Jurong East | $328,500 | $429,000 | $528,000 | $760,000 |
| Jurong West | $298,000 | $418,000 | $501,900 | $590,000 |
| Kallang/Whampoa | $320,000 | $685,000 | $780,000 | * |
| Marine Parade | * | * | $796,000 | – |
| Pasir Ris | * | $459,000 | $542,000 | $688,400 |
| Punggol | $393,000 | $488,000 | $585,000 | * |
| Queenstown | $358,000 | $800,000 | $932,500 | * |
| Sembawang | * | $410,000 | $470,900 | * |
| Sengkang | $372,000 | $465,000 | $515,900 | $598,000 |
| Serangoon | * | $465,000 | $612,900 | $875,500 |
| Tampines | $353,000 | $466,000 | $580,000 | $726,500 |
| Toa Payoh | $280,000 | $655,000 | $760,400 | * |
| Woodlands | $295,000 | $406,000 | $485,000 | $645,000 |
| Yishun | $325,000 | $426,500 | $542,500 | $630,000 |
Now that we’ve had a rough outlook at these estates, let’s break it down into the individual property sizes and have a look at the most expensive and least expensive for each of these sizes: 3-room, 4-room, 5-room, and executive.
Since these are median prices, you should note that median HDB resale data doesn’t always give the full picture.
Factors like the age of individual properties or the specific location of properties can make massive differences in the price of individual homes being sold.
There can also be a lack of resale data available, which can heavily skew the ranking of estates, especially for estates like Marine Parade or Central, known for exorbitantly priced luxury homes.
However, these homes may not be reflected in this data because there are fewer of them being sold, and thus, data is scarce.
Another thing that can skew data is the Minimum Occupancy Period (MOP) of homes in an estate. This means that homeowners who previously could not sell their homes are now able to, causing a bump in the resale prices for that estate.
READ: Property Market: Over 20,000+ flats MOP in 2021, how will this affect the resale market?
Most expensive estates to buy a house in Singapore
Most expensive estates with 3-room homes
| Price Ranking | HDB Estate | 3-Room Price |
| #1 | Punggol | $393,000 |
| #2 | Sengkang | $372,000 |
| #3 | Choa Chu Kang | $360,000 |
| #4 | Queenstown | $358,000 |
| #5 | Bukit Merah | $357,000 |
Bishan, Bukit Timah, Central, Marine Parade, Pasir Ris, Sembawang, and Serangoon areas were excluded as there was insufficient resale transaction data.
Among all the flat size types, 3-room flats are the only type of flat size where non-mature estates make their appearance. This is seen in how Punggol and Sengkang both reign on this list.
Most expensive estates with 4-room homes
| Price Ranking | HDB Estate | 4-Room Price |
| #1 | Central | $941,000 |
| #2 | Queenstown | $800,000 |
| #3 | Bukit Merah | $760,000 |
| #4 | Clementi | $695,000 |
| #5 | Kallang/Whampoa | $685,000 |
Both Bukit Timah and Marine Parade areas were excluded as there are insufficient resale transaction data available.
Interestingly, the median price of central homes in the Central area, which ranks the highest, is higher than the median price of 5-room Queenstown homes.
This is unsurprising, given that homes in the central area naturally fetch higher prices.
However, homes in the central don’t make the top 5 list for most expensive 5-room estates to buy a house in Singapore.
Most expensive estates with 5-room homes
| Price Ranking | HDB Estate | 5-Room Price |
| #1 | Queenstown | $932,500 |
| #2 | Bukit Merah | $816,000 |
| #3 | Marine Parade | $796,000 |
| #4 | Kallang/Whampoa | $780,000 |
| #5 | Toa Payoh | $760,400 |
Both Bukit Timah and Central areas were excluded because there’s insufficient resale transaction data available.
The homes in Queenstown have also benefited from a recent batch of flats at Dawson that reached the end of their Minimum Occupancy Period (MOP) and people can now sell their homes.
Most expensive estates with executive homes
| Price Ranking | HDB Estate | Executive Price |
| #1 | Serangoon | $875,500 |
| #2 | Bedok | $777,800 |
| #3 | Jurong East | $760,000 |
| #4 | Hougang | $740,000 |
| #5 | Tampines | $726,500 |
Ang Mo Kio, Bishan, Bukit Timah, Clementi, Geylang, Kallang/Whampoa, Punggol, Queenstown, Sembawang, and Toa Payoh were excluded because there’s insufficient resale transaction data available.
Bukit Timah, Central, and Marine Parade areas were excluded as the areas had no resale transactions within the quarter.
This is also not particularly surprising as it seems like HDB hasn’t been constructing many executive flats in recent years.
Cheapest estates to buy in Singapore
Cheapest estates with 3-room homes
| Cheapest Price Ranking | HDB Estate | 3-Room Price |
| #1 | Toa Payoh | $280,000 |
| #2 | Woodlands | $295,000 |
| #3 | Jurong West | $298,000 |
| #4 | Geylang | $307,000 |
| #5 | Bedok | $310,000 |
Bishan, Bukit Timah, Central, Marine Parade, Pasir Ris, Sembawang, and Serangoon areas were excluded because there was insufficient resale transaction data.
So, what does this mean for you and your home loan in Singapore?
Using median rates as an example, getting a 3-room home at Toa Payoh for the price of $280,000 is far more affordable than paying $393,000 for a 3-room home in Punggol.
Would you say yes to saving more than $100,000 for what is perhaps, a slightly less popular location? What might you have to sacrifice for this? Would moving to a more affordable estate mean you’re further away from your workplace, guaranteeing a longer commute?
Cheapest estates with 4-room homes
| Cheapest Price Ranking | HDB Estate | 4-Room Price |
| #1 | Woodlands | $406,000 |
| #2 | Sembawang | $410,000 |
| #3 | Bukit Batok | $417,500 |
| #4 | Jurong West | $418,000 |
| #5 | Yishun | $426,00 |
Bishan, Bukit Timah, Central, Marine Parade, Pasir Ris, Sembawang, and Serangoon areas were excluded because there was insufficient resale transaction data.
The cheapest estates for 4-room homes in Singapore are all non-mature estates.
Of these, Jurong West, Bukit Batok, and Sembawang make repeated appearances on our list of cheapest estates to buy a house in Singapore, no matter the size.
Using median rates as an example, a 4-room home in Woodlands would cost you $406,000 instead of in Central, which would cost you $941,000.
As home sizes increase, so does the disparity between the most expensive and least expensive homes in Singapore, which varies by the estate.
This is because factors like amenities, location, and other selling points begin to play a much larger role in overall costs.
Cheapest estates with 5-room homes
| Cheapest Price Ranking | HDB Estate | 5-Room Price |
| #1 | Sembawang | $470,900 |
| #2 | Woodlands | $485,000 |
| #3 | Jurong West | $501,900 |
| #4 | Sengkang | $515,900 |
| #5 | Jurong East | $528,000 |
Both Bukit Timah and Central areas were excluded because there’s insufficient resale transaction data available.
With Jurong West, Sembawang, and Woodlands making an appearance yet again, Sengkang and Jurong East have made an appearance in place of Yishun and Bukit Batok.
Using the median of 5-room HDB homes, the least expensive HDB home would cost you close to $400,000 less than the most expensive one.
In this case, the gap is also lower than 4-room homes as Central homes have been excluded due to the lack of available data.
Understandably, there’s also a smaller availability of 5-room HDB in the Central estate.
Cheapest estates with executive homes
| Cheapest Price Ranking | HDB Estate | Executive Price |
| #1 | Jurong West | $590,000 |
| #2 | Sengkang | $598,000 |
| #3 | Choa Chu Kang | $600,000 |
| #4 | Yishun | $630,000 |
| #5 | Woodlands | $645,000 |
Ang Mo Kio, Bishan, Bukit Timah, Clementi, Geylang, Kallang/Whampoa, Punggol, Queenstown, Sembawang, and Toa Payoh were excluded because there’s insufficient resale transaction data available.
Bukit Timah, Central, and Marine Parade were excluded because the estates had no resale transactions within the quarter.
As we mentioned earlier, median comparisons can only get you so far when you’re comparing the prices of HDB resale homes.
When it comes to finding the cheapest resale HDB homes, don’t be demoralised if none of your preferred estates is within this list.
It’s possible to find affordable homes in expensive HDB estates and expensive homes in the cheapest HDB estates.
There are plenty of factors that cause the cost of units to vary, including the level of the unit and unit-specific additions like internal renovations.
For example, Toa Payoh is an estate that appears in the most expensive lists for 5-room homes, while it appears as part of the cheapest lists for 3-room homes.
With that said, tracking a list of cheapest and most expensive homes by the estate can give you a rough sense of key trends that might contribute to the affordability of homes in these estates.
It’s good as early research points, especially if you need help narrowing in on a few estates that you might want to consider buying your new home in.
In general, you might’ve noticed that cheaper homes are typically in non-mature estates, particularly in estates on the extreme ends of Singapore.
For example, estates like Jurong West and Woodlands, both located in the west ends of Singapore, are the cheapest amongst HDB estates for all unit sizes.
Do you have your sights set on the most expensive properties or the cheapest ones?
Alt-text: A Singaporean family wearing facial masks and collecting the keys to their house in Singapore located in an affordable estate
Use this list as a guide to determine an estate that you might want to start looking for resale properties.
But remember, estates with the most expensive of a certain property size can also have the cheapest of another property size.
Not too sure how to narrow in on a few choices just yet? Read our article on the key things first-time buyers need to know when they’re buying a new home in Singapore.
With that said, identifying an estate that you’d like to buy your new home is not the only way to make sense of how broad the process can be.
Consider working backwards instead by deciding a price for your home that you can realistically afford with your financial situation.
This could help you better understand how much your home loan in Singapore could be and whether you might want to take a bank loan or an HDB loan.
Knowing this, perhaps you might be able to think about the other important considerations for your home, like location and estate, with a clearer mind.
Talk to a mortgage broker to help with your home financing needs
If you’re feeling a little lost, don’t worry. It’s completely normal, especially with how broad and complicated it is to buy a house in Singapore!
Not to mention, there are also many other expenses that will add up, like renovations. There’s no one way to do things, and only you will know what the best decision is for yourself.
If you ever need any help, a mortgage broker in Singapore is likely your best choice. A mortgage broker can help you find the best fit for your home financing needs with your financial situation.
It’s a good way to get some advice that isn’t thwarted by promotions or other information that might seek to advertise individual property units based on how attractive they are.
At FinanceGuru, we want to help you make sure that one of the biggest investments of your life is well made and a breeze. We’ll give you honest feedback and advice for your mortgage, so you can get much closer to buying your dream home.
And as homeowners ourselves, we’ll share our own experiences to help you build a financial plan that fits you to a tee. Contact us for a chat today, with no strings attached.
