Where to find the cheapest 4-room resale HDB flats in 2023

By popular demand, we’re updating this list from the previous one we did in 2022. We get why everyone is asking – the supply of HDB flats reaching MOP in 2023 is going to fall by half that of 2022.

Nevertheless, with high interest rates, it seems to be imperative to be prudent in 2023, the following will provide some quick leads on where to start looking for the cheapest 4-room HDB flats:

A note on the resale situation for 2023

Around 31,325 HDB flats reached their MOP in the year 2022. As of 2023 however, it’s estimated that only around 15,748 units will reach MOP. This means a smaller potential number of resale flats entering the market; and coupled with the still strong demand, resale flat prices could maintain their momentum, even despite the September 2022 cooling measures. 

Real estate firm PropNex is predicting a six to eight per cent uptick in resale flat prices for the year. That’s less than the nine to 10 per cent they predicted for last year, but it’s hardly any consolation to buyers who already feel priced out. 

While HDB has ramped up BTO production, we’re sorry to say relief from that is likely to come only a few years down the road; and those who want a home this year may need to settle on smaller units or less mature towns. 

That being said, the last quarter of 2022 showed the slowest price increase of the year for resale HDB flats so far at 2.3 per cent. Also, for 2022, resale prices rose by 10.4 per cent, which is slower than the 12.7 per cent increase registered in 2021. Plus, transaction volume is down 12.6 per cent too.

Cheapest 4-room flats in mature towns

Cheapest Development	Lowest	Average	Highest
Costa Ris	$565,000	$616,599	$659,000
Tampines GreenWood	$568,000	$606,857	$650,000
Tampines Greenlace	$580,000	$642,731	$680,000
Tampines Greenforest	$600,000	$639,208	$670,000
Tampines GreenLeaf	$640,000	$671,599	$711,700
Tampines GreenTerrace	$648,000	$681,296	$700,888
Ping Yi Greens	$610,000	$688,817	$729,000
Tenteram Peak	$690,000	$748,222	$795,000
Joo Seng Green	$730,000	$766,143	$795,000

The top three cheapest towns appear to be clustered in the east; so good news if you want to stay in that area:

1. Bedok

Bedok continues to have the lowest average cost for 4-room flats, from $500,148 in 1H 2022, to $515,035 at present. 

Bedok is one of the oldest HDB estates in Singapore, and the amenities reflect that. From Bedok Reservoir, to the hotspot around Bedok MRT, this estate continues to be associated with East-side living; and those who couldn’t get Tampines-area flats may consider this the next-best alternative. 

This is also one of the more accessible estates, now with five train stations!

• Tanah Merah
• Bedok
• Kaki Bukit
• Bedok North
• Bedok Reservoir

So we can conclude Bedok’s lower prices don’t reflect on a lack of convenience or accessibility. Rather, we feel it’s due to the area being on the subdued side. Bedok isn’t a regional centre like Tampines, nor does it have the same lifestyle appeal as its Katong neighbours.

Coupled with a lack of big upcoming projects (we haven’t heard a peep out of URA for this area), the town may have fallen off the radar – but that could represent an opportunity for buyers. 

2. Pasir Ris

Pasir Ris has actually seen decent price increases from last year. The average 4-room flat here is now $532,841, up from $512,189 in 2022; around a four per cent uptick. 

Nonetheless, despite being one of Singapore’s best known family estates (big recreational parks like Downtown East are located here), prices are still tolerable. We chalk this up to the fact that, in the end, Pasir Ris is still quite a fringe location far from the CBD. It’s as far east on the East West Line as you can get, at 14 stops from Raffles Place. 

We do think interest will pick up, as the development of Changi Business Park and the new airport terminal kick in; these nearby facilities could make Pasir Ris appealing to those who’d consider renting out their flat. 

3. Tampines

Tampines is only pricier than Pasir Ris by a hair. The 4-room flats average $547,839, up from $517,239 last year. This is, nonetheless, a 5.9 per cent price increase. 

Tampines is increasingly well connected, with the addition of Tampines West and Tampines East MRT stations. This is gradually adding more appeal to the area, but for now, an old complaint persists: 

There’s too little outside Tampines hub. Sure, Tampines does have a lot of greenery and parks; but this town is meant to be the CBD of the East. Visit for a bit, and you’ll notice all the attention seems centered around the Tampines MRT station, Tampines Hub, and the cluster of Tampines One, Century Square, and Tampines Mall. 

Head out toward the direction of IKEA (Tampines Avenue 10), or the recent HDB clusters (the Tampines “Green” area, Tampines GreenLeaf, Greenlace, GreenWood, etc. ), and you’ll find the town is surprisingly subdued for a regional centre. We do feel the lower price average is due to these less built-up parts of Tampines, which may come into greater prominence over the next few years. 

Cheapest 4-room flats in non-mature areas

	4 Room 2022-H1			4 Room 2022-H2			Change
Non-Mature Estates	Average ($)	Average Age	Vol.	Average ($)	Average Age	Vol.	Change In price
BUKIT BATOK	$508,035	27	132	$534,792	25	230	+5.3 per cent
BUKIT PANJANG	$469,747	22	210	$489,967	22	252	+4.3 per cent
CHOA CHU KANG	$477,782	17	295	$494,391	18	376	+3.5 per cent
HOUGANG	$512,250	24	296	$528,448	25	342	+3.2 per cent
JURONG EAST	$474,054	29	51	$478,822	29	87	+1.0 per cent
JURONG WEST	$473,677	24	226	$485,345	24	368	+2.5 per cent
PUNGGOL	$530,934	10	438	$565,263	10	610	+6.5 per cent
SEMBAWANG	$485,538	15	128	$516,122	13	230	+6.3 per cent
SENGKANG	$512,496	12	481	$540,686	12	653	+5.5 per cent
WOODLANDS	$449,704	24	298	$484,668	19	537	+7.8 per cent
YISHUN	$457,768	24	360	$474,614	25	582	+3.7 per cent

Cheapest Development	Lowest	Average	Highest
Floral Spring	$450,000	$485,600	$510,000
Woodlands Meadow	$450,000	$487,376	$520,000
Woodlands Dew	$410,000	$487,636	$524,000
Limbang Green	$470,888	$490,592	$505,888
Orchid Spring @ Yishun	$460,000	$491,407	$523,000
Dew Spring	$465,000	$491,472	$536,888
Segar Grove	$465,000	$495,400	$515,000
Segar Palmview	$435,000	$499,091	$550,000
Segar Meadows	$480,000	$506,250	$530,000

There isn’t too much change from 1H 2022; but we do think some buyers will be surprised to see so many estates still under $500,000. The three cheapest are:

1. Yishun

Yishun has some of the most affordable 4-room units in the market today, averaging just $474,614. This is up around 3.7 per cent since 1H 2022, when prices averaged $457,768.

Yishun has had a reputation as being a meme town, what with being featured in a Stranger Things trailer. But put aside the odd news clip, and Yishun is actually quite underrated. 

In fact, Yishun is sometimes referred to as “non-mature in name only” – and some might feel the town is on par with the likes of Bedok or Pasir Ris above. Yishun, Khatib, and Springleaf MRT stations all service the neighbourhood, but the issue is still the MRT stations can still be quite a far walk for a fair few HDB estates in Yishun.

Perhaps the most distinguishing trait of Yishun is that it’s good for the elderly. About a tenth of the town’s population is 65 or older, and it was one of the first Dementia Friendly towns (many resident volunteers are trained to help dementia patients). 

2. Woodlands

Don’t be fooled by its low price point – Woodlands is the fastest appreciating non-mature town, with the average 4-bedder now at $484,668. This is up 7.8 per cent from 1H 2022. 

Our stance on Woodlands is the same as it was last year. Woodlands North Coast will dramatically transform this town, into the regional centre of the North. The introduction of new waterfront housing, along with the coming of tech companies and universities will be as huge a change as we saw in Jurong East. When you consider this, it’s easy to understand why prices are rising so fast. 

The idea of “cheap” Woodlands, as reflected in the prices for now, is not likely to last for long. 

ALSO READ: What is cash over valuation for HDB resale flats and how to estimate it

3. Jurong West

Similar to last year, Jurong West continues to be the more affordable alternative to its ritzy Jurong East counterpart. Prices are at $485,345, up 2.5 per cent from $473,677 in 1H 2022. 

That said, do note that prices in Jurong West actually grew faster than Jurong East, where the appreciation was just one per cent. Perhaps prices at Jurong East have less room to climb, given the area is already a retail and commercial hub. 

Jurong West is seeing a facelift of its own, with the Chinese and Japanese Gardens undergoing renovation. Jurong West continues to be a good way to live in Jurong, at better prices than you’d find in Jurong East. 

We also feel that, with the return of foreign workers, there might be a pick-up in interest for the area; Jurong West has several industrial parks, which provide a stream of prospective tenants for some landlords. 

It’s a tough time for new home buyers who need a resale flat – but hang in there, as the surge of new BTO flats could soak up some demand (and the 15-month wait-out for right sizers might favour you too). In the meantime, you can follow us on Stacked for more updates on the situation. 

This article was first published in Stackedhomes.