Where to find the cheapest 4-room resale HDB flats in 2024 (from $350k)

2024 is an important month, coming in at the tail end of the housing supply craze. With home production ramping up in the past two years, and Covid firmly in the rearview mirror, some HDB buyers are hoping for a break — but while the situation is seemingly better, it's hard to say if we'll see lower prices this very year. Here's a look at how things are shaping up so far:

The HDB resale situation in 2024

One of the biggest changes on the resale scene is from the BTO side of the equation. In August last year, the government ended the old system of mature versus non-mature flats; and flats are now classed into Prime, Plus, and Standard. We already have some Prime housing, and 2024 will see the first batch of Plus model flats in the Bayshore area.

Over the coming year, we may see the effect of the new housing model start to sink in. Plus and Prime flats may draw buyers who want a better HDB location, but who have no interest in upgrading*. This could allow some BTO launches to siphon demand from the resale segment. 

Conversely, we may see an uptick in prices of flats that are very close to Plus or Prime model launches. This is because nearby flats have the same locational advantages, but don't have drawbacks like a 10-year MOP or Subsidy Recovery (SR) clawbacks. 

This aside, OrangeTee and Huttons forecast a three to five per cent increase in average flat prices for 2024, while PropNex places the number at four to five per cent. This is a slower pace of growth compared to the past two years, due to the increased supply. 

And as mentioned before, one other possible factor which may cap price growth is the rising interest rates. While HDB loan rates remain the same (2.6 per cent), some buyers are forced to use bank loans instead; these buyers may be increasingly resistant to high prices, given that rates began to approach the four per cent mark in late 2023. 

Overall, it's not the huge price drop that some buyers have been hoping for; but buyers are in a slightly better position compared to the immediate aftermath of Covid. 

*Upgraders tend to prefer resale flats to BTO flats, as they can upgrade in exactly five years with no construction time. 

How 4-room flat prices moved in 2023 non-mature towns

These are how prices have moved in non-mature towns, over the past year:

Cheapest 4-room flats categorised by age:

10 years and below

Town	Address	Floor Range	Size	Lease Start	Price
CHOA CHU KANG	803B KEAT HONG CL	04 TO 06	93	2017	$400,000
WOODLANDS	780C WOODLANDS CRES	04 TO 06	92	2015	$475,000
BUKIT PANJANG	547A SEGAR RD	04 TO 06	92	2015	$480,000
WOODLANDS	783A WOODLANDS RISE	04 TO 06	93	2018	$480,000
BUKIT PANJANG	550B SEGAR RD	04 TO 06	92	2015	$480,000
SENGKANG	164A RIVERVALE CRES	04 TO 06	93	2017	$480,000
SEMBAWANG	463B SEMBAWANG DR	07 TO 09	92	2015	$480,000
WOODLANDS	782D WOODLANDS CRES	13 TO 15	92	2015	$480,000
SENGKANG	178B RIVERVALE CRES	04 TO 06	93	2015	$485,000
YISHUN	333C YISHUN ST 31	07 TO 09	92	2015	$492,000
SEMBAWANG	590B MONTREAL LINK	04 TO 06	93	2015	$495,000
PUNGGOL	121B EDGEDALE PLAINS	04 TO 06	93	2017	$495,000

11 – 20 years old

Town	Address	Floor Range	Size	Lease Start	Price
YISHUN	452 YISHUN RING RD	07 TO 09	92	2012	$498,000
SEMBAWANG	510A WELLINGTON CIRCLE	04 TO 06	90	2004	$468,000
BUKIT BATOK	392 BT BATOK WEST AVE 5	04 TO 06	92	2004	$470,000
JURONG WEST	676B JURONG WEST ST 64	07 TO 09	92	2008	$470,000
SEMBAWANG	486 ADMIRALTY LINK	04 TO 06	90	2004	$473,888
SEMBAWANG	509A WELLINGTON CIRCLE	10 TO 12	90	2004	$475,000
HOUGANG	984A BUANGKOK LINK	10 TO 12	85	2004	$478,000
PUNGGOL	171A EDGEDALE PLAINS	07 TO 09	86	2004	$480,000
PUNGGOL	161A PUNGGOL CTRL	07 TO 09	95	2004	$480,000
SENGKANG	207A COMPASSVALE LANE	10 TO 12	92	2005	$486,000
WOODLANDS	12C MARSILING LANE	04 TO 06	93	2013	$488,000
SENGKANG	405C FERNVALE LANE	04 TO 06	93	2004	$490,000
CHOA CHU KANG	476B CHOA CHU KANG AVE 5	07 TO 09	92	2013	$490,000
WOODLANDS	689D WOODLANDS DR 75	10 TO 12	90	2004	$490,000
JURONG WEST	675A JURONG WEST ST 64	13 TO 15	92	2008	$490,000
SENGKANG	406A FERNVALE RD	07 TO 09	90	2004	$491,000
SENGKANG	152 RIVERVALE CRES	04 TO 06	91	2005	$492,000
BUKIT BATOK	384 BT BATOK WEST AVE 5	04 TO 06	92	2005	$495,000
BUKIT PANJANG	630 SENJA RD	04 TO 06	90	2004	$495,000
SENGKANG	150 RIVERVALE CRES	04 TO 06	91	2005	$495,000
JURONG WEST	677B JURONG WEST ST 64	10 TO 12	90	2008	$495,000
SEMBAWANG	508C WELLINGTON CIRCLE	07 TO 09	90	2004	$496,000
PUNGGOL	172C EDGEDALE PLAINS	07 TO 09	85	2004	$498,000

21 – 30 years old

Town	Address	Floor Range	Size	Lease Start	Price
WOODLANDS	428 WOODLANDS ST 41	10 TO 12	84	1996	$428,000
JURONG WEST	276C JURONG WEST ST 25	04 TO 06	90	2002	$438,000
CHOA CHU KANG	685C CHOA CHU KANG CRES	07 TO 09	85	2002	$438,000
WOODLANDS	554 WOODLANDS DR 53	04 TO 06	90	1999	$439,998
SEMBAWANG	407 SEMBAWANG DR	10 TO 12	90	2001	$440,000
SENGKANG	185D RIVERVALE CRES	13 TO 15	85	2000	$440,000
SENGKANG	185B RIVERVALE CRES	04 TO 06	88	2000	$445,000
WOODLANDS	604 WOODLANDS DR 42	04 TO 06	91	1997	$445,000
SENGKANG	184C RIVERVALE CRES	07 TO 09	85	2003	$446,000
JURONG WEST	275B JURONG WEST ST 25	04 TO 06	90	2002	$448,000
JURONG WEST	655A JURONG WEST ST 61	04 TO 06	86	2002	$448,000
CHOA CHU KANG	442 CHOA CHU KANG AVE 4	13 TO 15	91	1997	$448,888

More than 30 years old

Town	Address	Floor Range	Size	Lease Start	Price
WOODLANDS	104 WOODLANDS ST 13	04 TO 06	91	1985	$350,000
WOODLANDS	7 MARSILING DR	04 TO 06	88	1976	$360,000
WOODLANDS	25 MARSILING DR	10 TO 12	91	1977	$360,000
WOODLANDS	205 MARSILING DR	07 TO 09	91	1980	$363,000
WOODLANDS	8 MARSILING DR	07 TO 09	88	1976	$368,000
WOODLANDS	26 MARSILING DR	07 TO 09	91	1977	$368,000
WOODLANDS	22 MARSILING DR	07 TO 09	92	1977	$368,000
WOODLANDS	5 MARSILING DR	16 TO 18	90	1974	$370,000
WOODLANDS	27 MARSILING DR	07 TO 09	91	1977	$380,000
WOODLANDS	34 MARSILING DR	10 TO 12	98	1978	$384,000
WOODLANDS	201 MARSILING DR	04 TO 06	91	1980	$385,000
YISHUN	280 YISHUN ST 22	07 TO 09	84	1985	$385,000
YISHUN	408 YISHUN AVE 6	04 TO 06	84	1988	$388,000
JURONG EAST	243 JURONG EAST ST 24	04 TO 06	94	1983	$390,000
YISHUN	279 YISHUN ST 22	07 TO 09	84	1985	$390,000
YISHUN	407 YISHUN AVE 6	04 TO 06	84	1988	$392,000
HOUGANG	15 HOUGANG AVE 3	13 TO 15	82	1975	$393,000
BUKIT PANJANG	236 BT PANJANG RING RD	04 TO 06	84	1988	$395,000
WOODLANDS	28 MARSILING DR	07 TO 09	97	1977	$395,000
WOODLANDS	29 MARSILING DR	10 TO 12	97	1979	$396,000

Some general observations:

Amongst the oldest flats (30 years or more), Woodlands dominates the list. At $330,000 to $385,000, which is almost as low as some BTO counterparts today, it would seem Woodlands has some of the most affordable flats in Singapore. However, this can give a misleading picture. 

However, don’t mistake the abundance of cheaper flats in Woodlands as a sign that Woodlands is as “ulu” as before. Note that in terms of overall price movement, Woodlands is the third highest, seeing a rise of 4.4 per cent between the first and second half of 2023. 

This could be a sign of things to come as the development of Woodlands North Coast – and indeed Woodlands as a Regional Centre for the North – continues to unfold. Over the long term, this can provide more room for appreciation. 

For those worried about lease decay (i.e., you want a newer flat), Woodlands along with Choa Chu Kang and Bukit Panjang may be good places to look. 4-room flats here are still well below the $500,000 mark, even if they’re less than 10 years old.

Cheapest 4-room flats in mature towns

Mature	2023-H1			2023-H2
Town	Average Price	Average Age	Vol	Average Price	Average of age	Vol	Change in price
ANG MO KIO	$647,715	30	156	$649,875	31	188	0.3per cent
BEDOK	$563,866	32	207	$578,993	32	244	2.7per cent
BISHAN	$687,918	33	77	$720,134	33	116	4.7per cent
BUKIT MERAH	$783,622	20	182	$817,967	19	246	4.4per cent
BUKIT TIMAH	$748,861	39	8	$764,975	39	8	2.2per cent
CENTRAL AREA	$895,772	28	36	$929,963	28	41	3.8per cent
CLEMENTI	$661,292	30	100	$679,443	30	118	2.7per cent
GEYLANG	$612,935	33	115	$665,882	31	126	8.6per cent
KALLANG/WHAMPOA	$729,560	24	145	$789,148	22	149	8.2per cent
MARINE PARADE	$571,750	49	12	$569,478	49	23	-0.4per cent
PASIR RIS	$552,917	29	119	$577,902	28	150	4.5per cent
QUEENSTOWN	$844,174	16	120	$873,275	16	141	3.4per cent
SERANGOON	$590,597	35	80	$603,247	37	108	2.1per cent
TAMPINES	$567,490	30	291	$584,882	30	383	3.1per cent
TOA PAYOH	$720,745	27	76	$747,118	26	124	3.7per cent

Cheapest 4-room flat by age

Less than 10 years old

Town	Address	Floor Range	Size	Lease Start	Price
TAMPINES	492G TAMPINES ST 45	04 TO 06	92	2018	$600,000
TAMPINES	869A TAMPINES AVE 8	10 TO 12	92	2015	$610,000
TAMPINES	879A TAMPINES AVE 8	04 TO 06	93	2017	$630,000
PASIR RIS	526A PASIR RIS ST 51	10 TO 12	93	2015	$630,000
BEDOK	808C CHAI CHEE RD	04 TO 06	88	2016	$655,000
TAMPINES	871B TAMPINES ST 86	04 TO 06	94	2017	$660,000
TAMPINES	890A TAMPINES AVE 1	04 TO 06	93	2015	$665,000
TAMPINES	606B TAMPINES ST 61	04 TO 06	92	2020	$675,000
BEDOK	186B BEDOK NTH ST 4	04 TO 06	93	2018	$690,000

11 – 20 years old

Town	Address	Floor Range	Size	Lease Start	Price
KALLANG/WHAMPOA	19 JLN TENTERAM	04 TO 06	85	2004	$608,000
KALLANG/WHAMPOA	18 JLN TENTERAM	07 TO 09	85	2004	$618,000
BUKIT MERAH	109A DEPOT RD	07 TO 09	90	2006	$658,000
BEDOK	183 BEDOK NTH RD	07 TO 09	92	2005	$660,000
BUKIT MERAH	112B DEPOT RD	19 TO 21	100	2006	$662,000
BEDOK	182 BEDOK NTH RD	04 TO 06	92	2006	$667,000
ANG MO KIO	309A ANG MO KIO ST 31	07 TO 09	90	2006	$678,888
TOA PAYOH	79E TOA PAYOH CTRL	07 TO 09	76	2009	$680,000
BEDOK	185 BEDOK NTH RD	13 TO 15	92	2005	$680,000
BEDOK	180 BEDOK NTH RD	16 TO 18	92	2006	$685,000
ANG MO KIO	316A ANG MO KIO ST 31	07 TO 09	95	2006	$690,000

21 – 30 years old

Town	Address	Floor Range	Size	Lease Start	Price
TAMPINES	346 TAMPINES ST 33	07 TO 09	109	1996	$485,000
TAMPINES	353 TAMPINES ST 33	04 TO 06	107	1996	$520,000
PASIR RIS	142 PASIR RIS ST 11	04 TO 06	108	1994	$520,000
TAMPINES	316 TAMPINES ST 33	04 TO 06	107	1995	$520,000
TAMPINES	352 TAMPINES ST 33	10 TO 12	107	1996	$525,000
PASIR RIS	633 PASIR RIS DR 3	04 TO 06	104	1995	$528,000
TAMPINES	349 TAMPINES ST 33	04 TO 06	105	1996	$530,000
PASIR RIS	641 PASIR RIS DR 1	04 TO 06	104	1995	$535,000
TAMPINES	366 TAMPINES ST 34	04 TO 06	100	1997	$535,000
PASIR RIS	749 PASIR RIS ST 71	04 TO 06	105	1996	$535,000
TAMPINES	365 TAMPINES ST 34	04 TO 06	101	1997	$535,000
TAMPINES	361 TAMPINES ST 34	07 TO 09	107	1996	$535,000
PASIR RIS	744 PASIR RIS ST 71	10 TO 12	103	1996	$535,000
PASIR RIS	750 PASIR RIS ST 71	07 TO 09	106	1996	$538,888
PASIR RIS	627 PASIR RIS DR 3	04 TO 06	104	1995	$540,000
PASIR RIS	148 PASIR RIS ST 13	04 TO 06	115	1995	$540,000
KALLANG/WHAMPOA	16 JLN TENTERAM	04 TO 06	86	2002	$540,000
SERANGOON	548 SERANGOON NTH AVE 3	07 TO 09	100	1998	$540,000
PASIR RIS	753 PASIR RIS ST 71	07 TO 09	105	1996	$542,000
TAMPINES	320 TAMPINES ST 33	04 TO 06	112	1995	$545,000
TAMPINES	364 TAMPINES ST 34	07 TO 09	102	1997	$545,000
TAMPINES	741 TAMPINES ST 72	07 TO 09	101	1997	$548,000
PASIR RIS	771 PASIR RIS ST 71	10 TO 12	105	1996	$548,000

More than 30 years old

Town	Address	Floor Range	Size	Lease Start	Price
GEYLANG	35 CIRCUIT RD	16 TO 18	83.1	1971	$350,000
TOA PAYOH	227 LOR 8 TOA PAYOH	10 TO 12	82	1976	$400,000
BEDOK	36 BEDOK STH AVE 2	04 TO 06	84	1977	$402,000
ANG MO KIO	622 ANG MO KIO AVE 9	04 TO 06	100	1980	$415,000
BEDOK	34 BEDOK STH AVE 2	10 TO 12	90	1977	$415,000
BEDOK	35 CHAI CHEE AVE	04 TO 06	82	1975	$420,000
BUKIT MERAH	102 HENDERSON CRES	04 TO 06	80	1970	$420,000
BEDOK	41 BEDOK STH RD	04 TO 06	84	1977	$420,000
TOA PAYOH	227 LOR 8 TOA PAYOH	10 TO 12	82	1976	$420,000
TOA PAYOH	227 LOR 8 TOA PAYOH	10 TO 12	82	1976	$420,000
BISHAN	25 SIN MING RD	04 TO 06	88	1974	$425,000
TOA PAYOH	226 LOR 8 TOA PAYOH	07 TO 09	82	1976	$425,000
TOA PAYOH	228 LOR 8 TOA PAYOH	16 TO 18	82	1976	$425,000
BEDOK	141 BEDOK RESERVOIR RD	04 TO 06	84	1986	$428,000
CLEMENTI	510 WEST COAST DR	07 TO 09	83	1978	$430,000
BEDOK	7 BEDOK STH AVE 2	07 TO 09	82	1976	$430,000
TOA PAYOH	227 LOR 8 TOA PAYOH	13 TO 15	82	1976	$430,000
BEDOK	6 BEDOK STH AVE 2	07 TO 09	82	1976	$435,000
BEDOK	37 BEDOK STH AVE 2	10 TO 12	84	1977	$435,000
BEDOK	127 BEDOK NTH ST 2	04 TO 06	92	1978	$438,000
BEDOK	34 BEDOK STH AVE 2	13 TO 15	90	1977	$439,000
BEDOK	36 BEDOK STH AVE 2	04 TO 06	84	1977	$440,000
BEDOK	52 NEW UPP CHANGI RD	13 TO 15	84	1977	$440,000
BEDOK	53 NEW UPP CHANGI RD	13 TO 15	84	1977	$440,000
TOA PAYOH	219 LOR 8 TOA PAYOH	16 TO 18	82	1978	$441,800
BUKIT MERAH	23 TELOK BLANGAH CRES	04 TO 06	82	1975	$443,000
TOA PAYOH	227 LOR 8 TOA PAYOH	10 TO 12	82	1976	$445,000
TOA PAYOH	213 LOR 8 TOA PAYOH	10 TO 12	82	1975	$445,000
BEDOK	704 BEDOK RESERVOIR RD	10 TO 12	102	1981	$448,000
CLEMENTI	712 CLEMENTI WEST ST 2	10 TO 12	91	1980	$448,888
BEDOK	37 BEDOK STH AVE 2	13 TO 15	84	1977	$449,888

Some general observations:

Tampines does have a lot of fairly new, yet affordable (below $650,000) resale flats; but unsurprisingly, these are not the flats in the most popular part of Tampines (that would be Tampines Central, where the malls and offices are at). 

Tampines Street 45 and Tampines Avenue 8 are quite far from the MRT, and the nearest stations are Tampines East or Tampines West on the Downtown Line (unlike Tampines Central with access to the East-West Line).

Nonetheless, if you're not fussy, there's usually a bus connection to the MRT stations, or to Tampines Central (which is accessible from Tampines East and Tampines West also). All in, we'd say it's not a bad deal, for a flat that might be under six years old. 

Meanwhile, 35 Circuit Road, in Geylang, has a rather eye-opening transaction of $350,000 for a four-room flat; low given how convenient the location is. It's within walking distance of Mattar MRT (DTL), and local amenities like the hawker centre and market are all a short stroll away.

You can also get to Macpherson MRT (DT/CC) with relative ease. Paya Lebar, a major commercial hub, is also nearby. Perhaps it's just a certain stigma about it being an "old people's area," but it is quite underrated for that price. 

The rest of the list can be described as "the usual suspects." We don't think anyone would be surprised to read that Bedok and Pasir Ris are among the more affordable mature areas. 

The resale flat market is slowing overall, but areas near Prime and Plus model housing may resist the loss of momentum 

As mentioned above, the lack of Plus and Prime restrictions may cause these flats to actually increase in price, at least in the near term. As such, there still isn't much opportunity for first-time or lower-budget buyers, in traditional hotspots like Queenstown or Tanjong Pagar. 

If you're dead set on such locations, you may have to do with an older non-central flat for now, and aim to upgrade into these places later on. 

ALSO READ: 4 most expensive condos in Bugis: Is this the next most prestigious place to live in Singapore?

This article was first published in Stackedhomes.