The majority of resale transactions for HDB flats involve four-room flats because they make up the largest share of HDB flats in Singapore. According to the latest annual report from HDB, there are 458,293 four-room flats islandwide, accounting for around 42.1% of all HDB flats (see Chart 1). Five-room flats are a distant second, with 259,970 units. Based on HDB data, four-room flats have consistently represent about 42% of the HDB stock across the island.

Housing affordability is a major concern for many households. The number of four-room HDB flats suggests that the majority of households in Singapore are likely to purchase one as their primary residence. Therefore, an analysis of four-room flat prices across the different HDB towns in Singapore would be useful for households whose key priority is affordability. We will also examine individual transactions in each town to identify the factors contributing to their lower prices.

Look West for more affordable housing

Based on this year’s average resale prices for four-room flats in each HDB town , Choa Chu Kang ($523 psf) has the most affordable flats, followed by Jurong West ($529 psf) and Jurong East ($538 psf) (see Chart 2). Notably, all three towns are in the West Region and are the only ones where four-room flats have an average resale price below $540 psf, indicating that budget-conscious homebuyers might want to consider the West Region to meet their housing needs.

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Two towns in the North Region rank fourth and fifth in terms of affordability. This year, the average resale prices for four-room flats in Woodlands and Yishun are $544 psf and $565 psf, respectively.

Based on HDB data, 433 four-room flats in Choa Chu Kang have been sold so far this year, with prices ranging from $420,000 to $690,000. Of these, three flats were sold for less than $450,000 (see Table 1), and two are located at 25 Teck Whye Lane. Notably, one of the flats on Teck Whye Lane was just sold earlier this month.

The flats at 25 Teck Whye Lane are a short walk from Teck Whye LRT Station and ITE College West. The LRT station is only two stops from Bukit Panjang MRT Station and three stops from Choa Chu Kang MRT Station, giving residents easy access to the Downtown and North-South Lines (see Map 1). Other schools within a 1 km radius include Teck Whye Primary School, West View Primary School, Choa Chu Kang Secondary School and Jurong Pioneer Junior College.

The lease of the flats along Teck Whye Lane started in 1979, leaving them with approximately 53 years remaining. The short remaining lease could explain their low prices despite their proximity to Teck Whye LRT Station.

A four-room flat at 462 Choa Chu Kang Avenue 4 is also among the most affordable flats in Choa Chu Kang. In contrast, this flat has a significantly longer lease of 74 years, as its lease commenced in 2000.

The flat is within walking distance of Sunshine Place and Concord Primary School and a short drive from Kranji Expressway. Other schools within a 1 km radius include Choa Chu Kang Primary School and Bukit Panjang Government High School.

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The low price may be due to the lack of a nearby MRT or LRT station. South View LRT Station is the nearest, but it is more than 1 km away. The upcoming Choa Chu Kang West MRT Station on the Jurong Region Line (JRL) is expected to be completed in 2027, with the entire JRL slated for completion in 2029. However, residents of the flat along Choa Chu Kang Avenue 4 will still not have a nearby MRT station, as the new station will be more than 500 m away (see Map 2).

In contrast, three four-room flats in Choa Chu Kang were sold for $690,000 this year, a record high for such flats in the town (see Table 2). Two of the flats are located along Choa Chu Kang Street 64, and one is along Choa Chu Kang North 6.

Notably, all three flats are located just a stone’s throw from each other (see Map 3). All their leases also began in 1998, leaving them with a remaining lease of approximately 72 years.

The three flats are also adjacent to Yew Tee MRT Station, Yew Tee Square and Yew Tee Point. Nearby schools include De La Salle School, Kranji Primary School, Unity Primary School, Yew Tee Primary School, Regent Secondary School and Unity Secondary School.

The higher prices for these flats could be attributed to their relatively long leases and close proximity to amenities. Although these three flats represent the highest transacted prices for four-room flats in Choa Chu Kang, their $690,000 price tags are still significantly lower than the million-dollar prices achieved in other towns, highlighting the relative affordability of Choa Chu Kang.

Woodlands: Most value for money?

Among the top five most affordable HDB towns, Woodlands is the only one with a high price growth. (see Chart 3). With a price increase of 59.1% since 2020, Woodlands ranks fourth, after Sembawang (73.7%), Bukit Batok (72.5%), and Kallang/Whampoa (60.8%). Tampines (54%) completes the top five list for price growth.

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Meanwhile, four-room flats in the North Region have reported a price growth of 59.2% since 2020, on par with Woodlands (59.1%). Notably, the price growth in both areas is higher than that of four-room flats across Singapore (48.3%). This is despite the higher average resale price for four-room flats islandwide ($657 psf) compared with Woodlands ($544 psf) and the North Region ($573 psf) (see Chart 4).

Of the top five towns with the strongest price growth, two are in the North Region, namely Woodlands and Sembawang. No other region has more than one town on the list. This indicates that four-room flats in Woodlands are not only affordable but also have the potential for strong capital appreciation.

One reason for the strong price growth of flats in the North Region is the Thomson-East Coast Line (TEL), which connects the North Region to the Central and East Regions. The northern segment of the TEL was completed in 2021, while the central and east segments were completed in 2022 and 2024, respectively. The remaining two stations in Bedok are slated for completion next year. The TEL has significantly improved connectivity in Woodlands, bringing much convenience to its residents.

Additionally, Woodlands is designated as a regional centre, where spaces for businesses, industry, research, and learning will be introduced alongside new housing. Woodlands is also expected to benefit from the Singapore-Johor Special Economic Zone (JS-SEZ), which aims to leverage the strengths of both countries to attract more investments. Connectivity between the two countries is expected to be further enhanced by the upcoming Rapid Transit System (RTS), linking Singapore’s Woodlands North MRT Station to Johor’s Bukit Chagar Station. The RTS is expected to begin operations by end-2026.

According to HDB data, 729 four-room flats in Woodlands have changed hands so far this year, with prices ranging from $400,000 to $740,000. Of these, eight involved flats along Marsiling Drive that sold for less than $430,000 (see Table 3).

With the exception of 33 Marsiling Drive, the flats in Table 3 are located within a short walk of each other (see Map 4). The flats at 5, 7, and 8 Marsiling Drive are also within walking distance of Marsiling Lane Market and Hawker Centre. Schools within a 1 km radius include Marsiling Primary School, Marsiling Secondary School and Woodlands Secondary School.

The lack of a nearby MRT station may have dampened the prices for these seven flats. Marsiling MRT Station is the nearest but it is more than 1 km away. Another contributing factor could be their short remaining leases. The lease for the flat at 5 Marsiling Drive began in 1974, leaving it with approximately 48 years, while the leases for the flats at 7 and 8 Marsiling Drive commenced in 1976, leaving it with around 50 years.

Hidden gems in the most expensive HDB town

Among all HDB towns, Central Area town ($1,089 psf) not only has the highest average resale price for four-room flats, but it is also the only town whose average resale price exceeds $1,000 psf. This marks the first time that the average resale price for four-room flats in any HDB town has crossed that threshold.

The high prices in Central Area town could be attributed to The Pinnacle @ Duxton, whose convenient location near Tanjong Pagar has boosted its value. According to HDB records, 62 four-room flats in Central Area have been sold this year, with prices ranging from $526,000 to $1.518 million. Of these, 35 transactions were for The Pinnacle @ Duxton with all flats transacting for at least $1 million. The remaining 27 transactions were below $900,000, indicating that it is still possible to live in this popular location for less than $1 million.

So far this year, five four-room flats in Central Area town sold for less than $600,000. Four of them are located along Buffalo Road (see Table 4). Notably, the flats along Buffalo Road sold for $587 psf to $646 psf, significantly below Central Area’s average resale price of $1,089 psf.

Residents of the flats along Buffalo Road benefit from being adjacent to the dual-line Little India MRT Station, Little India Bus Terminal, and Tekka Market. The flats are also within walking distance of Sim Lim Square, Sunshine Plaza, Mount Emily Park, LaSalle College of the Arts, and Nanyang Academy of Fine Arts (see Map 5). The main drawback is their short remaining lease of approximately 56 years, as the lease started in 1982.

Conclusion

Based on this year’s average resale prices, four-room flats in Choa Chu Kang ($523 psf) are the most affordable, followed by those in Jurong West ($529 psf) and Jurong East ($538 psf). Notably, all three towns are in the West Region, suggesting that homebuyers with a modest housing budget might want to focus on the West Region during their home search.

Woodlands is also notable, as it appears among the top five towns for both affordability and price growth. Connectivity in the northern town has improved with the TEL, contributing to the price increase of its four-room flats. Woodlands’ designation as a regional centre, coupled with expected benefits from the JS-SEZ, is likely to continue supporting its resale prices.

As the only HDB town with an average resale price exceeding $1,000 psf, Central Area town tops the price chart, driven by million-dollar transactions at The Pinnacle @ Duxton. However, there are hidden gems along Buffalo Road for buyers who wish to live in the town at more affordable prices.

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