HDB flats in Jurong West and Lakeside MRT Station (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Singapore (EDGEPROP) – Since the pandemic, buyers have gravitated towards more spacious homes to accommodate their need for more space and privacy due to flexible working arrangements. Some couples also need more space to accommodate their expanding family.
However, property prices, including prices for HDB flats, are on the rise. Since 2014, the average price for all types of HDB flats islandwide has increased by 26% to the current $557 psf, while prices for five-room flats islandwide rose at a slightly faster pace of 27% to $537 psf.
Despite the increase in prices for HDB flats, there are still bargains to be found. We combed through the sales listings for HDB flats on EdgeProp and found about 30 listings for five-room or larger HDB flats with asking prices below $550,000. The majority of the listings are for HDB towns in the north or west regions.
There are 16 listings for five-room or larger HDB flats with asking prices under $550,000 in the west region. Nine of the listings are for flats in Jurong West, while the remaining seven listings are for flats in Choa Chu Kang.
There are two listings with asking prices of $498,000. The flats are located at 200 Boon Lay Drive and 204 Boon Lay Drive. Both flats are mid-floor five-room HDB flats that are within walking distance of each other. Both flats have three bedrooms and are approximately 1,300 sq ft in size.
The two flats are located within a 1km radius of seven schools, including four primary schools, namely Boon Lay Garden Primary School, Lakeside Primary School, Rulang Primary School, and Shuqun Primary School.
Boon Lay Place Market and Food Village, as well as Boon Lay Shopping Centre, are a short walk away. Unfortunately, the nearest MRT station, Lakeside MRT station, is not within walking distance.
There are two listings for flats in Jurong West with asking prices of $540,000. One of the listings is for a flat located at 180 Yung Sheng Road, and the other flat is located at 275A Jurong West Street 25.
Both listings are for five-room flats with three bedrooms. However, the flat at 180 Yung Sheng Road is larger at 1,248 sq ft, while the flat at 275A Jurong West Street 25 is slightly smaller at 1,195 sq ft.
Both flats are likely to appeal to very different groups of buyers. The flat at 180 Yung Sheng Road is likely to attract nature lovers because it is located a short walk away from Lakeside Garden and Jurong Lake. Additionally, it is opposite Taman Jurong Market and Food Centre, Taman Jurong Shopping Centre, and three schools.
The flat at 275A Jurong West Street 25 is likely to appeal to parents because there are five schools within a 1km radius, including four primary schools, namely Corporation Primary School, Pioneer Primary School, West Grove Primary School, and Westwood Primary School. Other nearby amenities include Gek Poh Shopping Centre.
Unfortunately, there are no existing MRT stations within a 1km radius of both flats. However, the flat at 275A Jurong West Street 25 will have three MRT stations along the Jurong Region Line (JRL) within a 1km radius. The JRL is expected to be fully completed by 2029.
The average price for five-room HDB flats in Jurong West has increased at a slower pace of 25% since 2014, compared to five-room flats in Singapore (with a growth of 27%) and in the west region (with a growth of 31%). Hence, the current average price for five-room flats in Jurong West ($479 psf) is trending below the average price for five-room flats in Singapore ($537 psf) and in the west region ($514 psf).
Of the seven listings for Choa Chu Kang, more than half of them have asking prices below $520,000. Of which, two of them have asking prices below $500,000.
The flat with the lowest asking price of $465,000 is a low-floor HDB Premium Apartment with three bedrooms. The 1,130-sq ft flat is located at 459 Choa Chu Kang Avenue 4. (Find HDB flats for rent or sale with our Singapore HDB directory)
Unfortunately, there are no MRT stations within walking distance. However, the flat is located within a 1km radius of three schools, namely Choa Chu Kang Primary School, Concord Primary School, and Bukit Panjang Government High School. It is also near Sunshine Place.
The second cheapest listing is for a five-room flat at 688B Choa Chu Kang Drive with an asking price of $499,800. The low-floor flat measures 1,184 sq ft.
Buyers with a larger budget might want to consider a nearby five-room flat at 686B Choa Chu Kang Crescent, which has an asking price of $505,000. Both flats are located within a 500m radius of each other. However, the low-floor flat at 686B Choa Chu Kang Crescent is slightly smaller at 1,180 sq ft.
Nearby amenities include three schools, namely, Unity Primary School, Yew Tee Primary School, and Unity Secondary School. Yew Tee MRT Station is about 700m away.
Since 2014, the average resale price for five-room flats in Choa Chu Kang has grown by 26% to $459 psf. In comparison, five-room flats in Singapore and the west region have grown at a faster pace of 27% and 31%, respectively. Five-room flats in Singapore ($537 psf) and the west region ($514 psf) also have higher average prices than their counterparts in Choa Chu Kang.
Large families will be pleased to know that there are two listings for five-room flats with four bedrooms. Both listings have asking prices below $550,000 and are for flats located in the north region.
The cheaper listing is for a flat at 473 Sembawang Drive. The mid-floor corner flat has an asking price of $538,000. The 1,184-sq ft flat will appeal to parents because there are two primary schools and a secondary school within a 500m radius. Additionally, Sembawang MRT Station, Sembawang Bus Interchange, Sun Plaza, and Sembawang Public Library are all located within walking distance.
The average current price for five-room flats in Singapore has grown by 27% since 2014, reaching the current average price of $537 psf. The price growth for five-room HDB flats in Sembawang (growth of 35% since 2014) has been in tandem with their counterparts in the north region (growth of 36% since 2014). The current average price for five-room flats in Sembawang is slightly higher at $502 psf compared to an average price of $483 psf for the north region.
The other five-room HDB flat with four bedrooms is located at 742 Woodlands Circle. The low-floor flat has an asking price of $545,000.
There are two primary schools and a secondary school within a 500m radius of the 1,312-sq ft flat. Other nearby amenities include Admiralty MRT Station, Woodlands North Plaza, as well as Admiralty Wet Market and Food Centre.
Since 2014, the average price for five-room flats in Woodlands has grown at a slightly slower pace of 33% to $462 psf compared to their counterparts in the north region, which grew by 36% to $483 psf. However, the average prices for five-room flats in Woodlands and the north region are growing at a faster pace than five-room flats in Singapore, which grew by only 27%, but has a higher current average price of $537 psf.
Check out the latest listings near Jurong West, Choa Chu Kang, Sembawang, Woodlands, Lakeside MRT station, Yew Tee MRT Station, Sembawang MRT Station, Admiralty MRT Station