Where to find the biggest and cheapest HDB flats in 2024 (from $690k)

The cheapest HDBs in Singapore are all 2-room and 3-room flats. While a low quantum is nice, no one wants to cram into a 3-room flat with their brother, sister, parents, grandparents, etc.

Quite a few Singaporeans will point to lack of living space as a reason for the low birth rate — and given that HDB buyers are overwhelmingly families, size may count for even more than in the private market. For that reason, we've picked out the areas where you can currently find both the biggest and the cheapest flats:

Overview by HDB town

The following are the transaction amounts for the flats. Note that we've based our numbers on the biggest HDB flats being a minimum of 150 sq m. and above, so only flats above that number were taken into consideration:

Jurong West

Month	Town	Flat Type	Full Address	Storey	Size (sqm)	Lease Started	Price
2023-09	JURONG WEST	Executive Maisonette	556 JURONG WEST ST 42	01 TO 03	151	1986	$690,000
2023-04	JURONG WEST	Executive Apartment	709 JURONG WEST ST 71	07 TO 09	154	1993	$695,000
2023-08	JURONG WEST	Executive Apartment	362 YUNG AN RD	04 TO 06	154	1995	$700,000
2023-08	JURONG WEST	Executive Apartment	761 JURONG WEST ST 74	04 TO 06	152	1995	$720,000
2023-01	JURONG WEST	Executive Maisonette	469 JURONG WEST ST 41	01 TO 03	151	1985	$722,000

Bukit Batok

Month	Town	Flat Type	Full Address	Storey	Size (sqm)	Lease Started	Price
2023-01	BUKIT BATOK	Executive Maisonette	326 BT BATOK ST 33	01 TO 03	153	1985	$713,000
2023-03	BUKIT BATOK	Executive Maisonette	356 BT BATOK ST 31	01 TO 03	154	1986	$750,000
2023-12	BUKIT BATOK	Executive Maisonette	222 BT BATOK EAST AVE 3	01 TO 03	157	1985	$750,000
2023-03	BUKIT BATOK	Executive Apartment	406 BT BATOK WEST AVE 7	13 TO 15	152	1993	$778,000
2023-06	BUKIT BATOK	Executive Maisonette	344 BT BATOK ST 34	01 TO 03	154	1986	$795,000

Choa Chu Kang

Month	Town	Flat Type	Full Address	Storey	Size (sqm)	Lease Started	Price
2023-01	CHOA CHU KANG	Executive Apartment	754 CHOA CHU KANG NTH 5	07 TO 09	152	1995	$745,000
2024-02	CHOA CHU KANG	Executive Maisonette	120 TECK WHYE LANE	04 TO 06	154	1989	$750,000
2023-03	CHOA CHU KANG	Executive Maisonette	207 CHOA CHU KANG CTRL	04 TO 06	154	1989	$770,000
2024-01	CHOA CHU KANG	Executive Apartment	755 CHOA CHU KANG NTH 5	04 TO 06	154	1995	$777,000
2023-03	CHOA CHU KANG	Executive Maisonette	207 CHOA CHU KANG CTRL	01 TO 03	154	1989	$780,000

Jurong East

Month	Town	Flat Type	Full Address	Storey	Size (sqm)	Lease Started	Price
2023-04	JURONG EAST	Executive Maisonette	327 JURONG EAST ST 31	04 TO 06	155	1985	$750,000
2023-04	JURONG EAST	Executive Maisonette	325 JURONG EAST ST 31	07 TO 09	155	1985	$750,800
2023-10	JURONG EAST	Executive Maisonette	337 JURONG EAST AVE 1	04 TO 06	157	1985	$800,000
2023-12	JURONG EAST	Executive Apartment	223A JURONG EAST ST 21	07 TO 09	162	1993	$910,000

Woodlands

Month	Town	Flat Type	Full Address	Storey	Size (sqm)	Lease Started	Price
2024-01	WOODLANDS	Executive Apartment	142 MARSILING RD	04 TO 06	158	1995	$750,000
2023-03	WOODLANDS	Executive Apartment	848 WOODLANDS ST 82	04 TO 06	161	1995	$800,000
2023-02	WOODLANDS	Executive Apartment	322 WOODLANDS ST 32	01 TO 03	172	1994	$810,000
2023-10	WOODLANDS	Executive Apartment	142 MARSILING RD	01 TO 03	173	1995	$818,000
2023-07	WOODLANDS	Executive Apartment	830 WOODLANDS ST 83	04 TO 06	176	1994	$830,000

1. A surprising number of transactions are in the range of $800,000 or below

Due to the last few years, the general expectation is that a big flat (150 sq m or more) will almost always reach the $1 million (or at least $900,000+) mark; but based on the transactions above, you can see a surprising number of Executive Apartments (EAs) and maisonettes can still be had for $800,000 or below. 

In terms of affordability, how does that work out?

Consider an $800,000 EA in Woodlands. Assuming a maximum bank loan quantum of 75 per cent, this is about $40,000 in cash and $160,000 in CPF. This leaves a total loan quantum of $600,000. 

With a loan tenure of 25 years and a floor rate of four per cent per annum, this comes to about $3,167 per month. Given the Mortgage Servicing Ratio (MSR) of 30 per cent, this would require a combined borrower income of about $10,556 per month.

As of 2023, the median income per household was $10,869 per month - so in theory, about half of the Singaporeans out there could afford a flat of this size; assuming they're willing to settle for a cheaper location like Woodlands. 

The sticky bit here though, is the HDB valuation:

2. The tricky part for most buyers will be the HDB valuation

In our experience, most buyers don't have an issue meeting the MSR. Rather, the issue is the cash component: the minimum of five per cent cash down*, plus any Cash Over Valuation (COV). 

In the above example, there's a good chance that the actual HDB valuation on the flat will be lower than the asking price (e.g., for our $800,000 EA, the actual valuation maybe $750,000. HDB is quite conservative in its valuations). 

As the home loan can only cover the lower of the valuation or sale price, the excess amount (i.e., the COV of $50,000 between the asking price and valuation) needs to be paid in cash. If you couple this with the minimum cash down for a bank loan, some buyers may find themselves struggling with the initial cash outlay. 

We also find, from simple experience, that owners of EAs and maisonettes tend to expect much higher COV, as their flat types are so rare; they know they likely won't be able to own similar in future. As such, first-time homeowners may still find it a struggle to buy these units, even in the cheaper HDB towns. 

*This is for bank loans, for HDB loans the minimum down payment is 15 per cent of the price or value (whichever is lower), and all 15 per cent can be in any combination of cash or CPF. 

3. Jurong East is unexpectedly cheap given the area's transformation

Note that there were only four transactions for Jurong East, but we have to cover these as they were surprisingly competitive. Jurong East has seen a substantial transformation, and is intended to be the "second CBD" of Singapore: this can be seen in the cluster of malls, offices, and entertainment outlets that are now near the Jurong East MRT station (JEM, Westgate, the upcoming J'Den, IMM, and more).

As such, the recent high prices and quick sales of J'Den is a good illustration of rising demand. 

So it is possible that these four transactions may be the last shadows of more affordable, big flats in Jurong East, and prices may not stay as they are for long. 

4. Lease decay still isn't at the halfway mark for most units

One advantage of the cheaper areas above, as compared to the usual hotspots like Tiong Bahru or Queenstown, is the lease decay. 

Admittedly, these EAs and maisonettes are still mostly among the older flats; but note that the ones in Woodlands still date back to the 1990s, while the others are mostly from the mid-1980s. This is not yet halfway through their 99-year lease, so even a 50-year-old buyer might reasonably obtain one without restrictions (e.g., no prorated use of CPF funds, because the flat can likely last until the youngest buyer is 95). 

This is something to think about besides the lower quantum if you're deciding between these HDB towns and the most common hotspots. 

We still wouldn’t go so far as to call these flats cheap 

For first-time home buyers, or those on a budget, an EA or maisonette is likely out of reach even in a "cheaper" HDB town — it's probably still safer to start with a small resale or BTO flat and trade up later. 

But if you're in urgent need of a big flat you can move into right now, well, Singapore is a small country. I guess we just have to be grateful that, even if we need to travel to our office from Woodlands, it's probably not going to be more than an hour (or maybe ask to work from home…)

ALSO READ: 4-room flat sold for $1.15m, breaking Toa Payoh resale record

This article was first published in Stackedhomes.