Is a Cheap Home Even Possible in 2022?
We’re all feeling the pinch: private residences and resale flats are climbing the price ladder, and first‑time buyers are suddenly saying, “I’m out!” Even those looking to upgrade their HDB homes are slowly getting priced out. So, what does the market really look like?
What’s the Deal with Prices?
Let’s break it down with a bite‑size look at the two‑year price hike for Singapore’s most affordable properties—both private and HDB resale listings.
Top 5 Cheapest Suburbs and Their Price Gained
- Jurong East (HDB): +12% – A modest rise, but still one of the budget options for those watching their wallets.
- Toa Payoh (Private): +9% – A nice blend of affordability and convenience.
- Geylang East (HDB): +15% – The stiffest climb. A wise watch for disciplined savers.
- Pasir Ris (Private): +11% – Slightly better location, a steady hike.
- Bukit Batok (HDB): +8% – A surprisingly good bargain when you compare it with the rest.
Why the Numbers Matter
Even though the hikes aren’t sky‑high, the incremental cost can add up to a significant monthly expense. For many, that means a stricter budget, tapping into savings that might have otherwise gone into a vacation or a fancy coffee machine.
Feeling the Rush?
When the market moves fast, the stress of hunting for an affordable home can feel a bit like a reality TV show—everyminute counts. It’s essential to stay level‑headed and to know when to back off.
Here’s the takeaway: the “cheapest” homes are still rising. But, with careful planning, sticking to your financial plan, and catching those little dip moments, you can still snag a place that doesn’t tip your wallet too far. Keep a level head, keep your savings, and remember—whose got the best deal is the one who knows the game.
Price increases of the lowest-priced properties since H1 2020 (Private)
Singapore’s Budget‑Friendly Projects are Actually Hot‑Selling
Turns out, even the most economical private developments are getting a price makeover. Here’s a quick rundown of how the scene has changed since the first half of 2020.
The Low‑Price Leaders (and Their Price Jumps)
- Northoaks (Executive Condominium) – $554/sf in 2020‑H1, now $794/sf (up 43.2%) (7 units sold)
- Clover By The Park (Condominium) – $1,155/sf → $1,628/sf (up 41.0%) (3 units sold)
- Varsity Park Condominium – $929/sf → $1,302/sf (up 40.2%) (7 units sold)
- Hillington Green (Condo) – $1,074/sf → $1,477/sf (up 37.5%) (3 units sold)
- Hazel Park Condominium – $1,135/sf → $1,552/sf (up 36.7%) (1 unit sold)
- Parc Palais (Condo) – $1,148/sf → $1,560/sf (up 35.9%) (3 units sold)
- Livia (Condo) – $835/sf → $1,126/sf (up 34.9%) (9 units sold)
- Changi Rise Condominium – $730/sf → $984/sf (up 34.8%) (9 units sold)
- Esparina Residences (Executive Condo) – $1,017/sf → $1,358/sf (up 33.5%) (7 units sold)
- Riverparc Residence (Executive Condo) – $867/sf → $1,157/sf (up 33.5%) (10 units sold)
- The Rivervale (Executive Condo) – $723/sf → $961/sf (up 33.0%) (1 unit sold)
- Rio Vista (Condo) – $767/sf → $1,020/sf (up 32.9%) (8 units sold)
- Palm Gardens (Condo) – $713/sf → $937/sf (up 31.4%) (7 units sold)
- Costa Del Sol (Condo) – $1,249/sf → $1,636/sf (up 31.0%) (16 units sold)
All numbers come from URA data and include new, resale, and sub‑sale transactions. En‑bloc deals are deliberately left out because they’re a whole different beast.
Bottom Line: Price Increases Are on a Roll
Even the most “budget” projects aren’t immune to market forces. With a median increase of about 32–35 percent, buyers will notice the rise pretty quickly—especially when they’re walking past a listing page and seeing those steeper numbers flashing up like a hawker’s noodles.
So, if you’re aiming to snag a condo at the best price, keep an eye on these hot spots. They’re shifting, but that doesn’t mean they’re missing out—just that the market’s moving fast and furious.
Some observations on projects with the biggest price increases:
Resale Executive Condos: The Hot Commodity of 2022
It’s hardly a shock that the four executive condominiums (ECs) on our current list are the stars of the resale market. With prices sky‑rocketing over the last two years, buyers are switching gears from new builds to the trading floor. OrangeTee’s latest analysis—covering 4,266 ECs—shows that savvy investors have raked in roughly $300 000 in profits across the board.
Prices Are Fizzing—And Fizz‑ing Fast
The study also revealed a jaw‑dropping 30.3 % jump in the median resale price during the first eight months of 2022. Prices leapt from $856 per square foot in 2019 to a hefty $1,115 per square foot now. In plain English: you’re looking at a premium that’s almost one‑third higher than a few years back.
Spotlight on the Budget‑Friendly Picks
Northoaks: From Affordable to “Oh‑Wow!”
Once a bargain in H1 2020 at $554 psf, Northoaks has climbed to $794 psf by H2 2022. It’s a 43 % hike—quite the sweet spot for those on a budget but still hungry for a good return. Transaction counts back up the trend: six sales in the first half of 2020 and a healthy seven so far in the second half of 2022.
Clover By The Park: The King of Price Increases
Take a bow, Clover By The Park. It’s leapt from an average of $1,154 psf in H1 2020 to a towering $1,627 psf in H2 2022. That’s a whopping 41 % climb—proof that even the pricier options are playing the game well.
Bottom Line
Whether you’re a seasoned flipper or a first‑time buyer, the resale EC market is heating up. Prices are soaring, earnings are giggling, and the right pick—be it Northoaks or Clover—can turn a side hustle into a major cash cow. Just keep your eye on the numbers and your wallet ready for the next big swing.
Some observations on projects with falling prices:
Big Price Drops in Singapore’s Premium Properties
It turns out the market’s big‑player homes are taking a hit – and the discount isn’t on the a‑pes themselves, it’s on the price per square foot. Think of it as the cost of a tiny piece of apartment land dropping like a stone in a pond.
Projects with the Biggest Slips (per psf)
- Suites 28 – down 36.3 % (from $1,261 psf to $803 psf)
- The Beverly – down 34.1 % (from $1,335 psf to $880 psf)
- Sandy Island – down 32.0 % (from $2,044 psf to $1,389 psf)
- Iridium – down 29.0 % (from $1,725 psf to $1,224 psf)
- Prestige Heights – down 26.4 % (from $1,708 psf to $1,257 psf)
- Cairnhill Nine – down 22.6 % (from $2,650 psf to $2,052 psf)
- Mi Casa – down 20.9 % (from $898 psf to $710 psf)
- Nanyang Park – down 19.6 % (from $1,262 psf to $1,014 psf)
- Parry Green – down 18.1 % (from $993 psf to $813 psf)
- …and the rest of the list down to 6.4 % for some urban apartments.
What You Must Know About These Big Drops
- All the projects are on the higher end of price‑range – so the averages barely touch the pocket of a typical Singaporean.
- They’re all small in unit count. Cairnhill Nine tops the pack at 268 units, though even that isn’t much.
- Location matters: Suites 28 and Sandy Island sit on the fringe (Districts 14 and 4), Cairnhill Nine is a Core Central Region (District 9), and Nanyang Park is a fringe‑but‑still‑expensive semi‑detached spot (District 19).
A Quick Look at Real‑World Prices
A 969‑sq‑ft unit in Cairnhill Nine just fetched $1.98 million. That’s more than a glass of fancy champagne, plain and simple. Sandy Island’s detached homes have erupted into the $10.8 million range. And even Nanyang Park, tucked away in a fringe area, saw recent sales hovering around $3.6 million for semi‑detached units.
Bottom Line: High‑Quantum Homes Aren’t the Road‑to‑Riches
Even with the sizzling market, these pricey units barely grow in value. They’re the “lifestyle” kind of property – big‑spending indulgence, not a low‑risk investment. If your budget’s on the floor, the average buyer is best looking for something that doesn’t require a small fortune to get started.
Price increases of the lowest-priced properties since H1 2020 (HDB)
Cheaper HDB Flats Have Been on the Rise!
Ever wonder how the stone‑cold prices of the most budget‑friendly HDB flats have danced since the first half of 2020?
We’ve sifted through the numbers, cut out the fluff, and ready to spill the tea.
Three‑Room Wonders
- 303 Yishun Ctrl: 2020‑H1 US$276 → 2022‑H2 US$474 (+71.5 %)
- 26 Toa Payoh East: 2020‑H1 US$260 → 2022‑H2 US$439 (+68.8 %)
- 204 Marsiling Dr: 2020‑H1 US$287 → 2022‑H2 US$433 (+51.0 %)
- 32 Marsiling Dr: 2020‑H1 US$269 → 2022‑H2 US$405 (+50.3 %)
- 1 Marsiling Dr: 2020‑H1 US$274 → 2022‑H2 US$411 (+49.8 %)
- 24 Marsiling Dr: 2020‑H1 US$277 → 2022‑H2 US$413 (+49.0 %)
- 23 Marsiling Dr: 2020‑H1 US$284 → 2022‑H2 US$415 (+45.9 %)
- 22 Marsiling Dr: 2020‑H1 US$284 → 2022‑H2 US$404 (+42.2 %)
- 114 Ho Ching Rd: 2020‑H1 US$288 → 2022‑H2 US$379 (+31.6 %)
- 33 Teban Gdns Rd: 2020‑H1 US$269 → 2022‑H2 US$338 (+25.6 %)
Four‑Room Gems ⏫
- 27 Marsiling Dr: 2020‑H1 US$245 → 2022‑H2 US$403 (+64.6 %)
- 304 Jurong East St 32: 2020‑H1 US$257 → 2022‑H2 US$419 (+63.2 %)
- 389 Yishun Ave 6: 2020‑H1 US$268 → 2022‑H2 US$425 (+58.5 %)
- 395 Yishun Ring Rd: 2020‑H1 US$268 → 2022‑H2 US$424 (+58.3 %)
- 851 Jurong West St 81: 2020‑H1 US$267 → 2022‑H2 US$383 (+43.5 %)
- 723 Jurong West Ave 5: 2020‑H1 US$268 → 2022‑H2 US$384 (+43.3 %)</
- 114 Yishun Ring Rd: 2020‑H1 US$271 → 2022‑H2 US$388 (+43.1 %)
- 941 Jurong West St 91: 2020‑H1 US$265 → 2022‑H2 US$379 (+42.7 %)
- 445 Jurong West St 42: 2020‑H1 US$261 → 2022‑H2 US$366 (+40.5 %)
- 902 Jurong West St 91: 2020‑H1 US$267 → 2022‑H2 US$374 (+40.2 %)
Five‑Room Classiques.
- 661 Woodlands Ring Rd: 2020‑H1 US$273 → 2022‑H2 US$445 (+63.4 %)
- 206 Boon Lay Dr: 2020‑H1 US$238 → 2022‑H2 US$389 (+63.2 %)
- 10 Marsiling Dr: 2020‑H1 US$219 → 2022‑H2 US$344 (+56.9 %)
- 461 Jurong West St 41: 2020‑H1 US$276 → 2022‑H2 US$409 (+47.9 %)
- 120 Marsiling Rise: 2020‑H1 US$256 → 2022‑H2 US$364 (+42.2 %)
- 12 Teck Wye Lane: 2020‑H1 US$277 → 2022‑H2 US$381 (+37.7 %)
- 729 Jurong West Ave 5: 2020‑H1 US$276 → 2022‑H2 US$369 (+33.3 %)
- 826 Jurong West St 81: 2020‑H1 US$274 → 2022‑H2 US$361 (+31.7 %)
- 123 Marsiling Rise: 2020‑H1 US$265 → 2022‑H2 US$347 (+30.9 %)
- 137 Marsiling Rd: 2020‑H1 US$269 → 2022‑H2 US$349 (+30.0 %)
Executive Edition – Where Luxury Meets Numbers
- 141 Marsiling Rd: 2020‑H1 US$299 → 2022‑H2 US$443 (+48.1 %)
- 467A Admiralty Dr: 2020‑H1 US$302 → 2022‑H2 US$441 (+46.1 %)
- 128 Marsiling Rise: 2020‑H1 US$314 → 2022‑H2 US$457 (+45.4 %)
- 556 Jurong West St 42: 2020‑H1 US$290 → 2022‑H2 US$418 (+44.1 %)
- 274A Jurong West Ave 3: 2020‑H1 US$317 → 2022‑H2 US$445 (+40.5 %)
- 468B Admiralty Dr: 2020‑H1 US$310 → 2022‑H2 US$418 (+34.8 %)
- 407 Jurong West St 42: 2020‑H1 US$314 → 2022‑H2 US$420 (+33.9 %)
- 520 Woodlands Dr 14: 2020‑H1 US$314 → 2022‑H2 US$420 (+33.8 %)
- 530 Choa Chu Kang St 51: 2020‑H1 US$306 → 2022‑H2 US$408 (+33.2 %)
- 841 Jurong West St 81: 2020‑H1 US$306 → 2022‑H2 US$389 (+27.2 %)
So, what’s the takeaway? Pretty much every shareable price has gone up – from the hip 3‑room to the plush executive suites. It’s a clear sign that cheap HDB flats are becoming slightly pricier, even for the bargain hunters. If you’re thinking of making that move, now’s the time to do it before the numbers climb even further!
Keep an eye on the listings, because the next price hike might just knock you off your seat.
Some observations from the price movements
Executive Flats vs 3‑5 Room Homes: The Price Showdown
Picture this: You’re standing at the crossroads of the housing market, looking at two lanes — one full of executive flats, the other packed with 3‑, 4‑, and 5‑room houses. Which lane gets the faster lane‑change?
Speed & Scale: Where the Numbers Sit
- Executive flats are cruising at an average 34% price jump.
- Meanwhile, the 3‑, 4‑, and 5‑room homes zoom ahead with a hefty 47‑48% rise.
Why the difference? Think of it like a super‑luxe car (executive flat) versus a family sedan (3‑5 room home). The deluxe car is heavier, so you need looser road rules to keep it moving.
Mortgage Servicing Ratio (MSR): The Invisible Handshake
Singapore’s Bank of Cool‑ness has rolled out the Mortgage Servicing Ratio – a policy that limits loan repayments to 30% of your take‑home pay. The result? Big‑spenders — like those buying executive flats — feel the pinch a bit more.
Imagine trying to drive a super‑heavy SUV on a two‑lane highway; you’ll hit traffic sooner than a lightweight hatchback that’s got the green light to go at full tilt.
Upcoming Moves & the 15‑Month Chill Period
- Post‑September, sellers of private homes—who want to snag a resale flat—must hang out for 15 months.
- Exceptions? Yes, octogenarians (55+) chasing 4‑room or smaller flats are in the fast‑lane.
So, if you’re in the market for a 3‑ or 4‑room haven, expect a bit of turbulence before the market levels out.
Real Estate’s Wild Card: Always a Surprise
Money might be a dictator in the housing arena, but every broker knows the game’s full of plot twists. If you’re flexible and ready to negotiate, you could snag a sweet deal before the next price wave.
Why Stacked is Your House‑Hunter’s Swiss Army Knife
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This article was first published by Stackedhomes – your go-to for the best mansion munchies, the neatest condos, and the hottest HDB highlights.
