It’s 2022 and HDB resale flats are more popular than ever, with prices going up, up and up. It’s a trend that has been on the rise since the pandemic began over two years ago, and BTO flat construction delays emerged. Some couples cancelled their BTO flats. Others avoided the BTO application route altogether, going straight for resale HDB flats.
Thanks to these factors, the HDB resale market reported record growth in 2021 – a whopping 12.7% annual increase. In 2021, 259 of those transactions were million-dollar HDB resale flats.
The good news is that in Q1 2022, price growth for HDB resale flats seems to be slowing down. HDB resale prices rose 2.3% quarter-on-quarter, (compared to 3.4% in Q4 2021); the number of transactions was around 6,500 (compared to 7,940 in Q4 2021).
While resale flats are known to be more expensive than BTO flats, especially with the increased demand and prices, that’s not to say there aren’t any good deals out there that are more affordable for young couples and the budget-conscious. Here are our top picks under $300,000.
7 HDB Resale Flats Under 300k
All HDB resale flats listed in this guide were available at the time of writing. If the listing is no longer available, it is likely that the ad may have been taken down and the property sold.
In that case, don’t panic! You can search for similar properties for sale on PropertyGuru by filtering and sorting your searches by price and location. You can also specify your preferred number of rooms.
To help you estimate how much the properties will cost you upfront and in the long run, we’ve also broken down the property price into the downpayment and estimated monthly repayments. For this, we’ve assumed you make the minimum 15% downpayment for an HDB-granted loan, and pay the rest with an interest rate of 2.6% for 25 years.
If you hope to get a bank loan instead and need advice on planning how to finance your new HDB flat, our home loan advisors are just a click away.
Now, let’s get on with the seven HDB resale flats under $300,000:
3-Room Flat at 114 Ho Ching Road: $280,000
There are plenty of amenities in the west of Singapore, with a bustling business district in the heart of Jurong East and the development of the Jurong Lake District. This 3-room flat at 119 Ho Ching Road (directly translated to “river scenery” in Chinese, not a certain person’s name btw) boasts two bedrooms, one utility room and one bathroom.
What gives? Well, the remaining lease has about 48 years left so it’s quite old (TOP in 1971). But old flats are known for their spacious and more efficient layout. While this flat is near to amenities and schools, those who want to travel frequently to town can find it kinda far.
| Property | 3-room flat at 114 Ho Ching Road |
| Price | $280,000 |
| Downpayment (at least 15% for HDB loan) | $42,000 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,080 monthly |
| Key features | Close to amenities, spacious, and efficient layout |
View the listing here or search for other Jurong West HDB flats on PropertyGuru.
3-Room Flat at 22 Sin Ming Road: $299,999
This 3-room flat at 22 Sin Ming Road is on the city fringe, plus it’s close to the MRT with nearby stations just a short walk away (Upper Thomson 320m, Marymount 760m, Bright Hill 870m). Needless to say, there are plenty of amenities nearby, including a plethora of popular schools, markets, hawker centres and even the happening Upper Thomson cafe and supper stretch. Even the Bishan-Ang Mo Kio Park is close by.
Completed in 1973, the flat has been through its fair share of years, but that’s nothing a thorough renovation won’t fix.
| Property | 3-room flat at 22 Sin Ming Road |
| Price | $299,999 |
| Downpayment (at least 15% for HDB loan) | $45,000 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,157 monthly |
| Key features | City fringe, close to MRT stations and amenities |
View the listing here or search for other Bishan HDB flats on PropertyGuru.
HDB Resale Flat Guide: How To Buy A Resale Flat in Singapore
Read more here.
3-Room Flat at 30 Balam Road: $299,999
Balam Road is located in the Geylang HDB estate, yet another city fringe location. This 3-room gem has another draw: it’s a corner unit, which means more space for the homeowner. You’ll be spoilt for choice with options such as a minimart, schools, eating houses and public transportation within walking distance all around.
Of course, as with old flats, this unit TOP in 1965, which makes it as old as Singapore herself. Three MRT stations are within walking distance though: MacPherson, Tai Seng and Mattar, and if we recall correctly, the park connector is just at your doorstep.
| Property | 3-room flat at 30 Balam Road |
| Price | $299,999 |
| Downpayment (at least 15% for HDB loan) | $45,000 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,157 monthly |
| Key features | City fringe, walking distance to MRT stations and amenities, close to park connector |
View the listing here or search for other Geylang HDB flats on PropertyGuru.
3-Room Flat at 166 Stirling Road: $290,000
Queenstown is one of the most sought-after HDB neighbourhoods in Singapore and is also one of the most expensive to get a flat in. But here’s an affordable 3-room flat in that princely estate, at below $300k. This Stirling Road home is just 600m from Queenstown MRT station so homeowners will be close to all the amenities in the area.
The flat is smaller, at 645 sq ft, with about 47 years left on the lease. However, the location is second-to-none, in the popular Queenstown neighbourhood.
| Property | 3-room flat at 166 Stirling Road |
| Price | $290,000 |
| Downpayment (at least 15% for HDB loan) | $43,500 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,119 monthly |
| Key features | Walking distance to MRT, premium neighbourhood, cosy |
View the listing here or search for other Queenstown HDB flats on PropertyGuru.
3-Room Flat at 24 Marsiling Drive: $299,999
This partially-furnished 3-room flat at 24 Marsiling Drive has the benefit of a windy location that is close to the wet market, hawker centre and public transport. Marsiling is also an upcoming location, as it is near to Woodlands, which has become a bustling estate thanks to the new Thomson-East Coast MRT line and proximity to the Causeway, which is now reopened.
We also love that this unit is on a high floor with unblocked views. Probably the only deterrent is the age of the flat, as it TOP in 1976, which makes it 46 years old.
| Property | 3-room flat at 24 Marsiling Drive |
| Price | $299,999 |
| Downpayment (at least 15% for HDB loan) | $45,000 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,157 monthly |
| Key features | Close to amenities, advantage of new MRT lines, high floor, windy |
View the listing here or search for other Woodlands HDB flats on PropertyGuru.
3-Room Flat at 33 Telok Blangah Way: $299,000
Telok Blangah is now one of the most attractive neighbourhoods, with property prices for new flats shooting up thanks to the developments of the Greater Southern Waterfront area and upcoming 6,000 BTO flats to be built on the Keppel Club site.
This 3-room flat may have TOP-ed in 1975, but it’s sure windy. It’s just a few minutes’ walk to Mount Faber Park, the Safra Club House, Community Club, two markets, a mosque, a church, various hawker centres and coffeeshops, as well as primary and secondary schools. The lift upgrading programme and home improvement programme works have also been completed and billed.
| Property | 3-room flat at 33 Telok Blangah Way |
| Price | $299,000 |
| Downpayment (at least 15% for HDB loan) | $44,850 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,153 monthly |
| Key features | Located in the Greater Southern Waterfront area, nearby amenities, LUP and HIP completed and billed |
View the listing here or search for other Bukit Merah HDB flats on PropertyGuru.
How to Pay for a Resale HDB Flat: A Step-by-Step Guide
Read more here.
3-Room Flat at 38 Lorong 5 Toa Payoh: $295,000
All eyes are also on Toa Payoh, with the new developments near Caldecott MRT station, the relocation of Raffles Girls’ Secondary and other choice schools in the area. In addition, if you’re a fan of the famous Toa Payoh dragon playground, this flat is really close to it. There are plenty of amenities around too, and public transport is a cinch in this neighbourhood.
This flat TOP in 1969 and is located on a low floor. But for a home in Toa Payoh, this is well worth it. Living in a city fringe neighbourhood that’s almost right smack in the middle of Singapore, you’ll be close to all parts of the island, be it north, south, east or west.
| Property | 3-room flat at 38 Lorong 5 Toa Payoh |
| Price | $295,000 |
| Downpayment (at least 15% for HDB loan) | $44,250 |
| Mortgage repayments (based on 2.6% HDB loan for 25 years) | $1,138 monthly |
| Key features | Close to MRT station, city fringe, amenities all around, choice schools |
View the listing here or search for other Toa Payoh HDB flats on PropertyGuru.
Why Are These HDB Resale Flats So Cheap?
First off, you’d notice that the majority of these listings are:
- 3-room HDB flats with a size ranging from 600 to 700+ sq ft, and
- Around 50 years or older
Depending on what you hope to achieve with your new home, these flats may or may not be suitable for you.
However, if you have a tight budget and need a new home within the next few months, then these are great options to consider! The possibility of more generous CPF Housing Grants through schemes like the Proximity Housing Grant can also make the unit even more affordable.
And due to their more efficient layout, older flats are typically more spacious than new ones of the same type, and some of these might also be recently renovated. You might even be able to score a unit that is in move-in condition.
Let’s also talk about the location of these flats. We’ve tried our best to scour flats from different parts of the island, but you’ll generally notice that the more ‘ulu’ locations tend to yield flats that could be newer and larger with cheaper psf prices. But those in the older, mature neighbourhoods are indeed a steal, especially in the popular areas of Queenstown, Bukit Merah, Toa Payoh and other city-fringe and/or prime HDB estates.
However, if you’re planning to sell the property in the near future and hope to turn a profit, then you may want to think twice about the decaying lease.
Another thing to think about is your (growing) family. Families with young children or couples who might want to settle down with two or more kiddos may need more space. So, staying put in a 3-room flat might not be so ideal. You probably want to consider getting your own BTO flat eventually as it’s unlikely that these older flats will be around till the end of the lease (think: Selective En Bloc Redevelopment Scheme, aka SERS).
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This article was written by Joanne Poh. A former real estate lawyer, she writes about property and personal finance and spends her free time compulsively learning languages and roller skating in carparks.