4-room HDBs without million-dollar sales - where to still find value today

We constantly see, hear, and read about new all-time high (ATH) HDB resale prices — and this time is no different.

A recent transaction involving a 4-room flat in Bedok has officially set a new estate record for that flat type. What makes this sale stand out, however, is the fact that it didn't cross the million-dollar mark. In fact, Bedok has yet to see a 4-room resale flat breach the million-dollar barrier. But looking at how things are progressing, it seems we might be inching very close to that milestone soon.

Still, not everyone is prepared to fork out S$1 million for their next home — especially not for their first one. With all the ATHs and million-dollar sales reported almost daily, it's easy for buyers to assume that the resale market is oversaturated with these high-price transactions. That's why we're shifting the spotlight to estates where 4-room flats have yet to hit the million-dollar mark — and where you can still find more reasonably priced options.

Bedok North Woods sets a new estate record for its room type

Let's start with the latest HDB resale ATH in Bedok.

Just last week, a 3-room unit in the same project broke records for that room type. Now, only a week later, a 4-room unit in the same project has achieved a new record price for its type in Bedok.

This particular 4-room flat was sold for $960,000. It's located at Block 431A along Bedok North Road and sits on the higher end of the 17 floor project — between the 16th and 17th storey. The project recently hit its Minimum Occupation Period (MOP), and the flat still has 95 years and 1 month remaining on its 99-year lease.

Apart from the long lease, the project's location adds to its appeal. If you're curious to learn more about what makes this development so desirable, we've broken it down for you in this article.

Only nine HDB resale transactions from Bedok North Woods so far.

So far, only nine resale transactions have come out of Bedok North Woods since it reached its MOP.

Of these, five were 4-room flats and the remaining four were 3-room units. Yet even with this small number of resales, prices for the 4-room flats are already nearing the million-dollar mark. At this rate, it may just be a matter of time before we see the first million-dollar 4-room sale not just from Bedok North Woods, but possibly in the Bedok estate itself.

Here's a breakdown of the newly MOP-ed flats in Bedok in 2025 and what's coming in 2026:

 

In 2025, only two MOP-ed projects entered the resale market in Bedok — Bedok North Woods and Bedok North Vale. However, Bedok North Woods is the only one that includes 4-room flats, which likely increased competition for those units and pushed prices upward.

But in 2026, more choices are coming — and in higher volume. The supply of resale flats in Bedok is expected to more than double with the MOP of Bedok Beacon and Bedok South Horizon. Since both these projects also feature 4-room flats, competition could ease slightly with more options entering the market.

That said, Bedok South Horizon might still draw stronger demand. The project sits next to an upcoming MRT station, offers quick access to East Coast Park, and is connected to the park connector network — features that are likely to appeal to many buyers.

Why are 4-room flats in Bedok approaching $1M?

Several reasons could explain the price momentum in Bedok.

For one, there were no new MOP projects in 2024. That led to a bit of a supply pause, which may have pushed more buyers toward 2025 projects. When supply is short and demand holds steady, prices usually move upward.

Next, the long remaining lease of newer projects like Bedok North Woods adds value. Buyers are often more willing to pay a premium for newer flats with close to 99 years left.

Looking further ahead, Bedok is on the cusp of major connectivity improvements. The Thomson-East Coast Line (TEL) extension is due to complete in the second half of 2026, bringing Bedok South and Sungei Bedok stations into service. This will greatly enhance public transport options.

You should also consider the government's Draft Master Plan 2013 for Bedok, which outlined plans for revitalisation — including new hawker centres, a town plaza, and an integrated complex. The Bayshore precinct is expected to become a new waterfront residential area as well.

All these developments point to why Bedok flats — especially the newer ones — may continue rising in value.

Towns where 4-room million-dollar sales are already common

So far, several mature towns have crossed the million-dollar mark for 4-room HDB resale flats. Here’s how they stack up based on the number of such transactions:

Kallang/Whampoa leads in terms of million-dollar 4-room sales, followed closely by Toa Payoh, with just a handful of transactions separating Queenstown and Bukit Merah.

While these numbers show where most of the million-dollar 4-room sales are happening, they don’t always reflect the average resale prices in those towns. For instance, in 2025, Queenstown has the highest average price for 4-room flats at around $938K. Kallang/Whampoa comes next at $915K, followed by Toa Payoh at $899K and Bukit Merah at $883K. 

So, although Kallang/Whampoa and Toa Payoh see more transactions, it’s Queenstown and Kallang/Whampoa that are commanding higher prices overall. Toa Payoh and Bukit Merah still remain within the $800K price range — with Bukit Merah being the more affordable of the two. That said, both towns are edging closer to the $900K threshold.

Now, if we consider how prices have changed over the past five years, Toa Payoh stands out with the highest price growth at 59.03 per cent, followed by Kallang/Whampoa at 54.86 per cent. Bukit Merah comes next with a 34.12 per cent increase, while Queenstown, despite its high prices, has seen the lowest appreciation at just 24.98 per cent. One reason could be that resale prices in Queenstown — particularly from high-profile projects like SkyTerrace@Dawson — were already high when they first entered the market. This means there’s possibly less room for further growth, as the pricing may already be close to what buyers are willing to pay for 4-room flats in that area.

So, if you’re considering a move to one of these central towns, Toa Payoh might be the most appealing option. It’s more affordable than Queenstown and Kallang/Whampoa, yet it’s shown the strongest price growth, which could hint at solid future value.

Triple-digit vs double-digit volume of million-dollar sales in mature towns

From this list above, all the million-dollar 4-room HDB resale deals have come from mature estates, so it’s no surprise that these areas dominate the charts. But even among them, there’s a clear divide between towns with triple-digit million-dollar transactions and those with only double-digit figures.

Towns like the Central Area, Kallang/Whampoa, Queenstown, Bukit Merah, and Toa Payoh stand out with far more million-dollar 4-room deals compared to others. These locations not only top the list in transaction volume, but the gap between them and places like Geylang, Clementi, Ang Mo Kio, and Bishan is significant.

So, what’s driving this disparity?

The first group of towns — Central Area, Queenstown, Kallang/Whampoa, Bukit Merah, and Toa Payoh — form an inner ring around the city centre.These estates are especially attractive due to their excellent connectivity to the Central Business District and Orchard Road, offering much shorter daily commutes. On top of that, they’re close to major lifestyle hubs, shopping malls, and commercial areas. 

Buyers are often willing to pay a premium for this kind of convenience, especially high-income households, older buyers, and dual-income households with no kids (DINKs). Many of these towns also host Prime Location Public Housing (PLH) projects and newer BTOs that feature more than 80 years of remaining lease, high-floor units with scenic views and quality finishes with modern layouts. 

For instance, Pinnacle @ Duxton in the Central Area, SkyTerrace@Dawson in Queenstown, and RiverVista @ Kallang all contribute to the strong demand in these estates. Even Toa Payoh’s DBSS developments like The Peak @ Toa Payoh and various maisonette or loft-style flats continue to attract buyers willing to shell out over a million.

Meanwhile, towns like Geylang, Clementi, Ang Mo Kio, and Bishan haven’t witnessed the same level of activity in the million-dollar market.

One reason is that many of the flats in these towns are older, often with just 60 to 70 years of lease left. There’s also no PLH presence in Clementi or Ang Mo Kio as of yet. Bishan, while centrally located and well-regarded, is a smaller town with relatively limited resale supply, which restricts transaction volume. 

Which town could be the next to cross the million-dollar mark for a 4-room HDB resale?

Here’s a look at the highest 4-room HDB resale prices in towns where the million-dollar mark hasn’t been reached yet:

Given these numbers, Bukit Timah is the most likely contender to break the million-dollar barrier next. Still, Bedok isn’t far behind — and with the resale prices in Bedok North Woods climbing rapidly, there’s a chance that Bedok could beat Bukit Timah to the milestone.

You’ll also notice from the list that mature estates tend to have higher resale values, with the exception of Pasir Ris and Marine Parade. That said, while mature towns typically enjoy strong demand and pricing power, many of their older flats face lease decay — and that can limit how high prices can go, even in a hot market. In contrast, most of the 4-room HDB flats that are pushing or breaking the million-dollar mark — like the current $960K Bedok North Woods sale — tend to come from newer projects with long remaining leases and modern designs, which naturally attract stronger offers.

For those looking for a more affordable entry into a mature town, Pasir Ris might be worth considering. In fact, you can currently find 4-room flats in Pasir Ris listed for In fact, you can currently find 4-room flats in Pasir Ris listed for as low as $590,000 on 99.co.

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This article was first published in 99.co.