Tampines: New record of $440k for 2-room HDB flat

In early May 2025, a 2-room flat at Tampines Greenleaf hit a new milestone when it changed hands for $440,000. Located at Block 524B Tampines Central 7, the mid-floor unit spans 506 sq ft, which works out to about $869 per square foot (psf). The lease for the flat, which began in 2015, still had a healthy 89 years and four months left at the time of the transaction.

The previous record for a 2-room flat in Tampines was set just a month earlier in April, when a lower-floor unit at Block 523B was sold for $425,000.

Before that, a similar low-floor unit in the same estate, Tampines Greenleaf, went for $419,000 in February — It was the first time a 2-room flat in Tampines breached the $400,000 mark.

Price growth at Tampines Greenleaf HDB

That said, Tampines Greenleaf does stand out within the wider HDB landscape. Among all 2-room flats in Singapore, those in this development have seen exceptional performance.

Since 2021, average resale prices for 2-room units at Tampines Greenleaf have risen by 46.95 per cent. In comparison, the nationwide growth rate for this flat type over the same period is 33.46 per cent.

Interestingly, this upward momentum seems limited to the 2-room units within the estate. When we include larger flat types like 4-room and 5-room units, the price growth at Tampines Greenleaf lags behind the national average.

In the last 5 years, the overall market price has grown about 40 per cent while the estate only grew by 25 per cent. So while Tampines Greenleaf is a standout for 2-room flats, it's less remarkable when viewed through the lens of overall HDB performance.

2-room vs. 3-room: The narrowing price gap over the year

With more 2-room units commanding higher prices, it's becoming clear that they're inching closer to the typical price range of 3-room flats. The numbers speak for themselves.

Clearly, the price gap is closing. In the last three quarters, the average price difference between the two flat types stood at 30 per cent. As of mid-Q2 2025, that margin has narrowed to just 16.57 per cent.

So far in May, 20 resale transactions for 3-room flats in Tampines have averaged $513,000 — only about 17 per cent (or $73,000) more than the record-setting 2-room flat.

To add perspective, a 3-room unit at 201A Tampines Street 21 recently sold for $420,000. Though the unit does offer less remaining lease, this transaction translates to just $573 psf, a far cry from the $869 psf fetched by the 2-room unit at Tampines Greenleaf.

Average 2-room HDB resale price in Tampines

Looking at 2025 so far, there have been six 2-room resale transactions in Tampines, averaging $399,000. That's right — almost touching the $400,000 mark. For context, the national average for 2-room resale flats currently stands at $360,000.

This means 2-room flats in Tampines are not only catching up with their 3-room counterparts but are also priced almost 10 per cent higher than the national average for their flat type.

Still, this trend isn't exclusive to Tampines. The percentage growth in prices over the past five years for 2-room flats here is closely in line with what's happening across Singapore. In short, the rising demand and pricing for 2-room flats is not isolated — it's part of a broader islandwide trend.

Sengkang: Highest 2-room record of $430k

Within the same week in early May, a 2-room flat in Sengkang also crossed the $400,000 mark. A 517-sq ft unit in the Fernvale Woods HDB estate changed hands for $415,000, or $802 psf. But that wasn't even the highest 2-room transaction in the area.

The ATH record was set earlier in March 2025, when a similar unit at Block 456A sold for $430,000 — or $831 psf.

Located on a higher floor within the 14-storey block, the unit had just entered the resale market after its Minimum Occupation Period (MOP) ended. When sold, it still retained a healthy lease of 94 years and seven months. This makes it the highest transacted price ever recorded for a 2-room flat in Sengkang.

The trend of 2-room flats selling for over $400,000 only gained momentum in 2025. Last year, several units were already selling at exactly $400,000 in Sengkang.

Nearing the end of 2024, a unit at Block 455A in Fernvale Woods breached the psychological barrier with a $403,000 sale. Since then, the prices in this estate have only continued to climb.

New ATH records for 2-room flats in 2025

Tampines and Sengkang aren't the only towns breaking price records for 2-room resale flats recently. Since the start of 2025, at least 11 towns have hit new all-time highs. These towns are mostly located in the West and North-East regions — signalling that demand for 2-room HDB flats in less central areas is on the rise.

New 2-room HDB flat price records through 2025 to date (Source: HDB, 99.co)

Most units that command high prices are the ones that have recently fulfilled their 5-year MOP. With longer remaining leases and modern layouts, these flats are sought after — particularly in newer estates like Fernvale Woods HDB.

While some are still below the $400,000 mark, these recent record-breaking sales have pushed more areas closer to the upper end of the 2-room HDB market. For more context, the recent national price record for the flat type is $585,000 for a unit opposite Tiong Bahru Market sold in August 2023.

Comparative analysis: 2-room flats vs. bigger flats resale price

Zooming out over the past five years, 2-room flat prices have grown by 52 per cent. Over the same period, the average price growth across all HDB flat types in Singapore was 40.53 per cent. This means 2-room flats are outperforming the general market by nearly 12 percentage points.

2-room flats have experienced the most significant price growth compared to their 3-, 4-, and 5-room counterparts. In the graph below, we can see that in the same 5-year period, 3-room flats saw approximately 47 per cent growth, 4-room flats rose around 46 per cent, while 5-room flats trailed slightly lower at 42 per cent. This indicates that the smallest flat type is not only holding its own, but leading the pack in relative appreciation.

Interestingly, the price gap between 2-room and 3-room flats is now narrower than the gap between 3- and 4-room flats. In practical terms, while 3- and 4-room flats continue to be priced differently, some 2-room units across Singapore are now selling at prices once thought to be exclusive to entry-level 3-room flats.

Why? One major driver is shifting demographics. There's a growing segment of buyers — singles, elderly couples, and retirees — who prefer smaller, more manageable homes.

For these groups, 2-room flats offer affordability, practicality, and accessibility, especially in towns with established amenities and transport links.

With more of them entering the resale market and targeting similar flat types, demand for 2-room units has gone up, closely followed by price.

What does it mean for the market?

This narrowing gap also raises longer-term questions about value perception in the HDB resale market. If 2-room flats continue to appreciate faster than larger counterparts, we may reach a point where some buyers start reconsidering whether the next flat size up — especially older 3-room units — still offers better value.

As a result, the price hierarchy traditionally linked to flat size may become less rigid over time, replaced by a blend of considerations such as lease length, estate maturity, and renovation quality.

Given the stronger pace of appreciation, it's likely we'll see more 2-room flats fetching prices that overlap with the lower range of 3-room flats.

However, single individuals can now purchase new 2-room flexi flats across the island through the Build-To-Order (BTO) scheme, with various grants available. This may improve affordability for buyers, especially those with lower incomes and no immediate occupancy needs.

Besides, value buys still exist if you know where to look. For example, a high-floor unit with an unblocked view at Block 43 Circuit Road, MacPherson Garden, was recently listed for just $299,000 — well below the current market highs.

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