Earlier this month, a four-room HDB flat at 120 Serangoon North Avenue 1 was sold for $500,000 ($499 psf). The flat is located in the HDB town of Serangoon within District 19. The flat is also located on the first to third storey.
We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this 1,001-sq ft flat secured a bargain.
No nearby MRT station
The four-room flat at 120 Serangoon North Avenue 1 is located in close proximity to Serangoon North Park, The Serangoon Community Club, and Serangoon Gardens Country Club.
Schools within a 1km radius include Rosyth School, Zhonghua Primary School, Bowen Secondary School, Peicai Secondary School, and Serangoon Garden Secondary School (see Map 1).
Source: EdgeProp LandLens (as at 14 July 2025)
Kovan MRT Station on the North-East Line is the nearest operating MRT station, but it is approximately 1.7km away (see Screenshot 1). However, residents will be able to walk to the upcoming Serangoon North MRT Station on the Cross Island Line upon its completion in 2030. The lack of a completed MRT station is mitigated by the proximity of the Central Expressway.
Source: EdgeProp Is it a Good Deal (as at 14 July 2025)
Our tool noted that the transacted price of $500,000 for the subject flat is on the lower end of the price spectrum for similar flats in the same neighbourhood, and is also lower than the average price for the district (see Screenshot 2).
It also highlighted that the subject flat has a remaining lease of approximately 59 years, as the lease for the HDB flat commenced in 1985. The short remaining lease could have contributed to the flat’s low price.
Source: EdgeProp Is it a Good Deal (as at 14 July 2025)
Eight flats along Serangoon North Avenue 1 occupied the bottom spots
At the time of writing, 95 four-room flats in Serangoon have changed hands at prices ranging from $500,000 to $938,000. Of these 95 transactions, 15 were for flats along Serangoon North Avenue 1, which were sold at prices ranging from $500,000 to $618,000. Hence, the subject flat fetched the lowest price compared to similar flats in the same neighbourhood.
Among this year’s 95 transactions for four-room flats in Serangoon, flats along Serangoon North Avenue 1 occupied the bottom eight spots (see Table 1). Similar to the subject flat, the other seven flats have short remaining leases of approximately 59 to 61 years, which could have contributed to their low transacted prices.
The eight flats come from five blocks, namely Blocks 101, 120, 126, 145, and 146. The four blocks are located within a 500m radius of the subject flat at Block 120.
Source: EdgeProp Buddy (as at 14 July 2025)
Notably, a four-room flat at 145 Serangoon North Avenue 1 was also sold for $500,000 ($600 psf) in February. This flat is a short walk from the subject flat (see Map 2). Both flats are located along the same street and on the first to third storey.
However, the flat at Block 145 (893 sq ft) is significantly smaller than the subject flat (1,001 sq ft). It also has a slightly longer remaining lease of 60 years, compared to the subject flat’s 59 years.
Source: EdgeProp LandLens (as at 14 July 2025)
No million-dollar four-room flats in Serangoon
Of this year’s 95 transactions for four-room flats in Serangoon, three flats along Serangoon Avenue 1 topped the price chart (see Table 2). However, the transacted prices for all three flats were still below $1 million.
Source: EdgeProp Buddy (as at 14 July 2025)
At the time of writing, a four-room flat at 407 Serangoon Avenue 1 fetched this year’s highest price of $938,000 ($771 psf) for four-room flats in Serangoon. The flat is located on the 13th to 15th storey and has a remaining lease of approximately 63 years.
The flat at 407 Serangoon Avenue 1 measures 1,216 sq ft, significantly larger than the subject flat (1,001 sq ft). The generous size of this flat could have contributed to its record‑high price.
Additionally, 407 Serangoon Avenue 1 is a short walk from the dual‑line Serangoon MRT Station, Serangoon Bus Interchange, Serangoon Public Library, and Serangoon South Neighbourhood Park (see Map 3). Schools within a 1 km radius include Yangzheng Primary School, Maris Stella High School (Primary and Secondary), Zhonghua Secondary School, St. Gabriel’s Secondary School and Nanyang Junior College. The proximity to public‑transport hubs and schools could have boosted the prices of the three HDB flats along Serangoon Avenue 1.
Source: EdgeProp LandLens (as at 14 July 2025)
Recent slowdown in price growth for four-room flats in Serangoon
This year’s average resale price for four-room flats ($685 psf) in Serangoon is higher than that of their three-room ($678 psf) and five-room ($651 psf) counterparts (see Chart 1). Notably, the average resale price for these four-room flats is significantly higher than the transacted price for the subject flat ($499 psf).
Since 2020, four-room flats in Serangoon have recorded higher price growth (43.9%) compared to three-room (41%) and five-room (25.9%) flats in the same HDB town. However, the price growth for four-room flats in Serangoon has slowed. Since last year, the average resale price for four-room flats in Serangoon increased by 5.4% y-o-y, lower than the 6.6% y-o-y increase recorded by three-room flats. Meanwhile, five-room flats saw the weakest price growth at 2.2% y-o-y.
Source: EdgeProp Market Trends (as at 14 July 2025)
Notably, the average resale price for four-room flats in Serangoon aged 31 to 40 years is $669 psf; higher than that of similarly aged flats in the North-East Region ($613 psf) and islandwide ($567 psf) (see Chart 2).
Despite having the highest average resale price, such flats in Serangoon recorded the weakest price growth of 43.6% since 2020. In comparison, similar flats in the North-East Region and islandwide chalked up stronger growth rates of 49.5% and 50.4%, respectively.
Source: EdgeProp Market Trends (as at 14 July 2025)
Only two 99-year leasehold condos within walking distance
There are only two 99-year leasehold condos within walking distance of the subject flat at 120 Serangoon North Avenue 1, namely The Garden Residences and Affinity at Serangoon (see Map 4). Both condos are located in District 19 but along different streets. The Garden Residences is along Serangoon North View, while Affinity at Serangoon is along Serangoon North Avenue 1.
Located along Kensington Park Drive, Kensington Park Condominium is also within a 500m radius of the subject flat. However, it has a significantly longer tenure of 999 years. The 310-unit condo obtained its temporary occupation permit (TOP) in 1987.
In contrast, both 99-year leasehold condos are less than five years old; making them significantly newer than the subject flat. The Garden Residences received its TOP in 2021, while Affinity at Serangoon received its TOP in 2023.
Source: EdgeProp LandLens (as at 14 July 2025)
Affinity at Serangoon is also a significantly larger project compared to The Garden Residences. Affinity at Serangoon comprises 1,012 condo units and 40 landed units, while The Garden Residences features only 613 condo units.
Since 2018, the average price of The Garden Residences ($1,821 psf) has trended above that of Affinity at Serangoon ($1,798 psf) (see Chart 3). This is despite a stronger price growth of 17.1% since 2018 for Affinity at Serangoon, compared to a price increase of 11.4% for The Garden Residences.
Source: EdgeProp Market Trends (as at 14 July 2025)
Unsurprisingly, the average prices for The Garden Residences ($1,821 psf) and Affinity at Serangoon ($1,798 psf) are higher than that of four-room flats in Serangoon ($685 psf). However, the average price for four-room flats in Serangoon has increased by 52.9% since 2018; stronger than the growth for both condos, whose average prices increased by less than 20% during the same period.
Conclusion
The record-low transacted price of $500,000 ($499 psf) for the subject flat at 120 Serangoon North Avenue 1 is due to several factors. Primary reasons include its short remaining lease of 59 years and the lack of an operating MRT station within walking distance.
In contrast, a four-room flat at 407 Serangoon Avenue 1 fetched a record-high $938,000 ($771 psf) due to its longer remaining lease of 63 years as well as its close proximity to Serangoon MRT Station and Serangoon Bus Interchange. Furthermore, the flat along Serangoon Avenue 1 (1,216 sq ft) is larger than the subject flat (1,001 sq ft).
Unsurprisingly, the subject flat ($499 psf) transacted at a price lower than the average price of four-room flats in Serangoon ($669 psf) of a similar age. However, such flats still command higher prices than their peers in the North-East Region ($613 psf) and islandwide ($567 psf).
To learn more about this transaction, and whether it is a good deal, click here.
