724 Clementi West Street 2 HDB Price Trends: Current Market Analysis for Singapore Buyers
Block 724 Clementi West Street 2 represents a significant investment opportunity in one of Singapore's most established residential estates. As of February 2026, recent resale transactions show 5-room units trading between S$738,000 to S$738,888, with price-per-square-foot ranging from S$581 to S$582 psf.[5][6] Understanding the price trends and market dynamics of this block is essential for both first-time buyers and investors looking to make informed decisions in the Clementi HDB market.
Understanding 724 Clementi West Street 2: Block Overview
Block 724 is a mature HDB development built in 1981, comprising 96 units of 5-room flats with a 99-year leasehold tenure.[7] Located in the Clementi planning area, this block offers a strategic position with proximity to amenities, transport links, and established community infrastructure. The development sits on Clementi West Street 2, a key residential corridor within the estate.
The block's age—now 45 years old—is an important consideration for buyers. While mature estates often offer better-established neighborhoods and lower prices compared to newer developments, they also come with considerations around lease decay and potential upgrading programs. The remaining lease is approximately 54 years, which remains acceptable for HDB financing purposes, though buyers should factor in future lease depreciation when evaluating long-term value.
Recent Price Trends: What the Data Shows
Current Market Pricing
The most recent transaction data from February 2026 shows a 5-room unit at Block 724 selling for S$738,000, representing a price per square foot of S$581 psf.[5] This aligns with another recent transaction at S$738,888 (S$582 psf), indicating consistent pricing in the current market.[6] For context, the unit size for these 5-room flats is approximately 118 square meters (1,270 sqft).
Historical Price Performance (2020-2026)
Examining the transaction history reveals important trends in Block 724's market performance:[3]
- January 2017: S$618,000 (S$487 psf)
- May 2018: S$600,000 (S$473 psf)
- January 2020: S$600,000 (S$473 psf)
- October 2020: S$585,000-S$615,000 (S$461-S$485 psf)
- April 2021: S$670,000 (S$528 psf)
- October 2021: S$520,000-S$610,000 (S$410-S$481 psf)
- August 2022: S$672,000 (S$530 psf)
- January 2023: S$695,000 (S$548 psf)
- February 2023: S$600,000 (S$473 psf)
- February 2026: S$738,000-S$738,888 (S$581-S$582 psf)
This data reveals a general upward trajectory, with prices appreciating from approximately S$600,000 in 2020 to S$738,000 in 2026—a gain of roughly 23% over six years. However, the volatility in pricing between transactions (ranging from S$410 psf to S$582 psf) suggests that individual unit condition, floor level, and specific unit characteristics significantly influence final prices.
Clementi Market Context: How Block 724 Compares
To understand Block 724's positioning, it's important to view it within the broader Clementi HDB market. Clementi is a mature estate with diverse housing stock ranging from 2-room to 5-room units across multiple blocks and streets. Current resale prices in Clementi (as of February 2026) show considerable variation:[2]
- 2-room units: Starting from approximately S$348,000
- 3-room units: Ranging from S$380,000-S$418,000
- 4-room units: Typically S$450,000-S$550,000 range
- 5-room units: S$650,000-S$750,000+ depending on condition and location
Block 724's pricing at S$738,000 for 5-room units positions it in the upper range for Clementi 5-room flats, reflecting its desirable location and relatively well-maintained condition despite its age.
Rental Market Insights: Investment Potential
For property investors considering Block 724, understanding the rental market is crucial. Recent rental data from September 2025 shows that 4-room units in Clementi West Street 2 (nearby blocks like Block 707) are commanding S$3,500-S$4,500 per month.[2] While specific rental data for Block 724's 5-room units isn't detailed in recent transactions, comparable 5-room units in Clementi typically rent for S$4,000-S$5,000 monthly.
This suggests a potential rental yield of approximately 6.5-8% annually (based on S$4,500 monthly rent on a S$738,000 purchase price), making Block 724 an interesting option for buy-to-let investors. However, investors should verify current rental demand and market conditions through Homejourney's property analysis tools before committing to a purchase.
Key Factors Influencing Block 724 Prices
1. Lease Remaining
With approximately 54 years remaining on the 99-year lease, Block 724 is entering the phase where lease decay becomes a consideration. HDB flats typically see accelerated price depreciation once the lease drops below 50 years. This means buyers purchasing now should factor in that resale value may face headwinds in 5-10 years as the lease shortens further. However, the Government's lease extension program for mature estates provides some mitigation, though details and eligibility should be verified with HDB.
2. Estate Age and Maintenance
At 45 years old, Block 724 is in a mature estate. While this means established infrastructure and community, it also means potential higher maintenance costs and the possibility of upgrading works. Check with HDB or your agent about any planned SERS (Selective En bloc Redevelopment Scheme) or upgrading programs that could affect the block's future.
3. Location Within Clementi
Clementi West Street 2 is well-positioned within the estate, offering good access to Clementi MRT Station (approximately 1.2 km away), shopping centers, and community facilities. This accessibility supports both owner-occupancy demand and rental appeal.
4. Unit Condition and Floor Level
The significant price variation in Block 724 transactions (ranging from S$520,000 to S$738,000) demonstrates that individual unit condition, floor level, and renovations heavily influence pricing. Higher floors and units with recent renovations command premium prices.
Investment Decision Framework for Block 724
Who Should Consider Block 724?
- Owner-occupiers: Families seeking a spacious 5-room unit in an established estate with good amenities and transport links
- Upgraders: Current HDB owners looking to move from 3-room or 4-room units to larger accommodation
- Investors: Buy-to-let investors seeking rental yield in a stable, mature estate with proven tenant demand
- Budget-conscious buyers: Those seeking 5-room units at lower prices compared to newer estates or prime locations
Key Considerations Before Purchasing
- Lease remaining: Confirm the exact lease expiry date and understand how this affects financing and future resale
- Upcoming upgrading: Check with HDB or the block's management for any planned improvements or SERS discussions
- Financing eligibility: Verify that your CPF and loan eligibility meets the requirements for a S$738,000 purchase. Use Homejourney's Bank Rates to compare current mortgage rates and calculate your monthly payments
- Inspection: Thoroughly inspect the unit for signs of age-related wear, water seepage, or structural issues common in 45-year-old buildings
- Neighborhood fit: Spend time in the area at different times to assess noise levels, traffic, and community vibe
Financing Block 724: CPF and Loan Considerations
For most buyers, financing a S$738,000 purchase at Block 724 will involve a combination of CPF and bank loans. Here's what you need to know:
CPF Usage
You can use your CPF Ordinary Account (OA) for the down payment and to pay down the mortgage. As of 2026, the maximum loan amount is typically 80% of the property price (or valuation, whichever is lower) for HDB resale flats. This means for a S$738,000 property, you'd need approximately S$147,600 in cash/CPF for the 20% down payment, with the remaining S$590,400 financed through a mortgage.
Bank Loan Considerations
Current mortgage rates for HDB resale properties typically range from 3.5% to 4.5% depending on the bank and your creditworthiness. A S$590,400 loan over 25 years at 4% would result in monthly payments of approximately S$3,070. Ensure your household income supports this payment under the Total Debt Servicing Ratio (TDSR) requirement, which limits total monthly debt repayments to 60% of gross monthly income.
Compare available mortgage options through Homejourney's Bank Rates to find the most competitive rates and terms for your situation.
Transaction Costs and Hidden Expenses
When budgeting for a Block 724 purchase, remember these additional costs beyond the purchase price:
- Stamp duty: Approximately 4% of the property price for most buyers
- Legal fees: S$800-S$1,200 for conveyancing
- HDB processing fees: Approximately S$100
- Valuation fees: S$300-S$500
- Renovation and repairs: Budget S$20,000-S$50,000+ for a 45-year-old unit, depending on condition
- Maintenance fund: Prepare for sinking fund contributions for building maintenance
Total transaction costs typically add 5-7% to the purchase price, meaning an additional S$37,000-S$52,000 on top of the S$738,000 purchase price.
Market Outlook: What's Ahead for Block 724?
The HDB resale market remains resilient, with mature estates like Clementi offering value compared to newer developments. However, several factors will influence Block 724's future performance:
Positive Factors: Established neighborhood with proven amenities, good transport connectivity, and consistent rental demand support price stability. The estate's maturity means infrastructure is fully developed and community is well-established.
Headwinds: The declining lease (now at 54 years) will increasingly pressure prices as the lease shortens further. Potential future SERS or upgrading programs could disrupt the market, though these typically benefit residents through compensation schemes.
For buyers planning to hold for 10+ years, Block 724 offers reasonable value at current prices. However, those with shorter holding periods should carefully consider lease decay and plan their exit strategy accordingly.
Common Mistakes When Buying at Block 724
1. Ignoring the Lease Issue
Many buyers focus solely on current price and overlook the declining lease. Remember that HDB prices typically drop faster once the lease falls below 50 years. Factor this into your long-term investment calculations.
2. Not Inspecting Thoroughly
A 45-year-old building may have hidden issues like water seepage, electrical problems, or structural concerns. Always conduct a professional inspection before committing.
3. Underestimating Renovation Costs
Older units often require more extensive renovations. Budget generously and get multiple quotes from contractors.
4. Overlooking Neighborhood Changes
Visit the block at different times—early morning, evening, weekends—to assess noise levels, traffic, and community dynamics. What looks quiet on a weekday may be bustling on weekends.
5. Rushing the Financing Decision
Don't accept the first mortgage offer. Compare rates across multiple banks using Homejourney's Bank Rates to potentially save thousands in interest.
Next Steps: Your Action Plan
Step 1: Verify Your Eligibility
Check your CPF balance, credit score, and loan eligibility before viewing properties. Ensure you meet HDB's income and citizenship requirements.
Step 2: Get Pre-Approved for Financing
Approach banks for mortgage pre-approval. This gives you a clear budget and strengthens your negotiating position with sellers.
Step 3: Research the Specific Unit
Once you identify a specific unit at Block 724, request its full transaction history, check for any defects notices, and verify the exact lease expiry date with HDB.
Step 4: Conduct Professional Inspection
Hire a professional surveyor to inspect the unit before making an offer. This typically costs S$300-S$500 but can reveal costly issues.
Step 5: Negotiate and Make an Offer
Based on comparable sales and market conditions, make an informed offer. Given recent transactions at S$738,000, understand your negotiating range.
Step 6: Engage Legal Support
Use a qualified conveyancer to handle all legal documentation and ensure your interests are protected throughout the transaction.
