Ping Yi Court BTO Review: Fast, Finished and Standard, at a 4-Room Price That Overlaps a Plus Flat's

Ping Yi Court is not a cheap BTO project. It is a quick, finished Standard flat in Bedok, with a 4-room price range that overlapped a Plus flat's in the same exercise. Whether that suits you depends on the flat type your queue number is for. The October 2025 application window closed on 22 October 2025; this review is as of September 2026, and every rate in it is HDB's final figure.

The 4-room: book it if the price sits inside your HFE letter. At $498,000 to $624,000 before grants, Ping Yi Court's 4-room was the dearest Standard 4-room in the October 2025 BTO exercise, at both ends of its range, and it overlapped the $514,000 to $650,000 HDB asked for a 4-room at Oak Ville @ AMK, a Plus project. What differs is what the money comes with. Here it buys a 5-year minimum occupation period (MOP), the option of letting the whole flat once that is over (for a Singapore Citizen owner, with HDB's approval), no subsidy recovery when you sell, floor finishes, internal doors and sanitary fittings already in the price, and HDB's estimate of 33 months against Oak Ville's 49. First-timer families faced 1.7 applications for each 4-room flat set aside for them, the lowest first-timer family 4-room rate of the five Standard projects in the exercise.

The 5-room and 3Gen: book only if you need the rooms and the sums are comfortable. A 5-room costs $715,000 to $857,000 and a 3Gen flat $782,000 to $874,000. A full HDB loan on the cheapest 5-room needs a household income of about $8,477 a month under HDB's loan test, before any grant. HDB's own October 2025 income ladder names no Ping Yi Court 5-room, even for a family earning $9,000, and the gap to HDB's resale comparables is narrowest for the 5-room: 22%, against 29% for the 4-room and 32% for the 3-room.

Singles. The 2-room Flexi row drew 15.8 applications from first-timer singles per flat set aside for them, more than twice HDB's median of 7.4 for singles in the exercise. If your queue number comes up, the hardest part is behind you; book if the flat fits.

Our call, flat type by flat type. A 4-room number at Ping Yi Court is one we would use. A 5-room or 3Gen number is worth using if your household needs the space and your loan leaves room to breathe; if it does not, decide before the appointment, because passing when your number is called turns a first-timer family into a second-timer family for a year (unless 10 or fewer BTO flats are left), and HDB's preliminary November 2026 list has no Bedok 5-room or 3Gen flats to fall back on.

Source: HDB's October 2025 launch release, Annex A price list and the Ping Yi Court sales brochure.

Source: HDB Annex A, October 2025, 99-year leases. Prices exclude grants, the resale levy and any additional payments. Price per sqm is our arithmetic: the midpoint of each range over the floor area including the air-con ledge.

• The finishes are priced in, and HDB shows by how much. The listed prices include floor finishes, internal doors and sanitary fittings; the "without" column is HDB's own price for the same flat without them. A 4-room carries $9,000 of them at the cheap end and $8,000 at the dear end; a 3-room, $6,000 at both ends; a 5-room, $10,000. In the 3-room and bigger flats the brochure specifies vinyl in the bedrooms, tiles in the living and dining area, bedroom doors and folding bathroom doors. If you plan to redo the floors anyway, that is fit-out you would be replacing; see BTO renovation and design ideas.
• Ping Yi Court's 5-room is its dearest flat per square metre. At $6,956 a square metre on the midpoint, it costs more per square metre than the larger 3Gen flat ($6,843) and well above the 4-room ($6,032).
• Courtyard, preschool, roof garden. The brochure arranges the blocks "along the site's perimeter to create a courtyard setting", with a preschool, a multi-storey car park topped by a roof garden, and playgrounds and fitness stations; it says the project's facilities will be open to the public. On HDB's site plan, Block 810A holds every one of the 28 3Gen flats.
• Buses and trains, as the brochure puts it. It names bus services along Chai Chee Street and "the nearby Bedok and Kembangan MRT stations". It gives no walking time, and neither do we.

From the 4-room up, every Ping Yi Court flat starts at $498,000 or more before grants.

HDB launched ten projects in eight towns in October 2025. Here is every one of them, with its 4-room price range, a flat type all ten sold:

Source: HDB Annex A and final application rates, October 2025. HDB prints one rate row per town and flat type, so two projects in the same town can share a row.

Read it like for like. HDB's price list marks Ping Yi Court, Fernvale Plains, Chencharu Grove and Yishun Glade, the exercise's four Shorter Waiting Time projects, with prices that cover the floors, internal doors and sanitary fittings; the remaining six were basic flats, with Mount Pleasant Crest also offering a White-flat option (the full list is in our renovation guide). So:

• Against the other finished Standard flats, compare list prices. Ping Yi Court's cheapest 4-room, $498,000, cost more than the dearest 4-room at Fernvale Plains ($472,000), Chencharu Grove ($439,000) or Yishun Glade ($415,000).
• Against the basic flats, take Ping Yi Court's finishes out: its 4-room becomes $489,000 to $616,000. That is still above Teban Heights, the one Standard project in the exercise without finishes, at $397,000 to $539,000.
• Against Oak Ville @ AMK (Plus), the like-for-like ranges are $489,000 to $616,000 at Ping Yi Court and $514,000 to $650,000 at Oak Ville: Ping Yi Court is lower at both ends, but the two overlap from $514,000 to $616,000. Ping Yi Court's 4-room is also the bigger flat, 93 sqm against Oak Ville's 90 sqm, so per square metre the gap is wider than the ranges show.
• Against the Prime projects, Ping Yi Court's dearest 4-room, $616,000 without finishes, is above the cheapest 4-room at Redhill Peaks ($541,000), Bishan Terraces ($543,000), Mount Pleasant Crest ($558,000) and Berlayar Residences ($578,000). The Prime ranges then climb much further, to between $735,000 and $788,000.

This compares price ranges, not places: a Bedok flat and an Ang Mo Kio flat are different homes, and only you can weigh the towns. HDB does not say how it set Ping Yi Court's prices. What the table does show is that, in this exercise, the Standard label in Bedok did not come with the prices of the other Standard towns.

For the same 4-room money in October 2025, HDB was also selling a Plus flat in Ang Mo Kio: 16 months slower on its estimate, basic inside, and bound by a 10-year MOP.

Overlapping price ranges hide two different contracts. Here is what separates a Ping Yi Court 4-room from an Oak Ville @ AMK 4-room at the same money, in the order you would meet it.

• While you wait. HDB's estimates run from the median month of flat selection to the median projected completion of each project's blocks: 33 months at Ping Yi Court, two years and nine months, against 49 at Oak Ville, four years and a month. Ping Yi Court's 33 is the longest of October 2025's four Shorter Waiting Time estimates (the other three were 31, 31 and 32), but still three months inside HDB's three-year line; the brochure calls them "waiting times of less than 3 years". HDB publishes no completion date for either project, and this review does not work one out. HDB's site-plan notes also say the blocks "may be completed ahead of the proposed precinct facilities". Wait times across every launch are in BTO construction progress and wait times.
• On key day. Ping Yi Court's flat arrives with its floors, internal doors and sanitary fittings. Oak Ville's is basic: HDB tiles the kitchen and bathrooms and fits the WC, and the flooring, internal doors and other fittings come through HDB's opt-in Optional Component Scheme, chosen at booking, or through your own contractor.
• For the first five years. A Ping Yi Court flat must be lived in for its 5-year MOP before you can sell it or let it out whole; a Plus flat, for 10 years before you can sell it. Spare bedrooms in a 3-room or bigger flat can be let before the MOP at either project, by a Singapore Citizen or Permanent Resident owner.
• After the MOP. At Ping Yi Court, an owner who has met the MOP and is a Singapore Citizen may let the whole flat with HDB's approval, within HDB's cap on occupants for the flat type and its non-citizen quota; once that quota is reached, the flat can be let only to Singaporeans or Malaysians. A Plus owner can never let the whole flat, even after 10 years, and neither can anyone who later buys it.
• On the day you sell. A Standard flat carries no subsidy recovery. A Plus owner pays HDB a percentage of the resale price or valuation, whichever is higher, whenever the flat is first sold; the charge does not lapse with time, and HDB set each Plus and Prime project's rate at launch (Oak Ville @ AMK's is 7%; every project's is listed in our prices guide).
• The hurdles facing your eventual buyer. A buyer of a resale Standard flat faces no income ceiling unless they take the CPF Housing Grant (an HDB housing loan has its own ceiling, $16,000 a month for families applying for an HFE letter from 24 August 2026). A buyer of a resale Plus flat must meet the household income ceiling even without a grant, and starts their own 10-year MOP. How MOP dates work in practice is in HDB flats reaching MOP.
• At the next ballot. Two of HDB's extras for first-timer families apply only to Standard flats: First-Timer (Parents & Married Couples) families get first priority under the Family and Parenthood Priority Scheme for a 4-room or smaller Standard flat, and a first-timer family unsuccessful in two or more Standard applications earns one more ballot chance with each later Standard application.

None of this says Ping Yi Court is the better home: Ang Mo Kio and Bedok are different towns, and the Plus flat drew a shorter first-timer family 4-room queue (0.7 against 1.7). It says that at overlapping prices, the Standard flat comes with fewer conditions.

The overlap is in the price only: at the same 4-room money, the Ping Yi Court flat arrives sooner, finished, and with fewer strings on the day you sell.

HDB calculates each rate by dividing a group's applications by the flats it set aside for that group. It measures how crowded a queue was, not your odds: HDB says about 20% of applications come from people who applied in earlier launches and may still be waiting to book, it shortlists more applicants than there are flats, potentially up to 200% of supply, and ballot chances differ by group. HDB prints one row per town and flat type; Ping Yi Court was the only Bedok project in October 2025, so every row below is its own. HDB prints the 5-room and 3Gen flats together.

Source: HDB's final application rates, October 2025 exercise, as at the close on 22 October 2025. "–": that group cannot apply, or HDB printed no rate.

• Families found shorter queues than the exercise's middle. HDB's median first-timer family rate for 3-room and bigger flats across the October 2025 exercise was 1.9; Ping Yi Court's three family rows were 1.6, 1.7 and 1.1. Second-timer families faced 9.7, 7.3 and 8.7 against a median of 15.9.
• The 4-room row sat between the other Standard rows and the Plus one. Its 1.7 was the lowest first-timer family 4-room rate of the exercise's five Standard projects (Chencharu Grove and Yishun Glade shared a row at 1.8; Teban Heights drew 2.0 and Fernvale Plains 2.5), but more than twice Oak Ville @ AMK's 0.7, and well under the Prime rows, from 3.1 (a row shared by Berlayar Residences and Redhill Peaks) to 3.5 at Bishan Terraces. In plain terms: about one 4-room flat for every 1.7 applications from first-timer families.
• Why, HDB does not say. The price may have played a part, since this was the dearest Standard 4-room list in the exercise; so may the spread of ten projects across eight towns, or the size of the batch. The rates cannot tell you which, and we do not pretend they can.
• The 2-room Flexi was two queues in one. First-timer families faced 0.5 applications per flat set aside for them and second-timer families 1.1, while seniors faced 4.4 and first-timer singles 15.8: 1,428 applications for 194 flats in all.

HDB's ballot also treats groups differently. First-Timer (Parents & Married Couples) families get three ballot chances, other first-timer families two and second-timer families one, and the Standard-only extras described above sit on top. The rates for every October 2025 project sit in BTO application rates and results.

For families, every Ping Yi Court queue for a 3-room or bigger flat ran below HDB's medians for the exercise; for singles, the 2-room Flexi queue ran at more than twice the median.

The Enhanced CPF Housing Grant (EHG) is set by your household's average gross monthly income over the 12 months before your HFE application: up to $120,000 for a first-timer family earning up to $1,500 a month, and nothing above $9,000. Applied to Ping Yi Court's cheapest flat of each type, HDB's bands give:

Source: HDB's EHG bands for first-timer families, applied by PropKaki to Ping Yi Court's lowest prices. The full grant needs the lease to cover the youngest buyer to age 95.

PropKaki's sums on HDB's lending rules: a loan of 75% of the price over 25 years, tested at HDB's 3.0% assessment floor, with repayments held to 30% of income. A grant lowers the price and the loan, and the rate HDB actually charges is below that floor.

Your HFE letter, not this table, fixes your grant and loan. Four points to hold it against:

• Your ceiling is the one you were assessed on. HDB raised its income ceilings for HFE letters applied for from 24 August 2026, to $16,000 a month for families buying a new 4-room or bigger flat, $8,000 for a 99-year 2-room Flexi and $24,000 for extended families. October 2025 applicants were assessed on the earlier $14,000, $7,000 and $21,000. HDB's October 2025 ladder has a family on $9,000 buying "a 3-room flat in any project", so the $9,000 column applies to Ping Yi Court's 3-room too.
• HDB's own ladder stops at the 4-room here. HDB's October 2025 release set out what households could buy at typical selling prices, with CPF covering the mortgage "with little or no cash payment". It put a 3-room in any Standard project within reach of a family earning $4,000, and a 4-room in any Standard project within reach at $7,000. At $9,000 it listed 5-room Standard flats only at Teban Heights, Fernvale Plains and Chencharu Grove. Ping Yi Court's 5-room is on no rung, and the ladder names no 3Gen flat at all.
• HDB's after-grant table has a Ping Yi Court row of its own. It starts the 2-room Flexi at $81,000 after a $120,000 grant, the 3-room at $248,000 after $105,000, the 4-room at $418,000 after $80,000, and the 5-room and 3Gen at $660,000 and $727,000 after $55,000. HDB's headline for the whole exercise, a 4-room Standard flat from $263,000 and a 3-room from $149,000, describes the exercise's cheapest Standard flats, not Ping Yi Court's. HDB calls all of these illustrative.
• Booking commits money. The option fee is $500 for a 2-room Flexi, $1,000 for a 3-room and $2,000 for a 4-room or bigger. Cancel after booking and you lose the option fee; cancel after signing the Agreement for Lease and you lose 5% of the price instead; either way you then wait a year before applying again. If you do not pick a flat when your number is called, a first-timer family is treated as a second-timer family for a year, and singles and second-timer families are barred from sales exercises for a year, unless 10 or fewer BTO flats were left to choose from. The steps are in how to apply for a BTO flat, step by step.

On a $7,000 household income, HDB's own ladder reaches a Ping Yi Court 4-room with little or no cash; no rung of it reaches the 5-room.

Two measures, telling different stories. Both describe other flats: Ping Yi Court has not been built, has never been resold and has no resale price or rent.

What HDB set Ping Yi Court against. HDB's price list sets each flat type against resale flats it chose nearby:

Source: HDB Annex A, October 2025; the gap is our arithmetic. HDB: "The differences in attributes between the resale comparables and the new flats should be taken into account when making a comparison." HDB named no comparable for the 3Gen flat.

With about 90 to 92 years of lease left, HDB's comparables are young flats, and each Ping Yi Court range tops out below the lowest of HDB's comparables for its flat type. The gap narrows as the flats get bigger, from 39% for the 2-room Flexi to 22% for the 5-room.

Bedok's resale market, July 2025 to June 2026:

Source: PropKaki analysis of HDB resale registrations in Bedok. Other flats, not Ping Yi Court.

• The all-ages medians land inside Ping Yi Court's ranges. Bedok's median 4-room resale, $585,000, falls between Ping Yi Court's $498,000 and $624,000; the 3-room median, $425,000, inside $353,000 to $448,000; and the 5-room median, $800,444, inside $715,000 to $857,000. All but 84 of the 463 4-room resales were on leases that began before 2015, so most of these flats have far less of their lease left than a new flat's 99 years.
• Read the street column before the young-flat medians. The 84 young 4-room resales, at a median of $878,000, were mostly on Bedok North Street 4, Bedok North Road and Bedok South Road; Chai Chee Street is not among the leading streets for any flat type. The young 5-room median of $1,370,000 rests on just 5 resales. These figures describe other parts of Bedok, not Chai Chee Street.

Against Bedok's all-ages medians, a Ping Yi Court flat costs about the same money; what it adds is a new 99-year lease, not a discount.

Singles (35 or older, buying a first flat). A 2-room Flexi is the flat a first-timer single can buy here, and HDB adds $15,000 to the price, so the cheapest one, $201,000, becomes $216,000. The Enhanced CPF Housing Grant for singles goes up to $60,000 and stops once your own income passes $4,500 a month:

Source: HDB's singles page and EHG (Singles) bands, applied by PropKaki.

The queue was the hard part: 15.8 applications from first-timer singles per flat set aside for them, more than twice HDB's median of 7.4 for singles in the exercise. HDB does not say why, and a single rate row cannot show it. October 2025 singles were assessed on the $7,000 income ceiling for a 99-year 2-room Flexi, which rose to $8,000 for HFE letters applied for from 24 August 2026. A 2-room Flexi cannot have a bedroom let out at all.

Seniors (55 and older). Seniors faced 4.4 applications per flat set aside for them and could buy on a short lease, which must cover every buyer and spouse to at least age 95:

Source: HDB Annex A, October 2025. HDB also priced 20-, 30- and 40-year leases.

The brochure lets seniors on a short lease opt in to senior-friendly and other fittings under the Optional Component Scheme, added to the price. HDB's October 2025 release said eligible seniors right-sizing to a 2-room Flexi may apply for the enhanced Silver Housing Bonus of up to $40,000 from December 2025, when HDB said the enhancement would take effect, and that seniors buying a 3-room in this exercise were eligible for a cash bonus of up to $30,000.

Families applying together. From October 2025, HDB's Family Care Scheme (Joint Balloting) lets parents and their children apply together for two flats in the same BTO project where 2-room Flexi or 3-room flats are offered, as they were here; and Ping Yi Court's 28 3Gen flats are built for households of several generations.

For a single, the flat is modest and quick; the 15.8 queue was the obstacle, so a number in hand is worth using.

• November 2026 in Bedok. HDB's November 2026 exercise has about 7,960 flats in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. In Bedok, HDB's Flat Portal lists 1,640 flats (2-room Flexi, 3-room, 4-room) and 860 flats (2-room Flexi, 4-room), both preliminary. HDB names neither the projects nor their classification before launch, so the prices, waits and terms are unknown; our BTO launch schedule tracks the dates. Bedok's three BTO projects from October 2024 to July 2025, Bayshore Palms, Bayshore Vista and Kembangan Wave, were all Plus, which makes Ping Yi Court the only Standard one among Bedok's BTO launches from October 2024 to June 2026. If November's Bedok flats are Plus or Prime, the trade-off in this review comes to Bedok itself; if they are Standard, a first-timer family unsuccessful in two or more Standard applications, Ping Yi Court included, earns one more ballot chance with each later Standard application, up to HDB's cap.
• An SBF, if one comes. A Sale of Balance Flats offers flats left over from earlier launches. The last one, in February 2026, offered 4,320 flats; as at 18 September 2026 HDB had not announced another. Every Ping Yi Court row drew more applications than flats (661 for 294 4-room flats, for example), so we would not plan around leftovers. See HDB's Sale of Balance Flats.
• Resale. The keys come with the purchase, and a resale Standard flat bought without the CPF Housing Grant has no income ceiling. For a 5-room in Bedok, resale is the only route HDB's preliminary November list leaves: 172 5-room flats resold in the year to June 2026 at a median of $800,444, most of them on older leases, and just 5 on leases from 2015. Those figures belong to other flats, as the resale table earlier in this review shows.
• If you hold a number and are wavering. Passing when your number is called makes a first-timer family a second-timer family for a year, unless 10 or fewer BTO flats were left to choose from. With no Bedok 5-room on November's list, weigh that before you decide.

Rates from October 2025 do not predict November's; HDB's own advice, in its June 2026 release, is to "consider applying to projects with lower application rates, such as those with an application rate of around one or lower".

For a 5-room or 3Gen flat in Bedok, nothing on HDB's preliminary November 2026 list replaces Ping Yi Court.

Where every figure comes from. HDB's October 2025 launch release (Shorter Waiting Time flats, the income ladder, HDB's after-grant table and the seniors' and joint-balloting notes) and its Annex A price list (flats, prices with and without finishes, short-lease prices, the estimated waiting time and HDB's resale comparables); the Ping Yi Court sales brochure (setting, blocks, storeys, facilities, transport, finishes and site plan); HDB's final application rates for the October 2025 exercise; PropKaki's property_rules for the EHG bands, income ceilings, ballot chances, the MOP and HDB's renting rules; HDB's preliminary list for the November 2026 exercise; and PropKaki's analysis of HDB resale registrations in Bedok, July 2025 to June 2026. Which October 2025 projects include finishes, and Oak Ville @ AMK's Plus terms, are as HDB published them and as summarised in our renovation, prices and MOP guides.

The sums behind the tables. Price per square metre is the midpoint of each price range over the floor area including the air-con ledge. The cost of the finishes is HDB's price with them minus its price without them, end for end. The gap to HDB's comparables compares midpoints. The loan table assumes a 75% HDB loan over 25 years, tested at HDB's 3.0% floor with a 30% cap on income. Grant figures apply HDB's EHG bands to Ping Yi Court's lowest prices.

What this review leaves out on purpose. No completion date or year: HDB publishes none, and adding the wait to the selection month would be an inference. No resale price, rent or return for Ping Yi Court, which has not been built or resold; every resale figure here describes other flats. No forecast of prices, rents or future application rates. This is a desktop review of HDB's documents and data, not a site or showflat visit. Application rates are HDB's final figures for a closed exercise and do not predict the next one. Grant figures are illustrations, and your HFE letter decides your grant and loan. None of this is financial advice: verify every figure and rule with HDB before you book.