Million-dollar HDB flats in Singapore are no longer rare headlines—they’re a growing trend. From Queenstown to Bishan, more resale flats are breaching the million-dollar mark, raising questions for buyers and sellers alike.
Are these flats really worth the price tag? What makes a public housing unit cross into private property territory? In this guide, we’ll break down what drives HDB resale prices past $1 million—from location and flat type to lease balance and market demand.
Whether you’re buying, selling, or just curious, this article helps you understand the real value behind Singapore’s most expensive HDBs.
What’s Driving the Rise in Million-Dollar HDB Transactions?
The rise of million-dollar HDB transactions in Singapore isn’t just a headline—it reflects a shift in buyer priorities and market conditions.
Flats that once cost under $700K are now breaching the million-dollar mark, driven by demand for rare flat types, prime locations, and long remaining leases. As supply tightens and buyers grow more selective, understanding what’s pushing HDB resale prices to new heights is essential—whether you’re buying, selling, or just watching the market unfold.
How has the HDB resale market changed in recent years?
The HDB resale market has evolved significantly since 2020. What was once a rare phenomenon—flats crossing the million-dollar mark—is now becoming more common. In 2023 alone, over 400 HDB flats were sold for $1 million or more, according to data from HDB’s resale portal.
This surge is largely due to buyers valuing location, size, and scarcity more than ever before. Resale flats in mature estates like Bishan, Queenstown, and Toa Payoh consistently command higher prices because of their accessibility and well-developed amenities.
Honestly, if you’re considering a resale flat in a mature estate, check the remaining lease first. Properties with more than 85–90 years left tend to appreciate better—and are more bank-loan friendly. You can compare loan options using tools like the mortgage repayment calculator.
Why are buyers willing to pay more than ever before?
Today’s buyers are a different generation. Many are dual-income households with strong earning power, and they want more than just a functional flat—they want space, proximity to MRT, and long-term value.
This explains the growing appeal of rare flat types like jumbo flats, executive maisonettes, and DBSS units. These offer condo-like living but come without the same maintenance costs or high ABSD for Singaporeans.
Additionally, high-floor units with unblocked views, near top schools or city-fringe MRT lines, tend to fetch premium prices—often competing directly with entry-level condos.
A client once told us, “I chose my $1M HDB in Queenstown over a condo because I wanted space for my kids and zero monthly maintenance fees.” That sentiment is now more common than you think.
What role does housing demand and supply play today?
Supply remains tight, especially for large, well-located flats with long leases. At the same time, delays in BTO projects have pushed more buyers into the resale market. This imbalance between supply and demand has naturally driven up prices across the board.
Government policies like the Prime Location Housing (PLH) model and reduced subsidies for central BTOs may also be nudging more buyers toward the resale market—despite the higher costs.
Here’s a quick summary:
| Factor | Impact on Resale Prices |
| Low BTO completion rates | Drives buyers to resale market |
| Limited large flat supply | Increases competition |
| High demand in central towns | Pushes prices past $1 million |
| PLH restrictions on new units | Boosts appeal of older resale flats |
If you’re planning to enter the market soon, it helps to compare home loans early. Start with options like the HDB home loan or DBS home loan to see which suits your income and flat type.
Which Estates Are Dominating the Million-Dollar HDB Market?
When it comes to million-dollar HDB resale flats, not all towns are created equal. While price records are being broken across Singapore, a few key estates consistently lead the pack. These towns combine unmatched convenience, historical value, and scarcity of large, well-located flats.
Why do Queenstown, Bishan and Bukit Merah lead in price?
Queenstown, Bishan, and Bukit Merah are the holy trinity of high-value HDB estates. Why? Location, location, location.
- Queenstown: One of Singapore’s oldest towns, Queenstown offers close proximity to the CBD, excellent MRT access, and a rare blend of old and new amenities. DBSS projects like SkyTerrace @ Dawson and Forfar Heights consistently hit million-dollar resale prices.
- Bishan: Popular with families due to top schools like Raffles Institution, Bishan also offers spacious older flats and seamless connectivity via Bishan MRT (Circle + NS Line).
- Bukit Merah: Its location near Tiong Bahru and the city fringe makes it extremely desirable, especially among younger buyers looking for city convenience without condo prices.
My Advice: Flats in these estates often attract both homeowners and investors. If you’re financing a flat here, do a DBS vs UOB home loan comparison early to lock in competitive rates before prices push higher.
How are mature estates outperforming newer towns?
Mature estates have one key advantage—livability. These towns are already built up, with:
- Established MRT and bus networks
- Plenty of hawker centres and supermarkets
- Schools, clinics, and childcare options within 5–10 minutes
In contrast, newer towns like Tengah or Punggol may offer fresh units, but buyers often trade convenience for long commutes and incomplete infrastructure.
Here’s a quick snapshot:
| Factor | Mature Estates | Non-Mature Towns |
| MRT Access | 2–3 lines per estate | 1 line, fewer buses |
| Flat Size | 120–145 sqm typical | 90–105 sqm typical |
| Historical Demand | High resale turnover | Low resale activity |
Some buyers see this as a no-brainer: why buy new if you lose on space and convenience?
What’s fueling demand in towns like Toa Payoh and Kallang?
Toa Payoh and Kallang are quietly emerging as serious contenders. While they don’t dominate headlines like Bishan or Queenstown, they’re benefiting from two things:
- Proximity to central zones – both towns are just 2–3 MRT stops from Orchard or Bugis.
- Rare unit supply – especially in Toa Payoh, where large 5-room flats and premium blocks near Toa Payoh Central are highly sought after.
Kallang also appeals to younger buyers thanks to its heritage vibe (think McNair Road and Boon Keng) and upcoming projects near the Kallang River.
Anecdotally, we’ve seen resale flats in Toa Payoh with over 95 years lease left going above $1M, especially those within 1km of good schools. For buyers here, understanding your loan options for HDB flats is key before making an offer.
What Types of Flats Are Most Likely to Reach $1 Million?
Not all HDB flats are created equal—and the ones pushing past the million-dollar mark tend to be rare, spacious, and located in the right towns. While demand matters, the type of flat you own (or are buying) plays a huge role in resale value.
Why are executive maisonettes and jumbo flats in high demand?
Executive maisonettes (EMs) and jumbo flats are two of the most coveted flat types on the resale market—and for good reason.
- Executive Maisonettes: These are rare two-storey HDB units, usually built in the 1980s and 1990s. They offer 140–160 sqm of space, which is virtually impossible to find in today’s BTO launches.
- Jumbo Flats: Created by merging two adjoining units, jumbo flats are often over 160 sqm. Found mainly in estates like Woodlands, Yishun, and Ang Mo Kio, they’re extremely limited in supply.
Despite being older, these flats still fetch $950K to $1.1M in some mature estates—especially if they’re well-renovated and high-floor.
From what I’ve noticed, EMs are almost always on the 2nd or 3rd floor of walk-up blocks. If you’re buying one, check the stairs and accessibility. And secure your bank loan for HDB resale early—valuation mismatches can result in high Cash Over Valuation (COV).
What makes DBSS and loft units stand out to buyers?
DBSS (Design, Build and Sell Scheme) flats are another breed altogether. Though technically still public housing, they offer private-condo finishes, layouts, and often better fittings.
Loft units—usually found on top floors—can feature:
- Double-height ceilings
- Full-length windows
- More natural light and privacy
Some iconic DBSS projects that frequently exceed $1 million:
- The Peak @ Toa Payoh
- Natura Loft @ Bishan
- City View @ Boon Keng
Many buyers are drawn to these flats as an alternative to small, overpriced condos. You can explore more comparisons in our guide on million-dollar HDB vs condo.
How does layout, size, and floor level affect valuation?
When it comes to HDB resale, layout and orientation matter just as much as size.
Here’s what typically pushes a flat’s value upward:
| Feature | Impact on Resale Value |
| Efficient layout | Higher usability, more space |
| Above 10th floor | Unblocked views, more privacy |
| North-south facing | Better ventilation, less heat |
| Corner unit | More privacy, less noise |
| Squarish rooms/living space | Easier to furnish |
Buyers are also more willing to pay top dollar for units with minimal built-ins or those that allow easy renovation. If you’re a seller eyeing $1M, getting a valuation aligned with your expectations is key—consider using a mortgage loan calculator to map your buyer’s affordability range.
How Does Lease Tenure and Flat Age Affect Pricing?
When it comes to HDB resale flats, age isn’t just a number—it’s a key factor that can make or break a million-dollar transaction. Even in high-demand estates, a flat with a short remaining lease will see its price and buyer pool shrink fast.
Why do flats with over 90 years remaining command premiums?
Buyers value longevity. The closer a flat is to its original 99-year lease, the more attractive it becomes—not just for living, but for resale down the road.
Flats with over 90 years left:
- Appeal to young families planning long-term
- Qualify for full CPF usage and most housing grants
- Are eligible for nearly all HDB and bank home loans
This is why newer 5-room flats in BTO clusters like SkyTerrace @ Dawson (Queenstown) or Waterway Terraces (Punggol) easily cross the $1M mark—they’re still “young” on paper.
A tip for you: Lease balance is often a blind spot for first-time buyers. Always check the HDB portal or valuation report before making an offer. A flat with 94 years left today may sell $80K more than one with 78 years—even if they look identical.
How does lease decay impact older million-dollar units?
As the lease runs down, the resale value of the flat depreciates—especially once it dips below 70 years.
Here’s how lease decay typically affects value:
| Remaining Lease | Buyer Impact | Price Trend |
| 90–99 years | Full loan and CPF eligibility | Strong demand |
| 70–89 years | Slightly limited for some bank loans | Mild depreciation |
| < 70 years | Tighter CPF use, limited bank financing | Sharper price drop |
Even popular unit types like executive maisonettes or jumbo flats suffer when the remaining lease is under 60 years. Fewer buyers qualify for loans, and resale appeal drops sharply.
This is one reason why some sellers opt to refinance early and exit at a better valuation. If you’re holding such a unit, check whether refinancing your HDB loan could improve your position before listing.
What lease duration do banks and buyers consider ideal?
Generally, banks are most comfortable financing flats with at least 60–65 years of lease left. For maximum loan approval and flexibility:
- Aim for flats with at least 80 years remaining
- For younger buyers using CPF, 90+ years is ideal
- Many banks reduce loan tenure if lease expires before borrower hits 95
This is where pre-purchase checks matter. Use a lease calculator or loan eligibility tool before committing. We’ve also covered the HFE letter process and HDB loan eligibility in this buyer’s checklist.
How Important Is Location in Determining a Flat’s Value?
Location remains one of the most powerful levers influencing HDB resale prices. Even two identical units—same layout, same floor—can differ in price by over $100K simply because of where they’re located. When it comes to million-dollar flats, address matters.
What advantages do city-fringe locations offer?
City-fringe areas like Queenstown, Redhill, Kallang, and Boon Keng offer a rare balance: near-CBD access without the PLH restrictions of brand-new BTOs.
Benefits include:
- Shorter commutes to Orchard, Raffles Place or Suntec
- Proximity to lifestyle hotspots like Tiong Bahru, Novena, Bugis
- Higher long-term rental appeal
Because of these factors, flats in these areas often appreciate faster than those in far-flung towns. In fact, many buyers who originally looked at condos in the fringe ultimately settled for spacious DBSS or 5-room HDB units—especially when they ran the numbers using a mortgage calculator.
How does MRT and CBD proximity influence pricing?
Flats within 5 minutes of an MRT station—or along direct lines to the CBD—almost always see a price boost. Even a 300m difference in walking distance can show up in valuation.
Here’s a quick breakdown:
| Distance to MRT | Typical Price Impact |
| < 500m (5-min walk) | +$50K to $80K premium |
| 500–800m | Neutral or minor lift |
| > 800m | Price softens slightly |
What’s more, stations on key interchange lines (e.g. Circle Line, North-South Line) increase a flat’s appeal to both families and working professionals. This is especially true in hybrid work setups, where being close to the office still matters.
Personal insight: I’ve seen buyers stretch their budget just to stay within a 300m walk of Redhill or Novena MRT. Their reasoning? “The daily time saved and resale potential is worth every dollar.”
Are million-dollar flats only found in central regions?
Not anymore. While central and city-fringe towns dominate the resale records, million-dollar HDB flats are increasingly showing up in towns like Tampines, Yishun, and Woodlands.
What’s driving this?
- Jumbo flats and EMs in non-central areas
- Top-floor units with unblocked views
- Flats located near interchange stations (e.g. Woodlands MRT on NSL + TEL)
Here’s an example:
| Town | Record Flat Type | Sale Price |
| Yishun | Jumbo, 149 sqm | $1.038M |
| Tampines | 5-room near MRT | $1.013M |
| Woodlands | Executive Apartment | $1.073M |
Tip: Don’t write off non-central towns. If you spot a rare, well-located large flat, run a quick check on HDB loan eligibility early—it might not stay on the market long.
Should You Buy a Million-Dollar HDB or a Condo Instead?
If you’re spending $1 million on a home, the question naturally arises—why not just buy a private condo? The reality is: both options serve very different needs. While condos offer prestige and facilities, million-dollar HDBs often beat them in space, value, and location.
How do space, amenities and leasehold compare?
Million-dollar HDB flats tend to offer more interior space than entry-level condos. It’s not uncommon for 5-room flats or executive maisonettes to hit 130–150 sqm, while $1M condos in the OCR may offer just 60–70 sqm.
Here’s a side-by-side:
| Feature | Million-Dollar HDB | Entry-Level Condo (OCR) |
| Floor Area | 110–150 sqm | 60–75 sqm |
| Maintenance Fees | $70–$90/month | $250–$400/month |
| Lease Type | 99-year HDB | 99-year private |
| Facilities | None | Pool, gym, BBQ etc. |
Personal tip: For families prioritizing space over status, a million-dollar HDB often offers better functionality at a lower monthly cost. You lose out on a gym, but gain a bigger kitchen and living room.
What financing options are available for high-value HDBs?
Financing a high-value HDB resale flat is straightforward—but the sums involved mean you need to plan ahead.
You can:
- Use a bank loan (up to 75% of the flat value)
- Tap into CPF Ordinary Account
- Apply for HDB grants (if eligible)
Important: HDB loans are only available if you meet income ceilings and do not own private property. Most buyers of $1M flats go with bank loans, comparing packages from DBS, UOB, or OCBC.
If you’re unsure, a mortgage broker can help you compare rates, tenure, and total interest easily—especially useful when flat prices edge past a million.
Is a million-dollar HDB a better investment than private property?
It depends on your goals.
Million-dollar HDBs offer:
- Larger space in central or fringe areas
- Lower upfront taxes and no ABSD for Singaporeans
- Stable resale demand in mature towns
But there are limitations:
- No renting out whole unit for 5 years
- Capital appreciation is more limited than private property
- Lease decay affects long-term value
In contrast, private condos:
- Offer better rental yields and appreciation
- Can be rented out immediately (if not owner-occupied)
- Are less affected by lease decay if they’re freehold or new
According to CNA, many young buyers still choose resale HDBs due to the “value-for-space” equation—especially those starting families or prioritising lifestyle over prestige.
What Should Sellers Know Before Listing a High-Value HDB?
If you’re hoping to break the million-dollar mark on your HDB flat, you’ll need more than just a good location. Buyers in this price range are highly selective, and competition from newer flats or condos is real. Getting your pricing, presentation, and paperwork right is key.
How should sellers price their flat to meet buyer expectations?
Start by understanding your unit’s valuation range. Check past transactions in your block and estate using HDB’s resale portal, and take note of:
- Floor level
- Orientation (north-south is best)
- Unit size and layout
- Lease balance
Next, assess how your unit compares. Is it recently renovated? Corner unit? High floor?
Here’s a general rule of thumb:
| Market Factor | Price Impact |
| Top-floor, unblocked view | +$30K to $60K |
| Corner or private stack | +$20K |
| Lease under 80 years | -$50K or more |
| Facing road or MRT tracks | -$20K to -$40K |
Try working backwards from your target price. If buyers can only borrow up to a certain amount based on valuation, they may need to fork out a high COV (Cash Over Valuation). Use a mortgage loan calculator to understand what your buyer can actually afford.
What home improvements can raise your resale price?
You don’t need a full renovation, but smart upgrades can tip the scales for buyers choosing between two similar flats.
Recommended improvements:
- Repaint the entire unit (neutral tones work best)
- Replace outdated lighting with warm LED fixtures
- Update old kitchen cabinet doors or countertops
- Remove clutter and bulky built-ins (buyers prefer open space)
I’ve had buyers walk away from an otherwise perfect unit—just because it looked dark, dated, or overly customized. Presentation really matters at the $1M mark.
Also, staging your flat well in listing photos and viewings can add perceived value. Clean, bright, and well-maintained flats always sell faster—and closer to asking price.
How do HDB rules and grants impact the final transaction?
HDB flats come with their own set of policies that can affect resale timelines and eligibility. Here are a few things to keep in mind as a seller:
- MOP (Minimum Occupation Period): You must complete 5 years before listing
- CPF Housing Grants: Buyers using CPF grants may have income or ethnic quota restrictions
- Valuation Reports: Buyers often request one before negotiation. It’s not mandatory, but very helpful
For a smooth transaction, many sellers work with a mortgage broker or check updated rules in guides like our post on CPF grant eligibility and resale flow. Knowing your buyer’s financing limits helps prevent last-minute surprises.
And remember: if you’re planning to purchase another home after selling, explore refinancing options early—especially if upgrading to private property.
What Do the Latest Data and Trends Reveal About the Market?
Million-dollar HDB flats are no longer an anomaly—they’re a segment. Each month, new records are set, and 2025 is shaping up to be the biggest year yet for premium resale transactions. But what’s really happening beneath the headlines?
How many million-dollar HDBs have sold recently?
According to official HDB data, over 470 flats were sold for $1 million or more in 2024—a sharp increase from 369 in 2022. That momentum has carried into 2025, with at least 50 units crossing the mark in Q1 alone.
The trend is no longer limited to one-off DBSS units or central locations. Buyers are increasingly willing to pay more for space, accessibility, and remaining lease—even if it means paying COV or skipping a condo.
For the latest resale stats, refer to HDB’s official transaction data.
Which towns had the highest number of such transactions?
As expected, mature towns dominate the million-dollar HDB map. But the spread is widening, with non-CBD towns starting to feature as well.
Here’s a breakdown of where these high-value deals are happening:
| Town | No. of $1M+ Flats (2024) | Common Flat Types |
| Queenstown | 95+ | DBSS, 5-room, high-floor |
| Bishan | 70+ | Executive maisonette, DBSS |
| Toa Payoh | 50+ | 5-room, loft units |
| Bukit Merah | 40+ | 4- and 5-room, high floors |
| Kallang/Whampoa | 35+ | DBSS, corner units |
| Yishun | 15+ | Jumbo flats |
Interestingly, Yishun and Woodlands entered the list for the first time, proving that size and layout can sometimes outweigh location.
What resale price benchmarks are being broken in 2025?
2025 has already seen multiple flats breach the $1.3M mark, with a unit in Queenstown reportedly selling for $1.42M—setting a new national record. Some maisonettes in Bishan and DBSS flats in Boon Keng are edging close to those numbers too.
New price ceilings by flat type:
- DBSS in central towns: $1.35M to $1.42M
- Executive Maisonette (Bishan): $1.25M+
- Jumbo Flat (Yishun): $1.08M+
- 5-room near MRT (Toa Payoh): $1.15M+
Personal insight: We’re entering a stage where buyers aren’t just looking at resale flats as homes—they’re viewing them as strategic alternatives to private condos. A well-located HDB may be less flashy, but it delivers long-term value.
If you’re eyeing this segment, be prepared to act fast. High-demand units often attract multiple offers—and having a mortgage broker on standby helps streamline approval and lock in good rates.
What’s the Outlook for Million-Dollar HDBs in the Next Few Years?
With demand staying strong and premium flats getting rarer, the million-dollar HDB trend isn’t slowing down anytime soon. But external factors like interest rates, policies, and lease decay will play a big role in shaping what comes next.
Will more estates cross the million-dollar mark?
Yes—especially mature towns that haven’t hit the $1M club yet. As newer BTOs in these areas hit their 5-year MOP, you can expect a new wave of million-dollar listings.
Emerging towns to watch:
- Serangoon – near Nex Mall, with older jumbo and EM units
- Tampines – large flats near interchange MRT lines
- Bukit Batok – especially DBSS or top-floor units near Hillview
Additionally, if PLH flats in prime areas eventually hit the resale market post-MOP (likely in 2033 onwards), they could reset pricing benchmarks entirely.
How might future cooling measures affect prices?
Government policies are always a wildcard. While past cooling measures haven’t targeted HDB resale directly, future shifts could:
- Tighten loan-to-value (LTV) ratios for resale buyers
- Adjust CPF usage or valuation limits
- Introduce caps for grants or high-value units
That said, demand for quality housing in well-connected areas remains high, especially from upgraders and second-timers. Price growth may slow—but won’t reverse completely unless severe restrictions are introduced.
Tip: With interest rates still in flux, it’s wise to secure flexible loan terms now. If you’re unsure, compare packages from banks or speak with a mortgage specialist to avoid future surprises.
What advice should buyers and sellers keep in mind now?
Whether you’re entering or exiting the million-dollar HDB market, timing and due diligence are everything.
For Buyers:
- Don’t rush—check lease balance, floor level, and facing
- Get AIP or HFE letter approved before you start viewings
- Compare bank vs HDB loans to avoid delays
For Sellers:
- Stage your flat well—light, clean spaces sell faster
- Understand valuation vs COV limits for buyers
- Prepare your documents and be ready to negotiate fast
Final word: This market rewards preparation. Whether you’re looking to buy your forever home or cash out at peak value, surround yourself with the right information—and the right people.
Final Thoughts: Is a Million-Dollar HDB Worth It?
Million-dollar HDB flats reflect not just rising prices, but evolving buyer priorities—space, location, and long-term practicality. Whether you’re buying one for your family or selling yours for top dollar, understanding what drives value is the key to making smart decisions in this fast-moving market.
Buying? Do your homework on lease balance, valuation, and financing.
Selling? Time the market, stage your flat, and know your buyer profile.
If you’re unsure where to start, Ace Mortgage can help you compare home loan options and plan your next step—whether that’s refinancing, upgrading, or securing your first high-value HDB.
Need help navigating the numbers?
Speak with an experienced mortgage broker in Singapore and get clarity before you commit.
