Singapore's Million-Dollar HDB Flats Spread as Affordability Concerns Grow

More Than 1,000 Flats Crossed S$1 Million in 2024

Singapore recorded an estimated 1,035 Housing & Development Board (HDB) resale transactions worth at least S$1 million in 2024, more than double the 470 recorded in 2023. By February 2025, the number had reached a monthly record of 121, accounting for nearly 6% of resale transactions that month.

Those prices remain far from typical across Singapore's public housing market. Million-dollar sales represented about 3.7% of resale transactions in 2024, while the median resale price in February 2025 was S$630,000. Most transactions were between S$400,000 and S$700,000.

Yet the increase matters in a country where HDB flats house more than 77% of residents. Public housing has long supported Singapore's high homeownership rate through subsidized homes, eligibility rules and a carefully managed supply. Seven-figure resale prices have brought a new tension between the gains available to existing owners and the cost facing people looking for a home.

As of August 9, 2025, the central issue is how widely these prices will spread. Larger homes and unusual layouts still attract premiums, but standard four-room and five-room flats in desirable locations are increasingly joining them. Buyers are paying for proximity to transport and family, space, views and the remaining years on a flat's lease.

From a Rare Sale to a Regular Market Feature

Singapore's first million-dollar HDB sale took place in 2012, involving a rare executive apartment in Queenstown. What began as an exceptional transaction has become a regular feature of the resale market and property headlines.

The expansion is visible across several years:

• 2012: A Queenstown executive apartment became the first HDB flat sold for S$1 million.
• 2022: There were 369 transactions worth at least S$1 million.
• 2023: The number rose to 470.
• 2024: An estimated 1,035 flats crossed the threshold, representing about 3.7% of resale transactions.
• February 2025: A record 121 million-dollar flats changed hands, making up nearly 6% of sales that month.

The increase from 470 transactions in 2023 to 1,035 in 2024 illustrates how quickly a small segment can expand. Even so, its share of the market remains a fraction of all resale activity. The change is most visible in particular locations and types of homes.

Where Seven-Figure Prices Are Taking Hold

Central and mature estates remain the main locations for million-dollar sales. Bukit Timah, Bishan, Toa Payoh, Bukit Merah and Queenstown attract buyers seeking access to MRT stations, schools, established amenities and the city center. Kallang Whampoa, Toa Payoh, Bukit Merah and Queenstown were among the leading towns for these transactions in 2024.

Sengkang joined the list in 2024, while Tampines also illustrates the spread into estates beyond the traditional central locations. A 2024 tally put the number of towns with at least one million-dollar transaction at 23 out of 26. The accompanying list of exceptions named four places: Choa Chu Kang, Jurong West, Sembawang and Tengah. Those figures leave the precise town count unresolved.

Bukit Timah, Central Area and Bishan have seen million-dollar transactions become a substantial part of their local resale markets. In Bukit Timah, the share reached as high as 38%. A buyer searching in such an area therefore faces a different market from someone looking across Singapore as a whole.

Location also helps explain why a smaller flat can command a higher price than a larger home elsewhere. Buyers weighing travel, schools and access to relatives may value those advantages as much as additional floor space.

Which Flats Command the Highest Prices?

Executive flats, maisonettes and homes built under the Design, Build and Sell Scheme (DBSS) often attract premium prices because of their layouts or other distinctive features. Five-room and executive flats remain prominent among million-dollar transactions, but standard four-room units are increasingly reaching the same level.

Four-room flats accounted for 44% of million-dollar transactions in 2024, with five-room and executive flats making up the rest. That share shows how far the market has moved beyond unusually large apartments. Prime locations and high floors can bring standard units into the same price range.

The most expensive resale flat identified by August 9, 2025, was a five-room unit at Skyoasis @ Dawson, which sold for S$1.73 million. Across the wider group, common attractions include:

• High floors and panoramic views.
• Long remaining leases, often exceeding 90 years.
• Access to MRT stations, schools and amenities.
• Locations in mature or central estates.
• Spacious layouts, often larger than 100 square meters.

These characteristics help explain the prices buyers are willing to pay. A home's appeal can combine practical advantages, such as a shorter journey to work, with features that are difficult to find elsewhere, such as an expansive view or a particular layout.

Why Buyers Pay More for Public Housing

Alice, a public servant aged 29 when she bought her home, and her fiancé paid S$1.018 million in 2023 for a flat in Clementi. Their apartment had three bedrooms, measured 883 square feet and stood on the 39th floor.

The couple valued its panoramic sea view, proximity to the MRT and closeness to Alice's parents. Their purchase illustrates why some young professionals and families accept a seven-figure price for public housing: the decision can be about convenience, family support and the kind of daily life a location allows.

Buyers in this segment include young couples and families seeking larger homes near schools and amenities. They also include people moving from smaller HDB flats or private properties to gain space or a preferred location. Owners selling condominiums or landed homes may choose HDB flats to release cash while retaining a comfortable home.

A recent buyer described the monthly cost calculation behind such a purchase:

The monthly mortgage for my HDB flat is about S$3,400, this is much cheaper as the rental for a similar flat now will be about S$5,000.

For that buyer, the mortgage payment was about S$1,600 below the quoted monthly rent. The relative affordability of mortgage payments, particularly with government loans, can make a costly purchase attractive compared with renting a similar flat.

Robust wage growth and a strong job market have also given some households with higher incomes the ability to pay more. Their choices help explain why demand for expensive HDB homes can remain strong even while other buyers are concerned about affordability.

What Is Pushing Resale Prices Higher?

HDB resale prices rose 9.6% in 2024, almost double the increase recorded in 2023. Prices had increased every quarter since the middle of 2020, placing the million-dollar segment within a broader rise in the cost of resale housing.

Construction delays during the COVID-19 pandemic tightened supply. Fewer Build-To-Order (BTO) launches in prime areas also pushed buyers who wanted those locations toward existing homes. BTO flats are new homes offered through HDB's building program, while resale flats are bought from their current owners.

Working from home increased demand for space, including four-room, five-room and executive flats. Flexible layouts and privacy became more attractive to households spending more time at home. In sought-after estates, those preferences met a limited pool of suitable flats.

Rising private property prices added another source of demand. Some buyers found condominiums increasingly expensive and were willing to pay a premium for spacious HDB flats in convenient locations. Private property owners moving into public housing could also bring money released from their previous homes.

Inflation, rising household incomes, housing grants and favorable loan conditions for eligible buyers contributed to demand across the resale market. Upgraders, young families and private property downgraders were all competing for homes, although their budgets and reasons for buying differed.

Price growth slowed in the final quarter of 2024. New government cooling measures and a major BTO launch helped divert some demand away from resale flats. The slowdown showed that supply and borrowing rules were already influencing the market, even as prices continued to attract attention.

How the Government Is Responding

Singapore reduced the loan-to-value limit for HDB loans from 80% to 75% in August 2024. The limit determines the maximum share of a home's value that a loan can cover. A lower limit means buyers must fund a larger portion of the purchase through other resources, encouraging more cautious borrowing.

The government also enhanced the CPF Housing Grant for first-time buyers. Grants help eligible households meet housing costs, while tighter loan limits seek to restrain how much they borrow. Together, the measures address access to housing and the risk of households stretching their finances.

A new BTO classification framework introduced Standard, Plus and Prime categories, with stricter resale conditions for flats in prime locations. The framework is intended to maintain affordable public housing while responding to the strong demand for desirable locations.

HDB also expanded supply, launching more than 21,000 new flats in 2024, with more planned for 2025. More new homes give eligible buyers another option and can reduce the number competing for resale flats.

These changes affect different parts of a purchase. Loan limits shape borrowing, grants support eligible buyers, resale conditions govern future transactions, and construction adds homes. Their combined effect will help determine how buyers divide between new flats and the resale market.

Affordability and Speculation Draw Scrutiny

Million-dollar transactions have brought substantial gains to some sellers, but they have also increased concern about what future buyers will face. Some Singaporeans worry that rising prices will put homes beyond the reach of younger generations or encourage purchases driven by expected resale profits.

High-profile sales at Alkaff Vista in Bidadari brought an influx of property agents and concern about speculative flipping, meaning buying and selling with the aim of making a quick profit. Discussions on social media have focused on whether existing ownership rules provide enough restraint.

The Minimum Occupation Period (MOP), the period owners must live in a flat before selling it, is central to that debate. Suggestions raised include an income ceiling for resale buyers and government buybacks. These are proposals under discussion rather than additional measures described as adopted.

HDB's position is that million-dollar sales remain a small percentage of transactions and typically involve larger units in prime locations. The agency has maintained that public housing remains affordable for most households and has pointed out that property markets move in cycles.

HDB has also advised buyers to be financially prudent and avoid overextending themselves. Mortgage rates and economic uncertainty matter because a home must remain manageable through monthly payments, not simply affordable at the moment the purchase is agreed.

Why the Remaining Lease Matters

HDB flats are sold on leases of 99 years. A buyer of a resale flat receives the years left on that lease, making the remaining term an important part of the purchase alongside price, size and location.

Older flats can lose value as their leases shorten. The remaining lease may also affect financing options and the price a future buyer is willing to pay. Someone paying a premium for an older home therefore needs to consider both its present usefulness and its future resale prospects.

Most million-dollar transactions involve newer flats with long leases. For those homes, a long remaining term is itself one of the attractions, alongside high floors, views and convenient surroundings.

The Selective En bloc Redevelopment Scheme (SERS) and the Voluntary Early Redevelopment Scheme (VERS) offer possible relief through redevelopment arrangements. Their reach is limited, with only a small percentage of flats eligible. The remaining lease continues to matter when buyers assess an older property.

What the Market Looks Like Below S$1 Million

The median resale price of S$630,000 in February 2025 offers a broader reference point than record transactions. Most flats changed hands between S$400,000 and S$700,000, leaving the vast majority below the million-dollar threshold.

Standard three-room and four-room flats have nevertheless become more expensive. Even after excluding special flat types, their prices rose by about 40% to 50% over the preceding nine years. A market can remain dominated by transactions below S$1 million while becoming harder to enter for households whose budgets have not kept pace.

Government grants and careful financial planning can help keep these homes within reach for many Singaporeans. Buyers still have to weigh location, size, lease length and monthly payments against their own resources. The fact that a flat costs less than a headline transaction offers only a starting point for that decision.

The price increases across both standard and distinctive flats explain why housing supply and affordability remain concerns beyond the most expensive estates. The public debate involves the ordinary resale market as well as the small group of homes setting records.

Are Million-Dollar Flats Becoming Normal?

Million-dollar sales are becoming a familiar part of Singapore's housing market, especially in central locations and among larger flats. Industry expectations point to further growth, with forecasts suggesting as many as 1,400 such transactions in 2025.

A property agent described the enduring demand for the features these homes provide:

Million-dollar HDB flats are here to stay, as there will always be people who like to live in central locations or larger spaces.

An analyst's assessment focused on how widely the transactions could spread across towns:

While million-dollar HDB flats are unlikely to become the norm for every flat, it is expected that every HDB town will have a few such flats, especially in desirable locations.

Most analysts expected the trend to persist, although new supply and economic headwinds could moderate its pace. The Standard, Plus and Prime framework, tighter loan limits and enhanced grants were also expected to shape purchasing decisions.

Singapore's housing challenge is to accommodate households willing to pay more for space and location while keeping public housing accessible to others. Million-dollar flats can become more common without becoming the typical purchase. The wider test is whether ordinary buyers continue to have suitable homes they can afford.

Key Points

• An estimated 1,035 HDB flats sold for at least S$1 million in 2024, compared with 470 in 2023 and 369 in 2022.
• Million-dollar transactions accounted for about 3.7% of resale sales in 2024 and nearly 6% in February 2025.
• Four-room flats made up 44% of million-dollar sales in 2024.
• Location, space, views, long remaining leases and competition from buyers priced out of private housing helped support demand.
• HDB resale prices increased 9.6% in 2024, while the median resale price in February 2025 was S$630,000.
• Government responses included a 75% loan-to-value limit for HDB loans, enhanced grants, new flat classifications and increased supply.
• Forecasts suggested up to 1,400 million-dollar transactions in 2025, while most resale flats remained below that price.