Million-dollar HDB resale flats are no longer headline anomalies — they have become a defining feature of Singapore’s resale market in 2025.
Based on HDB transaction data as of 18 December 2025, a total of 1,544 resale flats have already crossed the $1 million threshold, decisively surpassing 2024’s 1,035 units. Analysts expect the final tally to reach around 1,550 units, marking a sharp year-on-year jump of roughly 50%.
Yet, beneath the record-breaking numbers lies a more nuanced story of buyer resistance, location-driven demand, and structural shifts in the public housing market.
Record Prices, But Buyers Are Holding the Line
The highest-priced HDB resale flat in 2025 was a five-room unit at SkyTerrace @ Dawson in Queenstown.
- Size: 1,313 sq ft
- Price: $1.659 million
- Unit rate: $1,263 psf
- Remaining lease: ~90 years
While this set a new official benchmark on HDB’s database, it still fell short of the $1.73 million deal achieved by a larger unit at nearby Skyoasis @ Dawson in 2024.
Interestingly, despite these eye-catching transactions, the average price of million-dollar flats in 2025 was about $1.14 million, only 1.8% higher than last year. This suggests most deals clustered near the entry level of the million-dollar range — pointing to price sensitivity among buyers, even at the top end.
📊 Infographic: What’s Driving Million-Dollar HDB Sales in 2025
🏙️ Location Is King
- Over 90% of deals occurred in mature estates
- Strong concentration in central and city-fringe towns
🕰️ Newer Leases Matter
- Majority have lease commencement between 2011–2016
- Remaining tenure of 85–90 years boosts financing flexibility
📐 Size & Rarity Still Command Premiums
- Executive maisonettes in Bishan crossed $1.6M despite ~60-year leases
- Larger layouts remain highly sought after
🏢 Town Leaders by Volume
- Toa Payoh: 296 deals
- Bukit Merah: 209
- Queenstown: 165
- Kallang/Whampoa: 144
- Clementi: 100
🏠 Most Popular Flat Types
- 4-room: 646 units (+70% y-o-y)
- 5-room: 536 units (+37% y-o-y)
- Executive flats: 357 units (+41% y-o-y)
Central, Newer, and Unrestricted: A Clear Buyer Preference
Among the top 10 most expensive resale flats in 2025, nearly all were:
- Located in central areas such as The Pinnacle @ Duxton, Bishan, and Queenstown
- Relatively young flats, aged 15 years or under
The Pinnacle @ Duxton alone accounted for four of the top ten deals, underlining the premium buyers place on iconic locations and skyline living.
Another key factor is policy-driven. Under the Prime, Plus, and Standard (PPS) flat framework introduced in October 2024, Prime and Plus BTO flats face:
- 10-year Minimum Occupation Period (MOP)
- Subsidy clawbacks upon resale
As a result, some buyers are turning to newer resale flats instead — enjoying central locations without future resale restrictions.
What 2026 Could Bring: More Supply, More Million-Dollar Deals?
Looking ahead, the resale market is set to see a significant supply boost:
- 13,484 flats will fulfil their MOP in 2026, up from ~8,000 in 2025
- Over 60% of these are in mature estates, the highest level in more than a decade
Key towns to watch:
- Queenstown: 2,409 flats
- Tampines: 2,133
- Toa Payoh: 1,594
- Bedok: 1,440
- Punggol: 3,222 (highest overall)
With more newer flats entering the resale pool, analysts expect 1,400 to 1,800 million-dollar resale deals in 2026 — suggesting this trend is far from peaking.
✅ Key Takeaways (Summary Highlights)
✅ 2025 recorded over 1,500 million-dollar HDB resale deals, a new all-time high
✅ Buyers prioritise central locations, newer leases, and resale flexibility
✅ Price growth remains modest, signalling buyer resistance at higher levels
✅ Mature estates dominate, but Punggol may emerge as the next hotspot
✅ 2026 supply surge could sustain high-value resale activity
Thinking of Buying or Selling a High-Value HDB?
Whether you’re considering upgrading, right-sizing, or assessing whether your flat has crossed the million-dollar threshold, understanding timing and positioning is critical.
Feel free to reach out if you’d like:
- A realistic valuation of your flat
- Advice on which towns and flat types buyers are actively chasing
- A comparison between resale versus new launch options
A quick conversation could save you months of uncertainty.