There was a time when an HDB flat sold for S$1 million felt like a once in a while headline. It usually involved a very specific flat, in a very specific location, and it was treated as an exception rather than a category. When it happened, it stood out, and it was newsworthy precisely because it was rare.
By 2025, that has changed. A S$1 million HDB resale flat is no longer unusual, and it is no longer limited to a handful of headline deals. In fact, many S$1 million transactions now happen quietly and do not even show up in the news, simply because there are too many of them for each one to be treated as a story. It has become a recurring tier of the resale market with real volume, which means it deserves to be analysed as a trend, not dismissed as an anomaly.
Using more than 30 years of official resale transaction data, the numbers show that million dollar HDB flats are no longer statistical outliers. They now form a distinct and expanding segment within Singapore’s resale market, with a clear pattern in where these deals happen, which flat types are crossing the threshold, and how quickly this segment has grown in recent years.
This matters because the phrase “HDB sold for 1 million” can easily mislead buyers and sellers. Buyers may assume that prices in an entire town have shifted to that level, when in reality only specific flat profiles are crossing that line. Sellers may anchor on headlines and overprice, without realising that million dollar results are often driven by a combination of factors such as remaining lease, floor position, project cluster, and MRT proximity.
In this article, we analyse how many HDB resale flats sold for S$1 million in 2025, how the segment evolved year by year, which towns and flat types dominate it, and what conditions typically allow a flat to cross the S$1 million threshold.
From Rare Record To Structural Market Segment
Before 2021, seeing an HDB sold for S$1 million was uncommon. Between 2017 and 2020, million-dollar resale transactions ranged from 46 to 82 per year, which kept them well below 0.5% of all HDB resale deals. In other words, the million-dollar HDB flat was still an outlier, not a meaningful market segment.
That changed after 2020. The growth is clearer when you look at the numbers year by year:
- 2021: 259 HDB flats sold for S$1 million or more
- 2022: 369 transactions crossed the S$1 million mark
- 2023: 469 million-dollar HDB resale deals were recorded
- 2024: The number more than doubled to 1,035 transactions
- 2025: 1,594 HDB flats were sold for S$1 million or above, accounting for over 6% of all resale transactions
By 2025, roughly one in sixteen resale flats was an HDB sold for S$1 million or more. At that frequency, million-dollar transactions are no longer anecdotal. They form a defined pricing tier within the resale HDB market, with enough volume to observe patterns by town, flat type, and flat profile.
Which HDB Flat Types Are Selling For 1 Million?
A common assumption is that only HDB Executive flats can reach S$1 million because they are larger.
The data shows that this is not true. The million-dollar segment is spread across multiple HDB flat types, and it is led by mainstream family-sized flats rather than only the biggest layouts. The “HDB sold for S$1 million” category did not exist in the early years of the resale market. The first S$1 million resale transaction appears in 2012, and most of the volume only emerged in the last few years as the segment expanded rapidly.
Across 4,202 total HDB resale transactions priced at S$1,000,000 or above since 2012, the breakdown is:
5 Room HDB Flats: 1,787 transactions
4 Room HDB Flats: 1,374 transactions
Executive HDB Flats: 1,011 transactions
The key insight is that the million-dollar market is no longer dominated by the idea that the largest HDB flats always win. While Executive flats remain a major contributor, the majority of million-dollar transactions come from 4 Room and 5 Room HDB flats, which are far more common and sit at the heart of the resale market. This is why the million-dollar threshold has become a meaningful market tier, not just a niche outcome for oversized units.
4 Room Flats Overtook 5 Room In Million-Dollar HDB Sales
In 2025, 4 Room flats recorded 664 million-dollar transactions, overtaking 5 Room flats at 557 as the largest contributor to HDB flats sold for S$1 million or more. That shift is significant because it suggests the million-dollar tier has moved from being driven mainly by bigger layouts to being driven increasingly by flat profile, project cluster, and location attributes that apply even to standard 4 Room HDB units.
When mainstream 4 Room HDB flats begin crossing S$1 million in meaningful volume, it signals more than a few exceptional deals. It shows a structural repricing of the resale market, where S$1 million is no longer reserved only for rare “trophy” flats but is increasingly attainable for standard family-sized units with the right profile.
Because 4 Room HDB flats sit at the core of the resale market, repeated million-dollar transactions in this segment shift benchmarks and expectations across entire estates. It also means a million-dollar sale is not automatically an outlier anymore, and is often driven by a combination of factors such as location, remaining lease, project desirability, and MRT proximity, rather than isolated luxury behaviour.
Top Towns For Million-Dollar HDB In 2025
In 2025, there were 1,594 HDB resale transactions at S$1 million or above, representing over 6% of all resale deals for the year. While these million-dollar transactions were still concentrated in mature central estates, the spread across towns became clearer once the segment reached this level of volume.
The top 6 towns by number of HDB flats sold for S$1 million or more in full-year 2025 were:
Toa Payoh: 302 transactions
Bukit Merah: 216 transactions
Queenstown: 173 transactions
Kallang/Whampoa: 147 transactions
Clementi: 106 transactions
Bishan: 98 transactions
These towns share structural advantages, including strong MRT connectivity, city fringe proximity, limited new supply, and clusters of long-lease projects that support higher resale prices.
At the same time, the geographical spread widened noticeably in 2025, and year-on-year growth in non-central towns makes this shift easier to see.
Tampines recorded 68 million-dollar transactions in 2025, up from 22 in 2024 and just 2 in 2023. That is an increase of 46 transactions year on year from 2024 to 2025, showing how quickly a town can build a meaningful million-dollar segment once enough projects cross the threshold.
Sengkang recorded 11 million-dollar transactions in 2025, up from 4 in 2024 and 0 in 2023. While the absolute numbers are smaller than Tampines, the pattern is similar. It moved from zero to recurring million-dollar deals within two years.
The data also indicates that several towns are structurally close to entering the million-dollar tier. In 2025, Choa Chu Kang recorded its highest resale price at S$980,000, while Jurong West reached S$953,000. In both towns, 5 Room flats are testing the S$1 million ceiling, making them the most likely next entrants if upward pricing momentum continues.
This shows that while mature estates still dominate, HDB sold for S$1 million is no longer confined to traditional prime towns. The pricing threshold is gradually extending into more non-central estates as overall resale values shift upward.
Does Floor Area Determine A S$1 Million HDB Sale?
A common belief is that an HDB sold for S$1 million must be unusually large, and that floor size is the main reason it crosses the threshold. The data does not support that assumption, at least not at the national level.
When you compare floor area across all resale transactions in Singapore, million-dollar flats are not meaningfully larger within the same flat type. For 4 Room flats, the median floor area of million-dollar transactions is about 93 sqm, compared with an overall Singapore-wide 4 Room resale median of about 95 sqm. For 5 Room flats, the median floor area of million-dollar transactions is about 114 sqm, compared with an overall Singapore-wide 5 Room resale median of about 121 sqm. In other words, the typical million-dollar 4 Room or 5 Room flat is often standard in size rather than exceptional.
One reason this happens is that many million-dollar transactions come from newer, long-lease projects. Newer flats are often more standardised in size, so a longer remaining lease can coincide with a floor area that is not larger than the overall median. This reinforces the point that crossing S$1 million is usually driven by flat profile factors such as lease, location, and project desirability, rather than sheer size.
This is an important point for buyers and sellers because it shifts attention away from raw floor area and towards the HDB flat profile. If size is not the differentiator, then the factors that push an HDB past S$1 million are more likely to be location, remaining lease, project cluster, floor positioning, and MRT proximity. Size can still matter within a town or project, but it is rarely the single factor that explains why a resale flat crosses S$1 million.
What Pushes An HDB Past S$1 Million?
When you analyse million-dollar HDB transactions through remaining lease and location patterns, two pathways consistently appear.
For 4 Room million-dollar flats, the median remaining lease is about 91.8 years. These transactions are typically concentrated in newer, long-lease projects located in strong, well-connected areas, where buyer demand is supported by easier financing comfort, better long-term runway, and desirable amenity access.
For 5 Room million-dollar flats, the median remaining lease is about 86.5 years. This segment is still relatively long-lease, but broader in mix, reflecting how family-sized flats can cross S$1 million through a combination of space, location quality, and project desirability, even when the unit is not unusually large for its category.
Executive flats follow a different pattern. Their median remaining lease is around 66.5 years, which suggests a clearer trade-off. In this case, buyers are often willing to accept a shorter remaining lease because larger internal space and layout appeal can compensate, especially in projects where supply is limited and larger formats are harder to replace.
Across towns, the drivers behind an HDB sold for S$1 million tend to repeat and usually appear in combination rather than in isolation:
- Long remaining lease
- High floor positioning within the block
- Unblocked or premium views
- Close Proximity To MRT And Key Amenities
- Established mature estate reputation
The key takeaway is that crossing S$1 million is usually a flat profile outcome. Positioning within the town and within the project often matters more than raw floor area once you compare the same HDB flat type.
Most Expensive HDB Resale In 2025
The most expensive HDB resale transaction in 2025 was a 5 Room unit in Queenstown. It has a floor area of 122 sqm and a lease commencement date of 2016. It fell within the middle-floor band, but it is a premium loft unit, which is relatively rare within the HDB stock and adds an extra element of scarcity to the transaction.
This record sale highlights how far the premium end of the HDB resale market has moved beyond the S$1 million milestone. Even though it was not a high-floor unit, the price was supported by more than size alone, with key drivers including the loft layout, lease strength, a desirable mature-estate location, project cluster appeal, and strong connectivity. The flat still achieved almost S$1.66 million, reinforcing that S$1 million now functions as an entry point into a defined premium resale tier rather than a hard ceiling.
What This Means For HDB Buyers
The rise in HDB sold for S$1 million transactions changes how buyers should interpret market signals. A higher number of million-dollar deals does not mean that every flat in those towns is priced near that level. In most estates, these transactions represent the top slice of the distribution, where strong flat profiles stack multiple advantages together.
For buyers, this means you need to look beyond headlines. A flat that sold for S$1 million likely had a combination of long remaining lease, favourable floor positioning within the block, strong MRT proximity, and desirable project characteristics. If the unit you are viewing does not share those attributes, its fair value may sit meaningfully lower, even if it is in the same town and of the same flat type.
The widening price dispersion within towns also increases the importance of like-for-like comparison. Two 4 Room flats in the same estate can differ by six figures depending on lease band, floor band, block orientation, and project cluster. A town-wide median can therefore mislead, especially when the million-dollar tier pulls up headline numbers.
At the same time, the growth of the million-dollar segment signals something structural. When 4 Room flats begin crossing S$1 million in volume, it reflects sustained demand in well-located, long-lease projects. For buyers with long holding horizons, understanding which attributes consistently command premiums can help you avoid overpaying for marginal features while recognising where genuine scarcity exists.
The practical takeaway is that you should not assume S$1 million transactions reset the entire market. Instead, assess whether the flat you are considering genuinely belongs in that tier based on its lease strength, positioning within the block, connectivity, and project reputation. In a market where the premium tier is real but selective, precision matters more than ever.
What This Means For HDB Sellers
The rise in HDB sold for S$1 million transactions has created opportunity, but it has also increased the risk of mispricing. Just because your town has recorded million-dollar deals does not mean your flat automatically qualifies for that tier.
In most estates, million-dollar transactions represent the top slice of the distribution. These units typically combine long remaining lease, favourable floor positioning within the block, strong MRT proximity, and desirable project attributes. If your flat differs meaningfully in any of these areas, especially lease strength or floor band, the realistic price range can shift by six figures.
Sellers should therefore avoid anchoring to headline transactions without checking profile alignment. A high-floor, long-lease unit near the MRT is not directly comparable to a lower-floor or ageing-lease unit in the same estate. Buyers in the S$1 million segment are usually data-aware and compare lease band, storey band, and transaction history closely. Overpricing based on town-level headlines can lead to slower viewings, weaker negotiation leverage, and eventual price reductions.
At the same time, if your flat genuinely matches the characteristics seen in recent million-dollar transactions, the data shows that demand depth now exists. In 2025 alone, 1,594 resale transactions crossed S$1 million. That volume indicates a defined buyer segment willing to transact at this level when the flat profile supports it.
The practical takeaway for sellers is to focus on like-for-like benchmarking rather than broad town averages. The key question is not whether an HDB in your town sold for S$1 million, but whether your specific flat shares the same lease strength, positioning, and project appeal as those that did.
Key Takeaways For Buyers And Sellers
The most important insight is not simply that an HDB sold for S$1 million. It is how fast this segment is growing. In 2024, 1,035 resale transactions crossed S$1 million, about 3.7% of all deals. In 2025, that rose to 1,594 transactions, about 6.4% of the market. That is a 54% year-on-year increase in million-dollar transactions in just one year, turning what used to be a headline event into a clearly defined market tier.
This reflects structural repricing driven by upgrader demand, rising private property prices, limited prime supply, and the concentration of long-lease projects in mature estates. The million-dollar HDB resale flat is no longer an anomaly. It is a defined and expanding tier within Singapore’s housing market. The key question now is not whether more HDB flats will be sold for S$1 million. The more relevant question is which towns and flat profiles are structurally positioned to cross that threshold next, and which ones are not.
Check If Your Flat Can Reach S$1 Million
If you are wondering whether your flat could realistically join the list of HDB sold for S$1 million, the answer depends on its exact profile, not just the town headline.
Share your block, flat type, floor level, and remaining lease with us, and we will benchmark it against the closest like-for-like transactions so you can see where it truly stands.
Frequently Asked Questions
Based on full-year 2025 resale dataset, 1,594 HDB flats were sold for S$1,000,000 or more.
In 2025, Toa Payoh recorded the highest number of million dollar HDB resale transactions, with 302 flats sold at S$1,000,000 or above.
In 2025, 4 Room flats accounted for the largest number of HDB resale transactions above S$1,000,000, overtaking 5 Room flats for the first time. This marked a shift from earlier years, where 5 Room flats typically dominated the million-dollar segment.
No. Million dollar HDB resale transactions are not limited to Executive flats. In fact, 5 Room and 4 Room flats account for the majority of HDB flats sold for S$1 million or more. Executive flats do form a significant portion of the segment, but they are not the dominant flat type, especially in recent years where 4 Room flats have increasingly crossed the S$1 million mark.
Less than most people think. At the national level, the median floor area of million dollar 4 Room flats is about 93 sqm, compared with an overall 4 Room median of about 95 sqm. That suggests location and flat profile often matter more than raw size.
In most cases, remaining lease has a stronger impact on price than floor level. A longer lease affects buyer eligibility, CPF usage, and loan approval, which directly influences demand and resale value. Floor level typically creates a premium within the same block, but remaining lease often determines whether a flat can reach higher price bands, including S$1 million.
They are still concentrated in mature estates, but not limited to them. While towns like Toa Payoh, Queenstown, and Bukit Merah dominate, newer estates such as Tampines and Sengkang have also recorded million dollar transactions in recent years.
The most common combination is a strong HDB flat profile: a mature or prime location, a long remaining lease, high-floor positioning, good MRT proximity, and a desirable project cluster. It is usually the overall profile, not a single factor, that pushes a resale HDB flat past S$1 million.