Currently, HDB resale flat prices are at a 25-month high, with more than 100 HDB resale flats transacting for at least a million dollars since the start of 2022. In July alone, 33 units were sold for at least a million dollars.
If the market continues at this pace, we are well on our way to surpassing past years’ records. There were 259 million-dollar HDB flats transacted in 2021 and 82 million-dollar HDB resale flats transacted in 2020. These million-dollar flats are found in prime neighbourhoods such as Bishan, Bukit Merah, Ang Mo Kio, Kallang/Whampoa, Queenstown, and Toa Payoh.
Since we’re on the topic of million-dollar HDB flats, let’s take a trip down memory lane and look at the top five most expensive resale flats in every decade since the 1990s.
Top 5 Most Expensive HDB Singapore Flats in the 1990s
While there were no million-dollar flats in the 90s, there were surprisingly a good number of flats transacting for six-figures (remember this was a time when a 1-room and 2-room resale flat cost as low as $5,000 and $12,000 respectively). In fact, the most expensive flat recorded in that era was a $900,000 executive maisonette in November 1996. That’s considered expensive even by today’s standards!
The five most expensive flats in the 1990s were executive maisonettes and all but one were in Yishun.
Top 5 Most Expensive HDB Singapore Flats in the 2000s
Although properties and homes became more expensive in the new millennium, the top five most expensive HDB Singapore flats remained pretty much still the same as the decade before. Interestingly, the five most expensive HDB flats were all recorded in Mei Ling Street in Queenstown, which was where the first million-dollar flat was sold.
Top 5 Most Expensive HDB Resale Flats in the 2010s
The first million-dollar public housing was an executive apartment unit at Mei Ling Street in Queenstown, which was sold in July 2012. Later in October that year, an executive maisonette in Bishan became the most expensive public flat, after the buyers agreed to pay a then-record of $1,010,000 for the unit.
There would be several million-dollar HDB flats after that, and by the end of the decade, a DBSS flat unit at Boon Keng Road had become the most expensive HDB unit at $1,208,000. The 2010s also saw the rise of Central Area units, as they became hotspots for million-dollar HDB flats.
Find HDB flats for sale in Queenstown on PropertyGuru.
Current Most Expensive HDB Singapore Flats
The HDB resale portal has documented several high-profile transactions, including:
- $1.258 million HDB terrace flat in Jalan Bahagia in June 2021
- $1.295 million 5-room DBSS flat at Natura Loft in Bishan in July 2021
- $1.238 million 5-room DBSS flat at The Peak @ Toa Payoh in August 2021
- $1.36 million 5-room DBSS flat at Natura Loft in Bishan in October 2021
- $1.38 million 5-room HDB flat at Pinnacle@Duxton in March 2022
- $1.4 million 5-room HDB flat at City Vue @ Henderson in April 2022
- $1.31 million 5-room DBSS flat at Natura Loft in Bishan in June 2022
- $1.42 million 5-room premier apartment loft at SkyTerrace @ Dawson in July 2022
With rising HDB resale prices, we are even seeing million-dollar flats transacted in non-mature estates. The most recent transaction was an executive maisonette at Bukit Batok.
According to Dr. Tan Tee Khoon, Singapore Country Manager of PropertyGuru, location is a key contributor to the high premium of these flats. Accessibility and amenities also strengthen the value of these flats. For instance, Pinnacle @ Duxton, the HDB project with the highest number of million-dollar resale flats, is in one of Singapore’s most popular lifestyle districts, with popular cafes, restaurants, and bars.
"Rare flat types with larger square feet like those under design, build and sell scheme (DBSS) that are distinctly more condominium-like than regular HDB flats, as well as executive apartments and maisonettes HDB does not develop any more – can also fetch higher prices," he added.
DBSS flats are mostly located in central locations that are convenient to amenities. Furthermore, DBSS flats also feature attributes that ‘regular’ HDB flats do not, such as four bedrooms and balcony space.
Discover DBSS flats for sale on PropertyGuru.
For more property news, content and resources, check out PropertyGuru’s guides section.
Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.
Need help financing your latest property purchase? Let the mortgage experts at PropertyGuru Finance help you find the best deals.
Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.