While most HDB flats are still relatively affordable, resale flats prices have been trending steadily upwards, especially since 2020. In fact, it’s reached a point where HDB flats that sell for $1 million, while still a minority, are no longer a novelty. Over 1,000 flats were sold for at least $1 million in 2024.
The new “shocking price” threshold for HDB flats is now $1.5 million.
A cursory check on portal PropertyGuru shows that there are currently at least 94 HDB listings priced at $1.5 million and above. Of course, not all these listings are verified, and some may involve commercial properties.
So, what do the HDB flats priced $1.5 million and above have in common? We found 4 common factors.
Read Also: $1.5 Million HDB Flats: Where They Are & Why They’re The Most Expensive Public Housing In Singapore
#1 Size Does Matter
Let’s just get these listings out of the way first, because this type of HDB unit is not what we would normally think of when we think of HDB flats. This is the HDB terrace unit.
HDB Terrace
Source: Google Maps
Listings above $1.5 million:
| Location | Size | Listed Sale Price | Price Per Square Foot |
| 58 Jalan Ma’mor | 1,873 sqft | $1,650,000 | $880.94 |
| 47 Jalan Bahagia | 1,603 sqft | $1,600,000 | $998.00 |
These HDB terrace units in the Whampoa neighbourhood were built by the Singapore Improvement Trust (SIT) in the 1950s. After HDB took control of these units, they subsequently issued them new 99-year leases in 1972, which is why they still have about 46 years to go despite being built much earlier.
There are less than 300 of these HDB terrace units left in Singapore, and more than two thirds of them are in this Whampoa area. Because of their size, they command higher prices, yet at the same time, they are relatively affordable from a price per square foot (psf) perspective.
Recent HDB Resale Transactions:
Source: HDB Map Services
The high price precedent was set last year when three of the larger HDB terrace units in the neighbourhood transacted at higher and higher prices – $1.28 million in February, then $1.33 million and $1.568 million in July.
Should it sell for its listed price, the unit at 58 Jalan Ma’mor is set to break the current record.
#2 Unique Unit Types
While the majority of HDB flats fall into 3-room, 4-room and 5-room classifications, there are some unique designs – and they naturally command a premium due to their scarcity.
Two such unit types are the HDB loft and their predecessor, the executive maisonette.
HDB Loft
Source: PropertyGuru
Listings above $1.5 million:
| Location | Size | Listed Sale Price | Price Per Square Foot |
| 305A Punggol Road | 1,582 sqft | $1,500,000 | $948.17 |
| 306D Punggol Drive | 1,582 sqft | $1,500,000 | $948.17 |
These two units, both located at Treelodge @ Punggol, are examples of the rare HDB loft units. There are only a small number of them – Treelodge @ Punggol has 14, while nearby Punggol Sapphire has 23. They’re a newer version of the executive maisonette, and like their predecessor, have two floors.
While there have not been any recent resale transactions for the lofts at Treelodge @ Punggol, the past 12 months have seen 3 transactions for loft units at Punggol Sapphire, each one at a higher price point than the last.
Recent HDB Resale Transactions:
Source: HDB Map Services
A recent sale at $1.23 million for a similarly sized loft unit in Punggol Sapphire is undoubtedly the inspiration for agents to push loft units at Treelodge @ Punggol towards the $1.5 million milestone.
Read Also: 5 Types of HDB Flats That Are No Longer Being Built In Singapore
#3 Location Matters
One additional factor that naturally affects price is location. For example, when looking at 5 different executive maisonette units on PropertyGuru, it becomes evident from the difference in price psf that Bishan commands a higher premium, when compared to other towns such as Hougang or Queenstown.
Source: Google Maps
Executive Maisonette
Listings above $1.5 million:
| Location | Size | Listed Sale Price | Price Per Square Foot |
| 224 Bishan Street 23 | 1,518 sqft | $1,600,000 | $1,054.02 |
| 261 Bishan Street 22 | 1,572 sqft | $1,650,000 | $1,049.62 |
| 233 Hougang Street 21 | 1,550 sqft | $1,580,000 | $1,019.35 |
| 147 Mei Ling Street | 1,571 sqft | $1,500,000 | $954.81 |
| 150 Mei Ling Street | 1,582 sqft | $1,500,000 | $948.17 |
This is not news for anyone who has been paying attention to HDB property prices. HDB flats in neighbourhoods like Bishan, Bukit Merah and Toa Payoh traditionally charge a higher premium due to their more central location as well as their proximity to the more popular educational institutions in Singapore, as you can see even from the most recent HDB resale statistics.
Source: HDB Resale Statistics
Sometimes location can command such a high premium that units in The Peak @ Toa Payoh are being put up for sale for as high as $1.85 million.
Listings at The Peak @ Toa Payoh DBSS:
| Location | Size | Listed Sale Price | Price Per Square Foot |
| 139A Lorong 1A Toa Payoh | 1,255 sqft | $1,850,000 | $1,474.10 |
| 139B Lorong 1A Toa Payoh | 1,259 sqft | $1,850,000 | $1,469.42 |
| 139A Lorong 1A Toa Payoh | 1,227 sqft | $1,788.888 | $1,457.94 |
The reason for the confidence behind such high prices are that several other units at the same Design, Build and Sell Scheme (DBSS) project have already crossed the $1.5 million point in 2024.
Recent HDB Resale Transactions:
Source: HDB Map Services
#4 Long Remaining Leases
A final factor may perhaps be the most obvious – a long remaining lease. Property buyers are naturally more willing to pay a higher price if there is a high chance of the property appreciating even further after several years.
The clearest example would be the relatively new HDB units at Queenstown. With about 96 years remaining on their lease, anyone who has one of the units SkyResidence @ Dawson, SkyOasis @ Dawson and SkyParc @ Dawson may be sitting on a windfall.
SkyResidence @ Dawson
Source: Surbana Jurong
Listings above $1.5 million:
| Location | Size | Listed Sale Price | Price Per Square Foot |
| 36 Margaret Drive | 1,162 sqft | $1,800,000 | $1,549.05 |
| 36 Margaret Drive | 1,162 sqft | $1,650,000 | $1,419.97 |
Listings at SkyOasis @ Dawson:
| Location | Size | Listed Resale Price | Price Per Square Foot |
| 40A Margaret Drive | 1,195 sqft | $1,850,000 | $1,548.12 |
| 40A Margaret Drive | 1,163 sqft | $1,700,888 | $1,462.50 |
| 42A Margaret Drive | 1,194 sqft | $1,866,000 | $1,562.81 |
| 42A Margaret Drive | 1,194 sqft | $1,798,000 | $1,505.86 |
| 42A Margaret Drive | 1,195 sqft | $1,780,000 | $1,489.54 |
| 42A Margaret Drive | 1,194 sqft | $1,750,000 | $1,465.66 |
| 43A Margaret Drive | 936 sqft | $1,500,000 | $1,602.56 |
Listeds at SkyParc @ Dawson:
| Location | Size | Listed Resale Price | Price Per Square Foot |
| 96 Dawson Road | 1,162 sqft | $1,700,000 | $1,462.99 |
| 96 Dawson Road | 926 sqft | $1,680,000 | $1,814.25 |
Listings at SkyVille @ Dawson:
| Location | Size | Listed Resale Price | Price Per Square Foot |
| 88 Dawson Road | 1,163 sqft | $1,680,000 | $1,444.54 |
SkyResidence @ Dawson, SkyOasis @ Dawson and SkyParc @ Dawson were built as part of the Selective En Bloc Redevelopment Scheme, better known as SERS. Residents who used to live in Tanglin Halt, one of the oldest housing estates, were offered replacement units in 2014 in the largest SERS programme to date. They started moving in from 2019.
Read Also: How Have Past SERS Beneficiaries Benefited From The En Bloc Of Their HDB Flats ?
These new developments boasted residential blocks of up to 47 storeys, and now that the Minimum Occupation Period (MOP) is up for many of these units, many of the 5-room flats on the high floors are commanding high prices.
Unsurprisingly, the winning combination of a long lease, high floor and large floor area has agents pushing for prices that exceed $1.5 million. This optimism may be justified, with units at next door Dawson Vista selling for as much as $1,468,888 in March 2025.
Even nearby non-SERS flats at SkyVille @ Dawson are benefitting from the area’s popularity. This was a BTO project whose lease began in 2016, 4 years before the SERS developments. 5-room units there have recently sold between $1.27 million and $1.35 million in the past 12 months.
Recent HDB Resale Transactions:
