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13 Housing Estates That Have HDB Flats More Than $1 Million

Over 149 resale HDB flats sold for $1 million and above in 2022


In 2020, Singapore saw a record number of 82 HDB flats transacting at or above $1 million. Well, that record has been absolutely smashed in 2021. As of December 2021, more than 200 HDB flats have breached the $1 million mark. With such record-breaking prices, it seems that even public housing is no longer the affordable option that HDB flats were originally meant to be.

In view of the rising property market, the government has imposed property cooling measures on 16 December 2021: increasing Additional Buyer’s Stamp Duty (ABSD) rates, tightening the Total Debt Servicing Ratio (TDSR) threshold and the Loan-to-Value (LTV) limit for HDB home loans.

While it remains to be seen how much impact these cooling measures will have on the resale HDB market, here are the housing estate that have HDB resale flats of more than $1 million.

[Update – Half Time Report]  

The number of HDB flats transacting above a million dollars does not seem to be abating in 2022, with over 149 HDB flat transactions crossing the mark as of 13 June 2022. Interestingly, we see the addition of three more estates that are located in the Outside Central Region (OCR) for the first time.

Read on to find out which are the in-demand estates that have million-dollar HDB flats in 2022.

Note: due to the large number of transactions for some estates, we would not be listing the actual resale transactions. Detailed information may be found on HDB’s Resale Price search

Read Also: New Property Cooling Measures: 4 Things That Home Buyers Need To Know Before Buying Their Next Home

#1 Central Area ([email protected])

Number of $1 million HDB flats in 2020: 22

Number of $1 million HDB flats in 2021: 73

Number of $1 million HDB flats in 2022 (till June): 24 

An HDB estate that needs no introduction, [email protected] unsurprisingly has the highest number of resale flats above $1 million.

Centrally located in Tanjong Pagar, this estate dominates the $1 million HDB flat arena. Completed in 2011, the flats are relatively new and have plenty of remaining lease. [email protected] stands out from its run-of-the-mill HDB siblings with award-winning design and condominium-like features such as sky gardens. It is no wonder that Singaporeans have been willing to pay eye-watering million-dollar prices for even a 4-room flat.

Read Also: Neighbourhood Estate Guide: Why Tanjong Pagar Will Be Even More Desirable In The Future

HDB Resale Transactions for 5-room flats in Central Area ([email protected]) at or above $1 million: 14

The most expensive 5-room unit (107 sqm) in the Central Area was transacted in March 2022 for $1,388,888.88. The unit is in Block 1F ([email protected]) and is between the 46th and 48th storey. The transacted price is at least $100,000 more than the previous record price of $1.28 million that was paid for a similarly sized unit (107 sqm), located in Block 1D on the 46-48th storey.

Amongst the 14 transactions at [email protected] from the start of the year till June 2022, all the transactions were above the $1 million mark, making it one of the priciest HDB estates in Singapore.

HDB Resale Transactions for 4-room flats in Central Area ([email protected]) at or above $1 million: 10

Around half (10) of the 20 transactions from Jan to June 2022 for 4-room flats sols for $1 million and above. For the units that sold below the $1 million mark at [email protected], the prices ranged between $925,000 to $990,000.

Two units transacted at the top price of $1,228,000 in April and May. The latter is sized at 94 sqm, and is in Block 1B, on the 46th and 48th storey while the former, is sized at 93 sqm, and is in Block 1F, on the 31st and 33rd storey.

#2 Queenstown

Number of $1 million HDB flats in 2020: 12

Number of $1 million HDB flats in 2021: 38

Number of $1 million HDB flats in 2022 (till June): 18 

Next on the list is Queenstown which includes the Holland Village, Commonwealth and Dawson areas. This estate has a more varied assortment of HDB flats ranging from old Executive Apartments to newer flats that are just out of the Minimum Occupancy Period (MOP).

Queenstown is also home to the rare HDB terrace house units at Stirling Road which are almost 50 years old. While classified as a 3-room flat, the most recent terrace unit (105 sqm) transaction was in October 2020 for $920,000, slightly below the $1 million mark.

Mei Ling St is a hotspot for those who are looking for large resale units with Executive Apartments of 150 sqm or 1615 sqft. While they are older with less than 75 years left on the lease, they are in a prime location, conveniently located next to Mei Ling Market and Food Centre and Queenstown MRT. Three such Executive Apartments were sold for above $1 million in 2021, with another 3 selling for more than $1 million by June of this year.

HDB Resale Transactions for Executive flats in Queenstown at or above $1 million: 3

The other hotspots include much newer units (some freshly out of MOP) at Holland Drive (Buona Vista Court), Commonwealth Drive (Commonwealth 10) and Dawson ([email protected] and [email protected]). Some of the units in these areas were also offered under SERS.

Even though the units at [email protected] and [email protected] are smaller at 99 sqm or 1066 sqft, these units are still sought-after, not just for their location but also the premium feel of the estate. Similar to [email protected], [email protected] and [email protected] are HDB projects that have been designed with almost condominium-like features.

HDB Resale Transactions for 5-room flats in Queenstown at or above $1 million: 13

The most expensive unit is a premium loft apartment located at [email protected] on the 16th and 18th storey, which sold for $1.238 million. Given the larger space and the unique loft layout, the higher selling price may be justified by due to its scarcity.

HDB Resale Transactions for 4-room flats in Queenstown at or above $1 million: 2

Queenstown can also lay claim to being one of the few estates where a 4-room flat commands a $1 million price tag. One of the units is at 32 Ghim Moh Link, which is a relatively new flat, which was probably sold before the completion of its 5-year minimum occupation period (MOP). The other million-dollar unit is a loft unit within [email protected]

#3 Bishan

Number of $1 million HDB flats in 2020: 10

Number of $1 million HDB flats in 2021: 37

Number of $1 million HDB flats in 2022 (till June): 18

Rising up from the 4th position last year, Bishan is now the 3rd estate with the most number of $1 million HDB flats.

The land of heartland million-dollar HDBs, Bishan has been known to produce eye-popping resale transactions involving Executive Maisonettes. The Executive Maisonette is a rare HDB unit type that has two storeys.

HDB Resale Transactions for Executive flats in Bishan at or above $1 million: 12

11 of the 12 million-dollar units are Maisonettes that are located across Bishan, Sin Ming Ave and Bright Hill Dr and Shunfu Rd. The most expensive Maisonette sold for $1.288 million. The remaining Executive Apartments sold for $1.18 million.

Read Also: 5 Types of HDB Flats That Are No Longer Being Built In Singapore

HDB Resale Transactions for 5-room flats in Bishan at or above $1 million: 6

The other 6 resale transactions above $1 million are also from another flat type that is no longer being built: Design, Build And Sell Scheme (DBSS). These DBSS units are all from the Natura Loft project which was completed in 2011. With plenty of remaining lease, a prime location and estate design features, these units cost a pretty penny today.

The most expensive unit at Natura Loft, on the 34-36th storey, sold for $1.338 million.

#4 Toa Payoh

Number of $1 million HDB flats in 2020: 6

Number of $1 million HDB flats in 2021: 31

Number of $1 million HDB flats in 2022 (till June): 19

Another heartland estate that saw a large number of $1 million transactions, Toa Payoh is gaining its close geographical neighbour – Bishan.

While not as known for expensive HDB flats, Toa Payoh is an established mature estate that is relatively centrally located and close to the CBD. Being an older estate, it has its fair share of older and larger HDB units such as the 161 sqm or 1732 sqft Executive Apartment that sold for $1 million.

HDB Resale Transactions for Executive flats in Toa Payoh at or above $1 million: 2

HDB Resale Transactions for 5-room flats in Toa Payoh at or above $1 million: 17

Like Bishan, the profile of HDB units in Toa Payoh that breach the $1 million mark are mainly from The [email protected] Payoh: DBSS units which have about 90 years of remaining lease.

11 units were DBSS units. The most expensive unit sold for $1.288 million. Amongst the others, one unit was a Maisonette located in Potong Pasir with 159 sqm that sold for $1.11 million and one was a 124 sqm unit at Lor 2 Toa Payoh which sold for $1 million.

#5 Bukit Merah (Tiong Bahru)

Number of $1 million HDB flats in 2020: 12

Number of $1 million HDB flats in 2021: 26

Number of $1 million HDB flats in 2022 (till June): 15

Just slightly outside central area, we have the Bukit Merah estate or more specifically the Tiong Bahru area.  In recent years, Tiong Bahru has also been attracting the hip and happening with many independent and quaint cafes opening in the area.

HDB Resale Transactions for 5-room flats in Bukit Merah at or above $1 million: 14

5 out of the 14 resale transactions are at Boon Tiong Road (Tiong Bahru View). Bulk of these units were sold to HDB residents under Selective En-bloc Redevelopment Scheme (SERS). With the windfall from both SERS and then sale of above $1 million after MOP, it is no wonder that MND is concerned about the profiteering from such HDB transactions in prime locations. Although these are standard flats at Tiong Bahru View, the location is a premium one being next to Tiong Bahru Plaza and Tiong Bahru MRT and near the Central Business District (CBD).

Aside from the Tiong Bahru View units, [email protected], Kim Tian Green, Havelock View also breached the $1 million mark.

HDB Resale Transactions for 4-room flats in Bukit Merah at or above $1 million: 1

Bukit Merah is also home to 4-room flats that have crossed the $1 million mark.

Read Also: What Happens When Your HDB Flat Is Selected For SERS?

#6 Kallang / Whampoa (Boon Keng)

Number of $1 million HDB flats in 2020: 2

Number of $1 million HDB flats in 2021: 14

Number of $1 million HDB flats in 2022 (till June): 13

While the older executive maisonettes in Kallang/ Whampoa have yet to breach the $1 million mark, the newer 5-room HDB flats have crossed that line. The newer 5-room DBSS units at City View command a higher price than their older more spacious Executive flats.

9 of these units were DBSS units at City View. The most expensive unit sold for $1.288 million. One was a Premium Apartment at Upper Boon Keng Rd (Kallang Trivista) that sold for $1.23 million.

Read Also: Neighbourhood Estate Guide: Could Kallang Be The Best Estate In Singapore To Live In?

#7 Bukit Timah

Number of $1 million HDB flats in 2020: 0

Number of $1 million HDB flats in 2021: 12

Number of $1 million HDB flats in 2022 (till June): 4

The HDB flats in Bukit Timah have often been overshadowed by their more luxurious condominium and landed property neighbours. In 2022, the Maisonettes along Toh Yi Drive have gained attention with 4 units changing hands, with the most expensive unit going for $1.202 million.

At 146 to 154 sqm, these Maisonettes are spacious alternatives to private property and conveniently located next to Bukit Timah Market and near to Beauty World MRT.

#8 Clementi

Number of $1 million HDB flats in 2020: 4

Number of $1 million HDB flats in 2021: 10

Number of $1 million HDB flats in 2022 (till June): 13

While the older executive maisonettes in Clementi have yet to breach the $1 million mark, the newer 5-room HDB flats have crossed that line.

3 units are units are from Clementi Cascadia and had recently reached their MOP status. Additionally, they are very close to the Clementi town centre, mall and MRT station. Hence, the higher premium commanded for these flats with the most expensive unit sold for $1.188 million.

8 units are from Trivelis, a DBSS project. In line with other DBSS projects in Bishan and Toa Payoh, such units in established mature estates tend to command a price premium.

#9 Serangoon

Number of $1 million HDB flats in 2020: 0

Number of $1 million HDB flats in 2021: 7

Number of $1 million HDB flats in 2022 (till June): 8

Serangoon is a heartland estate that joins the $1 million HDB flat in 2021 without any distinct BTO projects that have recently completed their MOP. It continued its “rich form” in 2022, by surpassing the number of million-dollar transactions before the half-year mark.

The size of these Executive Maisonettes and Executive apartments are nothing to sniff about, commanding $1 million and above for these 8 units.

Read Also: 5 Things You Need To Know Before Buying An Older HDB Flat With A Lease Of Less Than 50 Years

#10 Ang Mo Kio

Number of $1 million HDB flats in 2020: 2

Number of $1 million HDB flats in 2021: 5

Number of $1 million HDB flats in 2022 (till June): 11

While a close neighbour to Bishan, Ang Mo Kio is further north and hasn’t quite seen the same increase in resale prices. 5 units transacted in 2021 for above $1 million, with 2 being older but spacious flats and 3 being newer flats with long leases.

But by the first half of 2022, the number of million-dollar transactions in Ang Mo Kio had doubled to 11. Around half of the 5-room units that transacted for over a million dollars were from the recently MOP-ed Kebun Baru Court, with the highest transacted at $1.15 million. There were also another 3 DBSS transactions from Park Central @ AMK that pushed the million-dollar transaction numbers higher in 2022.

HDB Resale Transactions for Executive flats in Ang Mo Kio at or above $1 million: 1

HDB Resale Transactions for 5-Room flats in Ang Mo Kio at or above $1 million: 10

#11 Yishun (Newly Added)

Number of $1 million HDB flats in 2021: 0

Number of $1 million HDB flats in 2022 (till June): 3

 The spotlight on Yishun never fades, whether it is for an unflattering incident or news, or, on rare occasions, for a favourable one. This time, though, it is for a good reason. Yishun takes centre stage as one of the three new (HDB estates) entries making it to the list for the first time.

Three jumbo executive apartments ranging in size from 164 to 187 sqm were sold for a million dollars or more in the first half of June 2022.These flats, which have less than 70 years of remaining lease, are located between Khatib and Yishun MRT stations.

Read Also: Neighbourhood Estate Guide: Is Yishun Simply Misunderstood?

#12 Woodlands (Newly Added)

Number of $1 million HDB flats in 2021: 0

Number of $1 million HDB flats in 2022 (till June): 2

Woodlands has been earmarked for redevelopment under the masterplan as an employment node in the north, with a regional centre and other business activities in the pipeline. However, as far as housing is concerned, Woodlands has usually been featured as amongst the cheapest or most affordable options in Singapore.

As a mockery to those who underestimated the potential of Woodlands, we see it now entering the list with two transactions crossing the million-dollar mark within just the first half of 2022. Both units are jumbo-sized executive flats (189 sqm), which may be ideal for three-generation families.

Read Also: Neighbourhood Estate Guide: Why Woodlands Can Be The Star Destination Of The North

#13 Pasir Ris (Newly Added)

Number of $1 million HDB flats in 2021: 0

Number of $1 million HDB flats in 2022 (till June): 1

The last housing estate to be included in our list that has HDB flats transacting above $1 million is Pasir Ris. It is also the first time Pasir Ris, which is located in the Outside Central Region (OCR), makes it onto the list, along with Yishun and Woodlands.

The unit that breached the million-dollar mark at $1.138 million, comes with a huge size of 189 sqm or 2034 sqft. This is much larger than the typical 149 to 152 sqm sized executive apartments in the estate, which had transacted for between $718,000 and $778,000 in the last 6 months.

Read Also: Neighbourhood Estate Guide: Is Pasir Ris The Place For Seaside Living?

As seen from these estates, there are a few characteristics of HDB flats that cross the $1 million mark. They are all from established mature estates and relatively centrally located. If they are older and have a shorter remaining lease, they are typically HDB flats that are larger than normal, such as executive apartments, executive maisonettes or jumbo flats. If they are 5-room or smaller flats, they are typically newer, with a lease of 10 years or lesser, and they tend to be units located in DBSS developments or BTO projects in central locations or mature estates.

Read Also: What Are HDB Jumbo Flats And How You Can Own One?

 

This article was first published on 3 December 2020 and updated with new information. Additional reporting by Shashi Kumar.

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