There were 1,450 HDB flats sold above the $1 million-mark in the first 11 months of 2025. What began as a rare headline over a decade ago, has become increasingly common today.
Back in July 2012, an Executive Apartment in Queenstown broke through the million-dollar ceiling for HDB flats for the first time. Since then, the once-unthinkable $1 million mark has steadily moved down the flat-size.
Later in 2012 itself, an Executive Maisonette in Bishan also sold above $1 million threshold. It took until 2018 to 2019 for the first 4-room and 5-room HDB flats, located at The Pinnacle@Duxton, to break through the $1 million-mark.
We’re now left wondering if a 3-room HDB flat could reach the $1 million milestone in the next decade. To be fair, this price-tag doesn’t feel so far-fetched, after reading a Straits Times article highlighting at least four 3-room flats that exchanged hands for at least $900,000 in 2025.
Following The Money: $1 Million Is Just 11% Away
The gap between a 3-room HDB flat selling for $900,000 versus $1 million is 11%. If we apply the average rate of resale HDB flat price appreciation, the question becomes a matter of when 3-room flats will hit the $1 million-mark, rather than if they will.
In the last 30 years, resale HDB prices have increased about 3.5% per annum. So, a $900,000 3-room flat, rising at 3.5% per year, can rise to $1 million as quickly as within the next 4 years.
Source: HDB
However, you can already see in the chart above that HDB resale flat prices do not always go up in a straight line. If you look at the latest statistics, prices seem to be plateauing.
Looking at the previous peak in 2Q2013, you can see that prices trended downwards for over seven years before heading up again. And, the next time resale HDB prices hit the same level was about 10 years later.
Similarly, in the peak before, around 1Q1997, prices went down and took until 2008 – over 11 years later – for HDB resale prices to recover.
Read Also: Where Are The Most Million-Dollar 4-Room HDB Flats Found In Singapore
The Potential 3-Room Discount?
Another way to look at price increments is to see whether 3-room resale HDB flats will rise as quickly as 4-room flats.
| HDB Resale Flats | 3Q2007 | 3Q2025 | Change (per annum) |
| Average Price Of Resale HDB 3-Room Flat | $193,447 | $456,659 | 4.9% |
| Average Price Of Resale HDB 4-Room Flat | $278,221 | $719,100 | 5.2% |
Source: HDB
On average, 3-room resale HDB flats tend to rise slightly slower than 4-room resale HDB flats.
The HDB resale price index takes into consideration all types of HDB flats, and some flat types may increase faster, while others go up more slowly. For reference, in the same time period, between 3Q2007 to 3Q2025 (as we could only find the break down for different types of HDB flats going back around 2007), the HDB resale flat price index rose 5.1% per annum.
This just goes to show that even if you follow the price index for resale HDB flats, it will take longer for 3-room flats to increase, compared to 4-room flats.
Location Always Matters
Even if (or should we say “when”) resale 3-room flats hit the $1 million-mark, it won’t be a common price tag.
In fact, even today, the average price for Executive flats is still under $1 million. The average 4-room resale HDB flats are transacting at $719,100. So, only a small minority of resale HDB flats are transacting at above the $1 million value.
This will be the same for 3-room flats too – when the time comes. Only a very small percentage of flats will transact at the highest value.
You can also make a good guess where the first $1 million 3-room HDB flats will be, based on where the first few $1 million 4- and 5-room flats transacted:
– Central Area
– Kallang/Whampoa
– Bukit Merah
– Queenstown
These areas are not only convenient, central or city-fringe locations, but also have established amenities nearby and typically within landmark projects. Moreover, not every 3-room flat within the estate will attract the highest valuations either, and the most expensive ones will be those that have exceptional unblocked views, on the highest floors, and with unique layouts.
Read Also: 10 Mega/Feature HDB Projects That Are (Possibly) Better Than Condominiums
Will You See A $1 Million 3-Room Flat In The Next Decade?
If the past decade tells us anything, it’s that the “million-dollar club” keeps expanding. While Executive flats broke the ceiling in 2012, 5-Room and 4-Room resale HDB flats have joined the party – in around 2018, or about 6 years later.
And now, 7 years after the first 4- and 5-room HDB flats sold above $1 million, 3-room flats are knocking on the door. The most sought-after ones already at the $900,000 range.
Even if the market looks “top-ish” right now, and the next decade goes on to be stagnant, it feels like it is possible for 3-room flats to hit $1 million. The last two times the HDB resale market cooled off, 1) 1Q1997 to 3Q2008 (over 11 years); 2) 2Q2013 to 2Q2021 (about 8 years), it lasted about 10 years before re-taking new highs.
Whether driven by shorter-term demand, rising incomes, or the premium placed on centrality, or longer-term price inflation, the top-end of the 3-room market is inching ever closer to the $1 million-mark.
Read Also: 3STD, 3I, 3S, 3NG, 3A: Guide To Understanding The Different Variations OF 3-Room HDB Flats
