Million-Dollar HDB Flats in Singapore: How Many, Where, and What It Means (2026)
The number of HDB flats crossing the million-dollar mark has more than tripled in two years. Here's how many, which towns and flat types — and whether it changes anything for buyers and sellers.
In 2025, 1,593 HDB flats resold for at least $1 million — 6.4% of all resales, up from 1.8% in 2023. The rise is real but concentrated: the flats cluster in mature, central towns (Toa Payoh, Bukit Merah and Queenstown lead) and in larger types — 4-room, 5-room and executive flats. The record so far is $1.73 million, a 5-room flat on Henderson Road. Even so, a million-dollar flat is still the exception — the national median 4-room resells for $630,000.
A decade ago, a million-dollar HDB flat made headlines. Today it is a category. The number of flats crossing that mark has more than tripled in two years — yet it is still far from normal, and where it happens is remarkably concentrated.
This page lays out the actual data: how many flats cross $1 million, in which towns, at which flat types, and what the trend does — and doesn't — mean for you. It is part of our overview of Singapore property transactions.
How many HDB flats have sold for over a million dollars?
In 2025, 1,593 HDB flats resold for $1 million or more — 6.4% of all resales, up from just 1.8% (469 flats) in 2023. The number crossing the mark has more than tripled in two years.
In 2025, 1,593 HDB flats resold for $1 million or more — 6.4% of all resales, up from just 1.8% (469 flats) in 2023. The number crossing the mark has more than tripled in two years.
| Year | $1m+ resales | All resales | Share |
|---|---|---|---|
| 2023 | 469 | 25,754 | 1.8% |
| 2024 | 1,035 | 27,832 | 3.7% |
| 2025 | 1,593 | 25,086 | 6.4% |
| 2026 (YTD, partial) | 917 | 12,369 | 7.4% |
The trend is unmistakable and steep: the share has climbed sharply every year since 2023. The 2026 figure is a partial, under-lodged year — resale caveats take time to appear, so its 7.4% is a running total, not a full-year rate, and should not be annualised. But the direction is clear, and the million-dollar flat has moved from curiosity to a regular fixture of the resale market.
Is a million-dollar HDB flat normal now?
Not yet. Even at 6.4%, only about one in sixteen HDB resales crosses $1 million — and the national median 4-room flat still sells for $630,000. It's a fast-growing exception, not the rule.
Not yet — it is a fast-growing exception, not the rule. Even at 6.4%, only about one in sixteen HDB resales crosses $1 million. The typical flat sells for far less: the national median 4-room flat resells for $630,000, and the HDB Resale Price Index has actually plateaued over the past year (up just 1.2%).
So two things are true at once. A million-dollar flat is more common than ever — and still unusual. It makes headlines precisely because the vast majority of flats, in most towns, do not come close.
The useful way to hold this: the million-dollar flat is a story about a specific slice of the market — particular towns, particular flat types — not a signal that every flat is now worth seven figures. The next two sections show exactly which slice.
Which towns have the most million-dollar HDB flats?
They cluster in mature, central towns: Toa Payoh (443 since 2025), Bukit Merah (337) and Queenstown (295) lead, followed by Kallang/Whampoa and Ang Mo Kio. Most other towns see very few.
They cluster in mature, central towns — the places with the best access to the city, the MRT and established amenities. Since 2025, the leaders are:
| Town | $1m+ resales |
|---|---|
| Toa Payoh | 443 |
| Bukit Merah | 337 |
| Queenstown | 295 |
| Kallang/Whampoa | 222 |
| Ang Mo Kio | 160 |
| Clementi | 158 |
| Bishan | 139 |
| Tampines | 118 |
| Geylang | 92 |
| Central Area | 85 |
Toa Payoh, Bukit Merah and Queenstown account for the bulk — all central, all well-connected, all with newer flats on prime sites. Most non-mature and outlying towns see only a handful of million-dollar sales, if any. Location, in other words, does most of the work. For the full price picture in any town, see the HDB market overview.
What kind of flat sells for a million dollars?
Bigger flats mostly — but 4-room flats lead the count (1,070 since 2025), ahead of 5-room (887) and executive (544). A million-dollar 3-room is rare (just 4). The record is $1.73 million, a 5-room on Henderson Road.
Bigger flats, mostly — but the biggest surprise is that 4-room flats lead the count. Since 2025:
| Flat type | $1m+ resales |
|---|---|
| 4 Room | 1,070 |
| 5 Room | 887 |
| Executive | 544 |
| Multi-Generation | 5 |
| 3 Room | 4 |
That 4-room flats top the list says something important: crossing $1 million is not just about floor area — a well-located, high-floor, newer 4-room in a central town can beat a larger flat in an outlying estate. Five-room and executive flats follow, while a million-dollar 3-room is genuinely rare (just four). The record so far is $1.73 million — a 5-room flat on Henderson Road in Bukit Merah, transacted in April 2026.
Why are so many HDB flats crossing $1 million?
Location and size, mostly. The flats that cross $1 million are overwhelmingly larger units in mature, central towns — newer flats on prime sites, bought by upgraders and downsizers who value the location over a pricier condo.
The data points to location and size doing most of the work, amplified by demand. The flats that cross $1 million are overwhelmingly larger units (4-room and up) in mature, central towns — and several forces push them there:
- Prime location at a public-housing price. A central flat near the city and the MRT offers a lifestyle that a cheaper outlying flat cannot, and buyers pay up for it.
- Newer flats reaching the resale market. Flats built on prime central sites are steadily passing their five-year minimum occupation period, adding sought-after, modern stock in exactly the towns that command a premium.
- Upgrader and downgrader demand. Buyers priced out of, or unwilling to stretch to, a private condo — and downsizers who want to stay central — compete for the same limited pool of large, well-located flats.
Insight line: a million-dollar flat is usually paying for a postcode, not just a floor plan. None of this makes it a universal trend — it concentrates demand on a specific, scarce type of flat, which is exactly why the numbers cluster the way they do.
Does a million-dollar HDB flat make sense to buy or sell?
For a seller with the right flat in the right town, the demand is real but specific. For a buyer, the question is whether a leasehold flat at $1 million beats the alternatives — a condo, or a cheaper flat elsewhere — for your needs.
It depends which side you are on, and what you are comparing against.
If you are selling a large, well-located flat in a mature central town, the demand is real — but it is specific. A million-dollar price is achieved by the right flat, in the right town, on a high floor with a good lease left; it is not a number every flat can command. Price to the recent transactions in your own block and town, not to the headlines.
If you are buying, the real question is what $1 million buys you elsewhere. A leasehold flat at that price competes with a resale condo (no ownership restrictions, but higher total cost and smaller space) and with a cheaper, larger flat in an outlying town. The flat wins on space and location-for-price; the condo wins on flexibility and long-term optionality.
Work the numbers for your own situation with the property affordability calculator, and if you are weighing a flat against a condo, see how to time selling your HDB and buying a condo. This is general information, not financial advice.
The biggest misconception about million-dollar HDB flats
That they've become the norm. They haven't — they're a fast-growing but still-small tail (6.4%), concentrated in specific towns and flat types, while the typical flat sells for far less.
The biggest misconception is that they have become the norm — that HDB flats are now, broadly, worth a million dollars. They are not.
The reality behind the headlines:
- It is still a small tail. 6.4% of resales in 2025 — roughly one in sixteen — crossed $1 million. The other fifteen did not.
- It is concentrated. A handful of central towns and larger flat types account for most of it; your outlying 3-room is not in that pool.
- The median tells the real story. The typical 4-room flat resells for $630,000, not seven figures.
Before you assume your flat is worth $1 million — or that you must spend that much to buy one — check the actual recent transactions for your specific town and flat type. A record headline is one data point, not your valuation.
Methodology and sources
Where every figure comes from — and what we deliberately did not claim.
Where the figures come from. The counts are taken over PropKaki's HDB resale caveat data (hdb_transactions): flats transacted at $1,000,000 or more, tallied by year, by town and by flat type, as of the latest lodged data (July 2026). The national median 4-room price and the Resale Price Index are HDB's official statistics.
What we have not claimed: that the 2026 figure is a full-year rate (it is a partial, under-lodged window — not annualised); that most flats are worth $1 million (they are not — the median 4-room is $630,000); that any specific flat will fetch $1 million (a flat crosses the mark because of its town, size, storey and remaining lease). Prices are gross transacted resale prices, before any resale levy, commission or fees. The explanation of why flats cross $1 million is our reading of the concentration pattern in the data, not a precise attribution. Data as of 2026 — verify the latest on HDB and data.gov.sg. This is general information, not financial advice.
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