Million-Dollar HDB Flats: Are They the New Norm in 2026?
Million-dollar HDB flats in 2026: how many there are, where they sell, why prices are now cooling, and what it takes to buy one with an HDB or bank loan.
How we made this. Updated for 2026 with AI-assisted research. Figures are linked to their sources — check them before you act.
In 2010, when this article first ran, a S$1.1 million HUDC flat in Bishan was big news. In 2025, 1,593 HDB resale flats sold for S$1 million or more, about one in every 16 resale deals. So million-dollar flats are now normal in a handful of central towns and in the largest flat types. They are still not normal for the typical buyer. Nine in ten resale flats sold for less than S$1 million in Q3 2026, and the median price was about S$638,000.
At a glance
- Million-dollar resale flats rose from 259 in 2021 to 1,593 in 2025. In the first nine months of 2026 there were 1,497 more, about 7.6% of resales.
- Q3 2026 set a quarterly record of about 596, even though the HDB resale price index fell for a third quarter in a row.
- Most are 4-room, 5-room and executive flats in Toa Payoh, Queenstown, Bukit Merah and Kallang/Whampoa, usually with leases that began in the 2000s or 2010s.
- The highest resale price so far is S$1,728,000, for a 5-room flat on Henderson Road in April 2026.
- New Plus and Prime flats carry a 10-year MOP and a subsidy recovery of 6–14% on resale, so central flats sold since late 2024 are less likely to become the next million-dollar windfalls.
How common are million-dollar HDB flats?
These counts come from HDB’s resale transaction data on data.gov.sg, based on registered resales and checked on 2 October 2026. Other sources may differ slightly because they count approvals instead of registrations or use different cut-off dates.
| Year | Resales at S$1m or more | Share of all resales |
|---|---|---|
| 2021 | 259 | 0.9% |
| 2022 | 369 | 1.4% |
| 2023 | 469 | 1.8% |
| 2024 | 1,035 | 3.7% |
| 2025 | 1,593 | 6.4% |
| 2026 (Jan–Sep) | 1,497 | 7.6% |
Within 2026 the monthly count kept rising: 187 in July, 201 in August and 208 in September. That makes Q3 2026, at about 596, the biggest quarter on record. The full Q3 HDB data is due in late October.
Where they sell and what they look like
In 2025, the top towns for million-dollar resales were Toa Payoh (302), Bukit Merah (216), Queenstown (173), Kallang/Whampoa (147), Clementi (106) and Bishan (98). In 2026 so far, Queenstown has moved up to second, and towns such as Bedok and Tampines are appearing more often.
Three things usually come together:
- Location. Most of these flats are in mature, central towns close to MRT lines and the city.
- A young lease. The median lease start of 2026’s million-dollar flats is 2011. That leaves about 84 years, so buyers can usually use CPF in full and get full grants.
- Size. In 2025, 4-room flats (663) overtook 5-room flats (557) for the first time, with executive flats at 368. Executive flats are only sold on the resale market because HDB no longer builds them, so they are scarce. In Q3 2026, 27.5% of executive flats sold for S$1 million or more, compared with 11.1% of 5-room and 7.4% of 4-room flats.
The current record is S$1,728,000, for a 5-room flat at Block 96A Henderson Road in Bukit Merah in April 2026. Flats at Pinnacle@Duxton on Cantonment Road and on Dawson Road in Queenstown have also sold for S$1.7 million or more.
What a typical flat costs
A focus on million-dollar flats can make HDB seem more expensive than it is. Here are the Q3 2026 median prices by flat type (registered resales, July–September 2026):
| Flat type | Median resale price | Share at S$1m or more |
|---|---|---|
| 3-room | S$435,000 | 0.2% |
| 4-room | S$628,000 | 7.4% |
| 5-room | S$740,000 | 11.1% |
| Executive | S$920,000 | 27.5% |
| All flats | S$638,000 | 8.0% |
New flats are far cheaper. In the February 2026 BTO exercise, 4-room Standard flats at Sembawang Voyage started from S$304,000 before grants. The gap to the resale median is one reason that young couples still queue for BTO flats. Our guide to buying a BTO flat explains the process.
Why prices rose, and why they are cooling now
The HDB resale price index rose about 56% from its Q2 2019 low (130.8) to its Q3 2025 peak (203.7). It rose 9.7% in 2024 alone, then slowed to 2.9% in 2025. Since then it has dipped slightly: −0.1% in Q1 2026, −0.3% in Q2 and −0.2% in the Q3 flash estimate, to 202.4.
Several policy changes are working against further rises:
- Less borrowing power. The HDB loan limit was cut to 75% of the price from 20 August 2024, down from 90% in 2021. Buyers need more cash and CPF up front.
- More new flats. HDB launched 19,723 BTO flats in 2025 and plans about 19,600 in 2026, with about 55,000 from 2025 to 2027. More couples can buy new instead of resale.
- More flats reaching MOP. More owners become free to sell each year, which adds resale supply. HDB expects the number of flats reaching MOP to keep rising in 2026 and 2027.
- A new classification for central flats. Since the October 2024 BTO exercise, new flats are Standard, Plus or Prime. Plus and Prime flats have a 10-year MOP, cannot be rented out whole, and can only be resold to buyers who meet BTO rules, including the S$16,000 income ceiling in force since 24 August 2026. Owners who bought from HDB also return part of the resale price to HDB: 6–8% for Plus and 9–14% for Prime in the launches so far. This is designed to stop the next generation of central flats from becoming lottery tickets.
On 28 July 2026, the government removed the 15-month wait-out for private-property owners buying a non-subsidised resale flat without an HDB loan. That added a group of buyers. So far, the Q3 index suggests it has not pushed prices up.
The short answer: million-dollar deals are still growing in number because older central flats with young leases keep reaching MOP and changing hands. But the overall market is flat, and the policy direction is to cap the upside on central flats sold from now on.
Cash over valuation: the hidden cost
The 2011 Propwise debate was about whether cash over valuation (COV) would rise or fall. The principle still matters for any expensive flat. Your HDB loan and CPF usage are based on the lower of the price and HDB’s valuation. Under CPF rules, this “valuation limit” caps what CPF can pay. Any amount you pay above valuation must come from cash.
If you agree to S$1,050,000 for a flat that HDB values at S$1,000,000, the S$50,000 difference is cash, on top of your down payment. At this price level, a modest COV can still be a large sum, so get a sense of recent prices in the same block before you commit.
What it takes to buy a S$1.1 million flat
Here is a worked example. Say a couple aged 32 and 30 buys a S$1.1 million 5-room resale flat, valued at the price, with an HDB loan.
- HDB loan (75%): S$825,000 over 25 years.
- Down payment (25%): S$275,000 from CPF OA and cash.
- Buyer’s stamp duty: S$28,600, plus legal fees.
- Monthly instalment at 2.6%: about S$3,743.
- Income needed: HDB assesses the loan at a 3% floor rate and applies the 30% mortgage servicing ratio. At 3%, the instalment is about S$3,912, so the couple needs a gross income of about S$13,040 a month. They must also be under the S$16,000 HDB loan income ceiling.
A bank loan has a stricter income test: banks apply the same 30% mortgage servicing ratio at a 4% stress-test rate, but there is no HDB income ceiling. Compare both with our mortgage calculator and our HDB home loan guide.
Before you pay this much, ask whether a similar budget would buy a private condo. Weigh the trade-offs: lease, size, maintenance fees and resale market depth. Our comparison of private and public housing returns helps with that decision.
Bottom line
Million-dollar HDB flats are now a normal part of the market in a few central towns and among big, younger flats. In 2026 they are about 7–8% of resales and still rising in number. They are not the norm for HDB as a whole. The median resale flat costs about S$640,000, the price index has slipped for three quarters, and policy is now designed to stop new central flats from becoming million-dollar windfalls. If you are buying, focus on the price of comparable flats in the same block, the cash you need for any COV, and whether you can still afford the loan at the stress-test rate.
Sources
- HDB resale flat prices (registered transactions from Jan 2017) — HDB via data.gov.sg, checked 2 Oct 2026
- HDB Resale Price Index (1Q2009 = 100), quarterly — HDB via data.gov.sg, checked 2 Oct 2026
- HDB launches 6,952 flats across 7 projects in June 2026 BTO sales exercise — HDB, 17 Jun 2026
- HDB to launch 19,600 BTO flats in 2026 — HDB, 8 Jan 2026
- Flash estimate of 3rd Quarter 2026 Resale Price Index and upcoming flat supply — HDB, 30 Sep 2026
- Standard, Plus and Prime housing framework — HDB, updated 24 Jul 2026
- HDB loans guide — gov.sg (MyNiceHome), 24 Aug 2026
- Increase in income ceilings and greater support for families with children — MND / HDB, 23 Aug 2026
- Removal of the 15-month wait-out period for private residential property owners — MND / HDB, 28 Jul 2026
- How much CPF savings you can use for your home purchase — CPF Board, checked Oct 2026
- Types of flats — HDB, updated 5 Feb 2026
- October 2025 BTO sales exercise — HDB, 15 Oct 2025
- MSR and TDSR rules — MAS, checked Oct 2026
- Feb 2026 BTO flat supply and pricing details (Annex A) — HDB, Feb 2026
1 reader comment
UNCONVENTIONAL-THINKER
PROOF HERE THAT HDB RESALE PRICE HAS BEEN STUCK BELOW 1996 PRICE FOR 13 LONG YEARS
http://www.unconventional-thinker.com/hdb-resale-flats-undervalued.html
The HDB resale flat price chart above shows very clearly that from mid 1996 till mid 2009,the HdB resale price has never went up above its 1996 price.That means to say that the HDB resale flat price has been stuck below 1996 price for 13 long long long years.
Somebody who bought a hdb resale flat in 1996 would have got a capital gain of 0% after holding the flat for 13 long years till 2009.
If he bought the flat in 1996 and sold in 2007 after holding for 11 long years he would have lost 27 % of his investment.
It is only in mid 2009 that the HDB resale flat price finally broke through their 1996 price after a wait of 13 long long years.
From 1996 till 2011 ,which is a period of 15 long years,the HDB resale flat price has gone up totally by only 25 % after 15 long years.That is equivalent to a rise of 1.7% per year.You call a rise of 1.7% per year as excessive price increase????You must be crazy or kidding right??
Or maybe you love to grumble and whine over minor issues.But grumbling and complaining over a 1.7% price increase per year????
Hearing the whinnings and complaints from so many younger people,one may get the wrong idea that HDB flats have gone up through the roof.In actual fact the rise is only an average of 1.7 % a year from 1996 till 2011.
So all those complainers and whinners who have been complaining of the excessive rise in HDB resale flat price are dead wrong.Totally dead wrong.This price chart above tells you the real picture.A picture cannot lie.
The truth is finally right here before your eyes.HDB resale flats are way way under valued so they are really good value for money right now.Better grab the HDB flats right now before more people realize how under valued HDB flats are and the big rush begins.
If you are able to buy new HDB flats direct from the Singapore government,that would be even better value for money due to the good discount price of new HDB flats compared to resale flats.
Don’t forget that Singapore is a global city and you cannot expect housing price to be really cheap in a global city.Other global cities in the world like Tokyo,London,New York,Shanghai,Hongkong have even higher housing cost.
So stop grumbling and start buying that HDB flat right now.As long as you have holding power,it’s almost impossible not to make money buying HDB flats.
This is the chance given to you by the Singapore government to make a huge capital gain and only fools will miss out on this bargain.
Come to think of it,Mah Bow Tan was not wrong after all.HDB resale flat prices really did went up rather slowly.
Mah Bow Tan got blamed by many people for HDB resale flat price rising too fast when in fact a simple calculation shows that the rise is only 1.7 % per year since 1996.
HDB resale flat prices has been stuck in a narrow trading range for 13 long years from 1996 till 2009 so even if prices were to go up from here,it’s actually way way over due and only trying to play catch up due to the fact the HDB rersale price has been going nowhere for those 13 long years.
http://www.unconventional-thinker.com
http://www.i-eat-salt-more-than-you-eat-rice.com