Over 1,500 million-dollar HDB resale flats sold in 2025
The most expensive HDB resale flat this year was the sale of a five-room flat at SkyTerrace @ Dawson (pictured) for $1.659 million in June (Picture: Albert Chua/EdgeProp Singapore)
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Million-dollar resale flat deals continued to smash records this year, despite a broader resale market that saw more moderate deal volume and price growth. HDB transaction figures on data.gov.sg as of Dec 18 show that 1,544 resale flats were sold for at least $1 million since Jan 1, surging past last year’s 1,035 flats. Lee Sze Teck, Huttons Asia’s senior director of analytics, believes million-dollar flats could hit 1,550 units by the year-end, representing a y-o-y increase of about 50%.
The most expensive HDB resale transaction this year was the sale of a five-room flat at SkyTerrace @ Dawson in Queenstown measuring 1,313 sq ft that fetched $1.659 million ($1,263 psf) in June. Located on Dawson Road in District 3, SkyTerrace @ Dawson comprises five blocks of up to 43 storeys with 758 flats. It has about 90 years remaining on its 99-year lease.
The deal is the highest HDB resale flat listed on HDB’s database. However, it is lower than the reported sale of a 1,915 sq ft, five-room unit at nearby Skyoasis @ Dawson for $1.73 million ($1,444 psf) in July of last year.
Four other flats also crossed the $1.6 million threshold in 2025, comprising a five-room flat and an executive mansionette in Bishan that sold for $1.632 million and $1.6 million respectively, along with a five-room flat at The Pinnacle @ Duxton in the Central Area and a five-room DBSS (Design, Build and Sell Scheme) flat in Toa Payoh, which also fetched $1.6 million apiece.
Despite the top-end transactions, Huttons’ Lee notes that the average price of a million-dollar flat in 2025 was around $1.14 million, just 1.8% higher than the $1.12 million average the year before, which indicates that the bulk of the deals were at the lower end of the spectrum. “This may suggest some form of price resistance among buyers,” he adds.
Eugene Lim, key executive officer at ERA Singapore, notes that, overall, million-dollar transactions account for a small share of the HDB resale market. “Out of the 20,694 resale applications submitted in the first ten months of 2025, only 6.4% exceeded the million-dollar mark.”
Competition for newer flats in central locations
Million-dollar HDB resale flat deals this year continued to revolve around newer flats in central locations. Among the top 10 resale transactions for 2025, nearly all were for flats with lease commencement dates between 2011 and 2016, which translates to a remaining tenure of around 85 to 90 years.
The only exceptions were two executive maisonettes in Bishan that fetched $1.6 million and $1.588 million, respectively. Both units have approximately 60 years remaining on their leases and measure 1,755 sq ft. “Due to their large size and rarity, maisonettes were able to command high prices despite the decaying lease,” Huttons’ Lee observes.
By location, The Pinnacle @ Duxton on Cantonment Road in the Central Area accounted for four of the top 10 HDB resale deals, followed by flats in Bishan, with three transactions. However, Toa Payoh secured the title for the most million-dollar resale flats this year, recording 296 such deals as of Dec 18, according to data.gov.sg.
Bukit Merah ranked second with 209 transactions, followed by Queenstown (165), Kallang/Whampoa (144) and Clementi (100). ERA’s Lim estimates that over 90% of million-dollar flats this year were in mature estates. “More than half of these sales involved newer flats aged 15 years or under - reinforcing buyer preference for well-located, relatively new homes that offer both convenience and strong long-term value,” he adds.
Mohan Sandrasegeran, head of research and data analytics at SRI, concurs, noting that around 600 of the flats sold for $1 million or more this year have leases commencing in 2013, compared with 382 in 2024. “These newer flats remain highly sought after as they offer modern layouts, attractive locations, and long lease tenures that strengthen value retention and financing flexibility,” he adds.
For Huttons’ Lee, newer resale flats in central locations also saw higher demand as buyers sought out flats not subject to stringent resale restrictions. Under the new Prime, Plus and Standard flat classification framework that took effect in October 2024, Prime and Plus BTO flats face tighter restrictions, including a 10-year MOP and subsidy clawbacks.
Among flat types, four-room flats led the way, with 646 units sold for at least $1 million in 2025, based on HDB data as of Dec 18. This accounts for about 42% of total million-dollar deals and represents a 70% increase from 381 units last year. Five-room flats accounted for 536 million-dollar resale transactions, up 37% from 392 deals last year, followed by executive flats (357), which grew 41% y-o-y.
The Pinnacle @ Duxton (pictured) accounted for four of the top 10 resale flat deals this year (Picture: EdgeProp Singapore)
The HDB resale market will see a surge in flats reaching their MOP next year, likely boosting resale activity. “The number of flats that will fulfil their five-year MOP in 2026 will increase to 13,484 from around 8,000 in 2025, offering buyers more options in the resale market,” says Huttons’ Lee.
Over 60%, or 8,138, of the flats that will fulfil their MOP in 2026 are located in mature estates, marking the highest figure in over a decade, according to research by OrangeTee, a member of Realion Group. They include flats in Queenstown (2,409 flats), Tampines (2,133 flats), Toa Payoh (1,594 flats) and Bedok (1,440 flats).
Given the higher number of newer flats in these estates, Lee expects more million-dollar resale transactions in 2026. At the same time, Punggol, which will see the highest number of flats hitting their MOP next year at 3,222 units, could also see a pick-up in million-dollar flat deals. He predicts flats priced at least $1 million to range between 1,400 and 1,800 next year.
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