Over 1,500 million-dollar HDB resale flats sold in 2025, a record high as Toa Payoh leads by volume

SINGAPORE: Million-dollar HDB resale flat transactions continued to smash records in 2025, even as the broader resale market experienced more moderate price growth and deal volumes.

HDB transaction figures on data.gov.sg show that, as of 23 December 2025, 1,544 resale flats had been sold for at least S$1 million since 1 January, surpassing the 1,035 such transactions recorded in 2024.

This marks a sharp year-on-year increase of more than 500 units.

In 2023, only 469 million-dollar resale flats were recorded, highlighting growth of more than 50% each year over the past two years.

By town, Toa Payoh emerged as the leading location for million-dollar resale deals in 2025, with 296 transactions, according to data.gov.sg.

Toa Payoh was followed closely by other mature estates, reflecting sustained demand for centrally located flats with strong amenities and transport connectivity.

Queenstown posts 2025’s highest-priced HDB resale deal

Queenstown recorded the most expensive HDB resale transaction of the year.

A five-room flat at SkyTerrace @ Dawson, measuring 1,313 square feet, was sold for S$1.659 million, or S$1,263 per square foot, in June 2025.

Located on Dawson Road, SkyTerrace @ Dawson comprises five residential blocks of up to 43 storeys, with a total of 758 flats and about 90 years remaining on its 99-year lease.

This transaction is the highest-priced HDB resale flat listed in HDB’s database to date.

However, it remains below the reported sale of a larger five-room unit at nearby Skyoasis @ Dawson, which allegedly fetched S$1.73 million in June 2024, although that deal does not appear in official HDB records.

Four additional flats crossed the S$1.6 million threshold in 2025. These included a five-room flat and an executive maisonette in Bishan sold for S$1.632 million and S$1.6 million respectively.

Two other S$1.6 million deals involved a five-room flat at The Pinnacle @ Duxton in the Central Area and a five-room Design, Build and Sell Scheme flat in Toa Payoh.

Price growth moderates despite higher volumes

Despite the record number of transactions, analysts noted that price growth has slowed.

According to The Edge Prop, Huttons Asia senior director of analytics Lee Sze Teck said the average price of a million-dollar flat in 2025 was around S$1.14 million.

This represented only a 1.8% increase from the S$1.12 million average recorded in 2024, suggesting that most transactions occurred near the lower end of the million-dollar range.

“This may suggest some form of price resistance among buyers,” Lee noted, pointing to greater caution amid a more uncertain economic outlook.

ERA Singapore chief executive officer Eugene Lim said million-dollar deals still accounted for a relatively small proportion of overall resale activity.

“Out of the 20,694 resale applications submitted in the first ten months of 2025, only 6.4% exceeded the million-dollar mark,” he said, underscoring that such transactions remain a niche segment.

Four-room flats dominate million-dollar transactions

In terms of flat types, four-room units dominated million-dollar resale activity in 2025. A total of 651 four-room flats were sold for at least S$1 million, nearly double the 381 units recorded the previous year.

The most expensive four-room resale flat achieved a record S$1.518 million in March 2025.

The unit is located on the 49th floor of The Pinnacle @ Duxton, spans 94 square metres, and set a new national price high for four-room HDB resale flats.

Newer flats and long leases drive premium prices

Location and lease tenure continued to play a crucial role in supporting high prices. Among the top 10 HDB resale transactions in 2025, nearly all involved flats with lease commencement dates between 2011 and 2016.

This translates to remaining lease tenures of around 85 to 90 years, a factor widely seen as attractive to buyers concerned about long-term value.

The main exceptions were two executive maisonettes in Bishan that sold for S$1.6 million and S$1.588 million respectively. Both units measure 1,755 square feet and have about 60 years remaining on their leases.

Due to their large size and rarity, such maisonettes were able to command premium prices despite their shorter remaining leases, Lee observed.

Outlook: 2,000 million-dollar deals possible in 2026

Looking ahead, analysts remain cautiously optimistic about future volumes.

According to Lianhe Zaobao, Nicholas Mak, chief research officer of property platform MOGUL.sg, said the outlook remains resilient.

He noted that, based on current market trends, annual million-dollar HDB resale transactions could reach 2,000 units in 2026, unless major economic shocks such as a financial crisis or a sharp rise in unemployment occur.