Market Research · HDB Resale

Million-dollar HDB Flat Survey Report

Million-dollar HDB resale flats are still a small segment of the resale market, but they are becoming a clearer housing tier of their own: location-led, convenience-led, and increasingly shaped by different life-stage needs.

869$1M HDB resale flats in 6M 2026

1,593Record transactions in 2025

110Surveyed 2025 transactions

73.6%Buyers reported as PMET

PropNex Research found that the broader HDB resale market has moderated, but the million-dollar segment remains resilient. In the first half of 2026 up to 26 June, 869 resale flats crossed the $1 million mark, putting the year on pace to potentially exceed the 2025 record.

The survey looked at PropNex salespersons who handled million-dollar resale flat transactions in 2025. Their responses covered 110 transactions, with sale prices ranging from $1 million to about $1.659 million.

Buyer Profile

1More than 7 in 10 buyers were reported to hold PMET jobs, pointing to stronger income profiles behind many top-end HDB resale purchases.
2The largest buyer age groups were 40 to 49 years old at 37.3%, followed by 30 to 39 years old at 33.6%.
3Two-person households made up the largest household-size group at 31.8% of surveyed cases.

Flat And Location Mix

14-room flats formed the biggest share of surveyed deals at 42.7%, followed by 5-room flats at 35.5% and executive flats at 20.0%.
2The five leading towns were Toa Payoh, Bukit Merah, Kallang Whampoa, Queenstown, and Clementi, together making up about 62% of transactions in the survey.
3Most buyers, about 69%, were reported not to have paid cash-over-valuation for their million-dollar flat.

Motivations

Different Buyers, Different Reasons

Million-dollar HDB flats are not serving only one buyer type. Younger buyers appear to use them as an aspirational first-home option in locations they prefer. Mid-career families often use them as an upgrading path within public housing. Older buyers may view them as a right-sizing destination after selling a private home.

Buyer group	Common motivation highlighted in the report
21 to 29	First-home purchase, though based on a small sample.
30 to 39	First-home purchase was the largest motivation at 40.5%.
40 to 49	Upgrading from a smaller HDB flat was the largest motivation at 46.3%.
50 to 59	Motivations were more mixed, including private-home downsizing and HDB upgrading.
60 and above	Downsizing from private housing was the dominant motivation at 71.4%.

What Buyers Prioritised

The top purchase factors were interest in a specific town or neighbourhood, proximity to an MRT station, and being on a high floor. Amenities, generous floor area, views, and good facing also mattered.

School proximity was not among the top factors in this survey, likely because a meaningful portion of buyers were older households or two-person households without school-age children.

What It Means

The report points to a more segmented HDB resale market. Most resale flats may face more price moderation, but premium flats with strong location, access, space, lease and lifestyle attributes can still command exceptional prices.

For buyers, the lesson is not that every HDB flat is moving toward million-dollar pricing. The lesson is that scarcity and desirability can create a very different market at the top end.

Source: PropNex Million-dollar HDB Flat Survey Report. This Stan & Cat article is a market research summary for general information only and is not investment, legal, financial or property advice.