Why are so many HDB flats selling for over a million dollars?

August saw a record 201 million-dollar HDB resale transactions. The removal of the 15-month wait-out period for downsizers has allowed private property owners to buy larger resale flats sooner, adding demand at the top of the resale market.

What is the HDB wait-out period that was removed?

Previously, private property owners had to wait 15 months before buying a resale HDB flat when downsizing. That wait-out period has been removed, and this change is cited as a factor behind the recent rise in high-value resale transactions.

Do the new HDB income ceilings affect resale prices?

New HDB income ceilings were introduced alongside the wait-out removal, and both have prompted questions about the direction of prices. It is too early to isolate their full effect, so the trend is worth watching over the coming months rather than drawing firm conclusions from one record month.

This Week in Singapore Property: Record 201 Million-Dollar HDB Resales in August

Record million-dollar HDB resales meet a changing policy backdrop

August produced a record 201 million-dollar HDB resale transactions, with new benchmarks set at developments including Macpherson Spring and Bedok Beacon. The surge follows the removal of the 15-month wait-out period that previously applied to private property owners downsizing into HDB flats. With that barrier gone, ex-private owners appear to be moving into larger, well-located resale flats more readily, and their buying power may be adding upward pressure at the top end of the resale market.

This is reinforced by fresh policy changes: new HDB income ceilings and the wait-out removal have together prompted questions about where prices head next. A record five-room DBSS flat at Tampines Central 8 changed hands at $1.12 million — around $963 psf — while demand for larger homes among multigenerational families in areas such as Tampines is reportedly rising, helped by the Tampines North MRT station slated for 2030.

We would treat the record as a signal rather than a trend on its own. A single strong month, even a record one, does not guarantee sustained gains, and the number of genuinely million-dollar transactions remains a small slice of overall resale volume. Still, for upgraders and downsizers alike, the policy shifts have clearly widened the pool of active buyers competing for prime, spacious flats — a dynamic worth watching in the months ahead.

Reported by Stacked Homes · Straits Times · EdgeProp

Market pulse

A UOL-led consortium won the Upper Changi Road GLS site for a record $1.42 billion, setting a new OCR residential psf ppr benchmark for around 1,010 homes near Bedok MRT. (Stacked Homes)
Freehold Terra Hill recorded a developer-sale low of $2,093 psf, the only private non-landed project to set a new price low. (EdgeProp)
GuocoLand's 455-unit River Modern is 93% sold since its March launch, at an average of $3,266 psf. (EdgeProp)
Land betterment charges rose 3.4% on average for non-landed residential and 3.5% for landed homes across five use groups. (EdgeProp)
Monthly service fees for senior Community Care Apartments have risen to around $180, up from $50 at launch. (Stacked Homes)

New launches and land

Sim Lian launched the 212-unit Amberwood at Holland, its first Core Central Region project in 17 years. (EdgeProp)
Punggol East's riverside is set to yield over 8,000 new homes across 25 hectares, with some existing tenant leases not being renewed after year-end. (Business Times)
Frasers Property will redevelop Yishun 10 into a mixed-use project with around 110 homes, targeting a mid-2027 launch and 2031 completion. (EdgeProp)
A virtual site-inspection process could shorten TOP approval by up to two months, potentially saving buyers roughly $7,800 in rent, with pilots including Grand Dunman. (Stacked Homes)

En bloc and commercial watch

High Point at Mount Elizabeth returned for its sixth collective-sale attempt at a $580 million guide price. (EdgeProp)
Gilstead Court in Novena launched a fourth en bloc try at a $198 million reserve, though its low 1.4 plot ratio may deter developers. (Stacked Homes)
SingLand will redevelop Marina Square with three new towers including a 49-storey luxury condo, with the mall closing after March 2027. (Business Times)
Frasers Property acquired Cuppage Terrace near Orchard Road for $175 million. (Business Times)

What this means for you

If you're selling: If you own a larger, well-located resale flat, August's record shows demand at the top end is real, particularly with ex-private downsizers now able to buy without the wait-out period. That said, a single record month is not a guarantee of continued price gains, so pricing to the market rather than to headline records remains sensible.
If you're buying: Buyers of prime resale flats may face more competition, including from cash-rich downsizers, so patience and disciplined budgeting matter. On the private side, a record Bedok GLS bid and firm new-launch take-up suggest new-build pricing could stay elevated, while auctions and older freehold projects may offer relative value.
If you're upgrading from an HDB: The removed wait-out period cuts both ways: it eases the path for those moving between private and HDB, but it also intensifies competition for spacious, well-connected flats. Upgraders weighing new launches should factor in strong OCR land prices and consider that faster TOP timelines could trim interim rental costs. See our HDB upgrading guide for the full playbook.

Keep reading

HDB upgraders: when to sell and buy — timing, ABSD and the sell-first vs buy-first decision.
CPF refund & accrued interest when selling — the number that shapes your proceeds.
Stamp duties explained (BSD, ABSD & SSD) — the full duty stack.