Why are HDB flats selling for over $1.5 million?

This week saw records in Bedok ($1.54 million), Bishan's Natura Loft ($1.711 million) and a Sin Ming maisonette ($1.55 million), driven largely by scarcity of standout, well-located units. Pinnacle @ Duxton also set a four-room psf record at $1,553 psf. These reflect specific units rather than typical market prices.

Does a short remaining lease stop an HDB flat from fetching a high price?

Not always. A Sin Ming Court executive maisonette with just 62 years left sold for a record $1.55 million, suggesting buyers in some pockets prioritise floor area, location and layout. Lease length still matters for financing and resale, so it should be weighed carefully.

Are rising mortgage rates affecting whether to buy now?

Three-year fixed rates have climbed since January, while two-year packages have stayed relatively low. Higher financing costs could make renting more cost-effective than buying in some cases, so it is worth stress-testing any purchase or upgrade against a higher-rate scenario.

This Week in Singapore Property: Million-Dollar HDB Records Keep Stacking Up

Million-dollar HDB records broaden beyond the usual estates

The week delivered a cluster of HDB resale records that stretched well past the mature-estate heartland. A five-room flat at 152B Bedok South Road changed hands for $1.54 million ($1,266 psf), the first Bedok flat to clear $1.5 million and a nudge above the block's prior $1.48 million mark. Bedok also set a four-room record at $1.28 million. Elsewhere, a four-room unit at Pinnacle @ Duxton fetched $1.588 million ($1,553 psf), the highest psf ever recorded for a four-room flat, while a Bishan DBSS flat at Natura Loft reached $1.711 million.

Notably, records are no longer confined to flats with long leases. A Bishan executive maisonette at Sin Ming Court sold for $1.55 million ($900 psf) despite only 62 years remaining, beating its estate high by $70,000. This suggests buyers may be prioritising floor area, location and layout over lease length in selected pockets. Scarcity appears central: comparisons of a $1.2 million four-room against a $1.48 million five-room, and of Pinnacle against nearby Strathmore Avenue, point to limited supply of standout units keeping prices firm against newer or cheaper substitutes.

For upgraders, the takeaway is nuanced. Strong resale ceilings can lift the sale proceeds funding a private purchase, but they also mean replacement flats cost more, and these headline prices reflect specific, hard-to-replicate units rather than the broad market. With three-year fixed mortgage rates having climbed since January, the arithmetic of trading up may be tightening. We would treat record prints as reference points, not benchmarks, and stress-test any move against higher financing costs.

Reported by EdgeProp · Stacked Homes

Market pulse

A Pinnacle @ Duxton four-room flat sold for $1.588 million, at $1,553 psf the highest psf ever for a four-room HDB flat. (Stacked Homes)
Kingsford Group acquired Tan Boon Liat Building en bloc for $950 million, working out to $2,172.68 psf on a freehold site to be rezoned residential. (EdgeProp)
Average residential GLS land prices rose from $833 psf ppr in 2016 to $1,312 in 2025, about 5% a year across 63 awarded sites. (EdgeProp)
An Ardmore II four-bedder sold for $7.32 million, setting a new $3,617 psf peak that edged past the 2007 high of $3,599 psf. (EdgeProp)
A Canberra Drive EC site drew 13 bids and a record $825 psf ppr, which could push EC prices toward $2,000 psf. (Stacked Homes)

New launches and land

Lucerne Grand sold 61% of its 570 units at launch at an average $2,480 psf, with over 85% of four-bedroom premium units taken. (Stacked Homes)
Amberwood at Holland moved just 23 units over its launch weekend, a reminder that a prime address does not guarantee strong take-up. (Stacked Homes)
A buyer picked The Continuum over resale for a $3.257 million three-bedder as freehold resale prices closed the gap with new launches. (Stacked Homes)
The Canberra Drive EC site's record $825 psf ppr land price was the first EC tender under the new 10-year MOP framework. (Stacked Homes)

Financing and policy watch

Three-year fixed mortgage rates have risen since January, while two-year fixed packages have stayed low over the past nine months. (Stacked Homes)
Analysts flagged that rising loan rates could make renting more cost-effective than buying private property for some households. (Business Times)
More than 190 public officers' property purchases were reviewed, with eight referred to police over homes near unannounced MRT stations. (Stacked Homes)
HDB said resale deals of greater complexity should be handled by private lawyers rather than through its own conveyancing. (Straits Times)

What this means for you

If you're selling: Record prints in Bedok, Bishan, Pinnacle and Sin Ming show well-located, standout units can still command strong premiums, including some with shorter leases. But these are exceptional cases, so price to your specific unit's attributes rather than the latest headline. Firmer buyer financing costs may lengthen negotiations.
If you're buying: Scarcity is keeping prices firm on the best units, so patience and realistic comparisons matter more than chasing records. With three-year fixed rates rising, factor higher monthly costs into your budget, and weigh renting-versus-buying math where it applies. New launches like Lucerne Grand and resale freeholds are converging in price in some areas, widening your options.
If you're upgrading from an HDB: Strong HDB resale ceilings could boost your sale proceeds, but replacement homes and private units are also pricier, and higher loan rates tighten affordability. Treat record flats as outliers, not your expected sale price, and stress-test any upgrade against a higher-rate scenario before committing. 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.