1,594 Million-Dollar HDB Flats Sold in 2025. That Number's Going Up.
A 5-room flat at SkyOasis @ Dawson just sold for $1.73 million. That’s the most expensive HDB resale flat in Singapore’s history.
Let that sit for a second. $1.73 million for public housing.
And it’s not even an outlier anymore. In 2025, a record 1,594 HDB flats crossed the million-dollar mark. That’s a 54% jump from 2024. In September alone, 172 million-dollar transactions happened in a single month, accounting for nearly 8% of all resale deals.
This isn’t a blip. It’s a trend with momentum.
The Dawson corridor is ridiculous
SkyTerrace @ Dawson. SkyOasis @ Dawson. SkyParc @ Dawson. If the word “Sky” is in your HDB’s name and it’s in Queenstown, congratulations, you’re probably sitting on a goldmine.
The previous record? Also SkyTerrace @ Dawson, at $1.659 million in June 2025. Before that? Same development again. The Dawson estate has basically been leapfrogging its own records every few months.
Even a 2-room flat at SkyParc @ Dawson sold for $695,000 in February. A 2-room. That’s more than what some 5-room flats in non-mature estates fetch.
What makes Dawson special isn’t complicated. It’s District 3, 8 minutes walk to Queenstown MRT, flanked by parks, and the loft units have double-volume ceilings that make them feel more like a private apartment than public housing. Location + product = premium. Always has, always will.
The numbers behind the hype
Here’s the quarterly breakdown for 2025:
| Quarter | Million-$ Transactions | % of All Resale |
|---|---|---|
| Q1 2025 | ~275 | 4.4% |
| Q2 2025 | 415 | ~5.5% |
| Q3 2025 | 472 | 6.8% |
| Q4 2025 | ~432 | ~6.3% |
| Full Year | 1,594 | 6.35% |
The trajectory is clear. And with projections of 1,400 to 1,800 million-dollar deals in 2026, we’re not slowing down.
So should you panic?
Depends on which side of the equation you’re on.
If you own an HDB in a mature estate, this is good news (obviously). Your asset is appreciating, and if you’re nearing MOP, the exit math looks very attractive. Especially with SORA at 1.12% making the upgrade to private more financially viable than it’s been in years.
If you’re a first-time buyer, this is… complicated. The median HDB resale price hasn’t hit a million. Not even close. The national median for a 5-room is still around $600,000 to $650,000. Million-dollar flats are concentrated in a handful of mature estates: Queenstown, Bukit Merah, Toa Payoh, Bishan, Clementi.
The scary part isn’t the price itself. It’s that the definition of “premium HDB” keeps expanding. Flats in Kallang/Whampoa and Ang Mo Kio are starting to crack $900,000. The ceiling is rising across the board.
If you’re an upgrader eyeing an EC or condo, the million-dollar HDB trend is actually your best friend. That equity in your flat? It’s the deposit for your next home. With EC prices under policy review and SORA rates at 3-year lows, the timing math works if your flat has appreciated meaningfully.
The 2026 wildcard: supply
Here’s what could complicate things. About 13,400 HDB flats hit MOP this year, nearly double 2025’s number. Punggol, Sengkang, Tampines, and even some Queenstown units are entering the resale pool.
More supply should, in theory, moderate prices. But “should” and “will” are different words in Singapore property.
The mature estate flats hitting MOP will likely add to the million-dollar count, not dampen it. Fresh 5-room units in Queenstown, with full remaining lease, will probably list at $1 million+ from day one. The non-mature estate supply might cool things in those specific neighbourhoods, but the headline number of million-dollar flats? I think it goes up regardless.
What this really means
The million-dollar HDB isn’t a crisis. It’s a market segmentation that was always going to happen.
Singapore has been building increasingly premium public housing (hello, Pearl’s Hill 60-storey towers) with better finishes, better locations, and better views. Pair that with a small land mass, a growing population, and low interest rates, and you get prices that match the product.
The real question is whether HDB remains “affordable” for first-timers who aren’t competing for mature estate flats. And honestly, for most of Singapore, it still is. A 4-room in Punggol or Woodlands is $400,000 to $500,000. That’s accessible with a dual-income household.
But if you want Queenstown or Bukit Merah? Yeah, bring your chequebook.
The $2 million HDB is probably 3 to 5 years away. Someone will write a shocked headline about it, and we’ll all pretend we didn’t see it coming.
