The Singapore public housing market has reached a staggering new milestone as a five-room HDB flat at City Vue @ Henderson recently sold for $1.728 million. This transaction sets a new national record for the highest resale price ever paid for an HDB unit, surpassing the previous record of $1.588 million set just months prior.
The record-setting unit is located at 96A Henderson Road, situated on a high-floor spanning the 46th to 48th levels. Several factors contributed to this historic price point:
- Prime Location: The flat is located in the Bukit Merah estate, offering proximity to the city center and the future Greater Southern Waterfront.
- Massive Floor Space: Spanning approximately 1,216 sq ft, the flat achieved a cash-per-square-foot (psf) rate of roughly $1,421.
- Remaining Lease: Completed in 2018, the unit has a fresh remaining lease of roughly 92 years, making it highly attractive to younger buyers.
- Views and Design: Units at City Vue are known for their modern "DBSS-like" architecture and unblocked panoramic views of the city and greenery.
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The "Million-Dollar" Trend Intensifies
This sale is not an isolated event but rather the peak of a broader trend. The number of million-dollar HDB flats has seen a significant surge in 2026:
- Volume Increase: In just the first few months of this year, Singapore has already recorded over 100 million-dollar resale transactions.
- Spreading Across Estates: While mature estates like Tiong Bahru and Queenstown remain hotspots, these high-value deals are increasingly appearing in non-mature estates as well.
The $1.728 million tag reinforces the growing "price gap" between typical resale flats and premium units in choice locations. For many Singaporeans, this sale highlights the continued resilience of the HDB resale market despite various cooling measures.
A record high of 1,594 HDB resale flats were transacted for at least $1 million in 2025. This represented a significant increase of approximately 54% compared to the 1,035 units sold in 2024, with these transactions making up about 6% to 6.9% of the total resale volume in 2025.
"While these million dollar flats capture headlines, they still represent less than 10% of the total HDB resale market," said Associate Group Director of PropNex Realty - Kiwi Lim, "Most resale transactions still occur at much lower price points, though the overall upward pressure on HDB valuations remains a key concern for first-time homebuyers."
Is $1.7M for an HDB actually a 'steal'?
Real estate consultant Kiwi Lim believe that while $1.728M may sound astronomical for an HDB flat, the buyer likely viewed it as a bargain compared to private residential alternatives. A comparable 1,200 sq ft private condo in the Bukit Merah / Tiong Bahru area (Rest of Central Region) would easily command $2.5M to $3M+. However, at $1,421 psf, this HDB flat provides a "condo-sized" lifestyle at a significant discount to the $2,500+ psf rates currently seen in the private new launch market.
This record is likely driven by "right-sizers"—owners selling private properties to move into premium HDBs. Many of these buyers are coming off the sale of a luxury condo or landed property. After the 15-month wait-out period (or if they are above 55), they enter the HDB market with significant cash reserves, allowing them to pay high Cash-Over-Valuation (COV) without blinking. They aren't looking for "cheap housing"; they are looking for a lifestyle "trophy home" with low maintenance fees compared to a condo.
City Vue @ Henderson is a unique architectural outlier that creates a "mini-monopoly" in the resale market. As one of the tallest HDB developments in Singapore, units on the 40th floor and above offer views that simply cannot be replicated by 99% of other HDB blocks. With the lease only starting in 2018, the 92-year balance removes the "lease decay" anxiety that usually plagues high-value older flats in Queenstown or Tiong Bahru.
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