A five-room HDB flat at 8 Boon Keng Road was recently sold for $1.55 million ($1,231 psf). The 1,259-sq ft flat, located on the 31st to 33rd storeys, is part of City View @ Boon Keng, a Design, Build and Sell Scheme (DBSS) project. The price paid for the subject flat is a record high for five-room flats in Kallang/Whampoa. The long remaining lease of approximately 85 years could have contributed to the high prices paid for these flats along Boon Keng Road.
Just last month, a five-room flat nearby at 7 Boon Keng Road was sold for $1.54 million ($1,202 psf). The 1,281 sqft City View @ Boon Keng HDB flat located on the 25th to 27th storeys. Few months ago in May, yet another five-room flat in the same DBSS City View @ Boon Keng at Block 9 and on the 22nd to 24th storeys fetched $1.49 million ($1,163 psf).
These HDB flats enjoy transport convenience and are surrounded by amenities, within walking distance of both Boon Keng and Bendemeer MRT Stations (North-East and Downtown Lines) near Bendemeer Market & Food Centre. Bendemeer Primary School, Hong Wen School, Bendemeer Secondary School and Northlight School are also within 1km radius.
The prices for the above City View @ Boon Keng may seem high, but they are still significantly below the $1.659 million ($1,263 psf) paid in June this year for a five room HDB flat at 92 Dawson Road a record price for five room HDB flats across Singapore. The 1,313-sqft flat along Dawson Road enjoys a long remaining lease of approximately 90 years, as well as proximity to Queenstown MRT Station and the plenty of surrounding convenient amenities.
"Over the past few years, Singapore has seen a steady rise in million-dollar HDB transactions. We may see around 2,000 HDB flats transacted over a million dollars this year representing close to 7% of the total number of HDB flats transacted for 2025" said Kiwi Lim, Associate Group Director of PropNex Realty. "Last year saw 1,035 million dollar HDB flats sold and only 470 million-dollar flats were transacted in 2023."
To curb the rise of million dollar HDB flats, the HDB announced that from October 2024 onwards, new BTO projects launched will be classified as Standard, Plus or Prime flats, to better reflect their locational attributes:
- Standard flats will come with significant market discounts that are applied to all BTO flats. They will continue to form the largest category of BTO flats to be launched every year.
- Plus flats will be in choicer locations across Singapore (e.g. good connectivity, proximity to amenities, and the city centre. Some may come with unique features, such as waterfront living).
- Prime flats are in the choicest locations (e.g. centrally located, well-served by comprehensive amenities and have excellent transport connectivity).
Due to their attractive locations and attributes, Plus and Prime flats would naturally command higher market values. They will be priced with additional subsidies to keep them affordable and enable Singaporeans over a wider range of income levels to buy them. They will also come with tighter resale and rental conditions, to ensure that buyers purchase such flats primarily for owner occupation.
Once considered rare but now increasingly normal, what’s driving this million dollar HDB flat phenomenon?
Prime Locations, Limited Supply
Many of these record-breaking flats are in mature estates like Bishan, Toa Payoh, Queenstown, Bukit Merah and Kallang/Whampoa — areas with excellent amenities, transport links and proximity to the city. These locations are highly sought after, but new supply is limited, pushing up resale prices.
Spacious, Unique Layouts
Some million-dollar HDBs are executive apartments, maisonettes, or rare corner units with large floor areas — something modern flats no longer offer. Homebuyers are willing to pay a premium for space, privacy and comfort, especially with more people working from home in a hybrid work environment.
Upgrading Aspirations
Many Singaporeans see property as both a home and a long-term investment. Buyers who have benefited from rising private property or BTO values are more willing to reinvest in prime HDBs for convenience and location, even at higher prices.
New freehold condo expected to TOP in 2027 currently selling at attractive leasehold pricing. Find out more here
Longer Remaining Lease Still Matters
Flats with long leases (80 years or more) command much higher prices, as buyers value security and financing eligibility. Older flats - even those in prime areas, usually fetch less unless well-renovated or in highly desirable blocks.
Confidence in Singapore
Despite global uncertainty, Singapore’s property market remains resilient — supported by stable governance, economic strength and demand for quality homes. Buyers see value in well-located HDB flats as a safe and stable asset.
"Singapore is also attracting foreigners who are key to Singapore's workforce and Singapore has been seen as a preferred choice safe haven worldwide for foreigners to relocate to." said Kiwi Lim who has been advising investors and home buyers on their property asset planning for more than a decade, "around 50,000 new citizens and SPRs are registered in Singapore every year and a portion of them would be looking at HDB flats as their property of choice, while others prefer an upgraded lifestyle in private residential properties."
From Edgeprop, Asiaone and Business Times
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