Where to find them? (2023)

In 2012, a business duplex on Mei Ling Street in Queenstown became the first HDB flat to sell for over a million dollars. Since then, multi-million dollar HDB resale flats have slowly become more popular.

It’s no secret that 5-room or larger HDB resale flats in centrally located, sought-after mature neighbourhoods can sell for over a million dollars. In 2022, HDB flats traded for a record $370 million. But we’re also seeing more seven-figure transactions in non-mature neighbourhoods and areas further away from the CBD.

Woodlands, Tampines, Pasir Ris and Bukit Batok are some HDB towns that have joined the million dollar club due to the larger apartments found in these areas.

While it is evident that buyers are still willing to pay for space, 4-room HDB resale flats are also increasingly selling for million-dollar prices. In April 2023, it was reported that a record-breaking 21 4-room HDB resale flats were sold for over $1 million in the first quarter of 2023.

Can we expect to see more multi-million dollar 4-room resale flats from HDB? Where are they located, and which neighbourhoods are likely to see more such transactions? Read on to find out.

Number of 4-room HDB flats worth millions sold from 2018 to 2022

The first multi-million dollar 4-room HDB flat was sold in June 2018. It was a 1,033 sq ft S1 type flat at Pinnacle @ Duxton, which changed hands for $1,028,000. Since then, 140 multi-million dollar 4-room flats have been sold (as of 12 April 2023).

With 21 such units sold in the first quarter of 2023 alone, this year is set to be a year where we see a surge in the number of multi-million dollar 4-room HDB flats sold. So where are these multi-million dollar 4-room flats located?

Where can you find 4-room HDB apartments worth millions?

All transactions for million-dollar four-bedroom HDB-style flats took place in established residential areas in the best areas or on the outskirts of the city, which once again underlines that location is crucial.

In contrast, in transactions for five-bedroom and larger homes valued over $1 million, buyers were sometimes willing to opt for homes in less mature developments to secure a more spacious home, such as in the case of jumbo or upscale duplexes.

However, when it comes to four-room apartments worth millions, buyers are willing to pay these price premiums and high cash-over validation amounts precisely for the proximity to the city center.

The story continues

What else do these million-dollar 4-bedroom apartments have in common other than their attractive location? They are a 10-minute walk from the nearest MRT station(s).

Additionally, these are newer apartments, built in the 2010s and later, and buyers are paying a lot of attention to the remaining term of the lease compared to traditional million-dollar apartments. This could mean that buyers are viewing these 4-bedroom apartments as investment potential; larger living space becomes less important.

Where will the 4-room HDB apartments worth millions be traded in the first quarter of 2023?

Here are the areas where 4-bedroom apartments traded for over a million dollars in the first quarter of 2023. So where can we expect to see a potential increase in million-dollar 4-bedroom apartments?

Breakdown of 4-room HDB flats priced close to $1 million

To better understand the emerging trend of multi-million dollar 4-room HDB flat transactions, we looked at transactions for 4-room HDB flats valued between $850,000 and just under $1 million from January 1, 2022 to March 31, 2023. As in our article examining which HDB estates have multi-million dollar flats, looking at the data will provide clues as to where we can expect to see such transactions.

According to the data, 4-room HDB resale flats in the same areas as those where million-dollar deals were made were sold for between $850,000 and nearly $1,000,000. Ang Mo Kio and Clementi also have many flats in this range.

Particularly striking is the high number of apartments sold in Queenstown and Kallang/Whampoa in this area – 173 and 162 respectively. This indicates great potential for higher transaction volumes of multi-million dollar 4-bedroom apartments in the area.

Will we see more multi-million dollar HDB flats in 2023?

The government implemented new cooling measures in September 2022, immediately following a series of earlier measures that came into force in December 2021.

The impact of the 55% total debt servicing ratio (TDSR), combined with the 0.50% increase in the minimum interest rate and continued rising interest rates, could result in even more buyers being unable to afford the private property market and looking to HDB resale flats.

Add to this the new 15-month waiting period for private property buyers who want a lower quality of housing and the exemption for seniors aged 55 and over who want to move into a 4-bedroom apartment or smaller. This could have the unintended side effect of increasing the prices of second-hand 4-bedroom apartments.

(ArticleCallout) { “Title”: “Million Dollar HDB Resale Flat vs Condo in Singapore: Which is Worth Buying? (2023)”, “Excerpt”: “Read more here.”, “Link”: “https://www.propertyguru.com.sg/property-guides/million-dollar-hdb-resale-flat-vs-condo-67674”, “Image”: “https://img.iproperty.com.my/angel/1110×624-crop/wp-content/uploads/sites/3/2022/07/million-hdb-flat-vs-condo.jpg” } (/ArticleCallout)

So yes, we may see more multi-million dollar 4-room HDB flats in the future, but only in select neighbourhoods. Dr Tan Tee Khoon, Country Manager – PropertyGuru Singapore, reiterates this.

Those buying 4-room HDB resale flats at a higher price are likely to be pickier than someone opting for “traditional” million dollar flats. Location, surrounding amenities and conveniences, and remaining lease term are more important than the size of the property, which explains why most 4-room million dollar flats are found in the Central and Queenstown areas.

“These areas are mature residential areas with distinct and strong locational advantages that are not always found in other districts. Demand for these desirable areas is expected to remain stable despite the recent cooling measures.”

“Prices for 4-bedroom apartments in immature residential areas or areas further from the city centre may stagnate or see slight price increases. With the Mortgage Servicing Ratio (MSR) of 30% now taking into account an adjusted minimum interest rate of 3%, buyers are unlikely to overstretch their wallets.”

While demand for multi-million dollar HDB flats remains strong, Singaporeans are becoming increasingly cautious about the record prices sellers are asking for them. The PropertyGuru Consumer Sentiment Study H1 2023 confirms this: only 3 in 10 people today find it appropriate to sell HDB resale properties for $1 million or more.

Furthermore, it is important to note that multi-million dollar HDB flat transactions are not the norm. They account for less than 1.5% of all HDB flat transactions and the Singapore government keeps a close eye on resale flat prices.

Singaporeans react to multi-million dollar HDB flats: Watch our video

For more real estate news, content and resources, visit Check out PropertyGuru’s how-to section.

Are you looking for a new home? Head to PropertyGuru to browse the best properties for sale in Singapore.

Need help financing your latest real estate purchase? Let PropertyGuru Finance’s mortgage experts help you find the best deals.