You have probably seen the headlines: another HDB flat just sold for over a million dollars. Then, in the same week, a different headline says HDB resale prices are falling. So which is it – is the market hot or cold?
The honest answer: both are true at once, and once you see why, the whole picture makes sense. Let us walk through it in plain English.
First, what is a "million-dollar flat"?
It simply means an HDB resale flat that changed hands for S$1,000,000 or more. A decade ago this was almost unheard of. Today it happens regularly – but it is still far rarer than the headlines make it feel.
Out of every 100 HDB flats sold, only about two cross the million-dollar line. The other 98 sell for less – most of them well under S$750,000. So these record sales are the exception, not the rule.
Why do some flats sell for so much?
Million-dollar flats are not random. They almost always share the same handful of traits:
- A central, mature town – places like Queenstown, Bukit Merah, Toa Payoh and Bishan, close to the city.
- A bigger flat – usually 5-room or Executive, so there is more space to pay for.
- A high floor – better views, more privacy, and buyers pay a premium for it.
- A long remaining lease – plenty of years left on the 99-year clock, which protects the flat's value and keeps banks and CPF comfortable lending against it.
Put those together – a large, high-floor flat in a central estate with a fresh lease – and you have the recipe for a record price.
The current record holders
Here are five of the highest HDB resale prices on record, as a snapshot:
| Town | Type | Address | Price |
|---|---|---|---|
| Bukit Merah | 5 Room | 96A Henderson Rd | S$1,728,000 |
| Queenstown | 5 Room | 92 Dawson Rd | S$1,700,000 |
| Queenstown | 5 Room | 92 Dawson Rd | S$1,658,888 |
| Queenstown | 5 Room | 93 Dawson Rd | S$1,650,000 |
| Bukit Merah | 5 Room | 9A Boon Tiong Rd | S$1,648,888 |
This is a snapshot as of September 2026 and will age as new sales come in. For the always-current ranking – sortable by price or by price-per-square-foot, and filterable by town and flat type – see the live tool below.
So how can records break while prices "fall"?
This is the part that confuses people, and the answer is simpler than it sounds.
When you hear "HDB resale prices fell," that number is the Resale Price Index – an average across the entire market, all towns and flat types combined. In 2026 that index has been gently softening: easing slightly, for the first time in years, as more new flats reach the resale market and buyers become less rushed.
But an average can drift downward while a small group at the very top keeps climbing. Think of it like exam results: the class average can dip even as one or two top students score higher than any student ever has. The record and the falling average are measuring two different things.
That is exactly what is happening with HDB. The broad market is catching its breath, while a thin slice of trophy flats – the big, central, high-floor, long-lease units – keeps setting new highs.
And these record sales are speeding up
Here is the striking part. Even though the overall market is softening, million-dollar sales are becoming more common, not less. A large share of every million-dollar HDB sale in history has happened in just the last couple of years.
Why? Because many flats bought years ago in prime locations are now finishing their minimum stay (the MOP) and entering the resale market for the first time – still with long leases and in exactly the estates buyers compete for. Fresh premium supply keeps feeding the top end, even as the wider market cools.
What this means for you
If you are buying: do not let a scary headline – in either direction – set your budget. A million-dollar sale in Queenstown tells you almost nothing about a typical flat in your town. Compare like with like: same town, same flat type, similar floor and lease.
If you are selling: your flat's value comes from its own traits, not the record down the road. Floor, lease, size, location and condition are what move your price.
The best way to cut through the noise is to look at the real transactions, not the headlines.
See the live record sales
We built a free tool that shows the highest HDB resale prices on record, updated as new transactions come in. You can sort by total price or by price-per-square-foot, and filter by town and flat type – and it includes a live market analysis that explains where the trend is heading right now.
➜ Open the HDB Record Sales tool
Curious what your own flat could be worth? Try our HDB value estimator, or read how HDB valuation actually works and why the remaining lease matters so much.