Why Some HDB Flats Still Fetch Record Million-Dollar Prices — Even As The Resale Market Softens

Going by the market-wide resale transaction data, by most accounts the HDB resale market seems to be softening, recording near-flat price growth in the first six months of this year and a 0.2% q-o-q fall in 3Q2026.

Following the significant price increases in the aftermath of the Covid-19 pandemic, a slew of newly completed flats - plus more flats reaching completion - have slowed the overall resale price momentum.

Yet reports of record-breaking million-dollar transactions suggest that a handful of sellers have still managed to command high prices for their flats, such as the $1.701 million sale of a unit at Pinnacle @ Duxton.

But what separates these unusually high-priced flats from the rest of the resale market? And what should buyers and sellers expect going forward?

We spoke to Ink Chua, Branch Division Director at ERA Singapore, who represented the sellers in the second highest-priced transaction at Pinnacle@Duxton to date, which transacted at $1.701 million. She shared what some of the owners there have been telling her, and what the ongoing trend might mean for the HDB resale market going forward.

Exceptional Flats Can Have A Larger Pool Of Prospective Buyers

Many, but not all, million-dollar flats typically benefit from a broader pool of willing buyers compared to the run-of-the-mill resale flat. In the case of Pinnacle @ Duxton, prospective buyers aren’t the usual HDB upgraders.

Ink says the buyers there include private property owners who want to rightsize without losing access to a home in a central location, or who want an alternative that’s likely to be more spacious than just another condo unit.

Consider the appeal of living close to the Central Business District and the Central Area: even a two-bedroom condo unit here might easily fetch more than $2 million, and these buyers are probably looking for a unit that is more than 700 sq ft.

This is what makes many of these buyers turn to Pinnacle @ Duxton, where a five-room flat spans 1,130 to 1,152 sq ft, and usually transacts for less than $2 million. At the same time it boasts near identical locational qualities. Most resale flats at Pinnacle @ Duxton are in move-in condition and HDB conservancy fees are much lower than condo maintenance fees.

You can probably see how existing private property owners end up in the same pool of prospective buyers as HDB upgraders who aspire to live at Pinnacle @ Duxton too. This is an advantage of that development which regular resale flats usually don’t have.

Not All Premium Flats Are Premium For The Same Reasons

Although the flats at The Pinnacle @ Duxton are often perceived as premium HDB flats by many owners and buyers, not all million-dollar flats share the same qualities, says Chua. She points to another unit that she is currently marketing, a five-room flat of about 1,302 sq ft in a point block at Bishan Street.

Both sit at the upper end of the HDB market, in the sense that they are highly desirable units with commanding attributes, but they appeal to buyers for completely different reasons.

The premium value of the million-dollar flats at The Pinnacle @ Duxton comes from their proximity to the city centre, and the fact that there are very few comparable alternatives. On the other hand, the premium value of the Bishan flat stems from the unit's spacious layout and its location in an established, mature residential neighbourhood.

There are certainly more flats like that in Bishan compared to the Duxton Road area, but the point blocks have only a handful of units on each floor - they tend to offer more privacy, better ventilation, and more open views than a typical slab block.

But there’s also a trade-off in the form of the remaining land lease. The Bishan block dates to the late 1980s, so this has to be a buyer pool that values the location and size of the flat, and is undeterred by the less than 60-years left on the lease, which is far less compared to the flats at The Pinnacle @ Duxton.

Thus, the marketing process and buyer intentions are different. According to Chua, she spends most of her time walking buyers through the lease decay concerns, and the impact on CPF usage and financing. This is relevant regardless of whether the flat fits their plans for the next 20 to 30 years.

For buyers and sellers, this is a reason not to treat all high-value flats as being broadly similar. The “million-dollar flat club” is more diverse than it seems on the surface, and what a buyer values in a flat at The Pinnacle @ Duxton may not be present in other areas like Queenstown or Bishan. From an agent’s perspective, Chua says this shapes who the sellers (and their agent) targets, how the flat is presented, and where you can hold firm in negotiations. 

Sellers who treat each high-value flat the same way often misjudge both the price, and the buyer.

Buyers Pay For What They Can’t Change

On the whole, buyers are less willing to overlook some issues, especially in light of the relatively soft resale market conditions and a more selective approach adopted by many buyers today.

Immediately after the Covid-19 pandemic, when the supply of completed housing fell short of demand for new and completed homes, some buyers often tolerated outstanding issues like bad maintenance.

However, buyers today have more potential listings to compare, and moderating prices create less fear of being priced out if they wait.

So-called premium flats can be more resistant to this. An old kitchen, chipped tiles, tired wardrobes or a paint job are still issues - but they can be fixed. Buyers may use these points to negotiate, but they can also put a figure on the cost of rectification.

(In some cases, an unrenovated flat is even preferable. If the buyer intends to redo it in their own style anyway, they likely won’t value newer or fancier renovations as much.) 

But what buyers cannot change is the underlying product. They cannot move the flat closer to the CBD, add 200 sq ft to the layout, or turn it into a corner unit. They also cannot bring back an unblocked view if a new development obstructs it.

(By the way, this is something that is less likely to happen among the highest floor units at the 50-storey Pinnacle @ Duxton.)

Chua says that this is why it’s helpful to see the current market as more selective, rather than “weak” in a blanket sense. There are still buyers willing to pay a premium, but those premiums are now attached to the most distinctive, hard-to-replicate qualities and not just simply being in better condition, or being a little higher than the current competing listings.

It’s worth thinking about, before you splurge on renovations in the assumption it will help your resale prospects later on.

Even Premium Flats Don’t Sell Themselves, You Still Need A Strategy

A genuinely rare flat has an advantage, but it’s still not a good idea to put the sale on autopilot. As the resale HDB market enters a period of moderation, it’s not just about getting more eyeballs on a listing and waiting for prospective buyers to turn up.

The Pinnacle @ Duxton flat that Chua sold for $1.701 million is a good example. When she began marketing it the home was unrenovated, and despite the strength of the location, there were several offers that fell through.

Rather than allowing the conversation to remain centred on the cost of renovation, she used before-and-after renderings to show buyers what the space could become.

There was also some persuasion required with regard to floor height. “The flat was below the 30th floor with only a pocket of sea view, while the previous record sale of $1.63 million had been set by a unit on the 43rd floor,” she says, adding that some prospective buyers raised that during viewings.

Pricing strategy is crucial as well. Chua says that the best strategy is not to pretend every unit’s exceptional traits are obvious - you still need to consider how it looks in the context of competing listings. Moreover, a price point that’s too high can often mean buyers simply scroll past, without you having a shot at persuading them.

For example, consider how many property portals have a “maximum price” filter, which will immediately cut off some views. Chua says that, besides understanding what’s worth highlighting, you still need to price the property at a level where buyers will engage - not simply scroll past.

Overall, the HDB resale market today could be characterised by buyers who are more informed and selective than ever before, so even premium flats need to have their pricing justified. And when you do see a very high transaction, keep in mind that sometimes, it’s the result of one specific unit that was well-marketed.

A Parting Question About The Upcoming 60-Storey HDB Flat

Attentive readers will recall that the government recently announced a 60-storey HDB project in Pearl’s Hill, and subsequent discussions among market observers suggest that it may become the next ‘Pinnacle’ in the Central Area.

But how much of this expected competition could materialise?

“I think both developments (the future 6-storey Pearl’s Hill project and The Pinnacle @ Duxton) will appeal to mostly different households, although there will be a small overlap in terms of buyers,” she says, pointing out that the future Pearl’s Hill development will offer two-room Flexi, three-room and four-room flats, with no five-room units,” she says.

She adds that this makes it likely to appeal to younger couples working in or around the CBD, as well as singles and seniors who prioritise a centrally located home at a subsidised price. “The trade-off is that they need to be comfortable with the BTO process and wait several years before moving in”.

On the other hand, the resale buyers that gravitate to The Pinnacle @ Duxton tend to be a different segment. “When I was marketing my recent five-room sale there, interest came from two main groups. The first was first-time buyers who had been searching for six months to a year, and wanted to skip the BTO wait. The second was older private-property owners moving into a large, well-located HDB flat without the maintenance fees of a condo”.

Generally, she says that size is a dividing line, meaning that the buyers who first bought a flat at The Pinnacle @ Duxton prioritised liveable space for the next chapter of their lives. But this is something that the future Pearl’s Hill project, with no five-room flats available, cannot offer.

“I can foresee a young professional couple who qualify for the project at Pearl’s Hill weighing up whether to ballot for a new flat and wait, or stretch their budget for a flat at The Pinnacle @ Duxton and move in much sooner. So I wouldn’t see that Pearl’s Hill project as a direct replacement for The Pinnacle @ Duxton,” she says.

In addition, there is a strong chance that the future Pearl’s Hill development will be a Prime project, and if so, this would mean eligibility restrictions like an income ceiling for resale buyers, and also a 10-year minimum occupation period (MOP).

In any case, the two developments won’t be direct resale competitors for quite some time. “Pearl’s Hill is still years from completion, and if it carries the 10-year MOP that applies to Prime flats, it will take many more years before any of its units reach the resale market,” says Chua.

For Those Of Us Without Premium Flats, What Are The Main Takeaways When Selling In A More Selective Market?

In general, a good sale outcome usually gets three things right, whether it’s a normal or premium flat: pricing, presentation and understanding the buyer.

The following can help sellers who are looking to sell their properties:

• Price from evidence, not hope. Look at recent transactions in your block and the surrounding blocks, ideally comparing similar stacks, floors, layouts and remaining lease. A realistic asking price attracts more viewings and can create competition. If the price is too ambitious, the flat may sit on the market and end up needing several price reductions.
• Keep the valuation in mind. For HDB resale transactions, any amount above the HDB valuation generally cannot be covered by CPF or a housing loan, and must be paid in cash. The further your asking price moves beyond what buyers and their lenders can support, the smaller your pool of potential buyers.
• Highlight what the listing data doesn’t show. When buyers are comparing many similar four-room flats, small differences become meaningful. Good natural ventilation, a quiet facing, privacy, distance from the rubbish chute all matter. Other traits are proximity to the lift, recently replaced windows or piping, and nearby schools, food options or transport.
• Prepare the flat properly. You don’t necessarily need an expensive renovation. The sellers of the $1.701 million flat at The Pinnacle @ Duxton were about to spend high five figures renovating the unit before listing it, but Chua advised against it.

The flat still sold for a record price in its original condition. Decluttering, fixing small defects, touching up the paint and using bright daytime photos with a clear floor plan can make a significant difference. For viewings, open the windows, turn on the lights and let buyers experience the space at its best.

•  Watch the competition. Don’t just look at past transactions. Look at what else buyers can choose from today, and what may be coming onto the market. If a nearby development is approaching its MOP and many similar flats are likely to be listed, that should shape your timing and pricing.
• Understand the buyer’s financing. The remaining lease can affect how much CPF and financing a buyer can use, while grants affect their purchasing power. Understand the buyer’s HFE position and overall financing before getting too far into negotiations.