Why Are There So Many Millon Dollar HDB Flats Still?

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A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.
We’ve broken the record for million-dollar flats again, as of August 2023.

Well, they did say National Day is a time to reflect on what makes us Singaporean; and at this point, million-dollar flats are on par with chicken rice, children thinking the national anthem is called “Mari Kita,” and National Service.
At 54 transactions, it’s the highest number of million-dollar flats we’ve seen in any single month; and the crowning gem was, once again, Pinnacle @ Duxton ($1.48 million for a 5-room flat). Million-dollar flats made up around 2.2 per cent of resale flat transactions for the month: still small enough to be considered outliers, but the number of outliers sure seems to be growing.
The worry though, is where the gravy train will end.

As I’ve mentioned in many articles, Singapore is ageing; and at some point, we’re going to be left with a lot of vacant flats when the previous generation passes on (we have more old people than young ones). As only Singaporeans and PRs can buy flats, there isn’t any other buyer demographic to come and soak up the demand.
This can lead to a jarring division, in which the previous generation saw record gains for their flats, but the future ones have no hope of seeing something similar. At some point, one generation is going to find their flats have become liabilities; and the consequences may not be pleasant. This divide may also be brought about because of the new plus/prime classification of future flats, which we’ve yet to see the effects of.
There’s also a worry in the picture painted by rising prices.
Just as we’ve seen in previous downturns like the dot.com burst, asset prices may be inflated before the crash/recession. This makes the downturn much more unexpected, among lay investors who think “fast rising prices = strong economy.”
I run into this quite often in the property market, where less experienced buyers point at home prices and say “Look at it go up, the housing market is strong.” In reality, high property prices may have no relation to how healthy the market is.

Consider, for instance, the possibility that so many million-dollar flats may be an effect of downgrading. Condo sellers flush with cash may be willing to pay more, if it’s their intended retirement home (if you’re never selling, you care about convenience and comfort; not about resale gains).
If this turns out to be the main reason behind our expensive flats, it could even signify a coming downturn in the private segment, as it suggests older homeowners are giving up their condos.
While this is going on, no less than 60 property agents have ended up being involved in our biggest money-laundering case yet.
No news yet on whether any agents are actually in trouble, as they’re all just described as assisting. But one of the cases involves the sale of 20 units at Canninghill Piers, for $85 million.
Which kind of makes me question how smart those money-launderers really are. There are collective sale deals all over Singapore, many of which are quiet and unnoticed. Such as, say, buying over a small batch of walk-ups, which fewer people would question (and it can be resold to developers later.)
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But instead of being subtle, they bought 20 units at one of the most expensive new launches in the country?

Maybe all of this is a sign that the authorities need to look closer at any kind of collective deal. It may be time to have a mandatory registry, where en-bloc attempts are required to be registered. This would also be useful to home buyers, so they know not to buy a unit where the last en-bloc had 78 per cent approval, and end up having to move out two years after moving in.
Meanwhile, in other property news…
- Have you noticed how many local stories and bad reviews deal with condo security? Condo owners have often felt the relationship is rocky, and here’s a look at why things end up that way.
- Speaking of bad reviews…are the worst rated condos as bad as people claim? We took a closer look.
- Forest City is a mega-project teetering on the brink. Here are some stories from what it was like to live there, and a near-escape.
- Check out some four-bedders within a five-minute walk to the MRT, at under $3 million.
Weekly Sales Roundup (23 August – 29 August)
Top 5 Most Expensive New Sales (By Project)
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
MIDTOWN MODERN | $5,319,000 | 1808 | $2,941 | 99 yrs (2019) |
LIV @ MB | $3,730,775 | 1518 | $2,458 | 99 yrs (2021) |
CAIRNHILL 16 | $3,545,100 | 1292 | $2,667 | FH |
ONE PEARL BANK | $3,150,000 | 1098 | $2,869 | 99 yrs (2019) |
ONE HOLLAND VILLAGE RESIDENCES | $2,980,000 | 1087 | $2,741 | 99 yrs (2018) |
Top 5 Cheapest New Sales (By Project)
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
THE MYST | $1,144,000 | 517 | $2,214 | 99 yrs (2023) |
THE LAKEGARDEN RESIDENCES | $1,139,000 | 678 | $1,928 | 99 years leasehold |
10 EVELYN | $1,461,550 | 495 | $2,952 | 99 yrs (2022) |
PULLMAN RESIDENCES NEWTON | $1,498,000 | 463 | $3,236 | FH |
MIDTOWN MODERN | $1,513,710 | 409 | $3,701 | 99 yrs (2019) |
Top 5 Most Expensive Resale
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
GRANGE INFINITE | $7,250,000 | 2680 | $2,705 | FH |
AALTO | $6,300,000 | 2443 | $2,578 | FH |
BOTANIKA | $5,320,000 | 2099 | $2,535 | FH |
CAIRNHILL PLAZA | $4,300,000 | 2293 | $1,875 | FH |
SOMMERVILLE PARK | $4,125,000 | 1948 | $2,117 | FH |
Top 5 Cheapest Resale
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
PRESTIGE HEIGHTS | $622,000 | 334 | $1,864 | FH |
M66 | $690,000 | 463 | $1,491 | FH |
SIMS URBAN OASIS | $700,000 | 463 | $1,512 | 99 yrs (2014) |
SEASTRAND | $705,000 | 570 | $1,236 | 99 yrs (2011) |
URBAN VISTA | $720,000 | 441 | $1,631 | 99 yrs (2012) |
Top 5 Biggest Winners
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
ONE AMBER | $3,750,000 | 1701 | $2,205 | $2,427,420 | 17 Years |
BUTTERWORTH 8 | $2,450,000 | 1313 | $1,866 | $1,551,410 | 21 Years |
CANARY VILLE | $2,680,000 | 1550 | $1,729 | $1,512,000 | 16 Years |
CHILTERN PARK | $1,828,000 | 1270 | $1,439 | $1,353,000 | 20 Years |
THE GARDENS AT BISHAN | $1,800,000 | 1152 | $1,563 | $1,140,000 | 16 Years |
Top 5 Biggest Losers
PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
EON SHENTON | $1,520,000 | 689 | $2,206 | -$18,200 | 16 Years |
ICON | $1,250,000 | 700 | $1,787 | -$10,000 | 9 Years |
SIMS URBAN OASIS | $700,000 | 463 | $1,512 | $3,967 | 6 Years |
LUXE VILLE | $1,030,000 | 786 | $1,311 | $8,200 | 13 Years |
ICON | $1,073,000 | 581 | $1,846 | $28,000 | 14 Years |
Transaction Breakdown

My most interesting links of the week
- Airbnb banned in New York
They tried doing it once before in 2018, but now, they will need to register with the city if they want to do short-term rentals. If not, they’d have to face fines of up to $5,000.
Some people have said it’s because of the major hotel corporations bullying their way to push the Airbnb competition out of the way, while others believe that it’s to help the high rent situation in New York.
That said, high rents in New York have always been an issue. And others believe that short-term stays do not compete with long-term anyway, so this move wouldn’t change anything.
Regardless, it’ll be interesting to see what happens from here on (or, what would property prices or rent would be like here if Airbnb was allowed in Singapore).
Follow us on Stacked for new on the Singapore property scene, as well as reviews of new and resale condos alike.
Ryan J
A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.Read next from Singapore Property News

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