Million-dollar HDB resale flats: What’s the hype and how it’s impacting you?

6 min read

Singapore, where our skies are as busy as our kopitiams and our HDB flats are giving those atas condos a run for their money. If you’ve been enjoying your kopi and kaya toast a little too much to notice, here’s the tea: HDB resale flats are selling for a million bucks. No, we’re not pulling your leg.

The rise of the million-dollar HDB resale flats

million-dollar hdb resale flat
(Image credit: Jiachen Lin on Unsplash)

Now, onto the main show, million-dollar HDB resale flats are no longer just whispers in property agent gossip. They’re real, and they’re here. From Bishan to Dawson, these flats are popping up like bubble tea shops in a mall. But why? Is it the panoramic views, the central locations, or just the bragging rights?

For starters, economic factors play a role. With property prices soaring, it’s no surprise that HDBs, our trusty public housing, are joining the party. Then there’s the whole supply and demand dance. Prime locations, quality renovations, and sometimes, just pure luck (or is it feng shui?)

But here’s the million-dollar question (pun intended): What does this mean for the average Singaporean? For one, it’s a dream come true. Image telling your friends you live in a million-dollar flat! But on the flip side, it’s also a potential nightmare for first-time buyers. With prices skyrocketing, that BTO or resale flat just remain a dream.

Read more: Is it better to sell your HDB resale flat before, during or after a BTO month?

And it’s not just about the price tag. It’s about the changing face of our beloved HDBs. Once seen as affordable housing for the masses, they’re now inching closer to luxury territory. Does this mean we’ll soon have butlers in our HDB corridors? Probably not, but a resident can dream!

Affording a million-dollar flat: What does it take?

In the world of million-dollar HDB resale flats, the question on many Singaporeans’ mind is: “How much should I earn to afford one?”. The answer isn’t straightforward as it depends on various factors including the loan tenure, interest rate, and the individual’s financial commitments. Generally, for a million-dollar property, a monthly income of around S$17,000 is considered a safe estimate. The calculation is based on the Maximum Loan Servicing Ration (MSR) of 30% of housing loans, ensuring that individuals do not overstretch their finances.

However, it’s crucial to note that this is a rough estimate and financial advisors should be consulted for a more tailored assessment. Additionally, potential buyers should consider other associated costs such as property taxes, maintenance, and renovation expenses which can add up significantly.

The impact of increasing million-dollar flats on Singaporeans

The surge in million-dollar HDB resale flats has a ripple effect on the Singaporean society and economy. On one hand, it reflects the robust demand and the perceived value of those properties, potentially leading to a wealth accumulation for current owners. On the other hand, it raises concerns about affordability and social equity.

As more flats breach the million-dollar mark, it could set a new norm for property prices, pushing the overall price index upwards. This trend could make homeownership increasingly unattainable for many Singaporeans, especially the younger generation who are just starting their careers. The escalating prices may also exacerbate the wealth gap, as property is a major form of wealth accumulation in Singapore. Those unable to get on the property ladder may find themselves at a significant financial disadvantage, further widening the socio-economic divide.

Overall, while the allure of of million-dollar HDB flats is undeniable, it’s essential for potential buyers to assess their financial health comprehensively and consider the broader societal implications of this trend. The government and relevant stakeholders should also continue to monitor and manage the property market to ensure it remains accessible and sustainable for all Singaporeans.

HDB properties for you


Read more: HDB resale grants: How much can you get? (2023)


In the ever-evolving landscape of Singapore, one thing’s for sure: change is the only constant. Whether it’s million-dollar HDBs or unexpected guests in our skies, we’re always in for a surprise. So, as we navigate this wild ride, let’s stay informed, make wise choices, and maybe, just maybe, save up for that golden HDB key.

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About Azhann Rosmin

Azhann Rosmin is a writer who has 6 years of professional forte. He specialises in writing about real estate and lifestyle topics. His coverage mostly focuses on HDBs, condos, BTOs, and landed houses while also favouring topics of food, nightlife, and technology. He has worked in multiple writing positions that include cryptocurrency, fintech, e-commerce, fashion, and cosmetics. Azhann graduated with a bachelor's degree in Applied Linguistics and also writes poetry.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

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