At this point, million-dollar HDB resale transactions are nothing new. They seem to be sprouting everywhere, much like mushrooms after the rain. However, 4-room million-dollar sales still have many homebuyers struggling to come to terms with this shift.
Recently we noticed something interesting in Geylang – nearly all its 4-room sales that hit or exceeded S$1 million were coming from just one newly MOP-ed project in the area.
We took a closer look at this trend and here’s what we found:
Table of contents
- The project in question is MacPherson Spring
- A focus on Macpherson Spring’s design and location
- The seller made almost 150% in capital gain
- What are 4-room prices in Macpherson Spring like?
- Are there alternatives for 4-room resales in Geylang with long leases?
- What’s driving up the prices for recently MOP-ed 4-room resales in Geylang?
- Are all 4-room resales in Geylang expensive?
The project in question is MacPherson Spring
Just yesterday, a unit in the project at Block 82A Circuit Road, located on a mid-floor between the 13th and 15th levels, sold for S$1.08 million. With a size of 1,001 sqft, this sale puts the price per square foot (psf) at S$1,078. Macpherson Spring reached its Minimum Occupation Period (MOP) in June 2024, leaving a lease balance of 94 years and 4 months.
As of now, this S$1.08 million sale currently stands as the most expensive 4-room HDB resale in Geylang. However, it may not hold that title for long. Ever since the project MOP-ed, resale transactions have been steadily pushing prices upward with each sale.
If any of these MOP-approaching homes belong to you and you’re unsure about your next property move, don’t hesitate to book a FREE consultation with our 99 advisors today!
3
2
3
2
2
2
2
2
3
2
2
2
A focus on Macpherson Spring’s design and location
Macpherson Spring offers thoughtful design features.
The 3- and 4-room flats come with three-quarter height windows in the living and dining areas, ensuring ample natural light. Some master bedrooms even include balconies, enhancing the living experience. The development also has multi-storey car parks (MSCP) and a rooftop garden.
In terms of accessibility, Macpherson Spring is just a 3-minute walk from Macpherson MRT Station (CC10/DT26). Several buses also run along Paya Lebar Road, making commuting easy. If you drive, you’ll appreciate the close proximity to the Pan Island Expressway (PIE).
Food lovers will enjoy the convenience of three nearby hawker centres. Circuit Road Market & Food Centre, with 16 stalls, is just an 8-minute walk away. For more variety, Circuit Road Hawker Centre offers 106 stalls (11-minute walk), while Geylang East Centre Market & Food Corner has 79 stalls, both about a 10-minute walk away.Within the MacPherson Spring project, residents have easy access to MK Café and 7-Eleven for daily essentials.
For more extensive shopping and dining options, Paya Lebar Square, SingPost Centre, and PLQ Mall are just a 3-minute drive away. The nearest NTUC is around a 10-minute walk.Families with children benefit from nearby educational institutions. My First Skool at Blk 76A Circuit Road is conveniently located within the project, with two more preschools nearby, plus a kindergarten within a 10-minute walk.
For primary education, schools within 1km include Canossa Catholic Primary School, Geylang Methodist School (Primary), and Nexus International School (Singapore). Within a 1-2km radius, you’ll find Cedar Primary School, Haig Girls’ School, Kong Hwa School, and Maha Bodhi School.
Named after its surrounding greenery, Macpherson Spring is also a 5-minute drive away from Aljunied Park.
However, there are two potential downsides to consider. First, the proximity to the PIE and Paya Lebar Road may lead to noise issues. Second, the flats face each other, which could be a deal-breaker for some where privacy is a concern.
The seller made almost 150% in capital gain
Given that Macpherson Spring is a new project with a million-dollar sale, it’s no surprise that its capital gains are substantial.
When the project was initially launched for BTO, 4-room flats sold for around S$441,000. This means that, depending on the HDB grants used, the seller made approximately S$639,000 – a staggering 144.90% increase from the original price. Keep in mind, though, that the final payout could be slightly less after accounting for agent fees and other selling costs.
Curious if your home could be a million-dollar resale? Check its value in under a minute with 99.co’s Property Value Tool.
What are 4-room HDB prices in Macpherson Spring like?
In 2024, the average price for 4-room flats in Macpherson Spring was around S$975,838 for 76 units sold. Fast forward to this year, and the average has climbed slightly to S$1,010,000. However, it’s important to note that this figure is based on only the 8 transactions seen so far in 2025. This makes it tricky to determine if the price increase is genuine or influenced by the limited sales, especially since all but one of the 8 sold for under a million at S$988,000 – likely due to its location between the 1st and 3rd floors.
Overall, sales for 4-room flats in Macpherson Spring have risen by 3.6% from 2024 to 2025.
Currently, 99.co has 14 active sales in Macpherson Spring. The lowest-priced unit is a 2-room flat at S$649,999, while the only 3-room unit is priced at S$768,000. For 4-room flat, listings range from S$900,000 to S$1.18 million, meaning the S$1.08 million record may not last long.
Check your affordability with 99.co’s affordability calculator!
Are there alternatives for 4-room resales in Geylang with long leases?
So far, out of the 30 4-room flat sold for a million dollars in Geylang, 27 of these transactions came from Macpherson Spring.
The other 3 belong to Macpherson Residency, another relatively new HDB resale project in Geylang, which still has 90 years and 10 months left on its lease. Located 10 minutes from Macpherson Spring, Macpherson Residency enjoys similar locational benefits but at slightly lower price points.
While Macpherson Residency’s 4-room transactions have yet to match Macpherson Spring’s heights, three units have crossed S$1 million, with the highest at S$1.01 million. In 2024, the average price for a 4-room flat was S$948,246, compared to Macpherson Spring’s S$975,838.
So far in 2025, Macpherson Residency’s average price has increased by 2.96% to S$976,296, though with only three transactions so far.
2
2
3
2
3
2
3
2
2
2
3
2
3
2
2
2
3
2
3
2
What’s driving up the prices for recently MOP-ed 4-room resales in Geylang?
One of the biggest reasons behind rising prices is the limited supply of new, large 4-room flats in Geylang. In 2023, only one project, MacPherson Spring, reached its MOP, adding about 750 units to the market. However, these were a mix of 2-room Flexi, 3-room, and 4-room flats.
Looking ahead, the supply remains tight. There are no projects reaching MOP in 2025, and only one in 2026 – Pine Vista. Pine Vista is well-located near Dakota MRT and offers excellent amenities, including a market, two food centres, a supermarket, and childcare centres. However, it only consists of 2-room and 3-room flats, meaning no new 4-room flats will enter the resale market anytime soon.
With fewer large units available, demand remains strong for existing 4-room resale flats in Geylang, driving prices higher as buyers compete for limited options.
Did you know that Punggol has the most MOP-ing flats in 2025? So, is it the right time to buy? Read more here: Punggol has the most number of MOP flats in 2025 – should you buy?
Are all 4-room resales in Geylang expensive?
Not all of them. In 2024, the average resale price for a 4-room flat in Geylang stood at S$776,231. So far in 2025, the average price has risen slightly to S$808,000, though this could be due to the limited number of transactions recorded (just 27 as of February).
What’s striking, though, is the sharp rise in prices over recent years. Between 2023 and 2024, 4-room resale prices in Geylang jumped by 20.55% – a significant increase, given that such growth usually occurs over several years. This trend suggests that buyers were willing to pay more for larger flats in 2024, especially as million-dollar HDB sales became more common.
Over the past three years from 2021 to 2024, average 4-room resale prices in Geylang have surged by 32.08%, making it a strong candidate for future appreciation.
Still, buyers on a budget have options. Listings on 99.co show that some 4-room resale flats in Geylang are priced as low as S$480,000, offering more affordable choices for home seekers.
Would you get a 4-room resale in Geylang? Let us know in the comments section below.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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 99.co’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 99.co.
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.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment