Queenstown sets new record: S$935K for a 3-room HDB flat

For the longest time, 3-room HDB flats were seen as entry-level housing — smaller in size, simpler in design, and easier on the wallet. But that idea is quickly changing a few months into 2025. Non-landed, 3-room flats have recently been making headlines for the rising prices, with more and more towns breaking their own ATH records.

So, what exactly is happening in the 3-room HDB market? You might want to know since some resale units are creeping towards the S$1 million mark now.

S$935K 3-room flat sets new ATH in Queenstown

For the first time ever in Queenstown‘s history, a 3-room flat crossed the S$900K mark. A newly-MOP-ed, Premium HDB unit at Block 95 SkyParc @ Dawson has just changed hands in April 2025 for S$935,000. The price tag puts it only S$65,000 away from the million-dollar HDB club — a segment we rarely associate with 3-room flats.

This particular unit is situated between the 34th to 36th floors of the 43-storey block, spanning 710 sqft. With a sale that translates to S$1,317 psf, it changed the game for HDB resale prices in Singapore. Not only for Queenstown, the S$935K unit at SkyParc has also set a new national record for the most expensive 3-room HDB resale flat, if you exclude the landed terrace HDBs.

This record-breaking sale came with another interesting detail: The typical remaining lease of a resale HDB flat is about 94 years. This unit, however, has a lease balance of 95 years and 7 months. It’s because SkyParc @ Dawson, which was completed around the middle of 2021, is part of the SERS exercise at Tanglin Halt.

The project’s Minimum Occupation Period (MOP) starts being counted from either 7 years from the date of selection of the replacement flat or 5 years from the date of occupation, whichever is earlier. So it’s not unexpected that some units hit the resale market way earlier than typical flats.

Check out available flats at SkyParc @ Dawson

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94 Dawson Road

Singapore 141094 · D3

3

2

893 sqft

S$ 1,028,888

View this listing

95 Dawson Road

Singapore 141095 · D3

2

2

677 sqft

S$ 938,888

View this listing

95 Dawson Road

Singapore 141095 · D3

1

1

505 sqft

S$ 720,000

View this listing

94 Dawson Road

Singapore 141094 · D3

3

2

947 sqft

S$ 1,160,000

View this listing

96 Dawson Road

Singapore 141096 · D3

2

2

678 sqft

S$ 850,000

View this listing

96 Dawson Road

Singapore 141096 · D3

3

2

893 sqft

S$ 1,150,000

View this listing

96 Dawson Road

Singapore 141096 · D3

3

2

893 sqft

S$ 1,150,000

View this listing

95 Dawson Road

Singapore 141095 · D3

2

2

678 sqft

S$ 749,000

View this listing

94 Dawson Road

Singapore 141094 · D3

3

2

947 sqft

S$ 1,200,000

View this listing

96 Dawson Road

Singapore 141096 · D3

2

2

678 sqft

S$ 850,000

View this listing

What drives the high price?

Similar to the name, SkyParc @ Dawson is one of the rare estates where buyers are willing to pay sky-high prices for an HDB flat. This is not surprising as it has a fantastic location and stunning unblocked city views. There are 3 sky gardens within the blocks, something that even many private condos do not have.

Even without its Premium HDB status, being located in Queenstown is already enough of an answer to why it can be so expensive. This is one of the few towns, along with Toa Payoh and Kallang/Whampoa, where million-dollar HDB transactions have become increasingly common.

But still, a S$935K price tag for a 3-room flat is shocking news for most. That figure is nearly double the average price for 3-room flats in Queenstown. In the second quarter of 2025, the average price for such units only sits at around S$559,327.

3-room resale prices in Queenstown have been rising significantly in the past few months. Compared to last quarter, the average price has been up by 4.40%. Looking further back, the jump from Q4 2024 to Q1 2025 was even more pronounced — a 14.10% increase.

These figures point to a steep and ongoing price escalation, especially considering that we’re only one month into Q2 2025. When compared with the islandwide 3-room market, which has seen more gradual growth of around 2% per quarter, the price increase looks even more aggressive.

3-room flats along Dawson Road lead the market

Queenstown remains a dream location for many homebuyers. And when it comes to 3-room HDB, at least, Dawson Road appears to be the epicentre. Projects like SkyVille @ Dawson and SkyTerrace @ Dawson have repeatedly led high-price transactions, and the newly-MOP-ed SkyParc is simply the latest to join that list.

See the highest transacted prices for 3-room flats in Queenstown:

Why are buyers willing to spend big on smaller flats?

It may come down to one big reason: Prices for 4-room flats in Queenstown have gone through the roof, averaging more than S$1,000 psf. In comparison, 3-room flats are about 20% cheaper, with average prices around S$800 psf.

For some buyers, a 3-room flat offers better value, especially if they want to stay in a central location like Queenstown. It’s a simple case of downgrading size without downgrading location. This is what some call the domino effect — as 4-room prices push higher, 3-room flats become the “next best thing,” and prices follow suit.

Rising price trend for 3-room HDBs in Singapore

Let’s try to put this in perspective. Before 2024, it was rare to hear of 3-room flats hitting the S$800K range, much less crossing S$900K. But now, we’ve seen 2 deals breaching the S$900K mark within a few months.

Yes, there have been 2 transactions for 3-room HDB flats with a price tag nearing S$1 million so far. See the highest transacted prices for non-landed, 3-room flats across the island:

Other than the S$935K flat in Queenstown, the only other 3-room resale flat in Singapore to come close is a unit at Alkaff Lakeview in Bidadari, Toa Payoh, which sold for exactly S$900,000 in December 2024. With a size of 721 sqft, its psf came up to S$1,262. Alkaff Lakeview only reached MOP in 2024, leaving a significant lease balance of 92 years and 9 months. 

It’s easy to think that two headline-grabbing sales might just be flukes. But that’s not the case. It is also a sign of what’s happening across Singapore, especially in mature estates where buyers scramble for well-located homes — even if that means paying nearly a million dollars for a smaller unit.

3-room HDB prices have outpaced the overall market growth in the past 5 years

In 2025, the average resale price for a 3-room HDB flat across Singapore stands at S$466,251. While this remains under the S$500K mark, the pace of growth over the past 5 years has actually been stronger than that of larger flats and the overall HDB market.

Between 2020 and 2025, 3-room flat prices rose by 46.37%, outpacing the 43.24% growth for 4-room and larger flats, and the 40.07% increase in the overall resale market. Interestingly, the strongest growth came from the smallest flat types — 1 and 2-room units — up by 52.88% over the same period.

The national average resale price for all flat types in 2025 is S$642,721, which is about 27% higher than the 3-room average. This pricing gap has narrowed over the years — 5 years ago, the difference was still more than 30%. It’s a sign that 3-room flats are steadily gaining value and attention among buyers.

More towns are quietly breaking their own 3-room ATH records

In March, data revealed that more than 50 3-room flats had sold for double the national average, drawing attention to a market segment many had previously overlooked. Since then, record-breaking transactions have continued to surface, even if they aren’t always as headline-grabbing as the near-million-dollar sale in Queenstown.

In recent weeks alone, several towns have crossed new price milestones. At Keat Hong Colours in Choa Chu Kang, a 3-room flat changed hands for S$510,000. In the north, Treegrove @ Woodlands saw a resale flat go for S$588,000. Over in Bukit Panjang, a unit at Senja Parc View fetched S$548,888, setting a new high for the town.

These transactions suggest that price ceilings for 3-room flats are rising across the board, not just in central or mature estates. While Queenstown, Toa Payoh, and Kallang/Whampoa may dominate the top-end of this market, more towns are catching up — and doing so quickly.