The Million-Dollar Flat Phenomenon
If 2024 was the year Singaporeans got used to hearing about million-dollar flats, then 2025 is the year those numbers stopped shocking anyone — and started redefining what public housing means in the city-state. From Queenstown’s pre-war charm to the iconic skyline of Pinnacle @ Duxton, HDB resale prices have soared to record-breaking highs, rewriting the map of affordability and aspiration alike.
This isn’t just a story about real estate figures — it’s a reflection of how Singapore’s housing market is evolving. As limited new BTO launches, prime location demand, and lifestyle-driven preferences collide, certain towns have emerged as clear front-runners, commanding price tags once thought impossible for public flats.
In this article, we break down the Top 10 Most Expensive HDB Towns in Singapore (2025) — uncovering what makes these estates the crown jewels of public housing. From the heartland allure of Bishan to the futuristic draw of Punggol, here’s where — and why — resale prices are reaching the stratosphere.
Quick Snapshot: The Top 10 Most Expensive HDB Towns in 2025
Before we dive into the details, here’s a bird’s-eye view of Singapore’s priciest HDB towns this year — where million-dollar flats are no longer rare outliers, but part of a growing pattern reshaping the resale market. From heritage-rich enclaves in the central core to new-generation estates redefining the edges of the island, these are the towns setting the tone for 2025.
| Rank | Town | Approx. Peak Price | Median Price (per sqm) | Highlight |
|---|---|---|---|---|
| 1 | Queenstown | ~$1.66M | ~$13,000 | Record-setting resale flats |
| 2 | Central Area | ~$1.6M+ | ~$15,000 | Pinnacle @ Duxton benchmark |
| 3 | Toa Payoh | ~$1.6M | — | Central connectivity |
| 4 | Bishan | ~$1.59M | ~$9,700 | School belt hotspot |
| 5 | Ang Mo Kio | ~$1M+ | — | Mature town appeal |
| 6 | Jurong East | ~$1M+ | — | Jurong Lake District uplift |
| 7 | Tampines | ~$1M+ | — | Regional hub advantage |
| 8 | Punggol | ~$900K | — | New town premium |
| 9 | Sengkang | ~$720K | — | Family-friendly growth |
| 10 | Hougang | ~$700K | — | Rising mature contender |
💡 Fun fact: 2025 marks the first time six different towns recorded more than 100 resale flats breaching the million-dollar mark — signalling a shift from rarity to reality in Singapore’s public housing landscape.
1️⃣ Queenstown — Singapore’s Prime HDB Crown Jewel
If there’s one name that consistently tops every list of million-dollar flats, it’s Queenstown — Singapore’s enduring symbol of prestige in public housing. In 2025, resale prices here have reached record-breaking heights, with premium 5-room flats and executive maisonettes hitting close to $1.66 million — a new benchmark that cements Queenstown’s position as the crown jewel of the HDB market.
What drives these sky-high figures isn’t just location — it’s legacy. As Singapore’s first satellite town, Queenstown blends old-world heritage with new-age desirability. Its proximity to the city core, MRT stations like Queenstown and Commonwealth, and lifestyle enclaves such as Alexandra, Holland Village, and One-North makes it the perfect fusion of convenience and cachet.
Beyond nostalgia, Queenstown’s flats also offer something you can’t easily replicate: space and scarcity. Many of its older HDB blocks boast larger floor plans and sit on prime, well-connected land — a combination that today’s buyers are willing to pay a premium for.
In short, Queenstown continues to dominate because it offers what few towns can: a balance of location, history, and high livability. With a median price per square metre surpassing $13,000, it’s not just the most expensive HDB town in 2025 — it’s the one that defines what “prime” truly means in Singapore’s public housing market.
2️⃣ Central Area — Pinnacle @ Duxton and the Urban Premium
If Queenstown is the old guard of prestige, the Central Area is its sleek, modern counterpart — a vertical statement of how far HDB living has come. Home to the iconic Pinnacle @ Duxton, this district continues to shatter expectations, with resale flats consistently crossing the $1.6 million mark and price-per-square-metre figures hitting an eye-watering ~$15,000 — the highest in Singapore’s public housing landscape.
It’s easy to see why. Nowhere else offers this blend of unmatched centrality and skyline living. Nestled at the fringe of the CBD, the Central Area puts residents within minutes of workplaces, nightlife, and cultural hubs like Tanjong Pagar, Chinatown, and Marina Bay. The views alone — sweeping across the city’s ever-evolving skyline — are a luxury even private condos struggle to rival.
But beyond prestige, there’s a deeper appeal at play: urban convenience as lifestyle currency. For professionals and families who crave the heartbeat of city life, being in the Central Area means cutting out commutes and trading time for experience — a premium that translates directly into property value.
In 2025, the Central Area isn’t just an address; it’s a statement. Pinnacle @ Duxton may be the star attraction, but the town’s continued rise proves one thing: when it comes to HDBs, location still reigns supreme.
3️⃣ Toa Payoh — The Classic Central Performer
Few towns embody the phrase “old but gold” quite like Toa Payoh. Once Singapore’s first self-contained town, it’s now one of the most enduring performers in the resale market — a central stronghold where flats have fetched close to $1.6 million in 2025.
Its appeal is simple yet powerful: location, liveability, and legacy. Nestled just minutes from Orchard and Novena, Toa Payoh offers urban proximity without the Central Area price tag. The town’s well-developed amenities, from the bustling Toa Payoh Central Hub to its sports complex, wet market, and MRT interchange, continue to anchor strong demand among upgraders and long-term residents alike.
Then there’s the family factor. With top schools, established childcare centres, and healthcare facilities like Toa Payoh Polyclinic and Tan Tock Seng Hospital nearby, the town has quietly built a reputation as one of Singapore’s most balanced places to live — combining city convenience with neighbourhood warmth.
While newer towns may boast futuristic designs, Toa Payoh’s charm lies in its stability and substance. Its wide roads, familiar blocks, and deeply rooted community spirit give it a sense of permanence that money alone can’t buy — yet in 2025, buyers are willing to spend nearly $1.6 million to try.
Market Drivers Behind the Price Boom
Behind every million-dollar HDB flat is a perfect storm of location, lifestyle, and limited supply. The 2025 surge in resale prices isn’t random — it’s powered by clear, interlinked forces that continue to reshape the housing landscape.
1️⃣ Centrality and Connectivity
At the top of the list is geography. Towns like Queenstown, Toa Payoh, and the Central Area offer unbeatable proximity to the city core, major business districts, and MRT networks. For many buyers, cutting down daily commute time has become the new luxury — and in land-scarce Singapore, that luxury comes with a hefty price tag.
2️⃣ Lifestyle-Driven Amenities
Buyers aren’t just paying for space; they’re paying for access. From established malls in Tampines and Bishan to waterfront leisure at Punggol, resale flats in well-developed neighbourhoods promise an ecosystem of convenience — retail, recreation, and reputation rolled into one.
3️⃣ Premium Flat Types
Another factor driving the boom: scarcity of larger, premium units like 5-room flats and executive maisonettes. Many of these layouts no longer exist in new BTO projects, turning them into collectibles for space-conscious families and investors alike.
4️⃣ Limited BTO Supply
With fewer new launches in central and mature estates, demand has naturally spilled over into the resale market. Buyers looking to stay near family or established amenities are increasingly willing to pay resale premiums, fuelling upward pressure on prices.
5️⃣ Urban Redevelopment and the Greater Southern Waterfront Effect
The government’s long-term vision — particularly the Greater Southern Waterfront (GSW) — has added powerful speculative energy to nearby estates like Queenstown and Bukit Merah. The promise of future transformation, new job hubs, and enhanced liveability has made these areas the centre of gravity for high-value resale transactions.
In short, 2025’s record-breaking HDB prices are more than market noise — they’re a reflection of how Singapore’s evolving urban blueprint, lifestyle priorities, and space scarcity have converged into one undeniable trend: prime public housing is the new private dream.
Trends to Watch in 2026
As the dust settles on 2025’s record-breaking resale wave, all eyes are on what comes next — and whether Singapore’s HDB market can sustain this momentum into 2026. While prices in mature estates are likely to hold firm, several emerging trends could subtly reshape the leaderboard of most expensive towns.
1️⃣ Non-Mature Towns Closing the Gap
Towns like Punggol, Sengkang, and Hougang are fast gaining ground, supported by improved transport links, newer flat stock, and upgraded amenities. With younger families and digital professionals seeking value beyond the central core, these non-mature estates could narrow the price divide — particularly as lifestyle and connectivity catch up.
2️⃣ The BTO Effect: Cooling or Catalysing?
The government’s ongoing efforts to ramp up BTO launches in 2026 — especially in prime and central locations — will be crucial. If supply increases meaningfully, it could ease resale demand and price pressure. But if launches remain oversubscribed or delayed, expect continued spillover into the resale segment, keeping prices buoyant for larger, well-located flats.
3️⃣ Policy Shifts and Buyer Psychology
Housing policies around eligibility, grants, and lease decay awareness will also influence sentiment. More Singaporeans are viewing resale flats not just as homes but as hybrid assets — a place to live and store value. With interest rates stabilising, the appetite for “safe” long-term property plays remains strong.
4️⃣ What Investors and Upgraders Should Note
For upgraders, the window to sell at peak value may narrow as more supply enters the market. For investors, the sweet spot lies in space-efficient, centrally located resale flats with long leases — properties that can weather cooling measures while retaining tenant appeal.
In short, 2026 may bring moderation, but not reversal. Singapore’s public housing story is evolving — and the smart money knows: in a land-scarce city, value doesn’t vanish, it migrates.
Key Takeaway — What This Means for Buyers & Sellers
If 2025 proved anything, it’s that location, legacy, and liveability still rule Singapore’s housing hierarchy. Central and mature estates like Queenstown, Toa Payoh, and Bishan continue to command million-dollar price tags — powered by accessibility, lifestyle depth, and limited new supply. But just beneath that glossy surface, a quiet shift is taking place.
For buyers, 2025’s top performers highlight a clear lesson: value is migrating outward. As mature-town prices plateau, the next wave of opportunity lies in up-and-coming regional hubs — places like Jurong East, Punggol, and Tampines — where infrastructure, connectivity, and urban renewal are catching up fast. Buying early in these growth corridors could mean future upside without the central premium.
For sellers, timing and positioning are everything. With resale demand still strong but sensitive to price bands and lease balance, owners of large or well-renovated flats in desirable zones hold an advantage — for now. The key is to act before supply expands or policy recalibrations cool enthusiasm.
For investors, the message is strategic, not speculative: focus on quality, connectivity, and longevity. Flats near MRT lines, town centres, and job clusters will retain resilience — even if the market moderates.
In essence, Singapore’s 2025 HDB resale story isn’t just about record prices — it’s about where tomorrow’s value will emerge. The map of desirability is redrawing itself, and the winners will be those who spot the next Queenstown before everyone else does.
References / Further Reading
Town.sg — Official price tracker for HDB resale statistics by town, providing up-to-date and granular data on transactions.
PropNex — Comprehensive reports on resale volume and price movements, offering insights into market trends.
Ohmyhome — Interactive heatmaps and analysis highlighting the priciest HDB towns and pricing patterns.
PropsBit — Detailed town-level resale trends and historical comparisons to track price evolution.
Best in Singapore — Contextual insights into Singapore’s costly districts, including factors influencing high resale values.
StackedHomes — Analysis of market evolution, buyer behavior, and emerging trends in high-value HDB estates.
PropertyGuru — Ongoing listings and sentiment analysis, helping readers understand market pricing and demand.
Reddit Singapore Thread — Public discussion on HDB resale perception, offering grassroots insights into buyer priorities and town desirability.
PropNex October 2025 Report — Updated 2025 market summary including resale volume, median prices, and town-specific analysis.
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