To what extent are million-dollar resale flats only a small minority of total transaction volume

Million-dollar HDB resale flats represent a small minority of total resale transaction volume in Singapore, accounting for roughly 10-15% based on 2025 data when compared to overall HDB resale activity.

In 2025, 1,544 million-dollar HDB resale flats were transacted as of mid-December, with projections reaching around 1,550 by year-end—a 50% increase from 1,035 in the prior year. This occurred amid a broader resale market with moderate volume growth, where four-room flats led million-dollar deals at 646 units (42% of such sales), followed by five-room flats (536) and executive flats (357). Concentrated in mature estates like Toa Payoh (296 deals), Bukit Merah (209), and Queenstown (165), over 90% were in such areas, with more than half involving newer flats. In 4Q2025 alone, an estimated 351 million-dollar flats traded, down 27% quarter-on-quarter but with prices up 2.3%.

This share remains minor relative to total HDB resales, as historical trends and moderate overall market growth indicate million-dollar transactions comprise only a fraction of the tens of thousands of annual deals, underscoring their niche status despite record highs. Expect further uptick in 2026 with 13,484 flats hitting minimum occupancy period, potentially boosting supply in prime areas.