Just two months after the previous peak was recorded, a new milestone has already been reached. At the start of April, a 5-room HDB flat changed hands at S$1.728 million, officially setting a new national record for HDB resale prices.
Not only has the previous high been surpassed, but this transaction also marks the first time an HDB flat has crossed the S$1.7 million threshold. As a result, this deal stands out as a clear signal of how far the upper end of the HDB resale market has moved, especially in mature and central locations.
Table of contents
- The S$1.728M flat at City Vue @ Henderson
- A closer look at City Vue @ Henderson’s location and surrounding amenities
- The previous record holder in Queenstown
- Why is Bukit Merah seeing such high prices?
The S$1.728M flat at City Vue @ Henderson
The latest record comes from a 5-room unit located at City Vue @ Henderson. This particular flat sits on a high floor, between the 46th and 48th storeys, and spans about 1,216 square feet. Because of its elevation, wide and open views can be expected. Residents are likely to enjoy sweeping sights of the city skyline, the Greater Southern Waterfront, as well as pockets of greenery in the surrounding area.
When broken down, the transaction works out to around S$1,421 per square foot, which is a level that was once more commonly associated with private residential developments rather than public housing. While there had been earlier mentions of a S$1.73 million deal at Margaret Drive in June 2025, that transaction is not reflected in HDB’s official records. In contrast, this Dawson Road deal is fully captured in the database, and it is therefore recognised as the current national benchmark.
This is not the first time City Vue @ Henderson has set a benchmark. Back in June 2024, another 5-room loft unit in the same development was sold for S$1.588 million, or around S$1,305 psf. Although that record was eventually overtaken, it showed early signs of the project’s strong pricing power.
From a lease perspective, the development remains relatively young. With its lease having started in 2019, there are still about 92 years remaining, which provides buyers with a longer holding horizon compared to older flats in Bukit Merah.
A closer look at City Vue @ Henderson’s location and surrounding amenities
Beyond the unit itself, the location of City Vue @ Henderson plays a significant role in supporting its value, particularly when you consider how well-connected and amenity-rich the area is.
For public transport, Redhill MRT Station is about an 8-minute sheltered walk away, while Tiong Bahru MRT Station can be reached in roughly 9 minutes on foot. This level of accessibility makes daily commuting relatively convenient, especially for those working in the central business district or nearby employment hubs.
For drivers, connectivity is equally straightforward, as the CTE can be reached within about 5 minutes, offering a direct route դեպի the north, while the AYE provides seamless access to both the eastern and western parts of Singapore. As such, travelling across the island remains efficient regardless of your mode of transport.
Families are also likely to find the location practical, given the number of schools in the vicinity. Within a 1km radius, options such as Alexandra Primary School, Zhangde Primary School, and Gan Eng Seng Primary School are available, while additional schools slightly further out provide more flexibility when planning for enrolment. At the same time, several childcare centres and preschools are located within short walking distances, which adds another layer of convenience for households with younger children.
In terms of daily necessities, residents are well-supported by nearby hawker centres and markets. Redhill Food Centre, Redhill Market, and Bukit Merah View Market and Food Centre are all located within a few minutes’ walk, ensuring that affordable and accessible dining options are always within reach.
Lifestyle offerings are also easily accessible, with Tiong Bahru Plaza and Valley Point situated about a 12-minute walk away. In addition, larger retail destinations such as VivoCity, Marina Square, and Chinatown Point can be reached within a short drive, which broadens the range of shopping and dining choices available.
For outdoor recreation, the development sits right next to Alexandra Canal Linear Park, providing residents with a convenient space for jogging, cycling, or simply unwinding in the evenings. When all these factors are considered together, it becomes clearer why the location continues to attract strong demand.
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The previous record holder in Queenstown
Before this latest Bukit Merah transaction, the national record was held by a 5-room loft unit at SkyTerrace @ Dawson, which was sold in February 2026 at S$1.7 million. At the time, that deal had already pushed expectations higher, particularly for well-located flats with unique attributes.
The SkyTerrace @ Dawson unit was not a typical 5-room flat, but a Premium Apartment Loft, which is a relatively rare HDB format. Unlike standard layouts, these units come with double-volume ceilings and an upper deck, creating a sense of space that is not commonly found in public housing. As a result, these units tend to attract a niche group of buyers who value design and spatial quality.
Read more: At S$1.7 million, 5-room loft in Queenstown officially breaks national HDB record
Although the unit measured about 1,313 square feet, part of that figure includes the double-height void space, which means the usable footprint is closer to that of a conventional 5-room flat. Even so, the overall living experience feels more expansive, which shifts the value proposition beyond just floor area.
The lease for SkyTerrace @ Dawson began in 2016, leaving about 89 years remaining, which is still considered relatively healthy.
Why is Bukit Merah seeing such high prices?
To better understand why prices in Bukit Merah have reached these levels, it is important to look at the broader supply dynamics within the estate.
One of the main factors is the limited availability of 5-room flats. In fact, there has not been a 5-room BTO launch in Bukit Merah for more than a decade, with the last such offering dating back to the November 2013 launch of Telok Blangah Ridgeview. Since then, most new BTO projects in the area, including recent launches like Redhill Peaks in February 2026, have largely focused on smaller unit types such as 2-room Flexi, 3-room, and 4-room flats.
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This shift can be attributed to a combination of policy and planning considerations. Many newer projects in Bukit Merah fall under the Prime or Plus housing categories, where unit sizes are typically capped at 4-room configurations in order to keep these centrally located flats more accessible and to manage demand more effectively. At the same time, land scarcity in this mature estate means that a greater number of smaller units are built to accommodate more households, rather than allocating space for larger flats.
As a result, 5-room units have become increasingly scarce, and this imbalance between supply and demand has gradually pushed up their prices. Over the past five years, Bukit Merah has recorded a 23.44% increase in average psf prices, while City Vue @ Henderson has seen a 19.94% increase over the same period.
Interestingly, the gap between Bukit Merah’s overall average psf and that of City Vue @ Henderson has narrowed over time. In 2021, the difference stood at 42.35%, but by 2026, it has reduced to 38.32%, suggesting that demand has strengthened across the entire estate and not just within a single development.
At the same time, when focusing specifically on 5-room flats, a different trend begins to emerge. While there was little difference between 5-room units and the overall average in 2021, a gap of about 7.73% has appeared by 2026, indicating that larger flats are starting to command a premium of their own.
However, for those of you interested in entry prices rather than record-breaking transactions, the broader market still offers a range of more accessible options across Bukit Merah. In terms of current entry points, the lowest-priced unit at City Vue @ Henderson stands at around S$799,000, while across the wider Bukit Merah estate, 3-room flats can still be found from approximately S$388,000. At the same time, for buyers considering larger formats, 5-room flats generally start from about S$850,000, although it should be noted that well-located and high-floor units can command significantly higher prices, as seen in this latest record-setting transaction.
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