209 million-dollar HDB flats in September: Where they are and what they share

Singapore’s million-dollar HDB resale market set new monthly records in two consecutive months, with 201 flats sold for at least S$1 million in August 2026, followed by 209 in September.

But what do these homes have in common? Are they mostly larger flats, and do they cluster in particular towns? With September’s record coming amid slower overall resale activity, we take a closer look at where these million-dollar flats were sold, which flat types contributed to the increase, and exactly how much space buyers got for their money.

Million-dollar sales rose while overall resale activity fell

Million-dollar HDB transactions increased by eight, or approximately 4%, between August and September. Over the same period, total HDB resale transactions fell from 2,524 to 2,248, a decline of 10.9%.

This pushed the million-dollar segment’s share of resale activity from about 8% in August to 9.3% in September – that’s roughly one in every 11 transactions. 

Meanwhile, sales below S$1 million fell from 2,323 to 2,039, highlighting the different pace of activity across the two price segments. The record therefore points to more flats changing hands for at least S$1 million even during a quieter month. 

Million-dollar HDB flats by town: Where were they sold?

Toa Payoh and Queenstown held the top spots for million-dollar HDB resale transactions in August and September 2026. Together, the two towns recorded 119 sales, accounting for 29% of the 410 million-dollar transactions over the two months. In September, Bedok joined them in the top three, with the three towns accounting for 81 transactions, or 38.8% of the month’s total.

But million-dollar sales weren’t limited to these popular locations. They were recorded across 21 towns in August and 22 in September, showing just how widespread these transactions have become.

Bedok and Serangoon saw the biggest increases

While Toa Payoh and Queenstown continued to lead, Bedok and Serangoon stood out for recording the largest increases, with seven more million-dollar transactions each in September.

In Bedok, larger flats made up much of the increase. Five-room transactions rose from three to eight, while Executive flat sales climbed from four to seven. 

Read more: 10 Bedok HDB flats sold for S$1.3M+ this year, all in one project

Over in Serangoon, nine of the 10 million-dollar transactions in September involved Executive flats, with the remaining sale being a five-room flat. This wasn’t entirely new for the town either, as all three of its million-dollar transactions in August were Executive flats.

Punggol and Yishun also made an appearance, with four million-dollar transactions each in September after recording none in August. All four Punggol sales involved 5-room flats along Northshore Drive. In Yishun, the sales comprised three Executive flats and one Multi-Generation flat.

So it seems that while September set a new nationwide record, the increase wasn’t happening everywhere. 

Four-room flats played a big part in both records

When we think of million-dollar HDB flats, spacious 5-room or Executive flats often come to mind. But in August, 4-room flats made up the largest share of million-dollar transactions, with 82 out of 201 sales. By September, 4-room and 5-room flats were tied at 74 transactions each.

All 156 million-dollar 4-room transactions across August and September also seem to have taken place in mature towns. Toa Payoh and Queenstown accounted for 82 of these transactions, or 52.6% of the 2-month total.

And these weren’t necessarily large flats either. In September, the 4-room units that crossed the million-dollar mark ranged from 893 to 1,087 sqft, considerably smaller than many of the Executive flats on the list. 

Million-dollar sales clustered in particular projects

Town-level totals tell only part of the story. A closer look at the blocks involved shows that several developments appeared repeatedly across both months.

In Toa Payoh, Alkaff CourtView, Alkaff LakeView, Alkaff Vistaand Alkaff Oasis together accounted for 24 of the town’s 32 August sales and 20 of its 33 September sales. That adds up to 44 million-dollar transactions across these four Bidadari projects. 

In Queenstown, sales clustered across SkyVille @ Dawson, SkyTerrace @ Dawson, SkyParc @ Dawson and Dawson Vista. Together, these developments recorded 11 transactions in August and 12 in September. 

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Meanwhile, Bedok South Horizon alone recorded six million-dollar sales in August and nine in September. 

Together, these developments accounted for 41 transactions in each month – one-fifth of all 410 sales.

For buyers and sellers, looking at the project gives a clearer picture than the town’s headline record alone. Recent sales within the same development, especially those involving similar flat types and sizes, can offer a more useful starting point for comparison.

Most million-dollar HDB flats sold for under S$1.2 million

While record-breaking HDB sales tend to grab the headlines, most million-dollar transactions were actually much closer to the S$1 million mark.

In September, 140 of the 209 million-dollar flats sold for between S$1 million and under S$1.2 million, accounting for approximately 67% of the month’s transactions. August followed a similar pattern, with 142 out of 201 sales falling within the same price range. 

At the higher end, 11 flats sold for S$1.5 million or more in September, up from seven in August. 

What could the same budget buy in the private market?

S$1 million is a substantial amount to spend on an HDB flat. But when we compare what buyers can get for that budget in the private housing market, the appeal of these resale flats becomes easier to understand.

Take Lucerne Grand, a new condominium development in Lakeside, for example. Its published starting prices were S$1.498 million for a 624 sqft 2-bedroom unit and S$1.988 million for an 883 sqft 3-bedroom unit. Both are priced above the range where most million-dollar HDB transactions took place. They’re also smaller than even the 893 to 1,087 sqft 4-room HDB flats that sold for at least S$1 million in September.

Of course, size and price are only part of the picture. Some new launches, including Lucerne Grand, offer condominium facilities, direct MRT access and shops and dining within the development. These features bring a different kind of appeal, so the choice comes down to which combination of space, convenience and facilities best suits a buyer’s lifestyle and budget.

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