So far this year, the number of million-dollar transactions for four-room HDB flats has surpassed that for five-room flats. This year, 244 four-room flats have fetched at least $1 million, compared to 205 five-room flats (see Chart 1). This is the first time that such transactions for four-room flats have outnumbered those for their five-room counterparts.
In this article, we will do a deep dive into the HDB towns with such a phenomenon and examine the possible reasons behind it.
Source: EdgeProp Shortlist (as at 26 May 2025)
Six towns with more million-dollar four-room flats
Among the 18 HDB towns with million-dollar transactions, only six have had more million-dollar four-room flats than five-room flats so far this year (see Table 1). The six towns are Bukit Merah, Central Area, Geylang, Kallang/Whampoa, Queenstown and Toa Payoh. Notably, all six towns are in the Central Region.
Of the six towns, all had more million-dollar transactions for four-room than five-room flats last year as well. Bukit Merah is the sole exception.
Thus far this year, Toa Payoh (which includes Bidadari) tops the chart for million-dollar four-room flats with 67 transactions. This is followed by Bukit Merah (46 transactions) and Queenstown (45 transactions).
Bukit Merah: Change in buyers’ preference
Among the six HDB towns with more million-dollar four-room than five-room flats, Bukit Merah is the only town that recorded a shift in favour of four-room flats this year.
Tiong Bahru View, along Boon Tiong Road, dominates the number of million-dollar transactions for four-room and five-room flats this year due to its excellent location.
Tiong Bahru View is adjacent to Tiong Bahru MRT Station and Tiong Bahru Plaza (see Map 1). It is also a short walk from Beo Crescent Market and Food Centre, Havelock Road Cooked Food Centre, Tiong Bahru Market and Food Centre, and Tiong Bahru Park. Schools within a 1km radius include Alexandra Primary School, Zhangde Primary School and Gan Eng Seng School.
Source: EdgeProp LandLens (as at 23 May 2025)
This year, four four-room flats in Bukit Merah have fetched at least $1.2 million for their sellers (see Table 2). Among them, three are from Tiong Bahru View (see Table 2). Thus far, the highest transacted price is $1.338 million ($1,351 psf) for a 990-sq ft flat at 9A Boon Tiong Road which is part of Tiong Bahru View.
The lone exception is a 1,001-sq ft flat at 95B Henderson Road, which is part of City Vue @ Henderson. However, both projects share many similar locational attributes, as they are located within a 1km radius of each other (see Map 2). In comparison, City Vue @ Henderson is located closer to Redhill MRT Station, Delta Sports Hall and Swimming Complex, and Redhill Market and Food Centre compared to Tiong Bahru View.
City Vue @ Henderson also has a slightly longer remaining lease of approximately 93 years, compared to Tiong Bahru View, which has a remaining lease of approximately 90 years.
Source: EdgeProp LandLens (as at 23 May 2025)
Meanwhile, four five-room flats in Bukit Merah were sold for at least $1.4 million. Three of them are located in Tiong Bahru View, with the lone exception from City Vue @ Henderson (see Table 3).
Notably, only one four-room flat has transacted for over $1.3 million this year. In contrast, 10 five-room flats have sold for prices exceeding that threshold. This year, the highest price paid for a five-room flat in Bukit Merah reached $1.45 million.
The average resale price for four-room flats ($996 psf) in Bukit Merah that are 10 years old or newer is significantly lower than that of their five-room ($1,173 psf) counterparts (see Chart 2). The average resale price for such four-room flats is still under the $1,000 psf threshold, while the average price for similar five-room flats crossed the threshold in 2022.
For example, a five-room flat of 1,206 sq ft at the average resale price of $1,173 psf will cost approximately $1.415 million. In comparison, a four-room flat measuring 990 sq ft at the average resale price of $996 psf will cost approximately $986,000.
Furthermore, the price difference between both flat types has widened significantly; from $24 psf in 2020 to $177 psf this year. This could be due to a stronger price growth of 31.2% for five-room flats since 2020. In contrast, the average price for four-room flats increased by only 14.5%.
Source: EdgeProp Market Trends (as at 26 May 2025)
According to the latest HDB annual report, there are 17,192 four-room flats in Bukit Merah but only 9,622 five-room flats. The shortage of five-room flats in this popular estate is expected to result in keen competition for such flats, thereby driving up their prices. Buyers with more modest budgets are likely to turn to four-room flats to meet their housing needs.
Competition for almost-new five-room flats in Bukit Merah is expected to intensify. Two build-to-order (BTO) projects in Bukit Merah will be launched under the upcoming exercise in July. While both projects will include four-room flats, no five-room flats will be available. Furthermore, recent BTO flats in Bukit Merah have been launched under the Prime category, which comes with a 10-year minimum occupation period (MOP). This makes Bukit Merah flats with the usual five-year MOP, such as those in Tiong Bahru View and City Vue @ Henderson, even more sought after by homebuyers.
As competition for almost-new five-room flats in Bukit Merah heats up, prices for such flats are expected to rise further. More homebuyers will turn to four-room flats to satisfy their housing needs. While this will also place upward pressure on prices for four-room flats, prices are not expected to rise as quickly as those for five-room flats because there are more four-room flats available.
Toa Payoh: Lacks five-room flats in popular projects
This year, the largest disparity in million-dollar transactions between four-room and five-room flats comes from Toa Payoh. The town, which includes Bidadari, recorded 67 million-dollar transactions for four-room flats and 40 for five-room flats. The disparity for this year is 27 transactions, up from the 18 recorded last year. Additionally, Toa Payoh chalked up the most million-dollar deals four-room flats this year.
These million-dollar four-room flats are also fetching higher prices. Last year, only two four-room flats in Toa Payoh sold for at least $1.2 million, but that number has increased to six so far this year. The flats involved in last year’s transactions are from a different HDB project than those sold this year. However, the projects from both years share several similarities.
Both four-room flats that sold for at least $1.2 million last year are part of Toa Payoh Crest, which is located along Lorong 1 Toa Payoh (see Table 4). Of last year’s 55 million-dollar transactions in Toa Payoh, 21 were from Toa Payoh Crest.
Source: EdgeProp Buddy (as at 26 May 2025)
The flats at 130A and 131B Lorong 1 Toa Payoh are located a stone’s throw from each other (see Map 3). Furthermore, both flats measure 1,001 sq ft and have remaining leases of approximately 93 years. Hence, the price difference could be attributed to the flat from Block 130A being on a higher storey than the flat from Block 131B.
Source: EdgeProp LandLens (as at 23 May 2025)
Toa Payoh Crest is within walking distance of Caldecott MRT Station, which serves as an interchange station for the Circle and Thomson-East Coast Lines. Additionally, the HDB project is located opposite Toa Payoh West Market and Food Centre.
It is also within walking distance of two primary schools, namely Kheng Cheng School and Marymount Convent. There are more reputable schools within a 1km radius, including CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh), Raffles Girls’ School (Secondary), St. Joseph’s Institution (International), and Raffles Institution (Junior College).
Toa Payoh Crest comprises 1,007 flats spread across four 40-storey blocks. The project includes 232 studio, 311 three-room, and 464 four-room flats (see Map 4). Notably, the majority of the flats in Toa Payoh Crest are four-room flats, and the project does not feature any five-room flats.
The proximity of Toa Payoh Crest to many amenities, including a dual-line MRT station and several reputable schools, has likely contributed to the million-dollar prices commanded by the flats. Additionally, the long remaining lease of approximately 93 years has added to the appeal of the flats.
Thus far this year, the number of four-room flats that sold for at least $1.2 million has jumped to six (see Table 5). All six flats come from three projects in Bidadari. The three flats along Alkaff Crescent are part of Alkaff LakeView. The flats at 105A and 106B Bidadari Park Drive are part of Alkaff Vista, while the remaining flat at 102A Bidadari Park Drive is from Alkaff CourtView.
The high prices commanded by the Bidadari flats in the resale market are unsurprising, considering the robust demand for such flats when they were made available for application during the BTO exercise in November 2015.
All three projects are within walking distance of each other (see Map 5). Amenities in close proximity to the projects include Woodleigh and Potong Pasir MRT Stations, Woodleigh Bus Interchange, The Woodleigh Mall, Woodleigh Village Hawker Centre, Bidadari Park, Alkaff Lake, Cedar Primary School, and Cedar Girls’ Secondary School.
Furthermore, the leases of the flats from Alkaff LakeView and Alkaff Vista commenced in 2020. Hence, the first owners would have just fulfilled their five-year MOP requirement, leaving the flats with long remaining leases of approximately 94 years.
The lease of the flat from Alkaff CourtView started in 2021, so the first owner would not have fulfilled their required MOP. Owners are usually not allowed to sell their flats before fulfilling their MOP, but exceptions are made on a case-by-case basis in the event of bankruptcy or divorce.
Similar to the flats from Toa Payoh Crest, the proximity and long remaining leases of the Bidadari projects to a wide variety of amenities probably gave a boost to their prices.
Notably, Alkaff LakeView and Alkaff CourtView do not feature any five-room flats (see Table 6). Of the three projects, only Alkaff Vista includes five-room flats, albeit fewer than four-room flats. Combined, the three projects feature 1,229 four-room flats but only 151 five-room flats.
This is largely in line with the overall numbers for Toa Payoh. According to HDB’s latest annual report, there are 14,375 four-room flats in Toa Payoh, which is more than double the 6,788 five-room flats in the town.
The lack of five-room flats in Toa Payoh Crest and the minimal number of five-room flats in the three Bidadari projects could have contributed to the smaller number of million-dollar transactions for five-room flats in Toa Payoh.
The Pinnacle @ Duxton still tops the price chart
Despite the eye-watering prices paid for four-room flats in Bukit Merah and Toa Payoh, the most expensive four-room flat this year is actually found in The Pinnacle @ Duxton, which is located in the Central Area town.
The continued popularity of The Pinnacle @ Duxton is due to its location near the CBD and within District 2. Located along Cantonment Road, the project is also within walking distance of Tanjong Pagar, Outram Park, and Maxwell MRT Stations, giving its residents easy access to the East-West, North-East, and Thomson-East Coast Lines (see Map 6).
Other amenities within walking distance include Tanjong Pagar Plaza, PS100, and 100AM. However, Cantonment Primary School is the only school within a 1km radius.
Source: EdgeProp LandLens (as at 23 May 2025)
Thus far this year, there have been 16 million-dollar transactions for four-room flats in the Central Area, and all 16 are from The Pinnacle @ Duxton. These transactions range from $1.15 million to $1.518 million, with the top three fetching at least $1.4 million (see Table 7).
Source: EdgeProp Buddy (as at 27 May 2025)
The average resale price for four-room flats in The Pinnacle @ Duxton ($1,320 psf) is naturally higher than that for four-room flats in Central Area ($1,043 psf) (see Chart 3). It is also lower than the transacted prices of $1,398 psf to $1,501 psf for the top three transactions in The Pinnacle @ Duxton this year.
The average resale price for 99-year leasehold condos in District 2 ($1,927 psf) is significantly higher than that for four-room flats at The Pinnacle @ Duxton ($1,320 psf). However, The Pinnacle @ Duxton has achieved a price growth of 37.1% since 2020, contrasting with a price decline of 9.9% recorded by the nearby leasehold condos.
Source: EdgeProp Market Trends (as at 27 May 2025)
So far this year, 38 transactions for 99-year leasehold condos in District 2 have been recorded. The highest number of sale transactions came from Icon (9 transactions), Skysuites@Anson (7 transactions), Lumiere (5 transactions) and Spottiswoode Park (5 transactions). Combined, these four condos account for more than half of the 38 transactions.
The average resale price for leasehold condos in District 2 could have been affected by lease decay, as the four condos with the highest resale volumes are at least 10 years old. Among them, Spottiswoode Park is the oldest, with its land lease commencing in 1973, followed by Icon (2002), Lumiere (2006), and Skysuites@Anson (2008). The land lease for The Pinnacle @ Duxton started in 2011, giving the project a longer remaining lease compared to the four condos.
Hence, The Pinnacle @ Duxton would be a more affordable option than condos for homebuyers who wish to live in the neighbourhood. Furthermore, The Pinnacle @ Duxton offers better potential capital appreciation and a longer remaining land lease.
Conclusion
Resale prices for HDB flats have been on the rise. Hence, it is inevitable that more million-dollar transactions have taken place. Most would assume that the majority of such transactions involve five-room or larger flats, but four-room flats have overtaken their five-room counterparts in attracting million-dollar price tags. This year, 244 four-room flats across the island have changed hands for at least $1 million, compared to 205 five-room flats.
The shift is most obvious for flats in Bukit Merah. The higher price tag for five-room flats in this popular estate probably influenced homebuyers to opt for four-room instead of five-room flats.
Thanks to the flats in Bidadari that recently obtained MOP, Toa Payoh reported the highest number of million-dollar transactions for four-room flats this year. Two of the three Bidadari projects do not have any five-room flats. Wowed by the projects’ excellent location and long remaining leases, homebuyers were still willing to pay top dollar for four-room flats in these projects.
However, the highest price paid for a four-room flat thus far comes from The Pinnacle @ Duxton. The project’s convenient location in the heart of Tanjong Pagar and affordability compared to nearby condos ensure its continued popularity among homebuyers.
