Most $1m HDB resale buyers paid no cash over valuation: PropNex

Buyers aged 30 to 49 accounted for 71% of the transactions covered by the survey.

About 69.1% of buyers of million-dollar Housing and Development Board (HDB) resale flats did not pay cash over valuation (COV), according to a PropNex survey covering 110 transactions in 2025.

Another 11.8% paid less than $40,000 in COV, whilst 6.4% paid between $40,000 and below $80,000. About 9.1% paid at least $80,000, including 5.5% who paid more than $100,000. The COV was unknown in 3.6% of the transactions.

The surveyed flats were sold for between $1m and $1.659m. Four-room units accounted for 42.7% of the transactions, followed by five-room flats at 35.5%, executive flats at 20%, and jumbo flats at 1.8%.

Buyers aged 30 to 49 made up approximately 71% of the surveyed deals. Among those aged 30 to 39, about four in 10 purchased the flat as their first home. Some 46.3% of buyers aged 40 to 49 were upgrading from smaller HDB flats.

Older buyers generally had different reasons for purchasing. About 71.4% of those aged 60 and above had downsized from private homes, whilst 30.8% of buyers aged 50 to 59 had done the same.

More than seven in 10 buyers held professional, managerial, executive or technical jobs. The largest reported income group, comprising 35.5% of buyers, earned between $10,001 and $16,000 a month. However, household income was unknown or undisclosed in 25.5% of cases.

The town or neighbourhood, proximity to an MRT station and a high-floor location were the main factors influencing purchases.

PropNex said 1,002 HDB flats were resold for at least $1m from the start of 2026 to 16 July, compared with the record 1,593 transactions registered in 2025.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia