In the ever-evolving landscape of Singapore's real estate market, a new phenomenon is emerging: the ascent of HDB resale flats into the million-dollar club. Once the exclusive domain of prime locations like Tanjong Pagar and Bishan, this elite group is expanding to include unexpected contenders, signaling a seismic shift in property dynamics.

Jurong West, Choa Chu Kang, Sembawang, and Sengkang—these are the final frontiers, the last bastions of Singapore's HDB towns yet to breach the million-dollar threshold. But according to property analysts, their time is nigh. With maximum resale prices hovering around S$900,000 or higher, the precipice of a million-dollar transaction looms tantalizingly close.

The first quarter figures released by HDB underscore this narrative, with Toa Payoh emerging as the unlikely frontrunner, boasting the highest number of million-dollar resale flats—26 in total. This unexpected twist challenges the traditional hierarchy of Singapore's real estate elite, revealing a broader trend of million-dollar flats cropping up island-wide.

But what drives buyers to invest such substantial sums in HDB flats nestled in non-central locations? According to Mr JT Chia, Managing Director of Propertyforsale Pte Ltd, it's a combination of factors. These flats often offer generous living spaces, averaging around 1,300 square feet, along with unblocked views—a premium feature in Singapore's urban landscape. Additionally, the completion of the Minimum Occupation Period (MOP) has unleashed a wave of supply, further fueling the market's momentum.

Yet, despite their growing prevalence, million-dollar transactions remain a minority, accounting for an estimated 2.7 percent of total deals. However, the trajectory is clear. The recent surge in transactions, coupled with changing buyer preferences, signals a paradigm shift in Singapore's property market.

Looking ahead, experts anticipate the rise of up-and-coming estates as the next hotbeds for million-dollar transactions. Punggol, Serangoon, and Yishun have already made waves, each recording resale transactions surpassing S$1.2 million. In particular, Sengkang emerges as a promising contender, with a recent transaction reaching a staggering S$968,000—an indicator of its burgeoning potential.

Punggol resale flat transactions

Yishun resale flat transactions

Serangoon resale flat transactions

As newer BTO projects in mature HDB towns reach their MOP, the stage is set for a resurgence in resale activity. Mr. Chia, predicts Sengkang's ascent as a popular destination for resale buyers, citing the allure of relatively new units in established neighborhoods.

In April, an executive maisonette (EM) at Block 205B Compassvale lane of Sengkang resale flat was transacted at a million dollar. It has a floor area of 143 sqm and located between level 7 to 9.

In the dynamic landscape of Singapore's real estate market, the journey of HDB towns from humble abodes to million-dollar enclaves is a testament to the city-state's enduring allure and the evolving aspirations of its residents. As the final frontiers prepare to cross the million-dollar threshold, they pave the way for a new chapter in Singapore's housing story—one defined by innovation, opportunity, and relentless ambition.