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.

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