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Million-dollar HDB flats: Median age of buyers was 40 years old in last 8 years

Some 94 per cent of buyers were Singapore citizens, and about six per cent were permanent residents.

The Pinnacle@Duxton, the first 50-storey public housing project in Singapore, illustrating a piece on million-dollar HDB flats.
The median age of million-dollar HDB resale flat buyers was 40 years old in the last eight years. (PHOTO: Getty) (fiftymm99 via Getty Images)

SINGAPORE — The median age for buyers of Housing and Development Board (HDB) flats sold for S$1 million or more was 40 years old in the last eight years, according to the Ministry of National Development (MND).

The ministry revealed this in a written response on Monday (18 September) to a question from Member of Parliament (MP) for Ang Mo Kio Group Representation Constituency (GRC) Gan Thiam Poh, who had asked the age of buyers of million-dollar HDB resale flats in the past eight years and what percentage of such buyers were permanent residents (PR).

In its response, the ministry said that between July 2015 and June 2023, the number of HDB resale flats that were sold for S$1 million or more made up less than one per cent of registered HDB resale flat transactions in that period.

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Among the buyers of such flats, about 94 per cent of buyers were Singaporeans and about six per cent were Singapore PRs.

21 HDB towns and estates had million-dollar HDB resale flat transactions

In a written reply to a separate question, the ministry also revealed that 21 HDB towns and estates had resale transactions registered with a resale price of S$1 million or more as of 22 July 2023, adding that such flats tend to be in "very favourable locations" or "come with larger floor areas".

The ministry was responding to MP for Bishan-Toa Payoh GRC Saktiandi Supaat, who had asked the ministry how many HDB estates have had flats that fetched a resale price exceeding S$1 million and the location of such estates.

The locations are: Ang Mo Kio, Bedok, Bishan, Bukit Batok, Bukit Merah, Bukit Timah, Central Area, Clementi, Geylang, Hougang, Jurong East, Kallang Whampoa, Marine Parade, Pasir Ris, Punggol, Queenstown, Serangoon, Tampines, Toa Payoh, Woodlands, and Yishun.

Among these 21 towns and estates, the housing board had offered 13 Build-To-Order (BTO) projects under the Prime Location Public Housing (PLH) model in Bukit Merah, Central Area, Kallang Whampoa, and Queenstown between 2021 and the first half of 2023.

HDB had also launched 36 non-PLH BTO projects across several of the 21 towns and estates.

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