# Many younger buyers of million-dollar HDB flats were getting their first homes or upsizing: PropNex survey

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-17T10:13:57.000Z
- **Author:** Edgeprop Singapore
- **Original:** https://www.edgeprop.sg/property-news/many-younger-buyers-million-dollar-hdb-flats-were-getting-their-first-homes-or-upsizing-propnex
- **Topics:** HDB & Public Housing, Transactions & Deals

## Featured rationale

The findings signal valuation-supported demand from first-time buyers and upgraders, potentially sustaining premium resale activity in established towns despite high transaction prices.

## AI summary

Buyers aged 30–49 accounted for 71% of 110 million-dollar HDB transactions surveyed, while nearly 70% of buyers paid no cash over valuation.

## Original article

Among buyers in their 30s and 40s who snapped up million-dollar resale flats last year, a significant proportion were either purchasing their first homes or upsizing from a smaller HDB unit, according to observations by PropNex real estate salespersons.

On the other hand, most of the older buyers were mainly downsizing, be it from private property or a larger HDB flat.

In terms of their occupations and salaries, the firm’s survey findings indicated that the majority of purchasers (across all age groups) worked in professional, managerial, executive and technical (PMET) roles, and most of the households were earning five-figure incomes each month.

Read also: Resale flat prices fall for second straight quarter, down 0.3% in 2Q2026: HDB flash estimates

School proximity was one of the least influential factors in these buyers’ decisions, whereas being in a certain neighbourhood was among the key determinants.

Meanwhile, nearly seven in 10 of the buyers did not have to fork out cash over valuation (COV) for the million-dollar flat they purchased, which suggests that the prices are supported by valuation.

PropNex polled its agents who had transacted a total of 110 units of million-dollar flats in 2025.

Varying buyer motivations for million-dollar flats

For about four in 10 of those aged 30–39, the million-dollar flat was their maiden residential property purchase.

These younger first-time homebuyers bought four-room, five-room, executive and jumbo flats situated in towns including Bukit Merah, Kallang Whampoa, Queenstown, and Toa Payoh. Transaction prices ranged from $1 million to $1.659 million.

As for those aged 40–49, about 46.3% of them were previously living in smaller public housing. These upgraders purchased five-room and executive flats priced from $1 million to $1.38 million. They favoured locations such as Bishan, Bukit Merah, Clementi, Geylang, Serangoon, Tampines and Toa Payoh.

Overall, buyers within the 30–49 age bands made up the lion’s share (71%) of the 110 transactions tracked in the survey. Buyers aged 50 and above represented about 24.5% of the sales.

Read also: HDB resale transactions slow y-o-y in first quarter of 2026; uptick in million-dollar flats

Wong Siew Ying, head of research and content at the firm, said that the findings suggest that million-dollar flats “may serve quite different purposes” depending on the buyer’s life stage.

“For younger buyers, a million-dollar resale flat may be an aspirational first home. For mid-career families, it could be an upgrading pathway that stays within the public housing segment,” she added.

Meanwhile, for older buyers, they often opt to “rightsize” and may potentially be trading unit size for location and convenience, whether they are coming from a private home or a larger HDB flat, Wong noted.

Among buyers aged 60 and above — most of them retirees — who purchased million-dollar HDB resale flats last year, a large portion (71.4%) were getting a replacement home after downsizing from a private residential property.

This cohort went for four-room flats with resale prices ranging from $1 million to $1.328 million.

And among buyers aged 50–59, downsizers made up a relatively smaller portion (46.2%) — with only 30.8% of the group relocating from a private home while 15.4% were previously living in a bigger HDB flat.

When asked what drew the buyers to the specific flat transacted, salespeople pointed to interest in the particular town or neighbourhood, proximity to an MRT station, and a high floor as the leading factors.

Read also: What’s moving the market: Singapore's biggest property deals and hottest searches (April 17)

In contrast, the least instrumental factors included being near “good schools”, the physical condition of the flat, and being priced out of private homes in the same locale.

“The limited weight given to school proximity could be partly explained by the substantial share of two-person households among the buyer cohort, at 31.8%,” PropNex noted.

COV not payable for most transactions

The agents observed that about 69.1% of the buyers did not pay COV.

About 11.8% of buyers forked out COV of less than $40,000, and 6.4% paid a sum between $40,000 and less than $80,000.

Only 3.6% paid a hefty $80,000 to $100,000 in COV for their property, while 5.5% reportedly faced COV exceeding $100,000.

PropNex highlighted that the salespersons were unsure of the COV for 3.6% of the deals evaluated.

Most buyers are PMETs and high-earners

More than seven in 10 of those who bought million-dollar HDB resale flats last year held PMET jobs, based on the property agents’ responses.

In terms of monthly household income, salespersons offered estimations, as they were either unsure or the buyer did not disclose their income for one-quarter of the cases.

The respondents said that around 35.5% of buyers earned between $10,001 and $16,000 a month — the largest single band.

Meanwhile, 20% brought in $16,001 to $20,000 a month. Just 3.6% had monthly household incomes of $20,001 to $25,000, and 2.7% raked in more than $25,000.

At the other end, 11.8% of the buyers had $5,000 to $10,000 in household income, while 0.9% were earning less than $5,000 a month.

Ground-level perspectives

The 110 deals evaluated in the study were priced up to about $1.659 million.

In terms of transaction volume, 47 deals (42.7%) involved four-room flats. This was followed by five-room flats at 39 deals (35.5%).

Executive flats accounted for 22 transactions (20%), while two (1.8%) were jumbo flats.

PropNex CEO Kelvin Fong said the number of transactions in the study forms “a modest base” that the agency aims to build on and sharpen over time, and that the survey responses nonetheless offer useful ground-level perspectives on the buyer groups.

“There is no shortage of transaction data on million-dollar resale flats, but almost nothing on who bought them or why. As Singapore’s largest real estate agency, we took the initiative to find out rather than speculate,” Fong added.

With such flats becoming a more established feature of the resale property landscape in Singapore, there may be greater interest in understanding the buyers’ profiles, in PropNex’s view.

In 2026 thus far, as of July 16, there were 1,002 HDB flats resold for at least $1 million per transaction data. This is on track to meet or even exceed the record volume of 1,593 of such flats transacted in the whole of last year, the agency said.

In the past fortnight to July 14, the 10 most expensive HDB homes transacted carried price tags ranging from $1.35 million ($1,100 psf) to $1.555 million ($1,350 psf), based on EdgeProp Singapore’s latest weekly round-up of the market’s top property deals.

Units at developments such as The Pinnacle @ Duxton, a 50-storey project along Cantonment Road, often make the list of priciest resale flats transacted.

## Chinese translation

> Translation model: grok

### PropNex调查：多数年轻百万组屋买家为首购或升级；年长买家则多缩屋

相比之下，多数50–69岁年长买家在缩屋。近七成百万成交无需支付COV。

据PropNex房地产销售人员观察，去年购入百万转售组屋的三四十岁买家中，相当比例为首购，或是从较小HDB单位升级。

另一方面，多数年长买家主要在缩屋，无论来自私人住宅或较大HDB组屋。

在职业与薪资方面，该公司调查显示，多数买家（各年龄组）从事专业、管理、行政及技术（PMET）岗位，且多数家庭每月收入达五位数。

另读：转售组屋价格连续第二季下跌，2026年第二季跌0.3%：HDB快报估算

学校邻近度是这些买家决策中影响最小的因素之一，而特定邻里则是关键决定因素之一。

与此同时，近七成买家购买百万组屋时无需支付现金差价（COV），显示价格获得估价支撑。

PropNex访问了其促成2025年合共110套百万组屋交易的经纪人。

百万组屋买家动机各异

在30–39岁买家中，约四成将百万组屋作为首套住宅购入。

这些较年轻的首购者购入位于红山、加冷黄埔、女皇镇及大巴窑等市镇的四房式、五房式、执行式及特大组屋。成交价介乎100万至165.9万新元。

至于40–49岁买家，约46.3%此前住在较小公共住房。这些升级者购入五房式及执行式组屋，价格介乎100万至138万新元。他们青睐碧山、红山、金文泰、芽笼、实龙岗、淡滨尼及大巴窑等地。

总体而言，30–49岁买家占调查所追踪110宗交易的绝大部分（71%）。50岁及以上买家约占销售的24.5%。

另读：2026年第一季HDB转售交易按年放缓；百万组屋有所增加

该公司研究与内容主管黄秀英（Wong Siew Ying）表示，调查结果说明，百万组屋“可能因买家人生阶段不同而服务截然不同的目的”。

“对较年轻买家而言，百万转售组屋可能是理想的首套住房。对事业中期的家庭而言，它可能是仍留在公共住房范畴内的升级路径，”她补充。

黄秀英指出，对年长买家而言，他们往往选择“调整居住规模”，并可能以单位面积换取地段与便利——无论来自私人住宅或较大HDB组屋。

在去年购入百万HDB转售组屋的60岁及以上买家——多数为退休人士——中，很大一部分（71.4%）是在从私人住宅缩屋后购入替换住所。

这一群体选择四房式组屋，转售价介乎100万至132.8万新元。

在50–59岁买家中，缩屋者占比相对较小（46.2%）——其中仅30.8%从私人住宅迁入，15.4%此前住在较大HDB组屋。

当被问及买家为何被特定成交单位吸引时，销售人员指出，对特定市镇或邻里的兴趣、邻近地铁站，以及高楼层是主要因素。

另读：市场动向：新加坡最大宗物业交易与最热搜索（4月17日）

相比之下，影响最小的因素包括邻近“好学校”、组屋实际状况，以及被同区私人住宅价格挤出市场。

“学校邻近度权重有限，部分可由买家群体中双人家庭占相当比例（31.8%）来解释，”PropNex指出。

多数交易无需支付COV

经纪人观察，约69.1%的买家未支付COV。

约11.8%的买家支付不足4万新元COV，6.4%支付介乎4万至不足8万新元。

仅3.6%为物业支付高达8万至10万新元COV，另有5.5%据报面对超过10万新元的COV。

PropNex强调，销售人员对所评估交易中3.6%的COV情况不确定。

多数买家为PMET及高收入者

根据房地产经纪人的反馈，去年购入百万HDB转售组屋者中，逾七成从事PMET工作。

在每月家庭收入方面，销售人员提供估算，因约四分之一个案他们不确定或买家未披露收入。

受访者表示，约35.5%的买家每月收入介乎10,001至16,000新元——为最大单一区间。

另有20%每月收入16,001至20,000新元。仅3.6%每月家庭收入为20,001至25,000新元，2.7%超过25,000新元。

另一端，11.8%的买家家庭收入为5,000至10,000新元，0.9%每月收入低于5,000新元。

一线视角

研究中评估的110宗交易，价格最高约165.9万新元。

按成交量，47宗（42.7%）涉及四房式。其次为五房式39宗（35.5%）。

执行式组屋占22宗（20%），另有2宗（1.8%）为特大组屋。

PropNex首席执行官方智权（Kelvin Fong）表示，研究中的交易数量构成“适度基数”，机构希望随时间积累并精进，而调查回应仍为买家群体提供有用的一线视角。

“关于百万转售组屋的交易数据并不短缺，但几乎没有关于谁买了它们或为何购买的信息。作为新加坡最大房地产中介，我们主动去了解，而非猜测，”方智权补充。

在PropNex看来，随着此类组屋成为新加坡转售物业格局中更稳固的特征，外界可能对了解买家画像更感兴趣。

2026年迄今截至7月16日，按交易数据有1,002套HDB组屋以至少100万新元转售。该机构称，这有望达到甚至超过去年全年1,593套此类组屋成交的纪录量。

截至7月14日的过去两周，根据EdgeProp新加坡最新每周顶级物业交易汇总，成交最贵的10套HDB住宅标价介乎135万新元（每平方英尺1,100新元）至155.5万新元（每平方英尺1,350新元）。

如广东民路（Cantonment Road）50层项目The Pinnacle @ Duxton等发展项目的单位，经常登上最贵转售组屋成交榜单。