# Most buyers of million-dollar HDB flats paid no COV in 2025: PropNex

- **Source:** The Business Times
- **Published:** 2026-07-17T10:36:36.000Z
- **Author:** Chong Xin Wei
- **Original:** https://www.businesstimes.com.sg/property/most-buyers-million-dollar-hdb-flats-paid-no-cov-2025-propnex
- **Topics:** HDB & Public Housing, Transactions & Deals

## Featured rationale

The result signals that market valuations support most million-dollar prices, while demand from affluent younger households and private-home right-sizers may sustain premium-flat transactions.

## AI summary

A PropNex survey found 69.1 per cent of buyers of million-dollar HDB resale flats in 2025 paid no cash over valuation.

## Original article

[SINGAPORE] A majority of buyers of million-dollar Housing & Development Board (HDB) resale flats did not pay any cash over valuation (COV) in 2025, said a PropNex report. It noted that this suggests prices in the segment are being supported by the market value of these units.

The survey, published on Friday (Jul 17), indicated that about 69.1 per cent of buyers did not pay COV for such flats.

Around 11.8 per cent of them paid COV of below S$40,000. About 6.4 per cent forked out between S$40,000 and less than S$80,000, while 3.6 per cent paid S$80,000 to S$100,000 as COV.

Some 5.5 per cent of buyers were said to have paid COV of above S$100,000. Respondents were unsure of the COV paid for 3.6 per cent of the deals.

COV comes into play when the price of a resale flat is above its actual HDB valuation. The difference can be paid for only in cash by the buyer.

If buyers and sellers have agreed on a resale price that is equal to the market valuation of the flat, buyers do not have to pay a COV.

Asean Intelligence

The survey polled PropNex salespersons who collectively transacted 110 million-dollar HDB resale flats in 2025. The transactions were priced from S$1 million to about S$1.7 million, with most taking place in Toa Payoh, Bukit Merah, Kallang Whampoa, Queenstown and Clementi.

Different housing needs

The findings also revealed that, collectively, the 30 to 39 and 40 to 49 age groups made up some 71 per cent of the transactions tracked. Those aged 60 years and above represented 12.7 per cent of the sales.

These figures translate to the different housing needs of these age groups.

About 71 per cent of the buyers aged 60 years and above – mostly retirees – were said to have purchased the million-dollar resale flat as their replacement home after downsizing from a private residential property.

Weaker jobs outlook dims HDB resale market as prices, volume slip further in Q2

Median resale prices hit S$1 million for 4-room HDB flats in two towns in Q1 despite overall dip

HDB resale prices down 0.1% in Q1, first fall in nearly 7 years: flash data

“This suggests that million-dollar resale flats may be seen as a rightsizing destination for older, asset-rich Singaporeans who have sold their private home previously, freeing up equity for the resale flat purchase and retirement needs,” stated PropNex.

Some 46 per cent of buyers aged between 40 and 49 were reported to have purchased million-dollar resale flats as they upgraded from a smaller HDB flat.

Among buyers aged 30 to 39 years, about 40.5 per cent were said to have bought such flats as their first home.

“It is perhaps unsurprising that buyers in the 30 to 39 and 40 to 49 age groups formed a significant proportion of the million-dollar resale flat buyers, as these are life stages where buyers are in their prime income-growth years.”

They have greater accumulated savings and Central Provident Fund balances, and stronger purchasing power amid career progression into middle management or senior roles, noted the real estate company.

Among the buyers in these age groups, a larger proportion drew higher monthly household incomes, the survey results showed.

About 43 per cent of those aged 30 to 39 reportedly earned S$10,001 to S$16,000 per month, and nearly 19 per cent of them took home a monthly household income of S$16,001 to S$20,000.

In the 40 to 49 age group, 36.6 per cent had a monthly income of S$10,001 to S$16,000, while about 27 per cent of them drew an income of S$16,001 to S$20,000 each month.

Resilient demand

From the beginning of this year to Jul 16, there were 1,002 HDB flats resold for at least S$1 million. Sales were thus on track to meet or exceed the record of 1,593 of such flats resold in the whole of 2025, PropNex data showed.

Demand for such flats is underpinned by “a combination of factors, such as changing lifestyle preferences, stronger household affluence, and shifting housing priorities across different life stages”.

PropNex said: “While million-dollar resale flats are likely to remain a visible feature of the market, a key priority will continue to be maintaining a stable and well-supplied housing ecosystem across different price points and housing types.”

This is so that households with varying needs and financial means can continue to access suitable housing options at different stages of life, it added.

## Chinese translation

> Translation model: grok

### PropNex：2025年多数百万组屋买家未支付现金差价（COV）

调查发现，此类单位需求由30至49岁人士及退休人士推动

[新加坡] PropNex报告称，2025年多数百万建屋发展局（HDB）转售组屋买家未支付任何现金差价（COV）。报告指出，这显示该细分市场的价格获得这些单位市值的支撑。

该调查于周五（7月17日）发布，显示约69.1%的买家购买此类组屋时未支付COV。

约11.8%的买家支付低于4万新元的COV。约6.4%支付介乎4万至不足8万新元，另有3.6%支付8万至10万新元COV。

约5.5%的买家据称支付超过10万新元COV。另有3.6%的交易，受访者不确定所付COV。

当转售组屋价格高于其实际HDB估价时，便会出现COV。差额只能由买家以现金支付。

若买卖双方约定的转售价等于组屋的市场估价，买家则无需支付COV。

Asean Intelligence

调查访问了PropNex销售人员，他们合共促成2025年110宗百万HDB转售组屋交易。成交价介乎100万新元至约170万新元，多数发生在大巴窑、红山、加冷黄埔、女皇镇及金文泰。

不同住房需求

调查结果亦显示，30至39岁与40至49岁年龄组合计约占所追踪交易的71%。60岁及以上人士占销售的12.7%。

这些数字反映不同年龄组的住房需求差异。

约71%的60岁及以上买家——多数为退休人士——据称在从私人住宅缩屋后，将百万转售组屋作为替换住所购入。

就业前景转弱令HDB转售市场黯淡，第二季价格与成交量进一步下滑

尽管整体回落，第一季两个市镇四房式HDB转售中位价达100万新元

HDB转售价格第一季跌0.1%，近7年来首次下跌：快报数据

“这显示，百万转售组屋或被视为较年长、资产充裕的新加坡人调整居住规模的目的地——他们此前出售私人住宅，释放股本用于购买转售组屋及退休需要，”PropNex表示。

约46%的40至49岁买家据报因从较小HDB组屋升级而购入百万转售组屋。

在30至39岁买家中，约40.5%据称将此类组屋作为首套住房购入。

“30至39岁与40至49岁买家在百万转售组屋买家中占显著比例，或许并不令人意外，因为这些是买家处于收入增长黄金期的人生阶段。”

该房地产公司指出，他们拥有更多累积储蓄与公积金（CPF）结余，并在职业晋身中层或高级岗位的过程中具备更强购买力。

在这些年龄组买家中，更大比例录得较高每月家庭收入，调查结果显示。

约43%的30至39岁人士据报每月收入介乎10,001至16,000新元，近19%的每月家庭收入为16,001至20,000新元。

在40至49岁年龄组中，36.6%每月收入为10,001至16,000新元，约27%每月收入为16,001至20,000新元。

需求具韧性

今年初至7月16日，共有1,002套HDB组屋以至少100万新元转售。因此销售有望达到或超过2025年全年1,593套此类组屋转售的纪录，PropNex数据显示。

对此类组屋的需求，由“生活方式偏好转变、家庭富裕程度提升，以及不同人生阶段住房优先次序变化等因素共同支撑”。

PropNex表示：“尽管百万转售组屋很可能继续是市场中可见的特征，关键优先事项仍将是在不同价位与住房类型上维持稳定、供应充足的住房生态体系。”

它补充，如此一来，不同需求与财务能力的家庭，才能在不同人生阶段继续获得合适的住房选择。