While the public housing system in Singapore has helped many families achieve the goal of homeownership, prices have continued to rise over the years. Even if you're very frugal, it can be fun to daydream about some of the islands most expensive apartments. In this article, we examined the most expensive HDB flats on the market by neighbourhood.
Most Expensive HDB Flat Listings Across Singapore
After analysing data from PropertyGuru's website, we found that the most expensive flats in 10 neighbourhoods exceed S$1 million. In particular, large (often multi-generational) and recently renovated flats are listed at the highest prices. HDB shophouses are also typically more expensive than other homes; however, we did not include them in our analysis.
The Most Expensive Homes by Neighbourhood
Clearly, even the prices of the most expensive homes can vary significantly based on location. For those wondering what else these homes have to offer, we've highlighted the features of the most expensive homes in five HDB towns.
1. 104B Depot Road - Bukit Merah
This Bukit Merah property is currently listed for S$1,800,000 the highest of any on our list. This renovated flat offers 7 bedrooms, 4 bathrooms and 2 kitchens in 232 square metres of living space. Additionally, the property is only 10 minutes from Sentosa and Orchard Road.
- List Price: S$1,800,000
- Area: 232 sqm
- Price per SQM: S$7,750
- Bedrooms: 7
2. 205 Chempaka Kuning Link - Bedok
This large, corner unit penthouse comes fully furnished and offers a park view. The flat is located on a high floor of a colonial building and was recently renovated.Not only that, the home offers close proximity to the Changi airport, shopping and multiple country clubs.
- List Price: S$1,750,000
- Area: 269 sqm
- Price per SQM: S$6,495
- Bedrooms: 4
3. 428 Tampines Street - Tampines
This massive 296 square metre home is made up of two connected units can be used together or separated as two separate flats, making it a great fit for multi-generational households. The home features 6 bathrooms, and 4 bathrooms. Additionally, the location is quiet and close to several schools as well as the Tampines Central MRT.
- List Price: S$1,400,000
- Area: 296 sqm
- Price per SQM: S$4,730
- Bedrooms: 6
4. 7 Boon Keng Road - Kallang/Whampoa
This recently renovated DBSS property is conveniently located, just a 3 minute walk to the MRT. Additionally, the flat is located on a high floor and has a great view facing the Singapore Sports Hub. The building even offers great amenities, such as a barbeque area, fitness facility and playground.
- List Price: S$1,300,000
- Area: 117 sqm
- Price per SQM: 11,114
- Bedrooms: 3
5. 194 Bishan Street - Bishan
This 3-bedroom, 2-bathroom flat is located on a high floor and has great views of the Bukit Timah Hill from multiple windows. Additionally, the property offers easy access to public transportation, shopping and several schools. Finally, the building has just 4 units per floor, suggesting a quieter environment for residents.
- List Price: S$1,288,000
- Area: 121 sqm
- Price per SQM: S$10,648
- Bedrooms: 3
How Much Does it Cost to Own a Million Dollar Home?
Purchasing such an expensive home is a pipe dream for many individuals. But how much would it actually cost to buy and own a million dollar home? First, a 20% down payment for a house that costs S$1 million comes out to S$200,000. Next, even with a competitive interest rate (let's say 2.25%), a monthly home loan payment would come out to about S$3,489. For perspective, this represents 38% of the median monthly income (S$9,293, according to the DOS).
On top of the cost of purchasing the home, larger home often require more expensive home insurance coverage and generate higher energy bills. For example, the average cost of home insurance for a 3-room HDB flat (S$102) is less than half of the average cost for a 5-room flat (S$225). Furthermore, the average 5-room flat uses about 65% more electricity than a 3-room home, which amounts to hundreds of dollars more in electricity bills over an entire year. While these costs may seem somewhat insignificant, given the high sticker price of these homes, they indicate the increased on-going costs of owning a larger and more expensive home.