A recent survey by PropNex Research has shed light on the diverse demographics and motivations of buyers behind 110 million-dollar HDB resale flats transacted in 2025. The survey, involving PropNex salespersons, revealed that these transactions, priced between $1m and $1.659m, cater to a wide range of needs across different age groups.
The findings indicate that younger buyers, aged 30 to 39, often purchase these flats as their first homes, with 40.5% of this group making such a move. In contrast, 46.3% of buyers aged 40 to 49 were upgrading from smaller HDB flats. Notably, 71.4% of buyers aged 60 and above, primarily retirees, opted for these flats as replacement homes after downsizing from private properties.
Kelvin Fong, CEO of PropNex, stated, “There is no shortage of transaction data on million-dollar resale flats, but almost nothing on who bought them or why.” The survey aims to fill this gap by providing ground-level insights into buyer profiles.
The survey also highlighted that a significant majority of buyers, over 69%, did not pay Cash-Over-Valuation (COV) for their purchases, suggesting that the high prices are supported by valuation. Additionally, more than 70% of buyers held professional, managerial, executive, or technical jobs, with a substantial portion earning between $10,001 and $16,000 monthly.
As million-dollar HDB resale flats become more common, understanding the buyer profile offers valuable insights into the evolving dynamics of Singapore’s housing market.
