A five-room flat at City Vue @ Henderson changed hands for S$1.728 million in April 2026, setting a new national record for an HDB resale flat.
The unit at Block 96A Henderson Road spans about 1,216 sq ft and sits between the 46th and 48th storeys. Its price works out to about S$1,421 psf. With its lease commencing in 2019, it still had slightly more than 92 years remaining when the transaction was recorded.
S$1.728 million is an extraordinary price for public housing. But describing it merely as “condominium money for an HDB flat” oversimplifies the choice facing the buyer.
The more useful question is this:
What combination of location, space, age and housing flexibility could S$1.728 million have purchased in the private market instead?
The answer reveals that the Henderson Road buyer was not necessarily paying more for less. Rather, the buyer chose a very particular combination of attributes that would be difficult to reproduce in a private condominium at the same price.
What Did S$1.728 Million Buy at City Vue @ Henderson?
The record-setting unit offers several characteristics that are individually desirable and collectively difficult to find:
- Approximately 1,216 sq ft of floor area
- Three bedrooms and a proper family-sized living and dining area
- A very high floor
- Potentially extensive views towards the city and Greater Southern Waterfront
- A relatively young lease with about 92 years remaining
- A mature city-fringe location
- Proximity to Redhill, Tiong Bahru, Alexandra and the CBD
- Lower monthly maintenance costs than a private condominium
This is therefore not representative of the average five-room HDB flat.
It occupies the most valuable part of the HDB resale market: young, large, centrally located homes on exceptionally high floors. The supply of units combining all these attributes is extremely limited.
However, rarity does not automatically make any price reasonable. The S$1.728 million transaction should still be tested against both other flats within City Vue and private homes available at a similar quantum.
How Large Was the Premium for the Record Unit?
Recent transactions within the same block provide the most relevant starting point.
At Block 96A, another 1,216 sq ft five-room flat between the 34th and 36th storeys sold for S$1.53 million in January 2026. A similar-sized unit between the seventh and ninth storeys changed hands for S$1.428 million during the same month. The record unit subsequently sold for S$1.728 million on the 46th to 48th storeys.
That means the record buyer paid:
- S$198,000, or approximately 12.9%, more than the 34th-to-36th-storey transaction
- S$300,000, or approximately 21%, more than the seventh-to-ninth-storey transaction
Some premium for height, views, privacy and renovation quality is understandable. But it also shows the buyer wasn’t merely purchasing a home at City Vue. A substantial part of the price was attached to the particular unit.
That distinction matters for resale.
The next buyer must value those exceptional attributes highly enough to reproduce the premium. A record price may be achievable when the right buyer meets a rare unit, but it does not mean every five-room flat in the development is suddenly worth S$1.7 million.
What Private Homes Could S$1.72 Million Buy?
The following examples illustrate the alternatives around the same budget. Except for Tengah Garden Residences, which reflects its launch entry price, the private-property comparisons are recorded resale transactions.
| Development | Location | Approximate price | Size | Type | Approximate psf |
|---|---|---|---|---|---|
| City Vue @ Henderson | Henderson Road | S$1.728m | 1,216 sq ft | 5-room HDB | S$1,421 |
| Echelon | Redhill | S$1.70m | 732 sq ft | 2-bedroom condo | S$2,323 |
| Queens Peak | Queenstown | S$1.67m | 775 sq ft | 2-bedroom condo | S$2,155 |
| Principal Garden | Prince Charles Crescent | S$1.72m | 764 sq ft | 2-bedroom condo | S$2,251 |
| Tengah Garden Residences | Tengah | From S$1.588m | 797 sq ft | 3-bedroom new launch | S$1,993 |
| The Commodore | Canberra | S$1.56m | 969 sq ft | 3-bedroom condo | S$1,610 |
| Jervois Jade | Jervois | S$1.50m | 1,044 sq ft | Older 2-bedroom apartment | S$1,437 |
Source: PropNex Investment Suite. Contact us for more information about the specific unit and floor level.
An Echelon two-bedroom unit measuring 732 sq ft sold for S$1.7 million in June 2026. A 775 sq ft unit at Queens Peak changed hands for S$1.67 million in July, while a 764 sq ft unit at Principal Garden sold for S$1.72 million in August.
These are private alternatives in the broader Alexandra–Queenstown area. But all three provide only about 60% to 64% of the Henderson flat’s floor area.
The comparison therefore changes depending on which attribute the buyer refuses to compromise on.
Alternative One: Stay Near Redhill but Accept a Much Smaller Home
Echelon is perhaps the most direct private-property comparison.
It is next to Redhill MRT and offers full condominium facilities. Its private status also brings a wider pool of future buyers and tenants, greater rental flexibility, and no HDB eligibility restrictions.
However, the S$1.7 million purchase bought only 732 sq ft in the June 2026 transaction—about 484 sq ft less than the City Vue flat.
That is almost 40% less floor area.
For a couple or small household, the private condominium may still be the more attractive option. The facilities, direct MRT access and greater ownership flexibility could compensate for the smaller interior.
For a family requiring three comfortable bedrooms, more storage and larger common areas, the difference is harder to dismiss. The choice is no longer simply between an HDB flat and a condominium. It becomes a choice between a spacious family home and a compact private apartment.
Alternative Two: Choose Queenstown MRT Connectivity Over Space
Queens Peak presents a similar trade-off.
A 775 sq ft two-bedroom unit sold for S$1.67 million in July 2026. The development is directly connected to Queenstown MRT and is newer than many surrounding condominiums.
The buyer receives private facilities and exceptional MRT convenience, but sacrifices approximately 441 sq ft compared with the Henderson flat.
For investors, singles and couples, this may be a reasonable exchange. A compact two-bedroom unit beside an MRT station can appeal to tenants and future buyers who do not need family-sized accommodation.
But for owner-occupiers, 441 sq ft is not a marginal difference. It can mean an extra bedroom, a larger kitchen, better storage, and substantially more comfortable living and dining areas.
Alternative Three: Buy an Older Private Apartment With More Space
Another route is to accept an older development.
At Jervois Jade, a 1,044 sq ft unit sold for S$1.5 million in October 2025. The development has a 99-year lease commencing in 1996, which makes it considerably older than City Vue.
This option comes much closer to matching the HDB flat’s size while retaining a central location and private-property status. It also leaves part of the S$1.728 million budget available for renovation.
However, the remaining lease is much shorter, the development is small, transaction activity is relatively thin, and the facilities may not compare with those of newer projects.
The buyer therefore gains private status but assumes greater lease-age and resale-liquidity risk.
It also remains a two-bedroom unit despite having more than 1,000 sq ft. Older condominiums may be spacious, but their layouts and bedroom configurations do not always align with the needs of a modern family.
Alternative Four: Move Further Out for a Three-Bedroom Condominium
Buyers willing to leave the city fringe can obtain a more functional private home.
A 969 sq ft three-bedroom unit at The Commodore in Canberra sold for S$1.56 million in August 2026.
Likewise, three-bedroom units of 797 sq ft at Tengah Garden Residences were launched from S$1.588 million.
These alternatives provide three bedrooms, private facilities and a lower purchase quantum. But they still do not match the Henderson unit’s 1,216 sq ft, and buyers must trade a central location for Canberra or Tengah.
A family working in the CBD could face longer travelling times. Tengah also remains a developing estate, while the new condominium will not be completed until around 2031.
The savings are real, but so is the location compromise.
The HDB Flat Wins on Space Efficiency
At S$1,421 psf, the Henderson transaction appears expensive for an HDB flat. Yet it remains substantially below the psf prices of nearby newer condominiums.
More importantly, psf comparisons can conceal the practical difference between HDB and condominium layouts.
A private apartment’s strata area may include balconies, air-conditioning ledges, private lift areas or other spaces that do not contribute equally to daily interior use. HDB flats generally devote a larger proportion of their area to the living room, bedrooms and kitchen.
The City Vue buyer may therefore receive more than 1,216 sq ft on paper. The flat could also feel substantially larger than a private apartment that is nominally 800 or even 900 sq ft.
This does not make the HDB flat inexpensive. It explains why a family could rationally prefer it to a smaller condominium despite the similar total price.
But the Private Home Offers Greater Ownership Flexibility
Private property offers advantages that floor area does not capture.
A condominium owner generally has a wider pool of potential buyers, including investors and—subject to prevailing regulations and stamp duties—foreign purchasers. The owner can rent out the whole unit without waiting for an HDB Minimum Occupation Period.
By contrast, buyers of a standard resale HDB flat must occupy it for five years before they can sell it, rent out the entire flat or acquire an interest in private residential property.
Private homes purchased from 4 July 2025 are not completely liquid either: Seller’s Stamp Duty applies if they are sold within four years. Nevertheless, once the SSD period has passed, the owner generally has considerably more flexibility than an HDB owner.
This difference matters for buyers whose careers, family requirements or investment plans may change.
The Financing Burden Is Still That of a S$1.72 Million Property
The “HDB” label does not make the mortgage smaller.
Assuming no Cash Over Valuation (COV), the buyer maximises the 75% Loan-to-Value limit with a bank loan and secures approximately S$1.296 million in financing. The remaining 25%, or S$432,000, must come from cash and eligible CPF savings.
For loan-assessment purposes, applying a 4% stress-test interest rate over a 25-year tenure produces a monthly mortgage obligation of approximately S$6,840. Because mortgage repayments for an HDB flat cannot exceed the 30% Mortgage Servicing Ratio cap, the household would need a gross monthly income of approximately S$22,700 to S$22,800, assuming no other factors affect loan eligibility.
Buyer’s Stamp Duty on the S$1.728 million purchase would add approximately S$56,000, excluding legal fees, renovation expenses and other transaction costs. If HDB’s valuation falls below the agreed purchase price, the difference would constitute COV and must be paid entirely in cash. The 75% loan would also be calculated using the lower of the purchase price or valuation, further increasing the buyer’s upfront cash requirement.
A private condominium purchase is not subject to the MSR, although bank borrowers must still satisfy the Total Debt Servicing Ratio. Consequently, an HDB flat at this price can be harder—not easier—to finance than a similarly priced condominium, particularly for households whose income is sufficient under the TDSR but not the stricter MSR.
Is the Henderson Flat a Better Investment?
That depends on how you define “investment.”
If investment means rental flexibility, access to a wider buyer pool and the ability to own additional properties, a private condominium has clearer advantages.
If investment includes the value derived from occupying a large, young home near the city for many years, the HDB flat becomes more competitive.
The danger is paying for exceptional features as though every future buyer will value them equally. The Henderson transaction already stood nearly S$200,000 above a similar-sized unit in the same block’s 34th-to-36th-storey range.
Views can be valuable, but the higher the premium paid for a particular floor and facing, the more dependent the eventual resale outcome becomes on finding another emotionally motivated buyer.
This is particularly relevant because the wider HDB resale market had begun to moderate. HDB’s Resale Price Index declined by 0.1% in the first quarter of 2026 and another 0.3% in the second quarter.
Record transactions can still occur in a softer market because rare flats operate differently from ordinary resale stock. But that rarity can also make their valuation less predictable.
Who Might Rationally Choose the S$1.728 Million HDB Flat?
The purchase can make sense for a household that:
- Wants to remain near the city
- Requires substantially more than 1,000 sq ft
- Values a very high floor and open views
- Does not need condominium facilities
- Expects to occupy the home for well beyond the five-year MOP
- Has no immediate plan to acquire another residential property
- Can afford the home without relying on aggressive future appreciation
It is less compelling for a buyer who:
- Prioritises rental or ownership flexibility
- Expects to move again within several years
- Wants private facilities
- Does not require 1,216 sq ft
- Is buying primarily for capital appreciation
- Would be uncomfortable if the flat were later valued closer to lower-floor transactions
The Real Choice Is Between Attributes, Not Housing Labels
At first glance, S$1.728 million for an HDB flat may seem hard to justify when the same amount can buy private property.
But the comparison changes once space, location and age are held constant.
Near Redhill and Queenstown, S$1.7 million generally purchased a compact two-bedroom condominium of around 730 to 780 sq ft. To obtain three bedrooms and close to 1,000 sq ft, the buyer would typically need to move further into the Outside Central Region. To approach the Henderson flat’s size in a central area, the buyer would usually have to accept a substantially older private development.
The City Vue flat therefore occupies a narrow space in the market: it provides private-home quantum without private-home facilities, but compensates with considerably more living space, a young lease, a central location and a rare high-floor position.
That does not make S$1.728 million cheap. Nor does it guarantee a profitable resale.
It means the buyer was not choosing between an expensive HDB flat and an obviously superior condominium. The buyer was deciding which compromises to accept.
For households that value space and centrality above facilities and ownership flexibility, the record flat may be defensible as a long-term home. For buyers focused on liquidity, investment flexibility, and a broader resale market, the same S$1.72 million may be better deployed in private property.
The price is remarkable because it shows how far the top end of public housing has moved. But it also demonstrates something more important: at this budget, buyers can no longer compare properties by housing category alone. They must decide which combination of space, location, tenure and flexibility is actually worth paying for.
Disclaimer: This article is intended for general information and discussion only and does not constitute financial, investment, legal or property advice. Property prices, listings, loan terms, interest rates, valuations, stamp duties and regulatory requirements may change. Comparable properties are illustrative and may differ in location, condition, floor level, layout, tenure and other attributes. Financing estimates assume specific conditions and may not reflect a buyer’s actual loan eligibility.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
