S$1.728M HDB Resale Record: City Vue @ Henderson Sets New All-Time High in April 2026
Quick Answer — S$1.728M Henderson Road HDB Record
- New record: A 5-room flat at 96A Henderson Road (City Vue @ Henderson) sold for S$1,728,000 in April 2026 — Singapore’s most expensive HDB resale flat on record.
- Previous record: S$1,700,000 — a 5-room flat at SkyTerrace @ Dawson (92 Dawson Road), transacted in February 2026.
- Price per square foot: Approximately S$1,421 psf on a 113 sq m (1,216 sq ft) floor area — reflecting the unit’s high floor, long remaining lease (92+ years), and prime city-fringe location.
- Location premium: City Vue @ Henderson is in District 3/4, Bukit Merah — within walking distance of Redhill MRT and the CBD, straddling Tiong Bahru and the Greater Southern Waterfront redevelopment corridor.
- Q1 2026 HDB resale market context: HDB resale prices fell 0.1% in Q1 2026 (first quarterly decline since Q2 2019), yet individual record transactions continue in premium projects where lease longevity, height, and location converge.
- No capital gains tax: The seller pays no tax on the gain — Singapore does not impose capital gains tax on residential property profits (unless IRAS classifies the seller as a property trader).
Singapore’s HDB Resale Record Falls Again — S$1.728M at City Vue @ Henderson
Singapore’s HDB resale market has produced another all-time record. A five-room flat at 96A Henderson Road, in the City Vue @ Henderson development in Bukit Merah, was transacted in April 2026 for S$1,728,000 — eclipsing the previous record of S$1,700,000 set just two months earlier at SkyTerrace @ Dawson in Queenstown. The sale was first reported by EdgeProp Singapore and subsequently confirmed by multiple property media outlets citing HDB resale data.
The unit spans 113 square metres (approximately 1,216 sq ft), placing it at a price per square foot of roughly S$1,421 — significantly above the median resale psf for 5-room HDB flats in mature estates. The block is a high-rise development with the unit reportedly located between the 46th and 48th floor, delivering unobstructed views consistent with the premium that buyers in this market are demonstrably willing to pay.
Why City Vue @ Henderson Commands Such a Premium
Several factors distinguish City Vue @ Henderson from other high-value HDB developments. The project’s 99-year lease commenced in 2019, meaning the unit sold in April 2026 still carries approximately 92 years and one month of remaining lease — an unusually long lease for resale HDB stock, and a key driver of bank financing terms (CPF usage and bank LTV are both tied to remaining lease calculations). Buyers’ CPF withdrawals are significantly less restricted on units with long leases, which expands the effective buyer pool and supports higher transaction prices.
The development sits at the nexus of three mature estates — Tiong Bahru, Redhill, and Bukit Merah — with convenient access to Redhill MRT (East-West Line), the Ayer Rajah Expressway, and the emerging Greater Southern Waterfront corridor. The proximity to the CBD (approximately 10–12 minutes by car or 20 minutes by MRT) makes City Vue a compelling alternative to city-fringe private condominiums that now command S$2,500–S$3,000 psf.
The Record in Context: Where Singapore’s HDB Prices Have Travelled
The S$1.728M transaction is the latest milestone in a decade-long upward march in Singapore’s most sought-after HDB units. The first time any HDB flat crossed S$1 million was in 2012, when a Bishan flat changed hands at that landmark price. Since then, the number of million-dollar HDB transactions has grown from a handful per year to 412 in Q1 2026 alone — a quarterly record that LovelyHomes reported in May 2026.
The record has changed hands four times in the past four years: Pinnacle @ Duxton held it for much of 2021–2022, SkyTerrace @ Dawson took over in 2023 and again in February 2026, before City Vue @ Henderson set the current benchmark. All four record-holding projects share a common profile: post-2010 completion, high-rise towers (40+ storeys), long remaining lease, and prime or city-fringe locations.
The Broader Q1 2026 HDB Resale Market — A Paradox
What makes this record particularly striking is its timing. HDB resale prices fell 0.1% in Q1 2026 — the first quarterly decline in nearly seven years, according to HDB’s flash estimate released in April 2026. This retreat reflects the impact of cooling measures (particularly the tightening of HDB loan terms and tighter CPF usage rules on shorter-lease flats), a surge in BTO completions adding resale supply, and broader buyer caution. Yet the top end of the market appears immune to this softening: premium units in iconic developments continue to find buyers willing to pay record prices.
This bifurcation — where aggregate prices soften while individual top-tier transactions set records — reflects a structural feature of Singapore’s HDB resale market. The mass market is sensitive to interest rates, CPF limits, and HDB loan policy. But the sub-segment of luxury-equivalent HDB units (high-floor, long-lease, prime-location) attracts a different buyer profile: affluent upgraders, property investors seeking ABSD-free alternatives, and owner-occupiers prioritising lifestyle over value. For this cohort, S$1.7 million on a 92-year lease in the city fringe competes directly with a S$2.5–3M private condo nearby.
Summary: Key Facts About the Record Transaction
| Detail | Particulars |
|---|---|
| Block / Address | 96A Henderson Road, Singapore |
| Development | City Vue @ Henderson |
| Flat type | 5-Room (113 sq m / approx. 1,216 sq ft) |
| Transaction price | S$1,728,000 |
| Price per sq ft | ~S$1,421 psf |
| Transaction date | April 2026 |
| Remaining lease | ~92 years 1 month (lease commenced 2019) |
| Nearest MRT | Redhill MRT (East-West Line) |
| Previous record | S$1,700,000 at SkyTerrace @ Dawson (Feb 2026) |
What This Means for HDB Buyers and Sellers
For sellers of similar premium HDB units — high-floor, long-lease, city-fringe — the Henderson Road transaction provides a fresh comparable that may support higher asking prices. For buyers in this sub-segment, the record signals that the ceiling for what the market will pay is still rising, even as aggregate HDB resale prices soften. Buyers should note that at S$1.7M+, they are firmly in competition with suburban private condominiums (and paying significant premiums over mass-market HDB resale) — the decision must weigh the long lease, the ABSD savings versus a private purchase, and the resale liquidity of a premium HDB flat versus a private condo in the same location.
Is S$2 million the next HDB resale milestone? Multiple industry commentators cited in media coverage of this transaction believe so — pointing to the growing supply of post-2015 high-rise HDB blocks with 90+ year remaining leases, rising aspirations for public housing living standards, and the structural ABSD wedge that makes a high-value HDB more economical than a comparable private condo for a second-property buyer. LovelyHomes will track this space closely.
Frequently Asked Questions
Is the seller liable for any taxes on the S$1.728M gain?
Singapore has no capital gains tax, so the seller pays no tax on any profit from the sale. The Seller’s Stamp Duty (SSD) for HDB flats was removed in August 2010 — so unlike private residential property, there is no SSD on HDB resale transactions regardless of the holding period. The seller does have to refund any CPF monies withdrawn for the purchase (plus accrued interest at 2.5% per annum) to their CPF Ordinary Account, and repay any outstanding HDB or bank mortgage from the proceeds. The net cash in hand after those deductions is entirely tax-free.
Can foreigners or PRs buy a resale HDB flat?
Singapore Permanent Residents (SPRs) may purchase resale HDB flats under the Non-Citizen family scheme or the Non-Citizen Spouse scheme, subject to forming an eligible family nucleus and satisfying the Ethnic Integration Policy (EIP) and SPR quota for the block. Foreigners (non-PR, non-citizen) may not purchase HDB resale flats — HDB ownership is restricted to Singapore Citizens and approved SPRs. SPR buyers of resale HDB flats pay the standard buyer’s stamp duty; they do not pay ABSD on the resale HDB flat itself (ABSD applies only to the purchase of private residential property by PRs and foreigners).
Why does remaining lease length matter so much for high-value HDB flats?
Three key mechanisms tie HDB flat value to remaining lease: (1) CPF withdrawal rules — buyers can withdraw CPF savings only up to the portion of the purchase price proportionate to the remaining lease covering the buyer to age 95; flats with shorter leases restrict CPF usage, reducing effective buying power. (2) Bank financing — most banks cap the loan quantum so that the loan tenure does not extend beyond the remaining lease, meaning shorter-lease flats may only qualify for short-term loans at higher monthly repayments. (3) Resale liquidity — flats with very short leases (below 30–40 years) become increasingly difficult to sell, as buyers face compounding restrictions. City Vue @ Henderson’s 92-year remaining lease eliminates all three constraints entirely, making it as financeable as a new-build.
Are there income restrictions on buying a resale HDB flat at this price level?
No income ceiling applies to the purchase of a resale HDB flat — any eligible buyer (regardless of household income) may purchase a resale flat at any price. However, the grants available to help buyers are income-capped. At S$1.728M, the buyer almost certainly has a household income well above the S$9,000/month EHG ceiling and likely above the S$14,000/month Family Grant ceiling, meaning they probably received no CPF housing grants. The HDB Flat Eligibility (HFE) letter — now a mandatory pre-condition for any HDB resale purchase — will confirm a buyer’s grant eligibility before they exercise the OTP.
What is the Greater Southern Waterfront and how does it affect Henderson Road values?
The Greater Southern Waterfront (GSW) is Singapore’s largest urban transformation project — a 30-kilometre stretch of waterfront from Pasir Panjang to Marina East, including the relocation of Pasir Panjang terminal and the redevelopment of the former Keppel shipyard site into approximately 9,000 new homes and mixed commercial uses. Henderson Road sits at the northern fringe of this precinct. As GSW developments materialise over the 2025–2035 period, property analysts expect the surrounding Bukit Merah/Redhill area to benefit from improved amenities, green corridor access, and increased connectivity — providing a structural tailwind to property values in City Vue @ Henderson and similar developments in the area.
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