HDB flats (public housing)Singapore Property Market

Toa Payoh by the numbers: why it leads S$1 million HDB resales

Toa Payoh had 15.9% of S$1 million HDB resales in the 12 months to September 2026. Which flats they are, resale and rent medians, and District 12 condos.

By Propwise6 min read

Toa Payoh recorded 293 of the island’s 1,847 HDB resales at S$1 million or more in the 12 months to September 2026 (Propwise count from HDB’s resale data). That is 15.9%, the largest share of any town, from a town with 4.1% of all resales.

More than half of those 293 flats had a lease start of 2020 or later, so they are not the town’s old blocks. The data shows where the deals are.

Toa Payoh and the S$1 million line

Islandwide, HDB registered 208 resales at S$1 million or more in Sep 2026, up 20.9% on a year earlier. As at September 2026 it is the highest month in a series that starts in January 2017.

HDB resale flats sold for S$1 million or moreNumber of resales at S$1,000,000 or more in each month.
HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026

Latest: S$1m+ 208 (Sep 2026), up 20.9% on Sep 2025.

Counts are by registration month. A month appears once it is complete.

Table view
PeriodResales at S$1 million or more
Sep 2026208
Aug 2026201
Jul 2026187
Jun 2026188
May 2026165
Apr 2026137
Mar 2026144
Feb 2026122
Jan 2026145
Dec 2025144
Nov 2025120
Oct 202586
Sep 2025172
Aug 2025141
Jul 2025167
Jun 2025132
May 2025142
Apr 2025141
Mar 2025108
Feb 2025121
Jan 2025119
Dec 202495
Nov 202487
Oct 2024103
Sep 2024106
Aug 2024105
Jul 2024120
Jun 202495
May 202473
Apr 202468
Mar 202460
Feb 202449
Jan 202474
Dec 202348
Nov 202345
Oct 202340
Sep 202342
Aug 202354
Jul 202332
Jun 202334
May 202334
Apr 202337
Mar 202339
Feb 202324
Jan 202340
Dec 202228
Nov 202226
Oct 202238
Sep 202245
Aug 202233
Jul 202233
Jun 202231
May 202230
Apr 202222
Mar 202227
Feb 202229
Jan 202227
Dec 202136
Nov 202129
Oct 202120
Sep 202123
Aug 202126
Jul 202119
Jun 202119
May 202113
Apr 202121
Mar 202117
Feb 202123
Jan 202113
Dec 202010
Nov 202013
Oct 202013
Sep 20208
Aug 20205
Jul 20209
Jun 20208
May 20202
Apr 20201
Mar 20205
Feb 20204
Jan 20204
Dec 20192
Nov 20194
Oct 20191
Sep 20194
Aug 20199
Jul 20198
Jun 20196
May 20198
Apr 20195
Mar 20197
Feb 20194
Jan 20196
Dec 20184
Nov 20188
Oct 20188
Sep 20187
Aug 20189
Jul 20186
Jun 201811
May 20181
Apr 20185
Mar 20188
Feb 20183
Jan 20181
Dec 20174
Nov 20175
Oct 20172
Sep 20173
Aug 20173
Jul 20179
Jun 20175
May 20176
Apr 20172
Mar 20174
Feb 20171
Jan 20172

Source: HDB. Data to Sep 2026.

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It covers the 12 months to September 2026, against the 12 months before.

Count12 months to Sep 202612 months to Sep 2025
Island resales at S$1m or more1,8471,528
Toa Payoh293298
Toa Payoh share15.9%19.5%

The island count rose 20.9% while Toa Payoh’s stayed level, so the share fell. Queenstown (250) and Bukit Merah (222) came next in the latest 12 months.

Within Toa Payoh, 29.2% of its 1,003 resales crossed S$1 million. For the wider trend see our guide to million-dollar flats.

Which flats cross the line

Of Toa Payoh’s 401 4-room resales, 205 (51.1%) sold for S$1 million or more. In 5-room flats it was 83 of 148 (56.1%), and 5 of 13 executive flats. Of the 205 4-room deals, 157 were 93 sq m flats.

By flat model, the 293 deals split into Model A (200), Improved (47) and DBSS (38). DBSS means Design, Build and Sell Scheme, a private-developer scheme for HDB flats that has ended.

Lease start matters more. In total, 164 (56.0%) had a lease start of 2020 or later. All 164 are on Bidadari Park Drive (114) and Alkaff Crescent (50), which HDB’s data places in Toa Payoh.

Another 38 are DBSS flats on Lorong 1A Toa Payoh with a 2012 lease start.

4-room lease startResalesMedian priceAt S$1m or more
2020 or later161S$1,100,000148
2015 to 201950S$1,030,00031
2010 to 201411*S$1,125,00011
2005 to 200952S$960,00015
1990 to 200446S$855,0000
1980 to 198940S$668,0000
1970 to 197941S$495,0000

* Fewer than 30 resales. Older Toa Payoh flats sell for far less. The town contains the cheap and the dear, and the lease start tells you which is which.

What Toa Payoh flats sell and rent for

Toa PayohResalesMedian priceChangeRentalsMedian rentChange
2-room21*S$280,000−5.4%24*S$2,300+4.5%
3-room420S$380,000−4.5%873S$2,9000.0%
4-room401S$1,000,000+2.0%409S$3,700+2.8%
5-room148S$1,050,000−2.3%206S$4,0000.0%
Executive13*S$988,000−8.1%18*S$4,050+8.0%
Twelve months to September 2026. Change is against the 12 months before. Medians of HDB resale registrations and renting-out approvals, calculated by Propwise from HDB data on data.gov.sg. Rents are declared by owners and not verified by HDB. * Fewer than 30 cases: the median is indicative only.

The 4-room median of S$1,000,000 is 58.7% above the island’s S$630,000. It changed by +2.0% on the 12 months before. The 3-room median of S$380,000 is 13.6% below the island’s S$440,000.

The 4-room rent of S$3,700 is 12.1% above the island’s S$3,300. So the rent premium is much smaller than the price premium.

A year of 4-room rent divided by the median price gives 4.4%, against 6.3% for the island. This is a rough ratio of two medians.

Toa Payoh 4-room resale price against the islandMedian resale price in S$ for 4-room flats, by registration month, from January 2017.
  • Toa Payoh
  • Island
Toa Payoh 4-room resale price against the island. Two lines compare the monthly median resale price of 4-room flats in Toa Payoh with the island median since 2017.S$400kS$600kS$800kS$1m20182020202220242026Toa Payoh S$1,000,888Island S$635,000Toa Payoh 4-room resale price against the island. Two lines compare the monthly median resale price of 4-room flats in Toa Payoh with the island median since 2017.S$400kS$600kS$800kS$1m20182020202220242026

Latest: Toa Payoh S$1,000,888 (Oct 2026), down 3.8% on Oct 2025; Island S$635,000 (Oct 2026), up 1.6% on Oct 2025.

Months with fewer than 3 resales are left out. The median moves with the mix of flats sold.

Table view
PeriodToa PayohIsland
Oct 2026S$1,000,888S$635,000
Sep 2026S$1,045,000S$628,000
Aug 2026S$1,040,000S$628,000
Jul 2026S$1,000,000S$625,000
Jun 2026S$1,029,000S$620,944
May 2026S$985,000S$630,000
Apr 2026S$979,444S$638,000
Mar 2026S$1,012,500S$633,500
Feb 2026S$1,005,000S$620,000
Jan 2026S$960,000S$625,000
Dec 2025S$1,076,500S$631,000
Nov 2025S$868,000S$625,888
Oct 2025S$1,040,000S$625,000
Sep 2025S$1,020,000S$640,000
Aug 2025S$855,000S$627,000
Jul 2025S$1,002,000S$625,000
Jun 2025S$1,031,000S$635,000
May 2025S$999,444S$630,000
Apr 2025S$988,000S$630,888
Mar 2025S$959,188S$628,000
Feb 2025S$905,000S$623,800
Jan 2025S$968,000S$618,000
Dec 2024S$970,888S$620,000
Nov 2024S$950,000S$603,500
Oct 2024S$932,000S$618,944
Sep 2024S$840,000S$610,000
Aug 2024S$838,000S$595,000
Jul 2024S$855,000S$600,000
Jun 2024S$835,000S$590,000
May 2024S$879,000S$580,000
Apr 2024S$765,400S$569,444
Mar 2024S$808,250S$570,000
Feb 2024S$760,000S$570,000
Jan 2024S$843,800S$565,000
Dec 2023S$760,000S$564,000
Nov 2023S$810,000S$560,000
Oct 2023S$675,000S$558,000
Sep 2023S$816,888S$555,000
Aug 2023S$730,000S$559,444
Jul 2023S$770,000S$550,000
Jun 2023S$760,000S$545,000
May 2023S$730,000S$550,000
Apr 2023S$626,344S$540,000
Mar 2023S$763,000S$544,400
Feb 2023S$795,250S$535,000
Jan 2023S$805,000S$530,000
Dec 2022S$736,500S$530,000
Nov 2022S$748,500S$530,000
Oct 2022S$844,444S$530,000
Sep 2022S$715,000S$523,888
Aug 2022S$763,000S$515,000
Jul 2022S$730,000S$520,000
Jun 2022S$739,444S$510,000
May 2022S$670,000S$510,044
Apr 2022S$715,000S$503,000
Mar 2022S$662,500S$500,000
Feb 2022S$575,000S$485,000
Jan 2022S$630,000S$490,000
Dec 2021S$610,000S$490,000
Nov 2021S$532,500S$488,000
Oct 2021S$637,500S$488,000
Sep 2021S$621,000S$480,000
Aug 2021S$538,000S$475,500
Jul 2021S$623,750S$468,000
Jun 2021S$655,000S$470,000
May 2021S$714,000S$470,000
Apr 2021S$580,000S$460,000
Mar 2021S$683,000S$455,000
Feb 2021S$647,000S$448,000
Jan 2021S$550,000S$448,000
Dec 2020S$569,000S$440,000
Nov 2020S$443,000S$430,000
Oct 2020S$627,500S$436,000
Sep 2020S$681,000S$420,000
Aug 2020S$490,000S$418,000
Jul 2020S$480,000S$410,000
Jun 2020S$647,500S$409,000
May 2020S$420,000S$422,000
Apr 2020–S$410,000
Mar 2020S$560,000S$410,000
Feb 2020S$585,000S$400,000
Jan 2020S$485,000S$395,000
Dec 2019S$485,000S$405,000
Nov 2019S$496,000S$405,000
Oct 2019S$505,666S$400,000
Sep 2019S$527,500S$397,000
Aug 2019S$555,000S$400,000
Jul 2019S$561,500S$400,000
Jun 2019S$618,500S$400,000
May 2019S$570,000S$395,000
Apr 2019S$630,000S$398,500
Mar 2019S$588,000S$400,000
Feb 2019S$546,000S$393,888
Jan 2019S$560,000S$395,000
Dec 2018S$520,000S$395,000
Nov 2018S$620,000S$395,000
Oct 2018S$460,000S$396,000
Sep 2018S$585,000S$400,000
Aug 2018S$670,000S$400,000
Jul 2018S$590,000S$405,000
Jun 2018S$530,000S$405,000
May 2018S$724,000S$400,000
Apr 2018S$600,000S$405,000
Mar 2018S$624,000S$410,000
Feb 2018S$488,000S$400,000
Jan 2018S$579,444S$410,000
Dec 2017S$505,000S$405,000
Nov 2017S$620,000S$407,000
Oct 2017S$648,000S$400,000
Sep 2017S$700,000S$410,000
Aug 2017S$605,000S$414,000
Jul 2017S$566,000S$400,004
Jun 2017S$542,500S$408,000
May 2017S$547,500S$408,000
Apr 2017S$539,000S$400,000
Mar 2017S$575,000S$418,000
Feb 2017S$645,000S$408,000
Jan 2017S$677,944S$410,000

Source: HDB. Data to Oct 2026.

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Toa Payoh 4-room median rentMedian monthly rent in S$ declared in renting-out approvals for 4-room flats, from January 2021.
Toa Payoh 4-room median rent. A line shows the monthly median rent of 4-room flats in Toa Payoh since 2021.S$3kS$3kS$4kS$4k202120222023202420252026S$3,800Toa Payoh 4-room median rent. A line shows the monthly median rent of 4-room flats in Toa Payoh since 2021.S$3kS$3kS$4kS$4k202120222023202420252026

Latest: Rent S$3,800 (Sep 2026), up 5.6% on Sep 2025.

Rents are declared by owners and are not verified by HDB. Months with fewer than 3 approvals are left out.

Table view
PeriodToa Payoh 4-room rent
Sep 2026S$3,800
Aug 2026S$4,000
Jul 2026S$3,425
Jun 2026S$4,000
May 2026S$3,700
Apr 2026S$3,700
Mar 2026S$3,800
Feb 2026S$3,700
Jan 2026S$3,700
Dec 2025S$3,600
Nov 2025S$3,450
Oct 2025S$3,600
Sep 2025S$3,600
Aug 2025S$3,800
Jul 2025S$3,600
Jun 2025S$3,500
May 2025S$3,600
Apr 2025S$3,700
Mar 2025S$3,500
Feb 2025S$3,800
Jan 2025S$3,500
Dec 2024S$3,525
Nov 2024S$3,600
Oct 2024S$3,200
Sep 2024S$3,600
Aug 2024S$3,600
Jul 2024S$4,000
Jun 2024S$3,600
May 2024S$3,500
Apr 2024S$3,200
Mar 2024S$3,650
Feb 2024S$3,700
Jan 2024S$3,400
Dec 2023S$3,450
Nov 2023S$3,800
Oct 2023S$3,350
Sep 2023S$3,600
Aug 2023S$3,600
Jul 2023S$3,150
Jun 2023S$3,525
May 2023S$3,400
Apr 2023S$3,600
Mar 2023S$3,250
Feb 2023S$3,000
Jan 2023S$3,500
Dec 2022S$3,700
Nov 2022S$3,494
Oct 2022S$3,000
Sep 2022S$2,700
Aug 2022S$3,000
Jul 2022S$2,700
Jun 2022S$2,600
May 2022S$2,600
Apr 2022S$2,500
Mar 2022S$2,500
Feb 2022S$2,400
Jan 2022S$2,425
Dec 2021S$2,550
Nov 2021S$2,500
Oct 2021S$2,400
Sep 2021S$2,400
Aug 2021S$2,250
Jul 2021S$2,300
Jun 2021S$2,400
May 2021S$2,300
Apr 2021S$2,400
Mar 2021S$2,250
Feb 2021S$2,350
Jan 2021S$2,300

Source: HDB. Data to Sep 2026.

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How Toa Payoh compares with every other HDB town:

Toa Payoh 4-room flats: 2nd for price, 7th for rent, of 25 and 26 ranked towns

4-room resale price

Median price, high to low. Toa Payoh is 2nd of 25.

  1. 1QueenstownS$1,028,000
  2. 2Toa PayohS$1,000,000
  3. 3Bukit MerahS$935,000
  4. 4Kallang/WhampoaS$905,000
  5. 5Central AreaS$870,000
  6. 6ClementiS$821,500
  7. 7BishanS$788,000
  8. 8GeylangS$740,000
  9. 9PunggolS$680,000
  10. 10TampinesS$665,000
  11. 11SerangoonS$660,000
  12. 12Marine ParadeS$645,000
  13. 13SengkangS$640,000
  14. 14Pasir RisS$635,000
  15. 15Bukit BatokS$630,000
  16. 16HougangS$618,888
  17. 17Ang Mo KioS$615,000
  18. 18SembawangS$600,000
  19. 19BedokS$594,000
  20. 20Bukit PanjangS$570,000
  21. 21Choa Chu KangS$555,000
  22. 22WoodlandsS$550,000
  23. 23YishunS$550,000
  24. 24Jurong EastS$548,000
  25. 25Jurong WestS$535,000

Island median: S$630,000

Not ranked (fewer than 30 cases): Bukit Timah.

4-room monthly rent

Median rent, high to low. Toa Payoh is 7th of 26.

  1. 1Central AreaS$4,450
  2. 2QueenstownS$4,150
  3. 3ClementiS$4,000
  4. 4Bukit MerahS$3,900
  5. 5Kallang/WhampoaS$3,800
  6. 6Bukit TimahS$3,700
  7. 7Toa PayohS$3,700
  8. 8BishanS$3,650
  9. 9GeylangS$3,600
  10. 10Jurong EastS$3,500
  11. 11Jurong WestS$3,500
  12. 12Marine ParadeS$3,500
  13. 13Ang Mo KioS$3,400
  14. 14SerangoonS$3,400
  15. 15TampinesS$3,400
  16. 16BedokS$3,380
  17. 17Pasir RisS$3,325
  18. 18Bukit BatokS$3,300
  19. 19PunggolS$3,250
  20. 20HougangS$3,200
  21. 21SengkangS$3,200
  22. 22Choa Chu KangS$3,100
  23. 23SembawangS$3,100
  24. 24WoodlandsS$3,100
  25. 25YishunS$3,100
  26. 26Bukit PanjangS$3,000

Island median: S$3,300

Twelve months to September 2026. Bars start above zero so that gaps show; compare the figures, not the bar lengths. Medians of HDB resale registrations and renting-out approvals, calculated by Propwise from HDB data on data.gov.sg. Rents are declared by owners and not verified by HDB.

The condos in District 12

URA’s list of postal districts names postal district 12 as Balestier, Toa Payoh and Serangoon (postal sectors 31, 32 and 33). The street names on its caveats also show Whampoa. A caveat is the legal notice filed when a sale is made.

Whampoa East (268), Balestier Road (195), Mar Thoma Road (155) and Lorong 3 Toa Payoh (128) lead. Figures are Propwise medians of URA private resale caveats (non-landed, no ECs) from the URA Data Service, not the URA index. ECs are executive condominiums.

QuarterDistrict 12 resale caveatsMedian price per sq ft
Q3 2025121S$1,721.4
Q4 202597S$1,753.5
Q1 202675S$1,691.3
Q2 202699S$1,791.7
Q3 2026103S$1,722.5

As at Q3 2026 the district median was S$1,722.5 per sq ft for private non-landed resales, up 0.1% year-on-year (on Q3 2025) and down quarter-on-quarter (from Q2 2026).

Of the district’s 2,005 resale caveats since September 2021, 1,303 (65.0%) are freehold. Streets named Toa Payoh (Lorong 1, 3 and 5) account for 276, or 13.8%.

They show 65 caveats from Q3 2025 to Q2 2026 at a pooled median of S$2,003.9. That figure is only indicative, because each quarter has fewer than 30.

What is behind Toa Payoh’s million-dollar deals

The data shows where the S$1 million deals are. Four forces explain most of it.

1. Bidadari flats coming out of MOP.

MOP is the minimum occupation period, the years an owner must stay before selling. ERA’s Q2 2026 report counts 66 million-dollar deals in Toa Payoh in Q2 2026, the most of any town. Most were at Bidadari Park Drive and Alkaff Crescent.

ERA also reports that 38 four- and five-room flats aged five to seven years sold for S$1 million to S$1.38 million in the quarter. ERA’s Eugene Lim said newer MOP flats have widened the pool of homes that can reach S$1 million. That matches our count of 164 deals from 2020-start flats.

The records come from the same blocks. PropertyNet reported a S$1.368 million 4-room sale at Alkaff Lakeview (31 May 2026). EdgeProp reported a record S$945,000 for a 3-room flat at 118A Alkaff Crescent (30 June 2026).

2. Location, schools and lease (portal and press view). EdgeProp ties Bidadari prices to Woodleigh and Potong Pasir MRT stations and nearby schools.

PropertyNet adds a lease of over 90 years and condos nearby above S$1,800 per sq ft. These are reasons buyers give, not measured effects.

3. A town of two ages. HDB’s property information file puts 52.0% of the flats HDB lists as sold in Toa Payoh at completion before 1990.

It puts 28.3% in 2015 or later. One town, two generations, and a price gap to match.

Dollars and Sense (11 June 2026) notes that about half of the town’s flats were built as 3-room, many with under 50 years of lease left. This is why the 3-room median is low while the 4-room median is S$1,000,000.

4. Why the share fell. The island count of S$1 million deals rose 20.9% while Toa Payoh’s stayed level. ERA says Clementi had 30 million-dollar deals and Bedok 27 in Q2 2026, so more towns now reach the line.

Huttons’ Lee Sze Teck said easing prices at the top end likely reflect buyer resistance (EdgeProp, 24 July 2026). The same report puts 1,594 Toa Payoh flats reaching MOP in 2026.

More supply of newer flats could cap prices, or it could add more million-dollar deals. Analysts do not agree, and nobody has shown which.

Limits

  • A S$1 million price is a threshold, not a measure of quality. A flat just below it is not a different kind of flat.
  • A 12-month median moves with the mix of flats sold. Toa Payoh mixes new and old flats, as our lease guide explains.
  • Counts below 30 are only a guide. Neither source describes one block, so see how to choose an HDB flat.
  • HDB counts by registration month. Condo figures are caveat prices.
hdb resale priceshdb townscondos1 million

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