58-year-old HDB terrace house in Queenstown sells for record $1.04m

A rare HDB terrace house along Stirling Road has just changed hands for $1.04 million, setting a new record for the most expensive three-room flat by absolute price in Queenstown. 

With the lease commencing in 1968, the property has only around 40 years remaining at the time of resale.

Stirling Road HDB terrace house changed hands for $1.04m

The 3-room unit at 50 Stirling Road was sold in August 2026 for S$1.041 million. Spanning 1,098 sq ft, the transaction works out to S$947 psf based on its floor area. 

While the sale sets a new high in terms of absolute price, its much larger floor area brings its psf down considerably compared to newer 3-room flats in Queenstown.

A 3-room flat at 94 Dawson Road, within SkyParc @ Dawson, was also just sold in August. At 679 sq ft, the $925,000 transacted price translates to S$1,364 psf, making it the current record-holder for the highest psf achieved by a three-room flat in town.

Although they are mostly classified as three-room flats (some fall under the four-room type), HDB terrace houses' floor areas can be substantially larger than those of typical three-room flats. 

Most HDB terrace houses range from around 839 sq ft to 2,680 sq ft, while newer regular three-room flats are generally much smaller, at around 600 to 700 sq ft.

HDB terrace houses are an extremely niche segment of the resale market. Last year, just two such units along Stirling Road were transacted, with an average price of around $831 psf. 

At $947 psf, the latest transaction is therefore around 14 per cent higher than the average psf recorded for similar properties last year.

What are HDB terrace houses?

HDB terrace houses are two-storey landed homes that form part of Singapore's public housing stock. They come with their own ground-level access and outdoor space, but unlike private landed properties, they remain under HDB and are subject to public housing rules. 

Still, these homes offer several features that are uncommon among conventional HDB flats.

Their rarity is another major part of their appeal. There are fewer than 300 HDB terrace houses across Singapore, and HDB has not built new terrace houses since taking over from the former Singapore Improvement Trust (SIT) in the 1960s.

Today, HDB terrace houses can be found in just two towns: Queenstown and Kallang/Whampoa. 

In Queenstown, they are concentrated along Stirling Road, while the Kallang/Whampoa examples can be found around Jalan Ma'mor, Jalan Tenteram and Jalan Bahagia.

Record-breaking: The first million-dollar HDB terrace in Queenstown

The recent transaction at 50 Stirling Road is not only the highest-priced three-room HDB in Queenstown. The deal also marks the first HDB terrace house in town to cross the $1 million mark.

The previous record was set by a neighbouring unit which sold for S$998,000 in May 2025. 

At $1.04 million, the latest transaction is $42,888 or around 4.3 per cent higher, despite the unit being considerably smaller at 1,098 sq ft compared to 1,324 sq ft.

The difference becomes even more pronounced on a psf basis. 

The previous record-holder changed hands at around S$754 psf, while the latest transaction works out to approximately S$948 psf. That means the latest unit achieved a psf premium of around 26 per cent over the previous record.

Why pay such a high price for a 40-year remaining lease?

$1.04 million for an HDB terrace house with around 40 years remaining on its lease may seem difficult to justify. But compared with private landed homes, the price could look considerably more attractive.

For buyers who want to experience landed living without paying the typical private landed price tag, HDB terrace houses are arguably one of the more affordable ways to do so. 

The 1,098 sq ft terrace house changed hands for $947 psf, which is significantly below the prices of private landed homes in the same area.

In recent years, 99-year leasehold private landed properties in Queenstown have generally averaged around $1,600 to $1,700 psf. Using $1,650 psf as a midpoint, the Stirling Road terrace house is about 43 per cent cheaper on a psf basis.

Put another way, the buyer is paying less than 60 per cent of the psf price of a typical 99-year leasehold private landed property in the area. 

Of course, the comparison is not entirely like-for-like, as HDB terrace houses remain public housing and are subject to HDB's rules and restrictions.

This $1.57m HDB terrace house remains the most expensive

Beyond the new Queenstown record, the most expensive HDB terrace house transaction in Singapore remains the $1.568 million sale at 53 Jalan Ma'mor.

Located in Kallang/Whampoa, the two-storey terrace house spans an unusually large 3,950 sq ft. It changed hands in 2024 with around 47 years remaining on its lease.

Despite its record-breaking absolute price, its huge floor area meant the transaction worked out to just $397 psf — less than half the $947 psf achieved by the Stirling Road property.

This is another illustration of why comparing HDB terrace houses purely by their headline price can be misleading. Their floor areas vary considerably, with some of the larger homes offering several times the space of a conventional HDB flat.

The latest Stirling Road sale brings the number of HDB terrace houses in Singapore that have sold for more than $1 million to 24. 

Within this exclusive list, it is also the only million-dollar HDB terrace house outside Kallang/Whampoa, where all the other transactions are located.

The HDB terrace houses in Kallang/Whampoa generally have lease commencement dates around 1972. With the Stirling Road unit's lease dating back to 1968, it is therefore the oldest HDB terrace house to cross the $1 million mark.

This makes the transaction notable beyond being Queenstown's first million-dollar HDB terrace house. 

It also shows that buyers are willing to pay a seven-figure sum for a rare landed-style HDB home, even with only around 40 years remaining on the lease.

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This article was first published in 99.co.