Are multi-generation flats the next million-dollar HDB trend?

All-time-high (ATH) sales aren’t anything new, but these two recent resale flat transactions stood out for good reason – one broke an ATH for its entire estate, and the other set a new national record for its flat type. What do these two units have in common? They’re both multi-generation HDB flats, also called 3Gen flats.

So, could this be a sign that multi-gen HDB flats are gaining traction in the resale market?

Bishan Green 3Gen flat sets a new national record at S$1.389M

A newly transacted 3Gen flat in Block 137, Bishan Street 12 has just set a new national benchmark for this flat type, closing at S$1.388 million. With a spacious layout of approximately 1,776 square feet (sqft), that works out to around S$781 per square foot (psf).

Bishan Green isn’t a high-rise, and this particular unit was situated near the top – between the 10th and 12th floors. As for the remaining lease, it dates back to 1987, which means the flat still has about 61 years and 2 months left.

If the project name rings a bell, it’s because we recently featured another unit in Block 137, a maisonette, that had matched the national ATH for its room type with a S$1.5 million sale. So, this isn’t the first time a unit from this development has pushed price boundaries – something worth keeping in mind if you’re eyeing this estate. You can check out that maisonette feature for a deeper look into the location.

Tampines 3Gen flat hits a record S$1.17M for the estate

Over in Tampines, another 3Gen flat in Block 460, Tampines Street 42 has set a new estate-level record at S$1.17 million.

Like the Bishan unit, this development is not a high-rise either, but the unit sold was also located on the higher floors – between the 10th and 12th. It offers a sizeable 1,787 sqft of space, which brings its price psf to S$654.

The lease for this project began in 1987, so it comes with about 61 years and 10 months remaining.

Block 460, Tampines Street 42 – A closer look at the location

This multi-generational flat sits in a fairly accessible part of Tampines. It’s just a 6-minute walk to Tampines East MRT station, making daily commuting quite convenient.

Right across the road, you’ll find a modest mix of amenities including a clinic, coffee shop-style local eateries, Subway, a bakery, Domino’s Pizza, and a convenience store – so you won’t have to go far for your everyday essentials or a quick bite. However, if you’re looking for full-fledged shopping options, you’ll need to head out a little further. Tampines Mall, Century Square, and Tampines 1 are all about a 6-minute drive away.

For families, there’s a good selection of educational institutions nearby. Starting from early childhood, there are several child care centres and kindergartens in the area, including a preschool located right in the same block.

When it comes to primary schools, these six are within a 1-km radius:

• Chongzheng Primary School
• East Spring Primary School
• Gongshang Primary School
• Tampines North Primary School
• White Sands Primary School
• Yumin Primary School

And within the 1 to 2 km range, you’ll find:

• Angsana Primary School
• Casuarina Primary School
• Changkat Primary School
• Junyuan Primary School
• Pasir Ris Primary School
• Tampines Primary School

Several secondary schools are close by too, including East Spring Secondary, Ngee Ann Secondary, and Dunman Secondary School. Additionally, Temasek Junior College is located just across the street, although it will return to its original site at 22 Bedok South Road in December 2027.

For those who enjoy the outdoors, Tampines Eco Green Park is just a 12-minute walk away, offering a peaceful green space for recreation and nature walks.

Prices of multi-gen flats have climbed significantly

Recent transactions show that prices for multi-generational flats have risen sharply compared to earlier records.

Take the S$1,388,888 Bishan 3Gen flat, for instance. The previous national record for a multi-gen flat was set in March 2024 by a unit at Block 666 Yishun Avenue 4, which sold for S$1.2 million. The Bishan unit surpassed that by S$188,888, marking a 15.74 per cent increase.

What’s even more striking is that this Bishan unit isn’t just a national record – it’s also the first multi-gen flat in Bishan to cross the million-dollar mark. Before this, the highest transaction in the town was S$980,000, recorded in February 2024. In just over a year, the price jumped by S$408,888, representing a 41.72 per cent increase.

A similar trend can be seen in Tampines. The current record there stands at S$1.17 million, while the previous highest was S$1.06 million. That’s a S$110,000 difference, or roughly a 10.38 per cent rise.

Will 3Gen flat prices keep rising?

It’s hard to say if this trend will continue – however if it does, the increases may not be as sharp.

Here are all the million-dollar multi-gen flats sold so far:

From these numbers, it’s clear that the bulk of high-value sales took place over the past two years. This aligns with broader market trends where prices have risen across different HDB flat types.

Still, million-dollar sales for multi-gen flats remain relatively rare. This may be due to their eligibility restrictions – these units can only be sold to multi-generational families. So, buyers who might otherwise consider large flats, such as 5-room or executive flats, may not qualify to purchase them. This reduces the pool of potential buyers and lowers competition for such units.

Moreover, 3Gen flats are still part of the BTO programme. Buyers who are eligible can apply for one directly at a significantly lower price, and with a fresh 99-year lease – making resale options less attractive for budget-conscious buyers who are concerned about lease decay or cash-over-valuation (COV) premiums.

Then why are some 3Gen flats selling for over a million?

One key reason is their relative affordability when compared to executive flats. While executive flats usually retain a layout of three bedrooms and two bathrooms (similar to regular 5-room flats), 3Gen units come with four bedrooms, including two master bedrooms, each with its own en-suite bathroom. This added flexibility and privacy makes them especially appealing to multi-generational families. And although million-dollar transactions for 3Gen flats remain uncommon, these units often cost less than resale executive flats with similar configurations. For buyers seeking ample space and extra rooms without crossing into executive pricing territory, 3Gen flats may offer better value-for-money.

Another factor is layout efficiency. 3Gen flats are often designed with more functional floor plans, such as the dumbbell layout, where bedrooms are positioned on opposite ends of the unit with shared living and dining spaces in the middle. This design reduces the amount of wasted space typically found in older executive flats, which often include long corridors or awkward corners that don’t serve a practical purpose.

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There’s also the broader trend of shrinking HDB unit sizes over the years. Newer flats are generally more compact, so buyers who prioritise space – especially multi-generational families – may prefer these older resale flats even if it means paying a premium. For some, it’s a better option than waiting years for a new BTO launch that may not offer the same amount of space.

In certain cases, localised price pressures can also push valuations higher. Take Bishan Green, for instance: the S$1.5 million maisonette sale there likely contributed to the high price tag of the nearby 3Gen unit that recently sold for S$1.388 million. When multiple units within the same block or neighbourhood start crossing price thresholds, it can reset expectations and benchmarks.

So while resale limitations do exist for 3Gen flats, their combination of size, efficient layouts, and relative affordability continues to draw interest from families – especially those looking for a long-term home with space to grow.

Between Bishan, Tampines and Yishun – the ideal estate for your next multi-gen flat

Currently, there are only three towns in Singapore where you can find 3Gen flats: Bishan, Tampines, and Yishun.

One key thing to keep in mind when analysing resale data for 3Gen flats is their low transaction volume. According to 99.co’s Researcher, the highest number of 3Gen resale transactions in a single year over the past five years was just 10. Because of this, even a handful of high or low sales can have an outsized impact on year-on-year (YoY) price trends across these towns, making averages less stable than for other flat types.

Among the three, Tampines and Yishun tend to record more frequent transactions, so their average price trends are likely more reflective of actual demand and resale performance for 3Gen flats. Bishan, on the other hand, sees fewer transactions, which means a single high-priced deal can heavily influence the data.

Still, all three towns have posted notable appreciation in average resale prices over the last five years. Tampines leads with a 62.12 per cent increase, followed by Bishan at 47.75 per cent, and Yishun at 45.88 per cent. But the context behind these figures matters.

Bishan’s price spike is largely the result of a S$1.389 million sale, which, due to the small number of transactions in the town, skewed the average upward. Without regular volume, such standout sales can distort broader pricing trends.

Meanwhile, Yishun’s slightly slower price growth may be partly explained by the absence of any recorded 3Gen resale transactions so far this year. It’s also worth noting that Bishan and Tampines are both mature estates with well-established amenities, transport links, and schools – factors that tend to support higher resale values over time.

In contrast, Yishun offers more affordable entry points, which can be appealing to multi-generational families looking for larger homes on a tighter budget. In fact, 3Gen listings in Yishun in 99.co currently start from around S$789,000 on 99.co.

This article was first published in 99.co.