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MacPherson Spring 4-Room HDB Flats Join Singapore’s Growing List Of Million-Dollar HDBs

5 March 2025 | BY

MacPherson Spring 4-room flats join HDB’s million-dollar resale club. We look into the driving factors behind the rising prices.

MacPherson Spring 4-Room HDBs Join Singapore’s Million-Dollar Club

Earlier this year, we took a look at some top-performing HDB developments that delivered more than 100% return on investment since reaching their 5-year Minimum Occupation Period (MOP). These are the flats that have netted a very decent profit for their original owners, with many being listed at high price points in recent months. As you might guess, many are situated in highly coveted residential estates like Bidadari, Whampoa, Fernvale, and even MacPherson.

Speaking of which, the momentum of such high-value transactions has not slowed down in recent weeks. In fact, quite a handful of 4-room flats at MacPherson Spring—an HDB project that MOP-ed in mid-2024—have changed hands for over a million dollars, raising the question: Are these prices justified?

Join us as we dive into these million-dollar transactions at MacPherson Spring and explore what makes its flats worthy of their premium price tags.

Million-dollar 4-room flats at Macpherson Spring

First, let’s take stock of what’s been happening in the resale market recently.

Data from HDB’s Resale Price Portal shows that just last month, two 93 sqm 4-room flats were sold—one for $1.08M and another for just over $988K. Given that these flats are similar in size and have the same remaining lease, the price difference is likely due to factors such as floor level or flat orientation.

Million-dollar 4-room flats at Macpherson Spring In January this year, there were more 4-room flats sold, all of which crossed over the $1M mark.
Image credit: HDB

Million-dollar 4-room flats at Macpherson SpringImage credit: HDB

As you can tell, all the recently sold flats have a remaining lease of just over 94 years, reinforcing the fact that this project recently MOP-ed.

The prices of recent transactions are also more or less consistent with current listings. For instance, several 4-room flats at MacPherson Spring are currently listed on PropertyGuru for a little over a million dollars, averaging around $1,080 psf.

Million-dollar 4-room flats at Macpherson SpringImage credit: 99.co

What makes these prices remarkable is how much they have appreciated in just a short span of five years or so, since their lease commenced in 2020. Considering that 4-room flats were launched at upwards of $403K during the February 2015 BTO exercise, this translates to a potential profit of up to 167% in just 5 years!

What makes MacPherson Spring HDB flats so attractive?

Million-dollar 4-room flats at Macpherson Spring Image credit: Google Maps

As the old adage goes for properties, it’s all about location, location, location… and that is certainly the case for MacPherson Spring.

A key highlight of the project is that it is located right next to an MRT station (MacPherson), which is just a short 5-10-minute walk away. MacPherson MRT is an interchange station along the Circle and Downtown Lines, making it easy to reach places like the CBD for work. 

Otherwise, there are also quite a number of bus services available. For those who drive, the project is centrally located in Singapore and sits just next to the PIE, making accessibility a plus.

Proximity to schools is another key factor. As you might expect, families with young children are incentivised to buy homes close to schools so they can capitalise on the all-important 1km radius priority admission perk for primary schools. Of course, it’s also to ensure that commuting to and from school isn’t too much of a hassle. In the case of MacPherson Spring, the closest schools are Geylang Methodist Primary School, Canossa Catholic Primary School, MacPherson Secondary School, and Geylang Methodist Secondary School.

Are the prices of Macpherson Spring HDB flats worth it?

Million-dollar 4-room flats at Macpherson Spring Image credit: Google Maps

To be honest, the question of whether or not the asking prices of flats are worth it can be rather subjective, mainly due to the confluence of factors, as well as the fact that what one homebuyer may deem a deal-breaker may not necessarily be the case for another. For example, MacPherson Spring is situated right next to the PIE motorway; for some, this may be undesirable due to noise and dust pollution, whereas others may not be too concerned about it.

One thing to consider is that, as a second owner, you probably cannot expect the same price appreciation that the original owners enjoyed. As outlined above, the original owners of MacPherson Spring, who purchased it as a BTO, could have made as much as 167% profit. Unless prices for 4-room flats trend towards the £1.8M price point—which, by the way, is highly unlikely—then potential profit should not be the main deciding factor.

Million-dollar 4-room flats at Macpherson SpringImage credit: HDB

If we take a look at recent transactions in the wider Geylang estate (under which MacPherson Spring is classified), it is quite clear that MacPherson Spring is somewhat of an outlier. That’s because all the other flats that have been sold are relatively old, with remaining leases as low as just 52 years. As such, MacPherson Spring stands out as the newer development, so if you want to live in a relatively mature estate like Geylang, its prices may well be worth it.

In addition, it is also relevant to note that in a fairly mature estate like Geylang, you won’t see many new HDB developments emerging, as most of the available free land has already been utilised. Even if there are new BTO projects in Geylang in the future, they would most likely fall under the new Plus or Prime categories due to their prime location, resulting in a 10-year MOP that could deter some homebuyers. 

Since MacPherson Spring is a relatively new HDB project with a much shorter MOP requirement, one could argue that its high asking prices are justifiable to circumvent the need for a 10-year MOP.

As always, it would be best to speak to an experienced real estate agent, who can conduct further research into listings and determine whether the asking price of a particular property is justified.

Read more about other HDB flats that have sold for high price points:


Cover image adapted from:  Google Maps, 99.co

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