PropAce
A rare two-storey terraced HDB flat at 50 Stirling Road has sold for S$1,040,888, setting a new Queenstown record for a landed HDB even though the 99-year lease has only about 41 years left. The August 2026 transaction works out to S$944 psf on a floor area of 1,102 sq ft, and it highlights one of the most unusual segments of Singapore’s public housing market (Stacked Homes, 2026).
Key takeaways
- A two-storey SIT-era terrace flat at 50 Stirling Road sold for S$1,040,888 (S$944 psf) in August 2026, a Queenstown record for this rare HDB type (Stacked Homes, 2026).
- The flat was built in 1968 by the Singapore Improvement Trust, the predecessor to HDB, and has about 41 years left on its lease (Stacked Homes, 2026).
- Supply is extremely tight: there are only about 15 rows of these terraces along Stirling Road, and just eight terrace houses in Block 50 (Stacked Homes, 2026).
- The previous comparable record was S$930,000 (S$800 psf) for a 1,163 sq ft terrace at 56 Stirling Road in November 2022 (Stacked Homes, 2026).
- By contrast, Queenstown four-room resale flats reached a median S$1,077 psf in 2026-Q3, up 6.6% year on year, while islandwide HDB prices stood at S$652 psf in 2026-Q2, unchanged from their prior peak (PropAce Institutional Advisorydata).
The record sale: what happened
The unit that changed hands is not a conventional HDB flat. It is officially designated as a three-room terrace flat, although some of the landed flats along Stirling Road are classified as four-room terrace flats (Stacked Homes, 2026). The two-storey house spans 1,102 sq ft, and the transacted price translates to S$944 psf (Stacked Homes, 2026).
These homes were built in 1968 by the Singapore Improvement Trust, the colonial-era public housing agency that preceded HDB. They are among the oldest public housing stock in Singapore, and their landed form makes them categorically different from the high-rise flats that dominate HDB estates (Stacked Homes, 2026).
A rare property type
The rarity of the asset class is a central part of the story. There are about 15 rows of these terrace houses along Stirling Road, and only a small number of units exist in total. Block 50, where this transaction took place, contains just eight terrace houses (Stacked Homes, 2026). The only other enclave of comparable landed HDB terraces is in Whampoa, along Jalan Ma’mor and Jalan Bahagia. No other HDB property type offers a true landed profile (Stacked Homes, 2026).
The physical layout adds to the appeal. The Block 50 units allow for front and back porch extensions, while some of the other terrace flats only have front porches. Although the owners still share a common car park, it is located directly behind the backyards, which makes parking more convenient than relying on a distant multi-storey car park (Stacked Homes, 2026).
A record that was years in the making
The new record builds on an already firm price trajectory for these terraces. The previous record for a similar type of terrace house in the neighbouring area was set at 56 Stirling Road in November 2022, when a 1,163 sq ft house changed hands for S$930,000, or S$800 psf (Stacked Homes, 2026). The new transaction at 50 Stirling Road is about S$110,888 above that mark (Stacked Homes, 2026).
The record is notable not because prices are surging across Queenstown, but because it shows how far scarcity can push a single transaction even as the lease decays. HDB terraces are rarely bought with the expectation of exceptionally strong resale gains given the limited remaining years on their lease; for owner-occupiers, the attraction is the landed lifestyle at a fraction of the cost of private landed homes (Stacked Homes, 2026).
Why the lease has not deterred buyers
It would be easy to assume that a 41-year remaining lease would crush demand. In practice, the transaction history along Stirling Road tells a different story: prices have been rising consistently, but transaction volumes are tiny because there are so few units (Stacked Homes, 2026). Each sale is less a market signal and more a rare sale of a collectible asset.
Location and mature estate appeal
The terraces sit in a mature Queenstown neighbourhood with extensive heartland amenities. Block 50 Stirling Road is within walking distance of Queenstown MRT station on the East-West Line, which strengthens the appeal for owner-occupiers who want convenience and a landed feel without entering the private property market (Stacked Homes, 2026).
For those buyers, the value proposition is straightforward: they are paying for a two-storey house with private porches, a shared but accessible car park arrangement, and the scarcity of a property type that is effectively no longer being built. The limited lease is a genuine constraint, but it has not stopped buyers from treating these homes as a distinct lifestyle product.
Low transaction volumes cut both ways
The same scarcity that supports the price also makes the market difficult to read. Because there are relatively few terrace flats on Stirling Road, and because transactions happen only rarely, the future price trajectory is hard to predict (Stacked Homes, 2026). A single buyer who places an unusually high premium on the landed form factor can set a benchmark that may not be repeated until the next willing buyer appears.
The market context in numbers
This transaction did not occur in a vacuum. It came at a time when Queenstown’s broader resale market was already setting its own per-square-foot records. According to HDB resale data, Queenstown four-room flats reached a median S$1,077 psf in 2026-Q3, up 6.6% year on year (PropAce Institutional Advisorydata).
Against that benchmark, the Stirling Road record looks counterintuitive. The terrace sold at S$944 psf, which is below the Queenstown four-room median psf, despite being a landed home. The difference is largely explained by lease length: the median Queenstown four-room market includes many younger flats with far more than 41 years remaining, whereas the Stirling Road terraces are operating on a shrinking lease timeline.
The broader national picture reinforces how unusual this transaction is. Islandwide HDB resale prices in 2026-Q2 stood at S$652 psf, effectively unchanged from their S$652 psf peak, and still 57.5% above the S$414 psf trough recorded in the previous cycle (PropAce Institutional Advisorydata). There is no sign of a broad HDB price collapse or a speculative surge at the national level.
Private property tells a slightly different story. Islandwide private prices in 2026-Q2 averaged S$2,038 psf, which is 6.8% below their S$2,186 psf peak but still 33.3% above the S$1,529 psf trough (Urban Redevelopment Authority, 2026). New-launch private homes averaged S$2,304 psf against S$1,594 psf for resale, a roughly 45% new-sale premium (Urban Redevelopment Authority, 2026). By segment, prime-core (CCR) homes have averaged S$2,444 psf, city-fringe (RCR) homes S$2,078 psf, and suburban (OCR) homes S$1,551 psf (Urban Redevelopment Authority, 2026).
This data matters because it shows how far the Stirling Road terrace sits from mainstream pricing norms. At S$944 psf, the landed HDB transacted below every private segment average, including the OCR. In other words, the buyer paid a record price for a public housing asset type, yet still acquired a landed form factor at a per-square-foot cost far below the private market.
Worked example: three transactions, one block
The clearest way to understand the record is to look at the recent transaction history for Block 50 Stirling Road. The three most recent comparable transactions show both the upward drift in prices and the very thin trading volume.
| Block | Street | Month | Storey | Size (sq ft) | Price |
|---|---|---|---|---|---|
| 50 | Stirling Road | 2026-08 | Double storey | 1,102 | S$1,040,888 |
| 50 | Stirling Road | 2021-07 | Double storey | 1,130 | S$920,000 |
| 50 | Stirling Road | 2020-11 | Double storey | 1,098 | S$855,000 |
Source: (Stacked Homes, 2026)
Between November 2020 and August 2026, the recorded price for a double-storey terrace in Block 50 moved from S$855,000 to S$1,040,888. The 2026 transaction involved one of the smaller floor areas in the set, at 1,102 sq ft, yet it fetched the highest price. This suggests that the buyer was paying for the form factor and the scarcity of the unit, rather than simply for additional floor space.
A per-buyer breakdown
For the buyer, the headline numbers are straightforward: a purchase price of S$1,040,888, a living area of 1,102 sq ft, a unit price of S$944 psf, and a remaining lease of about 41 years. The property offers two storeys, porch spaces at the front and back, and a shared car park directly behind the backyards (Stacked Homes, 2026).
The financing side is more complicated. With roughly 41 years left on the lease, buyers may face steep limitations on borrowing and CPF usage. CPF withdrawals could be pro-rated according to the remaining lease, and banks may not offer a full loan tenure. As a result, a buyer of these flats will likely need to put up a higher amount in cash than they would for a younger HDB flat of the same price (Stacked Homes, 2026).
This is the central trade-off. The buyer is acquiring a rare landed property, but they are also acquiring a depreciating lease and a financing structure that requires more cash upfront and a shorter repayment horizon.
What this record means for the wider market
The Stirling Road transaction is best understood as a micro-market story, not a signal that HDB prices are running away. Islandwide HDB resale prices are unchanged from their peak, not soaring above it, and Queenstown’s four-room median psf is a separate series from the landed terrace niche (PropAce Institutional Advisorydata).
The record does demonstrate, however, that scarcity can outweigh lease decay in the minds of certain buyers. When a property type has no meaningful new supply, when the number of available units is counted in single digits within a block, and when the lifestyle attributes are closer to landed housing than to a standard flat, a determined buyer will pay for that uniqueness. The prior record at 56 Stirling Road, the subsequent demand, and the string of Block 50 transactions all point in the same direction: these terraces have their own pricing logic (Stacked Homes, 2026).
At the same time, the risks are equally clear. Lease expiry is not a distant hypothetical for a 1968-built property. Financing is constrained, CPF usage may be limited, and the pool of future buyers is inherently small. Anyone buying at a record price must accept that the exit market may be shallow and that the next buyer may not share the same enthusiasm for a lease that will be shorter still.
For owners of conventional HDB flats, the lesson is not that all old flats will set records. It is that specific, non-replicable attributes — landed form, historical provenance, and extreme scarcity — can create a valuation premium independent of the wider resale cycle. The 41-year lease was not enough to stop this sale from setting a record, but it remains the single biggest reason why the next buyer may be harder to find.
FAQ
What was the record sale price for a landed HDB in Queenstown?
The record was set at 50 Stirling Road, where a two-storey terrace flat sold for S$1,040,888 in August 2026, or about S$944 psf. The previous comparable record was S$930,000 at 56 Stirling Road in November 2022 (Stacked Homes, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How many such landed HDB terraces are there on Stirling Road?
There are about 15 rows of these terrace houses along Stirling Road, and only a handful of units in total. Block 50, which recorded the latest sale, contains just eight terrace houses (Stacked Homes, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why did this HDB flat sell for so much despite the short lease?
The flat is a rare landed public housing type with only about 41 years left on its lease, and there is no new supply of similar units. Buyers are attracted to the two-storey landed form, the location near Queenstown MRT, and the scarcity of the asset (Stacked Homes, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Can a buyer use CPF and a bank loan for a flat with 41 years left?
Financing may be constrained. CPF usage can be pro-rated according to the remaining lease, and banks may not offer a full loan tenure, which means the buyer may need to pay a larger cash amount (Stacked Homes, 2026).
Statutory Source: Central Provident Fund Board (CPF) — Housing Scheme & OA Withdrawal Rules
Does this record mean HDB prices are rising across Singapore?
Not necessarily. Islandwide HDB resale prices in 2026-Q2 were S$652 psf, unchanged from their previous peak, so the national trend is stable rather than surging. The Stirling Road record is a scarcity-driven transaction in a very small micro-market (PropAce Institutional Advisorydata; Stacked Homes, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
By the numbers
``` Private PSF momentum by district — QoQ %
D11 +28.9% ██████████████████████████ D26 +11.8% ███████████ D25 +9.5% █████████ D12 +7.3% ███████ D08 +5.0% ████ D28 +4.2% ████ D20 +3.4% ███ D02 +3.3% ███ D22 -0.3% ░ D27 -0.7% ░ ```
| District | Median PSF | QoQ | YoY | Txns (3mo) |
|---|---|---|---|---|
| D11 | $2,866 | ▲ 28.9% | ▲ 29.0% | 333 |
| D26 | $2,285 | ▲ 11.8% | ▲ 6.4% | 257 |
| D25 | $1,372 | ▲ 9.5% | ▲ 8.2% | 64 |
| D12 | $1,976 | ▲ 7.3% | ▲ 6.7% | 95 |
| D08 | $2,006 | ▲ 5.0% | ▲ 16.8% | 40 |
| D28 | $1,714 | ▲ 4.2% | ▲ 10.3% | 109 |
| D20 | $2,046 | ▲ 3.4% | ▲ 4.3% | 132 |
| D02 | $2,540 | ▲ 3.3% | ▲ 24.2% | 31 |
| D22 | $1,655 | ▼ 0.3% | ▲ 2.9% | 103 |
| D27 | $1,413 | ▼ 0.7% | ▼ 13.6% | 129 |
_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, private residential, 2026-06..2026-08. Directional; confirm before acting._
Sources
- HDB resale data (via data.gov.sg), compiled by PropAce Institutional Advisory— 2026-Q3.
- URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
- URA caveat data, compiled by PropAce Institutional Advisory.
References
- Stacked Homes (2026) This Rare Landed HDB In Queenstown Just Sold For A Record $1.04M — With Only 41 Years Lease Left.
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Frequently Asked Questions
What was the record sale price for a landed HDB in Queenstown?
The record was set at 50 Stirling Road, where a two-storey terrace flat sold for S$1,040,888 in August 2026, or about S$944 psf. The previous comparable record was S$930,000 at 56 Stirling Road in November 2022 (Stacked Homes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How many such landed HDB terraces are there on Stirling Road?
There are about 15 rows of these terrace houses along Stirling Road, and only a handful of units in total. Block 50, which recorded the latest sale, contains just eight terrace houses (Stacked Homes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why did this HDB flat sell for so much despite the short lease?
The flat is a rare landed public housing type with only about 41 years left on its lease, and there is no new supply of similar units. Buyers are attracted to the two-storey landed form, the location near Queenstown MRT, and the scarcity of the asset (Stacked Homes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Can a buyer use CPF and a bank loan for a flat with 41 years left?
Financing may be constrained. CPF usage can be pro-rated according to the remaining lease, and banks may not offer a full loan tenure, which means the buyer may need to pay a larger cash amount (Stacked Homes, 2026). Statutory Source:** Central Provident Fund Board (CPF) — Housing Scheme & OA Withdrawal Rules
Does this record mean HDB prices are rising across Singapore?
Not necessarily. Islandwide HDB resale prices in 2026-Q2 were S$652 psf, unchanged from their previous peak, so the national trend is stable rather than surging. The Stirling Road record is a scarcity-driven transaction in a very small micro-market (PropAce Institutional Advisorydata; Stacked Homes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Statutory References & Citations
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
- Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.