Imagine your parents bought their 5-room flat in Toa Payoh for $250k back in the 90s. Today, a young couple buys that same unit for $1.2 million. They don’t look like “Crazy Rich Asians”—they’re wearing Uniqlo and drinking teh peng at the coffee shop. It triggers a gut-punch reaction: Who is actually buying these? And how can prices keep climbing while everyone is complaining about the cost of living? We used to dismiss million-dollar HDBs as “anomalies.” But the math doesn’t lie. According to the General Household Survey 2025, we aren’t just seeing a property spike; we are witnessing a fundamental restructuring of the Singaporean middle class. The “kopitiam talk” about everyone struggling doesn’t quite square with the hard numbers. The reality? While the floor has risen, the ceiling for household power has moved into a different stratosphere. To understand why your neighbor’s flat just hit seven figures, we need to follow the money....