August 2026 set a new monthly high for seven-figure HDB resale flats, with the effect of July’s removal of the 15-month wait-out period now visible in the transaction data.
Quick Answer
- 201 HDB resale flats crossed the S$1 million mark in August 2026 — a new monthly record, based on transactions lodged with HDB.
- The breakdown: 82 four-room flats, 65 five-room flats, 53 executive flats and one three-room HDB terrace in Queenstown.
- At least six fresh neighbourhood price records were set between 24 August and 3 September 2026, in Geylang, Bedok (twice), Tampines, Toa Payoh and Pasir Ris.
- The surge follows the 28 July 2026 removal of the 15-month wait-out period, which had required private property owners to wait 15 months after selling before buying a non-subsidised HDB resale flat without a loan.
- Private owners can now apply directly for a HDB Flat Eligibility (HFE) letter and move straight from a private sale into a resale flat.
- Analysts caution it is too early to say whether this is a temporary spike or the start of a sustained trend in demand for five-room and larger flats.
- Premium transactions remain a small share of total HDB resale volume, so the immediate effect on the broader resale market is expected to stay contained to larger, well-located flats.
What Happened
Singapore’s HDB resale market logged its highest-ever monthly count of million-dollar transactions in August 2026, with 201 flats changing hands at or above S$1 million. That is a new high-water mark for the resale market, and it lands squarely in the first full month after the Government lifted a four-year-old cooling measure that had discouraged private property owners from buying larger HDB resale flats.
The 15-month wait-out period was introduced in September 2022 to moderate demand for large-sized HDB resale flats from private property owners downgrading or right-sizing. It required most private owners to wait 15 months after selling their previous home before they could buy a non-subsidised HDB resale flat without taking an HDB loan. On 28 July 2026, the Government removed this requirement with immediate effect. Owners who had pending appeals for a waiver could proceed straight to applying for a HDB Flat Eligibility (HFE) letter.
In the roughly five weeks since, at least six new neighbourhood price records have been set for HDB resale flats, and the August tally of seven-figure sales has broken the previous monthly high. Whether this is a short-lived rush of pent-up demand or the start of a structural shift in how private owners right-size remains an open question — but the transaction data for August is unambiguous.
Six New Neighbourhood Records in 11 Days
Beyond the aggregate monthly count, a cluster of individual transactions has drawn attention because each one set a fresh all-time high for its own block or estate. Two of these — a 5-room Design, Build and Sell Scheme (DBSS) unit at Pasir Ris One and a 5-room flat at Bedok South Horizon — were reported in our earlier coverage of the August resale records. Since then, two more four-room flats have joined the list.
A four-room flat at Macpherson Spring changed hands for S$1.11 million (S$1,089 psf) in early September, edging out the estate’s previous four-room benchmark of S$1.10 million set just two months earlier in July. Macpherson Spring has produced a steady run of record-breaking transactions since its four-room units first crossed the million-dollar mark in September 2024, helped by its location near Macpherson Interchange on the Downtown and Circle Lines, one stop from the Paya Lebar commercial hub.
Separately, a four-room flat at Bedok Beacon — a Build-To-Order (BTO) project only recently reaching its Minimum Occupation Period (MOP) — sold for S$1.2 million (S$1,198 psf), setting the benchmark for the estate’s first resale-eligible four-room units. Bedok Beacon sits close to Bedok Integrated Transport Hub, Bedok Mall and Bedok MRT station, and is one of roughly 18,425 flats islandwide reaching MOP in 2026 — almost double the number that did so in 2025.
Why the Wait-Out Removal Matters for Larger Flats
Before 28 July 2026, a private property owner who wanted to buy a non-subsidised HDB resale flat without an HDB loan had to wait 15 months from the date they sold their private property. In practice, this meant many would-be downsizers had to first arrange interim rental housing, adding cost and friction to what should have been a straightforward move. With the wait-out period gone, eligible owners can move more directly from a private sale into a resale flat purchase, within whatever timeframe the transaction and handover from the seller takes.
This change is expected to draw private owners disproportionately toward:
- Five-room flats
- Executive apartments and executive maisonettes
- Multi-generation flats
- Larger units in mature, centrally located estates
These are precisely the flat types that dominate August’s million-dollar count — five-room and executive flats together made up 118 of the 201 transactions, well over half.
Key Facts at a Glance
| Metric | Figure |
|---|---|
| Million-dollar HDB resale flats, August 2026 | 201 (new monthly record) |
| Four-room flats among these | 82 |
| Five-room flats among these | 65 |
| Executive flats among these | 53 |
| Other (3-room HDB terrace, Queenstown) | 1 |
| 15-month wait-out period removed | 28 July 2026 |
| New neighbourhood records set (24 Aug–3 Sep 2026) | At least 6 |
| Highest new record | S$1.45 million, 153B Bedok South Road |
| Flats reaching MOP islandwide in 2026 | ~18,425 (vs ~6,970 in 2025) |
Why This Matters for You
If you are a private property owner weighing whether to right-size into an HDB resale flat, the removal of the wait-out period changes your timeline — and your budget — meaningfully.
Worked example: Suppose you sell a private condominium and plan to buy a five-room HDB resale flat for S$1.2 million. Under the old rule, you would typically have needed to rent interim housing for up to 15 months while you waited to qualify. At a conservative S$3,200 a month for a comparable unit, that is roughly S$48,000 in interim rental costs alone, on top of moving twice and the emotional cost of living out of storage boxes for over a year. With the wait-out period removed, you may be able to move directly from your private sale into your resale flat purchase, subject to the usual sale-and-purchase timeline and obtaining your HFE letter — potentially saving most of that S$48,000 and avoiding a second move altogether.
If you are a seller of a larger HDB flat, this new pool of private-property downgraders is a source of demand that was largely absent from the market for the past four years. Estates with strong connectivity and established amenities — the profile shared by Macpherson Spring and Bedok Beacon — appear best placed to benefit first.
If you are a buyer competing for the same flats, be prepared for firmer asking prices on five-room, executive and multi-generation units in mature estates over the coming months, even as the broader resale market continues to show signs of price moderation.
What Might Come Next (Speculation)
The following is informed speculation, not a forecast, and should not be relied upon as investment advice.
- If the current pace continues, September 2026 could produce another high monthly count of million-dollar transactions, particularly as more of the 18,425 flats reaching MOP in 2026 become resale-eligible.
- The HDB resale market may become more bifurcated, with larger flats in mature, well-connected estates appreciating faster than smaller flats or units in outlying towns.
- Rental demand for small condominiums and large HDB flats could soften slightly, as fewer private owners need interim housing during a wait-out period that no longer exists.
- It remains to be seen whether this is a one-off adjustment as pent-up demand clears, or a sustained shift in downgrading patterns — a clearer picture should emerge once HDB and URA release their next quarterly resale statistics.
Frequently Asked Questions
What was the 15-month wait-out period, and why was it removed?
It was a cooling measure introduced in September 2022 requiring most private property owners to wait 15 months after selling their private home before buying a non-subsidised HDB resale flat without an HDB loan. It was removed with effect from 28 July 2026, following several quarters of stabilisation in the HDB resale market.
How many HDB flats sold for over S$1 million in August 2026?
201 flats, comprising 82 four-room flats, 65 five-room flats, 53 executive flats and one three-room HDB terrace unit in Queenstown — a new monthly record.
Which towns set new HDB resale price records recently?
Between 24 August and 3 September 2026, new benchmark prices were recorded in Geylang, Bedok (twice, including a new estate-wide high of S$1.45 million), Tampines, Toa Payoh and Pasir Ris.
Do I still need a HDB Flat Eligibility (HFE) letter to buy a resale flat?
Yes. The HFE letter requirement has not changed. What has changed is that private property owners no longer need to wait 15 months after selling before they can apply and proceed with a non-subsidised resale purchase.
Will this push up prices across the whole HDB resale market?
Unlikely in the near term. Million-dollar transactions remain a small share of total HDB resale volume, so any price effect is expected to stay concentrated in larger flats and well-located mature estates rather than spreading evenly across the entire market.
How might this affect rental demand?
Rental demand for small condominiums and large HDB flats used as interim housing during the old wait-out period may ease slightly, since private owners no longer need temporary accommodation while they wait to qualify.
Is this a permanent trend or a temporary spike?
It is too early to say. The current run of records could reflect pent-up demand from owners who delayed their move during the wait-out period, or it could mark the start of a sustained increase in downgrading activity. Upcoming HDB and URA quarterly data should offer more clarity.
Related Articles
- HDB Resale Records August 2026: Bedok South Horizon Hits S$1.45M, Pasir Ris One Breaks S$1.15M
- Singapore Property Downgrade Guide 2026: How to Sell Private and Buy HDB Resale
- HDB Resale Market Q2 2026: Price Index Falls -0.3% as Million-Dollar Flat Sales Hit Record High
- Singapore Property Cooling Measures 2026: Complete Guide to ABSD, SSD, LTV and TDSR
This article is for general information only and does not constitute financial, legal or investment advice. Figures are compiled from publicly available HDB resale transaction data and market commentary current as at the date of publication and are subject to revision. Readers should verify current rules and eligibility directly with the Housing & Development Board (HDB), the Urban Redevelopment Authority (URA), the Monetary Authority of Singapore (MAS), the Inland Revenue Authority of Singapore (IRAS) or the Central Provident Fund (CPF) Board, and should consult a licensed property agent, mortgage adviser or financial planner before making any purchase, sale or financing decision.