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HDB Resale Records August 2026: Bedok South Horizon Hits S$1.45M, Pasir Ris One Breaks S$1.15M

HDB Resale Records August 2026: Bedok South Horizon Hits S$1.45M, Pasir Ris One Breaks S$1.15M

by | Aug 31, 2026 | Investment Analysis, Market News, Price Trends, Property News, Transaction Data

Quick Answer

  • A 5-room flat at 153B Bedok South Road (Bedok South Horizon) sold for S$1.45 million (S$1,192 psf) on 27 August 2026, the highest price ever paid for a 5-room flat in Bedok.
  • Two days earlier, on 25 August 2026, a 5-room Design, Build and Sell Scheme (DBSS) unit at 530D Pasir Ris Drive 1 (Pasir Ris One) sold for S$1.15 million (S$1,018 psf), beating the block’s prior 5-room record by S$167,000.
  • This is the second record that block 153B has produced in a single quarter; a unit in the same block sold for S$1.4 million in May 2026.
  • Both records land amid an unusually large Minimum Occupation Period (MOP) wave: an estimated 13,480 flats are expected to reach MOP in 2026, nearly double the roughly 6,970 in 2025.
  • Neither Bedok nor Pasir Ris is among the towns with the heaviest concentration of 2026 MOP completions, which are centred on Punggol, Tampines, Toa Payoh and Queenstown, making these two records more localised than estate-wide.
  • The removal of the 15-month wait-out period for private property owners buying a non-subsidised resale flat, announced 28 July 2026, reportedly saw enquiries for HDB flats above S$1 million jump 154% the following week.
  • Singapore’s most expensive HDB resale flat to date remains a 5-room unit at City Vue @ Henderson in Bukit Merah, which changed hands for S$1.728 million (S$1,421 psf) in April 2026.

Two Records, Two Estates, Days Apart

Singapore’s HDB resale market produced two fresh benchmark transactions in the space of a single week in late August 2026, in two towns that rarely feature in the usual million-dollar-flat headlines dominated by Toa Payoh, Bukit Merah and Queenstown. On 25 August, a 1,130 sqft 5-room Design, Build and Sell Scheme (DBSS) unit at 530D Pasir Ris Drive 1, part of the Pasir Ris One development, sold for S$1.15 million, working out to S$1,018 per square foot. Two days later, on 27 August, a larger 1,216 sqft 5-room flat at 153B Bedok South Road, within the Bedok South Horizon estate, sold for S$1.45 million, or S$1,192 per square foot, the highest price ever recorded for a 5-room flat in Bedok.

Bedok South Horizon and Pasir Ris One HDB resale new records versus prior benchmark
Figure 1: Both new resale records compared against each block’s prior benchmark.

153B Bedok South Road: A Second Record in a Single Quarter

What makes the Bedok South Horizon sale notable is not just the price itself, but that it is the second record-breaking sale the same block has produced within a single quarter. The previous benchmark at 153B was set only in May 2026, when a unit on a similar floor sold for S$1.4 million, itself a new high at the time. The neighbouring block, 153C Bedok South Road, has also contributed three further record-setting 5-room transactions between May and July 2026, changing hands at prices between S$1.28 million and S$1.38 million. The estate sits at the junction of Bedok South Road and Upper East Coast Road, within walking distance of the upcoming Bedok South MRT station on the Thomson-East Coast Line, which is due to open by the end of 2026, a connectivity upgrade that appears to be feeding directly into buyer willingness to pay.

Asking prices at the block have already moved to reflect the new benchmark: current listings at 153B run as high as S$1,518,888 (S$1,249 psf), with a unit at neighbouring 152C listed at S$1,438,888 (S$1,183 psf) and marketed on its unblocked views and newly-MOP status. Sellers at Bedok South Horizon appear to be treating S$1.45 million as a floor for negotiations rather than a ceiling, though whether buyers are actually willing to pay these asking prices remains to be seen in the coming weeks.

530D Pasir Ris Drive 1: A DBSS Rarity Breaks Its Own Ceiling

Pasir Ris One is one of only 13 Design, Build and Sell Scheme (DBSS) projects ever built in Singapore before the scheme was discontinued in 2011, a status that makes its flats a relatively scarce resale category in their own right. Completed in 2015 with 447 units, the development sits directly next to Pasir Ris MRT station, White Sands shopping mall and Pasir Ris Park. The new S$1.15 million transaction surpasses the block’s previous 5-room record of S$982,800, set in June 2024, by S$167,000, a jump that illustrates just how much unit-specific factors matter: a similarly sized ground-floor unit in the very same block changed hands for only S$920,000 in the same month, S$230,000 less than the record-setting unit, reflecting the premium buyers are willing to pay for a higher floor and better facing within an identical block.

Even with this new high, Pasir Ris’ overall priciest HDB resale transaction remains an executive maisonette at Block 531 Pasir Ris Drive 1, which fetched S$1.26 million (S$786 psf) in March 2026; the new 5-room record commands a higher price per square foot but still falls short of that unit’s total quantum.

Why the Records Are Landing Now: the 2026 MOP Wave

Both sales sit against the backdrop of an unusually large wave of flats reaching their Minimum Occupation Period (MOP) in 2026, estimated at around 13,480 flats, nearly double the roughly 6,970 units that reached MOP in 2025. Much of this new supply is concentrated in towns such as Punggol, Tampines, Toa Payoh and Queenstown, rather than Bedok or Pasir Ris, which suggests the Bedok and Pasir Ris records are a more localised phenomenon: relatively new, long-lease flats within these two specific estates testing how much buyers are willing to pay, rather than evidence of an estate-wide surge.

Separately, the removal of the 15-month wait-out period that previously applied to private property owners buying a non-subsidised HDB resale flat, announced on 28 July 2026, appears to have added fresh demand at the upper end of the resale market: enquiries for HDB flats priced above S$1 million reportedly jumped 154% in the week following the change. Taken together, these two records are part of a much larger surge in million-dollar HDB transactions: 902 resale flats crossed the million-dollar mark in the first half of 2026 alone, already ahead of the 763 recorded over the same period in 2025, putting 2026 on a pace that could challenge the full-year record of 1,594 million-dollar transactions set in 2025.

HDB MOP wave 2025 versus 2026 and million-dollar flat transactions
Figure 2: The MOP wave behind 2026’s million-dollar flat surge.

Summary: The Two Records at a Glance

Detail Bedok South Horizon Pasir Ris One
Address 153B Bedok South Road 530D Pasir Ris Drive 1
Sale date 27 August 2026 25 August 2026
Price S$1.45 million (S$1,192 psf) S$1.15 million (S$1,018 psf)
Flat size 1,216 sqft, 5-room 1,130 sqft, 5-room (DBSS)
Prior block record S$1.4 million (May 2026) S$982,800 (June 2024)
Margin over prior record +S$50,000 +S$167,200

Why This Matters for Buyers, Sellers and Nearby Owners

For owners in the immediate vicinity of either block, these transactions offer a genuine, if narrow, data point on what a well-located, higher-floor unit can now fetch, though it is worth being cautious about assuming the same premium applies to a lower floor, a different facing, or a different block within the same estate, given how much the Pasir Ris comparison between a top unit and a ground-floor unit in the same block illustrates that spread. For buyers, both records are a reminder that headline million-dollar transactions remain concentrated in specific, often newer or better-located blocks, rather than reflecting an estate-wide repricing, so a nearby listing at a similar asking price should still be evaluated on its own floor, facing, renovation condition and remaining lease. For the market more broadly, the fact that these two records emerged from towns outside the heaviest 2026 MOP concentration suggests demand for well-located, well-connected resale flats remains resilient even where new supply is not especially abundant.

What Might Come Next

The following is informed speculation, not confirmed policy. Given how quickly asking prices at 153B Bedok South Horizon have already moved above the new S$1.45 million benchmark, it is plausible that at least one further transaction at or above this level follows in the coming months if a buyer is found at these asking levels, though this is speculative. Similarly, at Pasir Ris One, it remains to be seen whether wider listings across the development adjust upward to reflect the new S$1.15 million benchmark, or whether this proves to be an isolated, unit-specific outcome; the current gap between recent asking prices and the new record suggests the market has not yet fully repriced as at this writing.

Frequently Asked Questions

What is a DBSS flat, and why does it matter for the Pasir Ris One sale?

Design, Build and Sell Scheme (DBSS) flats were built by private developers on HDB land under a scheme discontinued in 2011; only 13 such projects were ever built, making them a scarce resale category, which supports stronger pricing for well-located examples like Pasir Ris One.

Does this mean HDB flats in Bedok and Pasir Ris are now all worth over a million dollars?

No. Both records are specific to a single well-located, higher-floor unit within one block; a nearby flat with a different floor, facing or lease profile should not be assumed to command the same price.

What is Singapore’s highest-ever HDB resale price?

A 5-room unit at City Vue @ Henderson in Bukit Merah, which sold for S$1.728 million (S$1,421 psf) in April 2026, remains the record; neither the Bedok nor the Pasir Ris sale comes close to this figure.

What is the MOP wave, and why is it relevant here?

An estimated 13,480 HDB flats are expected to reach their Minimum Occupation Period in 2026, nearly double 2025’s figure, broadening the pool of relatively new, long-lease resale flats coming onto the market, though this wave is concentrated in different towns from Bedok and Pasir Ris.

Why did HDB resale enquiries above S$1 million jump in mid-2026?

The removal of the 15-month wait-out period for private property owners buying a non-subsidised resale flat, announced 28 July 2026, reportedly saw enquiries for HDB flats above S$1 million rise 154% in the following week.

Is the overall HDB resale market still rising as fast as these records suggest?

Not necessarily. The HDB Resale Price Index recorded its first quarterly decline since Q2 2019 in Q1 2026, even as a narrow band of premium transactions continued to set fresh records, showing the two trends can coexist.

Where can I check current HDB resale transaction prices myself?

HDB publishes resale transaction data, including price, floor level range and remaining lease, through its official resale flat prices e-service, which is the most reliable source for verifying any specific block or estate.

Disclaimer: This article is for general informational purposes only and does not constitute property investment advice. Transaction prices and market figures are drawn from publicly reported resale transactions and industry commentary current as at the time of writing and are subject to revision. Always verify current transaction data via the Housing and Development Board (HDB) resale portal before making any decision.
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Singapore Investment Sales H1 2026: What S$31 Billion Tells Us About the Market

Singapore Investment Sales H1 2026: What S$31 Billion Tells Us About the Market

by | Aug 9, 2026 | Investment Analysis, Market News, Market Reports, Price Trends, Property Investment, Transaction Data

⚡ Quick Answer — Singapore Investment Sales H1 2026

  • Singapore real estate investment sales reached S$31.1 billion in H1 2026 (Knight Frank) or S$35.2 billion (Cushman & Wakefield), depending on methodology and scope.
  • Q2 2026 alone: S$15.1 billion — nearly triple Q2 2025’s S$5.95 billion.
  • Commercial deals led, making up 50.7% of H1 volume (C&W). The standout: CICT’s S$3.9 billion Paragon acquisition and IOI Properties’ S$2.48 billion purchase of Asia Square Tower 2.
  • Residential land sales: S$5.3 billion in Q2, including five GLS awards worth S$3.2 billion and the S$880 million Loyang Valley en-bloc — the largest residential collective sale since late 2025.
  • Industrial sales fell 80.8% quarter-on-quarter in Q2, attributed to the absence of large portfolio trades rather than structural weakness.
  • Full-year outlook: Cushman & Wakefield projects a new all-time record (above the 2017 high of S$36.8 billion). Knight Frank forecasts S$40 billion, matching 2025’s record year.

The numbers are striking. In the first six months of 2026, Singapore’s real estate investment market registered the kind of deal flow that makes global allocators take notice. Knight Frank Singapore tallied S$31.1 billion in total investment sales — the cumulative value of all significant real estate transactions that closed in the first and second quarters. Cushman & Wakefield, using a slightly broader scope that includes more portfolio deals, placed the figure at S$35.2 billion.

Either way, the pace is exceptional. The second quarter alone — April through June 2026 — delivered S$15.1 billion in deals, roughly flat with the S$16.1 billion recorded in the first quarter and nearly three times the S$5.95 billion transacted in Q2 2025. Two transactions, both in the commercial sector, account for much of that acceleration: CapitaLand Integrated Commercial Trust’s S$3.9 billion acquisition of Paragon on Orchard Road, and IOI Properties Group’s S$2.48 billion purchase of Asia Square Tower 2 in Marina Bay.

But behind the headline sits a more nuanced picture — one where industrial investment sales collapsed 80.8% quarter-on-quarter, luxury residential demand softened, and the commercial surge rests on a narrow base of mega-deals. This guide unpacks what Singapore’s H1 2026 investment sales data actually says about the state of the market, what it means for residential buyers tracking new launch pipelines, and what the second half of the year is likely to bring.

Singapore investment sales by sector H1 2026 bar chart comparing commercial residential hospitality industrial
Figure 1: Singapore Investment Sales by Sector — H1 2026 vs H1 2025 (S$ billion). Commercial assets led with S$17.8 billion, or 50.7% of total H1 2026 volume. Source: Cushman & Wakefield, Knight Frank (Jul 2026).

The Two Deals That Built the Commercial Boom

Commercial assets — offices, malls, mixed-use developments — contributed 50.7% of H1 2026 investment sales volume by Cushman & Wakefield’s measure, or roughly S$17.8 billion. That marks the third consecutive quarter in which commercial transactions have dominated the mix. The shift is structural, not seasonal: Singapore office and retail property yield spreads have climbed back above pre-pandemic levels, while borrowing costs on commercial real estate loans have eased alongside the Singapore Overnight Rate Average (SORA), giving institutional buyers a more attractive entry equation than at any point since 2021.

The standout transactions were the simultaneous CICT deals. On 20 April 2026, CapitaLand Integrated Commercial Trust announced the acquisition of Paragon, the freehold luxury retail mall at 290 Orchard Road, for S$3.9 billion, financed in part by the divestment of Asia Square Tower 2 for S$2.476 billion to Malaysia-listed IOI Properties Group. Together, the two deals totalled S$6.37 billion — more than 40% of Q2’s entire investment sales volume.

Strip out Paragon and Asia Square Tower 2, and Q2’s remaining volume falls to roughly S$9 billion — still robust by historical standards, but the picture is more evenly spread across sectors. Other notable commercial closings in the quarter included White Sands mall in Pasir Ris, divested by Frasers Centrepoint Trust for S$467 million; i12 Katong mall acquired by Altallo Holdings for S$372 million; and Link REIT’s disposal of Swing By at Thomson Plaza for S$250 million.

Prime office market conditions underpinned the confidence behind the Asia Square Tower 2 pricing. The S$2.476 billion transaction implies values of roughly S$30,000–33,000 per square metre — placing Singapore’s core CBD in the same global tier as London’s West End and Midtown Manhattan for trophy office assets. Tight CBD Grade A supply and sustained tenant demand from financial services and technology firms support the premium.

Residential Land — GLS and En-Bloc Activity

Residential investment, the second largest category by Q2 volume, registered S$5.3 billion in transactions for the quarter, according to Knight Frank. Government Land Sales (GLS) formed the backbone: five private residential sites and one Executive Condominium (EC) site were awarded for a combined S$3.2 billion. Sites at Bayshore Drive and Hougang Central remain closely watched — analyst estimates from Knight Frank suggest top bids could exceed S$2 billion for the Bayshore Drive parcel alone, reflecting developer confidence in long-term demand along the East Coast corridor.

The sole residential collective sale of Q2 — Loyang Valley in Pasir Ris — was purchased by a SingHaiyi Group-led consortium for S$880 million in April 2026. The deal, struck at roughly S$721 per square foot per plot ratio (psf ppr) on the site area, is the largest residential collective sale since October 2025, when a UOL Group, Singapore Land Group and CapitaLand Development consortium acquired Thomson View for S$810 million.

The aggregate residential land sales figure — combining GLS awards and en-bloc sites — already stood at approximately 78% of full-year 2025’s total by end-June. Cushman & Wakefield expects 2026’s full-year residential land sales to exceed 2025’s level, reflecting the depth of developer appetite to replenish land banks ahead of anticipated demand from the 13,480 HDB flats expected to reach their Minimum Occupation Period (MOP) in 2026 — nearly double the 2025 figure.

Singapore real estate investment sales quarterly trend Q1 2024 to Q2 2026 bar chart showing acceleration in H1 2026
Figure 2: Singapore Real Estate Investment Sales — Quarterly Trend, Q1 2024 to Q2 2026. H1 2026 total: S$31.1 billion (Knight Frank). Source: Knight Frank Singapore (Jul 2026).

Hotels and Hospitality — Quiet Institutional Confidence

The living and hospitality sector contributed S$1.2 billion to Q2 2026 investment sales, according to Knight Frank. That is a modest sum relative to commercial and residential activity, but the quality of the transactions signals sustained institutional interest in Singapore hotel assets as a defensive, recurring-income play.

The largest deal was the Crowne Plaza Changi Airport, a 575-key hotel adjacent to Terminal 3, which changed hands for S$500 million — implying S$869,565 per key. The buyer was a joint venture between OUE Limited and Japanese financial services company Tokyo Century Corporation. Analysts noted that the per-key pricing reflects optimism around asset enhancement, with the new owners expected to undertake significant upgrades ahead of repositioning in the post-Changi Terminal 5 development era.

Two further hotel deals bookended the quarter. CapitaLand Ascott Trust divested Robertson House by The Crest Collection, a 336-room luxury property on Unity Street, for S$360 million (S$1.07 million per key). Separately, the 272-room Orchid Hotel on Tras Link was acquired for S$273 million, implying S$1.004 million per key. The clustering of hotel transactions above S$1 million per key — once rare in Singapore — underscores how the city-state’s appeal as a regional meetings and high-net-worth tourism hub has repriced the sector.

Industrial — The Quarter’s Soft Spot

Singapore’s industrial investment market stood out for the wrong reasons in Q2 2026. By Knight Frank’s measure, industrial investment sales fell 80.8% quarter-on-quarter to S$643.7 million. Savills put the decline at 85.7% quarter-on-quarter, to S$469 million. Either way, the contraction was severe.

Market participants attribute the decline to the absence of large portfolio trades rather than any structural retreat from industrial assets. Cushman & Wakefield noted that a steady wave of industrial en-bloc activity continued in the first half as a whole, citing the collective sale of Kewalram House — a 99-year leasehold private industrial property in Bukit Merah — to Soon Hock Enterprise Holding for S$120.51 million in March 2026. Industrial en-bloc sales are driven by developers acquiring sites to replenish their strata industrial land banks, a trend that Cushman & Wakefield expects to continue through H2 2026.

Looking ahead, the industrial sector is expected to rebound as portfolio trades — which tend to be lumpy and irregular — re-emerge. Singapore’s industrial property market benefits from structural tailwinds including data-centre demand, life-science cluster growth at one-north and Tuas, and continued logistics expansion at Jurong.

Singapore H1 2026 Investment Sales — At a Glance

Sector H1 2026 Volume Key Driver(s) Q2 Change (YoY)
Commercial S$17.8b (C&W) Paragon S$3.9b; Asia Square Tower 2 S$2.48b +238% (commercial sector)
Residential (land) S$8.5b+ (est.) 5 GLS sites + 1 EC = S$3.2b Q2; Loyang Valley en-bloc S$880m +~60% (land sales)
Hotels & Hospitality S$2.4b (est.) Crowne Plaza Changi S$500m; Robertson House S$360m Stable
Industrial S$1.8b (est.) Kewalram House en-bloc S$120.51m (Q1); Q2 activity muted –81% QoQ in Q2
Total (Knight Frank) S$31.1b Q1: S$16.1b + Q2: S$15.1b +154% vs H1 2025
Total (C&W broader scope) S$35.2b Includes more portfolio and partial-stake deals —

Worked Example: What S$31 Billion Means for a Residential Buyer at Bayshore

The connection between institutional investment sales and the residential buyer looking at a new launch might seem abstract. Here is a concrete illustration of how surging land values flow through to future condo pricing.

Knight Frank’s Alice Tan has noted that developer appetite for the Bayshore Drive GLS site — part of the 2H 2026 Confirmed List — could see top bids exceed S$2 billion. Taking an indicative land cost of S$900–1,000 psf per plot ratio (psf ppr) based on comparable recent awards and the site’s estimated gross plot ratio, and applying a typical developer margin of 15–20% over all-in cost (land + construction + marketing), an indicative launch price of S$2,200–2,600 psf is reasonable for a 99-year leasehold project in that corridor.

Consider Mr and Mrs Lim, a Singapore PR couple (both 35 years old), joint income S$18,000 per month, no existing property, looking at a 2-bedroom unit at Bayshore:

  • Purchase price: S$2.5 million (at S$2,400 psf for ~1,040 sq ft)
  • Buyer’s Stamp Duty (BSD): S$94,600 (standard tiers: 1%–5% on S$2.5m)
  • ABSD (PR first property): 5% × S$2.5m = S$125,000
  • Total stamp duty: S$219,600 (cash only — BSD cannot be paid from CPF for non-HDB purchases; ABSD also cash)
  • Downpayment (25% min, bank LTV 75%): S$625,000 (5% OTP cash S$125,000 + 20% CPF/cash S$500,000)
  • Loan: S$1,875,000 over 25 years at 3.5% all-in — monthly repayment ≈ S$9,370
  • TDSR check: S$9,370 / S$18,000 = 52.1% — within the 55% TDSR limit ✓

The S$219,600 stamp duty burden is directly a function of the investment market cycle that pushed land costs — and hence future PSF — to this level. This is why tracking institutional investment sales is not just an exercise for institutional players: it is a leading indicator for future residential pricing, particularly in new launches on GLS land.

Top Singapore investment transactions H1 2026 horizontal bar chart Paragon Asia Square Tower 2 Loyang Valley hotel deals
Figure 3: Top Investment Transactions in Singapore — H1 2026. The Paragon and Asia Square Tower 2 deals alone account for more than 40% of Q2’s total volume. Source: Knight Frank, Cushman & Wakefield, Savills (Jul 2026).

Why Singapore’s Investment Sales Surge Matters

Singapore regularly tops global transparency indices — Jones Lang LaSalle’s Global Real Estate Transparency Index and the URA’s comprehensive transaction data make it one of the most legible property markets in the world. When institutional capital crowds in at this scale, it reinforces several dynamics that affect every market participant:

Price floors for prime assets. The S$30,000–33,000 per sqm implied by the Asia Square Tower 2 deal sets a reference point for future CBD office transactions. Tenants negotiating leases, developers bidding for adjacent sites, and banks writing commercial mortgage valuations will all price off this benchmark for years.

GLS land cost inflation. Commercial and residential investment prices do not operate in entirely separate worlds. When Bayshore Drive attracts bids at S$900+ psf ppr, it signals that developers expect future residential sales prices to support that land cost — and by extension, to deliver units at prices that exclude buyers with limited capital or high stamp duty burdens.

S-REIT restructuring signals sector conviction. When CICT simultaneously sells Asia Square Tower 2 and buys Paragon — arguably trading grade-A office for prime-grade freehold retail on Singapore’s most prestigious street — it signals a long-term view about retail resilience and office commoditisation. Investors holding S-REIT units, or tracking property investment strategy, should read this as a signal of where institutional conviction lies for the next cycle.

Peer comparison: Hong Kong’s commercial investment market has been suppressed by capital controls, vacancy concerns and geopolitical risk. Australia’s office market is navigating a post-pandemic hybrid-work recalibration. By contrast, Singapore’s stable regulatory environment, improving interest rate outlook and full office return-to-office culture make it the clearest commercial property investment story in the region.

What Might Come Next — H2 2026 Outlook

Savills Singapore lifted its full-year 2026 investment sales forecast to S$55–60 billion after H1 performance — a 50% upgrade from its earlier S$35–40 billion target. That implies a further S$20–25 billion of deals in H2. Even the more conservative Knight Frank targets S$40 billion for the full year, matching 2025’s record.

Cushman & Wakefield projects full-year 2026 to surpass the 2017 record of S$36.8 billion, which would mark Singapore’s strongest year ever by their data series. The firm anticipates H2 activity to broaden beyond commercial, with improvements especially in industrial, retail and private residential. Shaun Poh, C&W’s head of capital markets for Singapore, pointed to easing financing costs, limited new supply, and healthy leasing fundamentals as the supportive trio.

The key risk variables to watch: the US Federal Reserve’s rate trajectory (any re-acceleration of inflation could reverse SORA’s decline and reprice commercial loan spreads); whether MAS calibrates cooling measures in response to surging land values; and whether geopolitical developments — which C&W flagged as a continuing uncertainty — materially affect cross-border capital flows into Singapore.

For residential buyers, the most practical H2 signal is the Bayshore Drive GLS tender closing. Its awarded land price will set the template for new-launch pricing in that district for the next two to three years. Check our GLS & Land Sales coverage as results are announced.

Frequently Asked Questions

What counts as an “investment sale” in Singapore’s real estate market?

Investment sales in the context tracked by Knight Frank, Cushman & Wakefield and Savills refer to significant real estate transactions typically above S$10 million, encompassing institutional and commercial-grade deals: en-bloc (collective sale) residential sites, GLS tender awards to developers, the sale of commercial buildings (offices, malls, mixed-use developments), hotel transactions, and large industrial portfolio deals. They exclude individual unit transactions — a family buying a condominium apartment, for example, is not counted here. The metric is used as a leading indicator of developer and institutional investor confidence in the market.

Why did commercial investment sales surge so sharply in H1 2026?

Three factors converged. First, the Singapore Overnight Rate Average (SORA) eased from its 2023–2024 peaks, lowering the all-in cost of commercial real estate financing to roughly 3–4% — well below comparable rates in Australia or the UK. Second, tight CBD office and prime retail supply gave institutional buyers confidence that occupancy and rents would support the price paid. Third, Singapore-listed REITs (S-REITs) underwent significant portfolio restructuring, recycling capital from lower-conviction assets into trophy properties — the CICT Paragon-and-Asia-Square-Tower-2 transaction is the clearest illustration. Together, these factors created a rare alignment of cheap money, willing sellers and confident buyers.

How do surging investment sales affect residential property prices?

The transmission mechanism runs primarily through land costs. When developers compete aggressively for GLS sites — bidding in anticipation of future unit prices — they embed high land costs into their financial models. Higher land cost per psf ppr translates into higher new-launch selling prices, since developers target a minimum internal rate of return. Buyers tracking investment sales data can use GLS tender results as a forward guide to future new-launch pricing in specific districts or corridors. The Singapore private property market H2 2026 outlook covers this linkage in detail.

What does the Loyang Valley en-bloc signal for collective sales activity?

Loyang Valley’s S$880 million collective sale — the largest residential en-bloc since Thomson View (S$810 million, October 2025) — signals that developer appetite for large residential sites in the Outside Central Region (OCR) remains strong, provided the land price makes financial sense relative to anticipated new-launch prices. The deal is particularly notable because Pasir Ris, while not a traditional luxury address, benefits from the upcoming Cross Island Line connectivity and sustained upgrader demand. For homeowners in older OCR condominiums, the transaction confirms that the en-bloc market is not dead — but realistic pricing is essential. With H1 2026 residential land sales already at 78% of full-year 2025 levels, the pipeline for H2 looks active.

Why did industrial investment sales fall so sharply in Q2 2026?

The 80.8% quarter-on-quarter decline in Q2 industrial investment sales, to S$643.7 million, is primarily statistical rather than structural. Industrial deals — particularly the large portfolio trades that can move the needle by S$500 million or more in a single transaction — are lumpy and irregular. The absence of any such trade in Q2 dragged the headline number down sharply. Underneath that, the underlying en-bloc and single-asset industrial market continues to function: Cushman & Wakefield noted a rebound in industrial collective sales in H1 as a whole, driven by developers replenishing strata industrial land banks. Long-term demand from data centres, life-science facilities and logistics remains intact.

Will 2026 break Singapore’s all-time investment sales record?

Cushman & Wakefield believes it will, projecting full-year 2026 to surpass their 2017 record of S$36.8 billion. Knight Frank is more measured, forecasting S$40 billion for the full year — matching 2025’s record by their data series. Savills, the most bullish, raised its full-year forecast to S$55–60 billion, implying a further S$20–25 billion of deals in H2. The wide range between forecasts reflects both methodological differences and genuine uncertainty about whether a second wave of mega-deals materialises. The base case for a record year appears solid; the exact number depends on whether another Paragon-scale transaction closes before December.

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Disclaimer: This article is for general informational purposes only and does not constitute financial, investment or legal advice. Investment sales data cited is sourced from third-party research published by Knight Frank Singapore, Cushman & Wakefield Singapore and Savills Singapore in July 2026; figures may differ across firms due to differing scope and methodology. Property market conditions are subject to change. Before making any property investment or transaction decision, consult a licensed real estate professional, qualified financial adviser and legal counsel. Official transaction data is available from the Urban Redevelopment Authority (URA).

HDB Resale Market Q1 2026: First Price Decline in 7 Years — What It Means for Buyers and Sellers

HDB Resale Market Q1 2026: First Price Decline in 7 Years — What It Means for Buyers and Sellers

by | May 24, 2026 | Investment Analysis, Market News, Price Trends, Property News, Transaction Data

For the first time in nearly seven years, Singapore’s HDB resale prices fell — even if only fractionally. HDB’s Q1 2026 Public Housing Statistics, released in April 2026, showed the Resale Price Index (RPI) declining 0.1% quarter-on-quarter to 203.4, the first quarterly dip since Q2 2019. The data paints a nuanced picture: overall resale volumes are cooling, year-on-year price growth has slowed sharply to just 1.2%, and yet million-dollar transactions reached a record 412 in Q1 2026 — a paradox that reveals the two-speed market now operating in Singapore’s public housing segment.

Quick Answer — HDB Resale Q1 2026 at a Glance

  • HDB Resale Price Index (RPI): 203.4 — down 0.1% q-o-q (first quarterly decline since Q2 2019).
  • Year-on-year price growth: +1.2% — the slowest since Q3 2023.
  • Transaction volume: 6,179 resale transactions — down 4.5% year-on-year.
  • Million-dollar transactions: 412 in Q1 2026 — a record high.
  • MOP wave: approximately 13,480 HDB flats reached their 5-year MOP in 2026, nearly double the 2025 figure.
  • Private rental market linkage: rental softening is reducing the “upgrade and rent out HDB” incentive for some owners, contributing to reduced speculative resale demand.
  • Policy context: the Plus and Prime classification system (introduced in August 2023) is reshaping buyer segmentation as the first Plus/Prime resale eligibility windows approach.

The RPI Decline in Context: Seven Years of Unbroken Growth

From Q3 2019 onwards, the HDB Resale Price Index rose every single quarter — through the pandemic (with brief deceleration), through the post-COVID demand surge, through the April 2023 cooling measures, and through 2024 and 2025. The cumulative appreciation from Q2 2019 (RPI ~133) to Q4 2025 (RPI 203.6) was approximately 52.7% — an extraordinary run for a heavily regulated, subsidised housing segment. The Q1 2026 dip to 203.4 represents a moderation of 0.2 index points, or 0.1% — statistically a rounding event, but symbolically significant as the end of an uninterrupted run.

HDB resale price index RPI quarterly trend 2019 to 2026 first decline in 7 years Singapore
Figure 1: HDB Resale Price Index (RPI), Q2 2019 to Q1 2026. The Q1 2026 decline to 203.4 (highlighted in red) ends a 28-quarter run of uninterrupted quarterly growth. Source: HDB Public Housing Statistics Q1 2026.

HDB itself noted in its Q1 2026 release that the resale market had shown “a moderation in the rate of price increase over the past few quarters”, and that the supply of HDB flats reaching their Minimum Occupation Period (MOP) was rising sharply. The estimated 13,480 HDB flats reaching MOP in 2026 — nearly double the approximately 7,800 in 2025 — is the most consequential structural driver of the current cooling. As MOP-completed flat owners enter the market to sell and upgrade, both resale supply and demand are rising simultaneously, creating a more balanced trading environment.

The Million-Dollar Paradox: Record High Transactions, Cooling Overall

The headline number that appears contradictory is the record 412 million-dollar HDB transactions in Q1 2026. How can overall prices be falling while the number of million-dollar transactions is at an all-time high? The answer lies in market segmentation.

Million-dollar HDB transactions are concentrated in a narrow segment of premium units: large flats (5-room, maisonette, executive apartment) in high-value locations (Bukit Merah, Queenstown, Toa Payoh, Bishan, and the central belt broadly), often in high-floor, sought-after blocks with good views and remaining lease. In Q1 2026, the headline S$1.728M transaction for a Henderson Road flat set a new all-time record. These premium units are experiencing their own distinct supply constraint — there are simply very few of them coming onto the market in prime locations — and demand from upgraders and investors for these specific assets remains robust.

HDB million-dollar transactions count vs total resale volume quarterly Q1 2022 to Q1 2026 Singapore
Figure 2: Million-dollar HDB transactions (bars) vs total resale volume (line), Q1 2022 to Q1 2026. Record million-dollar count of 412 in Q1 2026 contrasts with falling total volume (6,179, down 4.5% year-on-year). Source: HDB, LovelyHomes research.

Meanwhile, in the broader resale market — the typical 4-room flat in a heartland town — the MOP wave is producing more supply than demand can fully absorb. Towns like Punggol, Sengkang, Tampines, and Woodlands are seeing increased listing volumes from the 2021 BTO cohort hitting their MOP, and buyers in these towns have more choices and more negotiating power than they did 12–18 months ago. The RPI dip is primarily a story of this broader heartland segment moderating, even as the premium central-belt segment continues to push records.

What This Means for HDB Resale Buyers and Sellers in 2026

Scenario Implication of Q1 2026 Data
Buyers — heartland towns (Punggol, Sengkang, Tampines, Woodlands) More favourable conditions: more listings, softer asking prices vs 2024–2025, more negotiating room on resale premium over valuation. This is the best entry environment in 2–3 years for buyers in these areas.
Buyers — prime belt (Bukit Merah, Queenstown, Toa Payoh, Bishan) Market still competitive for premium units. Sellers in these locations are holding firm given scarcity. Buyers should budget for cash-over-valuation (COV) at premium blocks. The RPI dip has not meaningfully softened these micro-markets.
Sellers — MOP-completing 2021 BTO cohort Act sooner rather than later: the 13,480 MOP-completions in 2026 will peak and then taper. By Q3–Q4 2026, listing competition from MOP-completers will be at its highest. Sellers who list in Q2 2026 face less competition than those who list later in the year.
Upgraders (HDB → private) The HDB-to-private upgrade path remains viable, but the ABSD 20% on a second property is unchanged. The cooling of HDB prices reduces the equity upgraders can extract from their resale. Careful timing of the sale-and-purchase sequence is critical — see our ABSD guide.
HDB landlords (subletting rooms) The private rental market softening (private rents +0.3% in Q1 2026, vs +4–6% in 2022) is reducing the “upgrade and rent out HDB” equation’s attractiveness. This has reduced one strand of speculative demand for large HDB flats.

Worked Example: Selling a Punggol 4-Room in the Current Market

The Lims purchased a BTO 4-room flat in Punggol in 2021 for S$380,000. Their MOP completes in mid-2026. They are considering selling to upgrade to a private condominium in Tampines. Based on current Q1 2026 market conditions in Punggol for a comparable unit, resale transacting prices are approximately S$550,000–S$580,000.

At a sale price of S$565,000 — a conservative estimate in the current softer market — the Lims would realise net cash proceeds after CPF OA refund (with accrued interest) and HDB loan repayment of approximately S$95,000–S$130,000 depending on their CPF usage and outstanding loan balance. This is a workable but not ample downpayment for a Tampines private condominium at S$1.2M–S$1.4M. They would need to factor in ABSD of 20% on the private condo if they buy before completing the HDB sale — a S$240,000–S$280,000 additional cost that would consume most or all of their available cash. The most prudent approach is to complete the HDB sale first, use the proceeds toward the condo downpayment, and then buy the private property as a first-time owner (0% ABSD).

What Might Come Next: HDB Resale Market Outlook for 2026–2027

The Q1 2026 dip is most likely the beginning of a gentle plateauing phase rather than a significant correction. The structural support for HDB resale prices remains robust: strong employment, sustained household formation, limited BTO supply in mature estates, and the continuing aspirational value of central-belt HDB flats. However, the MOP wave through 2026 and 2027 will keep resale supply elevated in growth towns, and the Plus/Prime classification’s subsidy-clawback rules are beginning to affect buyer eligibility calculations for units built post-August 2023.

URA’s Q1 2026 caution about “uncertain macroeconomic outlook” is a live risk variable — if global trade conditions deteriorate and employment sentiment weakens, discretionary HDB upgrade transactions are the first to soften. Conversely, if the June 2026 BTO ballot demand data shows continued oversubscription (particularly for the Bishan and Bukit Merah Prime sites), it would reinforce the view that underlying demand for well-located public housing remains structurally strong.

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Frequently Asked Questions

Is the HDB resale market going to crash in 2026?

A 0.1% quarterly dip does not constitute a crash, and the structural conditions for a significant correction are not currently present. Singapore’s economy remains near full employment, household balance sheets are sound, and HDB resale prices are underpinned by genuine owner-occupier demand. The current softening reflects supply normalisation (MOP wave) and buyer prudence in an elevated-interest-rate environment, not a collapse in demand. A 5–10% correction over the next 12–18 months is plausible in the heartland segment if the MOP supply wave continues and macro conditions worsen, but this remains speculative.

Will the Government remove HDB cooling measures given the price decline?

Unlikely. The Government has historically been reluctant to loosen cooling measures on a 0.1% quarterly data point, preferring to see sustained trend evidence before adjusting policy. The current measures — wait-out periods, ABSD on second properties, LTV caps, TDSR/MSR constraints — are unlikely to be eased in 2026 absent a more significant downturn. It is worth noting that the April 2023 ABSD increase was applied when private prices were accelerating; a moderation in HDB prices would not typically trigger an ABSD reversal as the two markets are governed by separate policy rationales.

Why are million-dollar HDB transactions still rising if the market is cooling?

Million-dollar HDB transactions are driven by a specific micro-market: large units in premium central locations with long remaining leases, high floors, or exceptional views. This segment is structurally supply-constrained — fewer than 1% of HDB units meet these criteria — and demand from affluent Singaporean families who want to remain in public housing for cultural or financial reasons is sustained. The broader “average” market (heartland 4-room flats) is what the RPI captures, and this is where the cooling is most apparent. The two trends are not contradictory — they reflect the increasing stratification of Singapore’s public housing market.

How does the HDB RPI decline affect the CPF accrued interest I owe on my flat?

CPF accrued interest accumulates regardless of property prices — it is the notional interest (currently 2.5% per annum) that would have been earned had your CPF OA funds not been used for the property. On sale, the accrued interest must be returned to CPF before you can receive cash proceeds. A stagnating or declining property price does not reduce the accrued interest obligation; it simply means the gap between your sale proceeds and the CPF refund amount narrows. In extreme cases where a property value falls below the total CPF used (principal + accrued interest), there is a shortfall that buyers must make up from cash. This is called the CPF refund shortfall, and it is a genuine risk for buyers who purchased at peak prices with high CPF usage.

What towns are most affected by the MOP supply wave in 2026?

The 13,480 flats reaching MOP in 2026 are predominantly from the 2021 BTO launch cohort, which was particularly heavy in Punggol, Sengkang, Tengah (first wave), Tampines, Sembawang, and Woodlands. These OCR and fringe towns will see the highest relative increase in resale listing supply in 2026. Towns with fewer MOP-completers in 2026 — such as Bishan, Toa Payoh, and Queenstown, where BTO supply has been limited — are less exposed to the supply-side pressure and are likely to see more price stability or continued appreciation.

Disclaimer: This article is for general information and editorial analysis only and does not constitute financial, investment, or property advice. HDB market statistics are sourced from HDB’s Public Housing Statistics Q1 2026. Worked examples and projections are illustrative. Actual market conditions, prices, and policy parameters may differ. Consult a licensed property agent (CEA-registered) and a qualified financial adviser for personalised advice before making property decisions. LovelyHomes is not a licensed property agent and does not represent any developer, agency, or financial institution.

HDB Record Resale Prices Singapore 2026: S$1.728M Henderson Road Flat and the March Towards S$2 Million

HDB Record Resale Prices Singapore 2026: S$1.728M Henderson Road Flat and the March Towards S$2 Million

by | May 19, 2026 | Investment Analysis, Market News, Price Trends, Property News, Transaction Data

Quick Answer: Singapore HDB Record Prices 2026 — Key Facts

  • New all-time record: A 5-room HDB flat at 96A Henderson Road was sold for S$1.728 million in April 2026, setting a new all-time HDB resale record at approximately S$1,421 per square foot.
  • Previous record: S$1.7 million for a 5-room flat at 92 Dawson Road (February 2026) — this record lasted less than three months.
  • Million-dollar trend: 412 HDB flats changed hands above S$1 million in Q1 2026 — the highest quarterly figure ever recorded and nearly double the Q1 2025 figure of 210.
  • Not just premium estates: Million-dollar flats were transacted in 18 of Singapore’s 26 HDB towns in Q1 2026, including Bukit Merah, Toa Payoh, Queenstown, Bishan, and Kallang/Whampoa.
  • S$2 million milestone: At the current trajectory — five record-breaking transactions in 14 months — a S$2 million HDB resale flat could occur within 2–3 years, most likely in the Greater Southern Waterfront corridor (Henderson, Dawson, Queenstown).
  • Who administers HDB resale: The HDB Resale Portal (administered by HDB) handles all resale transaction procedures; IRAS collects Buyer’s Stamp Duty on all HDB resale transactions.
  • Implication for buyers: Million-dollar HDB flats are no longer outliers — they represent a meaningful segment of the resale market in established mature estates, and buyers should price in Buyer’s Stamp Duty of S$24,600 on a S$1M flat or S$44,600 on a S$1.5M flat when budgeting.

The Transaction That Rewrote Singapore’s HDB Record Book

On or around late April 2026, a 5-room HDB flat on the 46th to 48th floor of Block 96A Henderson Road changed hands for S$1.728 million — approximately S$1,421 per square foot for a unit spanning 113 square metres (approximately 1,216 square feet). The flat is part of the City Vue @ Henderson development, a relatively recent HDB project with a lease commencement date in 2019 and 92 years of remaining tenure. Its height, panoramic views towards the Greater Southern Waterfront (GSW) and beyond, and the prestige of the Henderson Road corridor in District 4 combined to attract a buyer willing to set a new national benchmark for public housing.

The record was short-lived in its previous form: just two months earlier, a 5-room flat at 92 Dawson Road — another premium HDB development in Queenstown — had sold for S$1.7 million (S$1,295 psf), itself overthrowing the prior record set in 2024. The Henderson Road transaction surpassed even that by S$28,000 and at a higher psf rate, reflecting the extraordinary premium the market attaches to height, views, and remaining lease in Singapore’s public housing sector.

Singapore HDB resale record price progression 2016 to April 2026 — road to S2 million
Figure 1: Singapore HDB resale record price progression from S$1.0 million (2016) to S$1.728 million (April 2026). The dashed line marks the S$2 million threshold. Source: HDB Resale Portal caveats, LovelyHomes analysis.

The Broader Trend: Million-Dollar Flats Are No Longer Exceptional

The headline record transaction is dramatic, but the more significant story for ordinary buyers and sellers is the surge in million-dollar HDB resale transactions at the market-wide level. According to HDB’s Q1 2026 public housing statistics, 412 flats changed hands at or above S$1 million in the first quarter of 2026. This compares with 248 in Q4 2025 and 210 in Q1 2025 — a year-on-year increase of approximately 96%, meaning million-dollar HDB transactions essentially doubled in twelve months.

The Q1 2026 figure is driven by several compounding factors. First, approximately 13,480 HDB flats completed their 5-year Minimum Occupation Period (MOP) in 2026, particularly in premium precincts like Dawson–Queenstown, Bidadari, and Tengah — estates that were developed during Singapore’s 2016–2020 peak construction cycle and have since seen substantial appreciation. Second, the 30-month private property wait-out period for downgraders (introduced in September 2022 by HDB and MND) is now clearing for the first wave of downgraders, adding a cohort of well-capitalised buyers re-entering the HDB market with significant liquidity. Third, HDB’s new Plus and Prime flat classifications — which carry 10-year MOPs — have not yet supplied any resale stock, tightening available supply in the most desirable precincts.

The geographic spread of million-dollar transactions has also widened markedly. Industry data shows that in Q1 2026, million-dollar HDB flats were transacted in 18 distinct HDB towns, compared with 12 towns in Q1 2024. Notably, Bukit Merah — where a 4-room jumbo flat at S$1.53 million changed hands in May 2026 with 45 years of remaining lease — represents the penetration of the million-dollar tier into flat types and locations that once seemed improbable candidates.

HDB million-dollar resale transactions by quarter 2022 to Q1 2026
Figure 2: Singapore HDB resale transactions above S$1 million by quarter, Q1 2022 to Q1 2026. The Q1 2026 figure of 412 is the highest ever recorded. Source: HDB Q1 2026 Public Housing Statistics, LovelyHomes analysis.

Summary Table: Notable HDB Million-Dollar Transactions (2025–2026)

Address Flat Type Sale Price PSF Remaining Lease Month
96A Henderson Road 5-Room S$1.728M S$1,421 ~92 years April 2026
92 Dawson Road 5-Room S$1.700M S$1,295 ~91 years February 2026
Kallang/Whampoa (St George’s Lane) EA S$1.650M S$1,180 ~80 years Q4 2025
Bukit Merah (unnamed block) 4-Rm Jumbo S$1.530M S$1,100 ~45 years May 2026
Bishan (EA) Executive Apt S$1.388M S$1,020 ~72 years Q1 2026

Worked Example: Buying a S$1.5M HDB Resale Flat — Full Cost Breakdown

Suppose Mr and Mrs Tan are Singapore Citizens purchasing a 5-room HDB resale flat at Henderson Road for S$1.5 million as their first property. Here is the full cost structure they face, governed by the Stamp Duties Act (Cap. 312) and HDB’s financing rules.

Buyer’s Stamp Duty (BSD): First S$180,000 × 1% = S$1,800  |  Next S$180,000 × 2% = S$3,600  |  Next S$640,000 × 3% = S$19,200  |  Remaining S$500,000 × 4% = S$20,000  |  Total BSD = S$44,600

ABSD: Nil — SC couple buying first property.

HDB Loan eligibility: Checked against the HDB Flat Eligibility (HFE) letter. At S$1.5M, the property price exceeds HDB’s loan ceiling for most income bands — HDB loan is capped at S$500,000 for the purchase price corridor S$1M–S$1.5M (as at May 2026; buyers should verify the current ceiling at hdb.gov.sg). A bank loan at 75% LTV would yield S$1,125,000 at approximately 1.80% fixed 2-year → monthly S$4,670. TDSR at S$15,000/month household income = 31.1% — within the 55% regulatory cap.

Total upfront cash: 5% cash down S$75,000 + BSD S$44,600 + legal/valuation S$3,500 = approximately S$123,100. Remaining 20% down (S$300,000) may be funded from CPF OA savings.

This example illustrates that million-dollar HDB purchases are not simply a matter of affordability in terms of price — the transaction costs alone (BSD + down payment + legal) exceed S$400,000 in total cash and CPF outlay, placing them firmly in the category of significant financial commitments requiring careful TDSR and long-term cash-flow planning.

What Does This Mean for HDB Buyers and Sellers in 2026?

For sellers in premium HDB precincts — particularly those with units in Queenstown, Bishan, Toa Payoh, Kallang/Whampoa, Clementi, and Bukit Merah — the prevailing market suggests that aspirational pricing is increasingly meeting genuine demand. Sellers who purchased their flats in the 2016–2021 period, particularly in new BTO projects in mature estates, are sitting on capital gains of S$200,000–S$500,000 — sufficient to fund a substantial CPF-plus-cash contribution to a private condo upgrade while retaining meaningful liquidity.

For buyers, the million-dollar HDB market presents a specific financial planning challenge. HDB loans are not available above the HDB Loan Eligibility ceiling (check hdb.gov.sg for the current figure, which is periodically reviewed by HDB). At price points above S$1M, buyers must therefore rely on bank loans (75% LTV), meaning a 25% down payment on a S$1.5M flat requires S$375,000 — of which only 5% (S$75,000) can be paid in CPF, with the remainder in cash or CPF depending on CPF OA balance. The BSD alone on S$1.728M is approximately S$55,120, a transaction cost that cannot be funded from CPF for HDB resale transactions (BSD is payable in cash for resale flats unless the buyer’s CPF OA has sufficient balance and IRAS approves CPF use).

The market is also raising questions about the long-term sustainability of million-dollar HDB valuations given Singapore’s 99-year HDB lease model. Buyers of older flats (45-year remaining lease as in the Bukit Merah May 2026 transaction) face a stark lease-decay premium erosion: CPF Board restricts CPF usage for flats with less than 60 years of remaining lease, and HDB’s Lease Buyback Scheme provides only a partial remedy. Buyers paying S$1.5M+ should stress-test their exit strategy against a 30-year horizon and the impact of lease decay on future resale value.

What Might Come Next: The Road to S$2 Million

This is a forward-looking section and should not be treated as a prediction or financial advice.

At the pace of record-breaking HDB transactions observed over 2024–2026, a S$2 million HDB resale transaction is no longer structurally implausible — though it remains exceptional. The conditions for such a transaction to occur are specific: a very high floor unit (above the 40th floor) in a premium Greater Southern Waterfront precinct (Henderson, Dawson, Queenstown waterfront sites) with 85+ years of remaining lease, exceptional views, and a buyer with the financial means to transact above the HDB loan ceiling using bank financing. The timeline is speculative, but market commentators and industry research desks quoted in EdgeProp and Business Times have noted that the S$2M threshold could be breached within two to four years given current trajectory.

The broader implication for the HDB market is structural: the proliferation of million-dollar transactions is reshaping the aspirational ceiling for public housing, blurring the boundary between the HDB and private condo segments in terms of buyer profile, financing complexity, and transaction costs. HDB has not signalled any new supply-side or demand-side interventions targeting the million-dollar tier specifically — additional cooling measures, if any, are more likely to be applied at the market-wide level through ABSD adjustments or TDSR tightening.

What is the highest-ever HDB resale price in Singapore?

As at May 2026, the highest recorded HDB resale transaction is S$1.728 million for a 5-room flat at 96A Henderson Road (City Vue @ Henderson), transacted in April 2026 at approximately S$1,421 per square foot. This surpassed the prior record of S$1.7 million set at 92 Dawson Road in February 2026. Both records relate to premium, high-floor units in mature estates with long remaining leases and views of the Greater Southern Waterfront corridor. All HDB resale transaction data is publicly searchable on the HDB Resale Portal at resale.hdb.gov.sg.

How many HDB million-dollar flats were sold in 2026?

In Q1 2026 alone, 412 HDB flats changed hands at or above S$1 million, according to HDB’s Q1 2026 Public Housing Statistics released in April 2026. This was the highest quarterly figure ever recorded and represents a year-on-year increase of approximately 96% from Q1 2025’s figure of 210. For context, fewer than 100 million-dollar HDB transactions occurred in any single quarter before 2023. The surge reflects the confluence of a large MOP wave (approximately 13,480 flats completing MOP in 2026), the clearing of the 30-month private-property wait-out period for early downgraders, and genuine price appreciation in premium HDB precincts.

Why are HDB resale prices so high in some areas?

Several structural factors drive premium HDB resale prices in specific precincts: (1) MRT interchange proximity — flats within a 5-minute walk of a major interchange station (Bishan NSL–CCL, Queenstown, Outram Park) consistently command premiums; (2) school corridor access — 1-kilometre priority-phase eligibility for top primary schools such as Raffles Institution, Catholic High, Nanyang Primary, and RGPS is a documented price driver; (3) remaining lease — flats with 85+ years of remaining lease attract a premium because CPF usage is unrestricted and future resale value is better supported; (4) views and height — Greater Southern Waterfront and Marina Bay views, particularly from floors above the 35th, command exceptional premiums in a city with few elevated public residential units; (5) MOP wave scarcity — precincts where BTO supply completed 5 years ago and no new BTO launches are imminent suffer supply scarcity that drives up resale prices.

Do HDB million-dollar flat buyers pay ABSD?

ABSD liability on HDB resale flats follows the same rules as any other residential property purchase under the Stamp Duties Act. Singapore Citizens purchasing their first residential property pay 0% ABSD — so a SC couple buying a S$1.728M Henderson Road flat as their first home pays no ABSD. A SC purchasing a second property pays 20% ABSD (S$345,600 on S$1.728M). A Singapore Permanent Resident purchasing a first property pays 5% ABSD (S$86,400); a second property, 30% ABSD. Foreigners pay 65% ABSD on any residential property purchase. All ABSD is administered and collected by the Inland Revenue Authority of Singapore (IRAS); rates are current as at May 2026 and are subject to change.

Should I buy a million-dollar HDB flat or a private condo instead?

This is fundamentally a personal financial decision dependent on your income, CPF balances, risk appetite, and long-term housing plans. The broad financial comparison: a S$1.5M HDB resale flat and a S$1.5M private condo carry broadly similar upfront BSD (S$44,600 each) and down-payment requirements, but differ in several key dimensions. HDB flats are subject to MOP restrictions, cannot be rented out in full during the MOP, and are financed subject to the Mortgage Servicing Ratio (MSR) ceiling of 30% of gross income (not applicable to bank loans for private property, which use only TDSR at 55%). Private condos offer greater flexibility, strata title ownership, shared facilities, and no MOP restrictions. LovelyHomes recommends consulting a licensed estate agent (CEA-registered) and a qualified financial adviser before making a decision of this magnitude.

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Disclaimer: This article is published for general informational and editorial purposes only and does not constitute financial, investment, or legal advice. Transaction prices referenced are sourced from publicly available HDB Resale Portal data and industry reports as at May 2026; individual transaction details are publicly available at resale.hdb.gov.sg. Stamp duty calculations are illustrative estimates based on current IRAS rates — verify current rates at www.iras.gov.sg. Buyers should seek professional advice from a CEA-registered licensed estate agent, a qualified solicitor, and a licensed mortgage adviser or financial planner before making any property transaction. This article relies on publicly available market data; LovelyHomes has not independently verified individual transaction details beyond published sources.

HDB Resale Market Q1 2026: Prices Fall 0.6% in First Decline Since 2019

HDB Resale Market Q1 2026: Prices Fall 0.6% in First Decline Since 2019

by | May 12, 2026 | Market News, Price Trends, Property News, Supply & Demand, Transaction Data

HDB Resale Market Q1 2026: Prices Fall 0.6% in First Decline Since 2019

Quick Answer

  • The HDB Resale Price Index (RPI) fell 0.6% quarter-on-quarter in Q1 2026, from 203.6 in Q4 2025 to 202.3 — the first decline since Q2 2019.
  • The dip breaks a 27-quarter streak of flat or rising resale prices, signalling early-stage market cooling after years of post-pandemic appreciation.
  • Transaction volumes were 6,107 resale flats in Q1 2026, broadly in line with Q4 2025 levels — the price softening is driven by supply rather than a demand collapse.
  • The MOP supply wave — 13,480 HDB flats reaching their 5-year Minimum Occupation Period in 2026 — is the structural factor adding resale supply.
  • HDB rents held relatively steady: 58,598 flats rented at end-Q1, with median rents ranging from S$2,300 (3-room Jurong West) to S$4,200/mth (executive Bedok).
  • Million-dollar resale transactions continued to feature, with a new record of S$1.728M at City Vue @ Henderson (Henderson Road, April 2026).
  • Analysts describe the trajectory as a “soft landing” — the price dip is small and unlikely to accelerate sharply unless interest rates rise again or unemployment climbs.

What the Q1 2026 HDB Resale Data Shows

HDB released its 1st Quarter 2026 Public Housing Statistics on 25 April 2026, revealing that the Resale Price Index — the primary measure of HDB resale flat price movements — dipped 0.6% quarter-on-quarter to 202.3. This ends a remarkable run: from Q3 2019 through Q4 2025, the RPI rose or held flat in every single quarter, a 27-quarter streak fuelled first by the pandemic-era demand surge (2020–2022), then by the post-pandemic upgrader wave and tight resale supply (2023–2024), then by continued above-median-income household demand (2025).

The 0.6% dip is modest in absolute terms — the RPI remains 18% above its Q1 2023 level — but its direction is significant. It confirms what market practitioners have been observing since late 2025: sellers are taking longer to find buyers, price gaps between asking and transacted prices have widened, and the buyer pool is showing greater selectivity.

HDB Resale Price Index quarterly trend Q1 2023 to Q1 2026 bar chart
Figure 1: HDB Resale Price Index (RPI) from Q1 2023 to Q1 2026. Q1 2026 marks the first quarter-on-quarter decline since 2019. Source: HDB.

Why Prices Dipped: The MOP Supply Effect

The primary explanation for the price softening is straightforward: supply. As LovelyHomes reported in May 2026, approximately 13,480 HDB flats are reaching their 5-year Minimum Occupation Period (MOP) in 2026, up 93% year-on-year from the approximately 6,980 that crossed MOP in 2025. This is partly a consequence of the BTO surge years of 2016–2018, when HDB completed large volumes of units in towns including Punggol (est. 3,200 MOP units), Sengkang (est. 2,400), Tengah (est. 1,900), and Bidadari (est. 1,800).

As these flat owners become eligible to sell on the open market, many are choosing to do so — either to capture appreciation gains, to upgrade to private property, or to rightsize. The resulting increase in resale listings gives buyers more choice and more negotiating room, which compresses prices at the margin.

A structural supply increase of this magnitude does not typically reverse quickly. The MOP pipeline into 2027 remains elevated, meaning the resale supply overhang is likely to persist through much of 2026 and into 2027. This is not a liquidity crisis or a demand collapse — transaction volumes remain healthy — but it is a period where sellers who need to move quickly will likely accept modest discounts to achieve a timely sale.

Transaction Volume: Stable, Not Falling

Notably, the price dip in Q1 2026 was not accompanied by a volume collapse. HDB reported approximately 6,107 resale transactions in Q1 2026, broadly in line with the approximately 6,200 recorded in Q4 2025. This is an important distinction: a falling price index alongside stable volume suggests a price-discovery adjustment driven by supply rather than a demand retreat. When markets fall on low volume, it often signals more serious stress; when they adjust modestly on normal volume, it is more consistent with a soft landing.

Million-dollar resale flats continued to transact. There were 165 million-dollar HDB transactions in Q1 2026, slightly below the 188 recorded in Q4 2025 but still historically elevated. The most expensive transaction in recent months was a 5-room flat at City Vue @ Henderson (Henderson Road) that transacted at S$1,728,000 in April 2026 — a new island-wide record, surpassing the previous S$1.7M record at SkyTerrace @ Dawson (February 2026).

The Rental Market: Holding Steady

HDB’s Q1 2026 data also covered the rental sub-market. As at end of March 2026, there were 58,598 HDB flats rented out on the open market — down marginally (-0.1%) from the 58,775 rented at end of Q4 2025. The occupancy rental market has broadly plateaued after the 2022–2023 surge, reflecting a more balanced supply-demand dynamic at current rent levels.

HDB rental market Q1 2026 median rent by town flat type Singapore
Figure 2: HDB rental market snapshot Q1 2026 — total units rented, and median monthly rent by town and flat type. Source: HDB.

Median monthly rents by flat type as at Q1 2026:

Flat Type Median Rent (Island-wide) Highest Town (Est.) Lowest Town (Est.)
3-Room S$2,450/mth Queenstown ~S$2,800 Jurong West ~S$2,300
4-Room S$2,950/mth Queenstown ~S$3,200 Jurong West ~S$2,800
5-Room S$3,500/mth Bishan ~S$3,700 Jurong West ~S$3,300
Executive S$3,900/mth Bedok ~S$4,200 Jurong West ~S$3,780

Worked Example: Seller Navigating the Q1 2026 Market

Consider Ms Chen, a 48-year-old SC who bought a 5-room flat in Punggol in 2021 at S$640,000. Her flat crossed MOP in March 2026. She lists it at S$820,000 based on comparable transaction data from late 2025. By April 2026, the market has softened: similar units in her block are closing at S$795,000–S$805,000. After 6 weeks on market, she accepts S$800,000 — S$20,000 below her initial ask.

At S$800,000, her net proceeds (after clearing the HDB loan balance of S$180,000, CPF refund of S$195,000 including accrued interest, agent commission of S$16,000 at 2%, and legal fees of S$2,500) amount to approximately S$406,500 in cash. This provides her a meaningful deposit for a private condo purchase — the upgrade path that many MOP sellers are pursuing in parallel. The soft landing means she sells at a price below peak 2025 expectations, but still at a substantial premium to her 2021 purchase price.

What Analysts Expect Next

The consensus view among Singapore property researchers as at May 2026 is that the HDB resale market is experiencing a controlled correction rather than a structural downturn. The structural demand drivers — strong household formation, the HDB upgrader pipeline, and the EIP limiting cross-ethnic resale substitution — remain intact. What has changed is the supply side: the 2026 MOP wave adds meaningful listings, and the EC cooling measures introduced on 8 May 2026 (10-year MOP for ECs, removal of Deferred Payment Scheme) are expected to redirect some upgrader demand back toward the resale HDB market as ECs become less attractive for near-term upgraders.

For the full year 2026, many analysts project HDB resale prices to be flat to -1.5% year-on-year — a modest correction rather than a collapse. A steeper correction would require either a significant rise in unemployment (reducing buying capacity) or a sharp increase in interest rates (increasing mortgage costs). Neither scenario appears imminent as at May 2026.

Frequently Asked Questions

Does the 0.6% price dip mean it’s a buyer’s market?

In relative terms, yes — buyers have more negotiating power than they did in 2024 or early 2025. Sellers are taking longer to close deals, and offer-to-transacted-price gaps have widened. However, “buyer’s market” should be contextualised: the overall price level remains historically elevated, and well-located flats in mature estates with strong lease remaining still transact with multiple offers. The softening is most visible in OCR peripheral towns with high MOP supply (Punggol, Sengkang, Tengah) and least visible in established mature estates (Bishan, Toa Payoh, Queenstown, Bukit Timah).

Should I sell my MOP flat now or wait?

This is a personal financial decision that depends on your specific situation — remaining loan quantum, CPF accrued interest, upgrade target, and personal timeline. As a general observation, the supply wave is expected to persist through 2026 and into 2027, meaning if you are not urgently selling, waiting for a Q4 2026 or 2027 window may not materially improve your position. If you plan to upgrade to private property and are concerned about private prices rising faster than HDB prices stabilise, acting sooner may make strategic sense. This should be discussed with a licensed financial adviser and property agent.

How does the MOP supply wave affect HDB rental demand?

As MOP sellers transition to private property or other housing arrangements, some opt to rent out their HDB flat rather than sell, particularly if they can achieve strong rental yields. This adds to the HDB rental supply pool. Simultaneously, new private condo residents who owned the HDB flat they were renting out before upgrading may exit the rental market. The net effect on rental supply is modest and likely balanced; however, specific towns with very high MOP supply (Punggol, Tengah) may see softer rents as more units come onto the rental market in 2026.

Are million-dollar HDB flats still transacting?

Yes. The million-dollar threshold was crossed 165 times in Q1 2026, and the April 2026 record of S$1.728M at City Vue @ Henderson confirms that ultra-premium resale transactions are still occurring. However, the pace of million-dollar transactions appears to be stabilising relative to the 2025 highs. These transactions are concentrated in specific locations: DBSS developments, mature estate point blocks with exceptional views, and flats with very long lease remaining in prime districts. They are the exception rather than the norm.

What is the HDB resale market outlook for H2 2026?

The outlook is cautiously stable with a soft-landing bias. The MOP supply wave will continue adding listings through the year. EC cooling measures (10-year MOP) may modestly redirect some demand to the resale segment. Interest rates, while elevated versus pre-2022 levels, have stabilised. Private-to-HDB downgraders remain limited in number. Most analysts project full-year 2026 HDB resale prices to be flat to slightly negative (-0% to -1.5%), with transaction volumes holding in the 25,000–27,000 range for the full year.

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Disclaimer: This article is based on HDB’s 1st Quarter 2026 Public Housing Statistics and publicly available market data. All figures are for general informational purposes only. Rental median figures for individual towns are estimates based on approved applications and may differ from actual advertised rents. This is not financial or investment advice. For decisions relating to HDB resale purchase or sale, consult a licensed property agent (CEA-registered) and a licensed financial adviser. Official data is available at hdb.gov.sg and ura.gov.sg.

HDB Resale Price Index Q1 2026: First Quarterly Decline in Seven Years — What the 0.1% Dip Actually Means

HDB Resale Price Index Q1 2026: First Quarterly Decline in Seven Years — What the 0.1% Dip Actually Means

by | May 5, 2026 | Market News, Price Trends, Property News, Supply & Demand, Transaction Data

The Housing & Development Board’s flash estimate of the Q1 2026 Resale Price Index (RPI) reads 203.4 — a 0.1 percent dip from the 4Q 2025 reading of 203.6. It is a small number on a small index, but it lands as the first quarterly decline in seven years, ending a continuous-growth run that began in Q3 2020 and that lifted the index by more than 70 points across 22 quarters. The dip arrives alongside record-high million-dollar flat transactions (412 in Q1 2026) and a continuing slide in transaction volume on a year-on-year basis.

Quick Answer

  • HDB RPI Q1 2026 = 203.4, down 0.1 percent from Q4 2025’s 203.6 (HDB flash estimate, released 1 April 2026).
  • First quarterly decline since 2019, ending a 22-quarter growth run that began in Q3 2020.
  • Resale transactions: 6,285 in Q1 2026, slowing year-on-year, but up quarter-on-quarter from a holiday-soft Q4 2025.
  • Million-dollar flats: 412 transactions in Q1 2026 — a record quarterly figure, concentrated in mature estates like Bukit Merah, Toa Payoh and Queenstown.
  • Top-end stays hot, mass-market softens. The RPI dip masks a divergence: million-dollar flats kept rising while standard 4-room and 3-room mass-market resale eased.
  • Drivers: sustained BTO supply, shorter BTO build cycles (some completing in 36 to 42 months), the Open Booking of Flats (OBF) regime adding ~7,800 units annually, and cooling measures still binding marginal buyers.
  • Outlook: HDB explicitly attributes the deceleration to demand-supply rebalancing; analysts expect another flat-to-mildly-negative print in Q2 2026 before stabilisation.

The Number Itself

The RPI is a Laspeyres index rebased to Q1 2009 = 100, designed to track the price of a representative bundle of HDB resale flats. It is not a transaction-volume measure and does not reflect the prices of new HDB sales. The flash estimate uses caveats lodged through the early weeks of the quarter — the final figure for Q1 2026 will be published in late April with the full set of caveats.

The flash reading of 203.4 is 0.1 percent below the Q4 2025 print of 203.6. That is essentially a flat outcome — well within the noise band of any quarterly index — but the symbolism matters. The previous quarterly dip was in Q1 2019 (RPI 131.5, down from Q4 2018’s 131.5 — i.e. the index has been flat or rising every single quarter from Q2 2019 onwards). A 22-quarter run of continuous growth covered the pandemic lift-off (Q3 2020 onwards), the post-pandemic surge (2021–2022), the 2023 ABSD reset, and the 2024–2025 plateau-with-growth pattern.

HDB Resale Price Index quarterly chart 2019 to Q1 2026 first decline since 2019
Figure 1: HDB Resale Price Index quarterly, Q1 2019 to Q1 2026 – the first quarterly dip in seven years.

Why It Happened — Five Pressures

HDB’s own commentary points to a structural rebalancing of supply and demand. Five forces stand out.

BTO supply ramp-up. HDB launched more than 100,000 BTO flats across 2021–2025, the largest sustained build-to-order programme in its history. The cumulative effect is that buyers who once felt forced to chase resale because BTO supply could not match demand now have credible alternatives — both fresh ballots and older project units becoming available.

Shorter BTO build cycles. Some 2024–2025 BTO projects are completing within 36 to 42 months, 12 to 24 months faster than the pandemic-era norm. A four-year wait turning into a three-year wait is enough to flip the resale-vs-BTO calculus for a meaningful slice of marginal buyers.

Open Booking of Flats (OBF). The continuous-listing regime that replaced quarterly SBF in October 2024 adds roughly 7,800 completed-or-near-complete flats per year to the supply pipeline outside the resale channel. A buyer who would have settled for a resale 4-room in Sengkang at S$680,000 a year ago can now book an OBF return in the same town for ~S$565,000.

Cooling measures still binding. The September 2022 ABSD and LTV adjustments, the August 2023 ABSD hikes, and the tighter MSR continue to compress demand from second-property buyers, marginal investors and second-timers. The resale market — especially the high-quantum end — feels this most.

The million-dollar segment is an outlier. 412 million-dollar HDB transactions in Q1 2026 is a record quarterly figure, concentrated in mature estates with strong amenity, school proximity, and lease tenor. The top end is hot. The mass-market resale (3-room and standard 4-room flats in non-mature estates) is where the softness shows up. The aggregate index averages both, and the mass-market drag wins this quarter.

HDB resale Q1 2026 dip drivers BTO supply Open Booking shorter build cycles cooling measures million-dollar flats
Figure 2: Five forces behind the Q1 2026 RPI dip.

Summary — Key Q1 2026 Indicators

Indicator Q4 2025 Q1 2026 Change
RPI 203.6 203.4 -0.1% q-o-q
Resale Transactions ~6,070 6,285 +3.5% q-o-q (-y-o-y)
Million-Dollar Transactions ~370 412 Record quarterly
Median 4-Room Resale Price (Mature) S$760,000 S$758,000 -0.3%
Median 4-Room Resale Price (Non-Mature) S$612,000 S$608,000 -0.7%

Source: HDB flash estimate Q1 2026 RPI release, HDB resale price summary; LovelyHomes compilation.

Worked Example — A Buyer Looking at a 4-Room Resale Right Now

Take a hypothetical first-time buyer family looking at a 4-room resale in Punggol with about S$120,000 in CPF and S$60,000 cash savings, household income S$8,400 per month. Twelve months ago, the same flat traded at roughly S$632,000. Today the asking price is S$608,000 — a S$24,000 saving on the headline price, plus stronger negotiating leverage as the seller pool has grown. With Family Grant (S$25,000), Proximity Grant (S$30,000) and EHG (~S$45,000 at this income), the effective net cost lands around S$508,000.

The same buyer’s BTO option (next launch, October 2026) carries a ~3.5-year wait — meaning rent of about S$2,800 per month for 42 months, or S$117,600. The OBF option (4-room return in Sengkang) sits at S$565,000 with similar grants, but the buyer must accept whatever location is available in the listing. The Q1 2026 dip changes the calculus by trimming the resale premium just enough to make resale competitive again with the OBF route — the comparison gets closer, even if it does not flip outright.

Why This Matters For You

For buyers, the dip is mildly good news but does not change strategy. A 0.1 percent quarterly move is well within typical noise — buyers should not delay purchases waiting for a meaningful price retreat that may not come. What the dip does signal is that the relentless price growth of 2020–2024 is over, and that resale is no longer the only viable route for buyers needing a flat in months rather than years.

For sellers, the message is to price realistically. The Q1 2026 evidence is that listings priced ahead of valuation are sitting longer; price-to-value listings still clear within standard timeframes. Cash-Over-Valuation (COV) bidding has compressed substantially in non-mature estates.

For investors, the dip strengthens the cyclical case for HDB resale relative to private resale — but the ABSD wall on second properties remains the binding constraint regardless of the index print.

What Comes Next

Three things to watch over the coming quarters. First, whether Q2 2026 flash extends or reverses the dip — a single negative print is noise; two consecutive prints would mark a meaningful inflection. Second, whether the million-dollar segment continues to outpace the rest, suggesting the index dip is structural rather than cyclical. Third, the BTO October 2026 launch (~6,900 flats) and the next OBF refresh — supply pressure has been the dominant driver, and the supply pipeline shows no signs of reversing.

The May 2026 BTO launch, the 7 May 2026 closing of the Holland Plain GLS tender, and the next URA quarterly release are the immediate market-moving milestones to track.

Frequently Asked Questions

Is the Q1 2026 RPI dip the start of a crash?

No. A 0.1 percent quarterly decline is well within statistical noise on an index that has moved by single decimals every quarter for years. It is meaningful as a symbolic marker — the first dip in seven years — but not as evidence of a substantial fall in HDB resale prices. The drivers are gradual supply-demand rebalancing, not distressed selling.

If the index fell, why are million-dollar flats hitting records?

Two different segments. The RPI averages all resale flats, weighted by volume. Million-dollar transactions sit at the top of the distribution — mature estates, larger flats, prime location, often near MRT and good schools. That segment continues to receive strong demand, particularly from upgraders sitting out the private market. The mass-market segment (standard 3-room and 4-room flats in non-mature estates) is where the softness shows up and pulls the overall index slightly negative.

Should I delay buying because prices might fall further?

Generally no. A 0.1 percent quarterly dip is roughly S$600 on a S$600,000 flat — far less than the rental cost of waiting. If the unit suits your needs and the price meets valuation, the timing argument has minimal weight. The bigger move on price would require a much larger supply or demand shock than the current data shows.

How does the OBF regime affect resale prices?

Open Booking of Flats adds completed and near-complete flats to the supply pipeline at HDB-set prices, typically 15 to 20 percent below resale equivalents in the same project. This caps how high resale sellers can push pricing in towns with active OBF listings — a flat in Sengkang priced at S$680,000 looks expensive next to a comparable OBF return at S$565,000.

When does the final Q1 2026 RPI come out?

HDB typically releases the final quarterly RPI in late April or early May with the full caveat dataset. The flash estimate (203.4) was published on 1 April 2026; revisions are usually within 0.1 to 0.3 index points. The full Q1 2026 release will also include median resale prices by town and flat type, plus volume breakdowns.

Are private home prices doing the same thing?

No — the URA private residential price index rose 0.9 percent q-o-q in Q1 2026 (revised up from a flash 0.3 percent), led by a 2.2 percent OCR increase. The two markets have decoupled: private residential is being driven by new launches, foreign demand and condo upgrade activity, while HDB resale is being weighed down by sustained BTO and OBF supply.

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Disclaimer

This article is general information for Singapore property buyers, sellers and observers, and is not legal, tax, financial or investment advice. The HDB Resale Price Index is published by the Housing & Development Board; flash estimates are subject to revision when full caveat data becomes available. For the latest official figures, consult the HDB media releases and quarterly statistics at hdb.gov.sg. Where individual buying or selling decisions are concerned, seek advice from a qualified solicitor or HDB officer.

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