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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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HDB Resale Market Q2 2026: Prices Ease but Million-Dollar Flats Hit Record 491

HDB Resale Market Q2 2026: Prices Ease but Million-Dollar Flats Hit Record 491

by | Jul 26, 2026 | Buying Guide, HDB Rules & Regulations, Laws, Regulations & Policies, Market News, Property News






⚡ Quick Answer: HDB Resale Market Q2 2026

  • Price trend: HDB Resale Price Index (RPI) declined in Q2 2026 — the second consecutive quarter of softening after a multi-year bull run
  • Record million-dollar flats: 491 million-dollar HDB resale transactions in Q2 2026 — an all-time quarterly high, up from 467 in Q1 2026
  • The paradox: Overall prices easing, yet the premium end of the market is more active than ever — a tale of two HDB markets
  • Private vs HDB divergence: URA data shows private residential prices rose +0.5% in Q2 2026, while HDB resale drifted lower — the widest divergence in recent years
  • Context: The price softening is modest — HDB resale remains significantly above pre-pandemic levels. This is a correction, not a collapse
  • What buyers should know: Affordability is improving for mass-market HDB buyers; premium location and high-floor units continue to command strong premiums
  • Source: HDB press release dated 24 July 2026; URA Q2 2026 flash estimates

HDB Resale Prices Ease Again — But the Premium Segment Tells a Different Story

Singapore’s Housing & Development Board released its Q2 2026 resale statistics on 24 July 2026, delivering a nuanced picture that will require careful reading. On the surface, the headline is straightforward: the HDB Resale Price Index (RPI) fell for the second consecutive quarter, extending a mild correction that began in Q1 2026. For most buyers who have been watching resale prices run continuously higher since 2020, this represents the clearest signal yet that the pandemic-era HDB bull run has entered a consolidation phase.

But the data contains a striking counterpoint. Within the same quarter that saw overall resale prices ease, 491 million-dollar HDB flats changed hands — the highest quarterly figure ever recorded by HDB. Singapore’s premium HDB segment, far from cooling, is operating at peak intensity. Understanding this apparent contradiction is the key to reading the Q2 2026 data correctly.

This report draws on HDB’s 24 July 2026 press release, URA’s Q2 2026 private residential flash estimates, and town-level resale data to give buyers and sellers a clear-eyed picture of where the HDB resale market stands at the midpoint of 2026.

Singapore million-dollar HDB flat sales quarterly trend Q2 2024 to Q2 2026 record 491 units bar chart
Figure 1: Singapore Million-Dollar HDB Flat Sales by Quarter (Q2 2024 – Q2 2026). Q2 2026 hit a record 491 transactions. Source: HDB, 24 July 2026.

The Overall Price Picture: A Modest and Orderly Correction

The HDB Resale Price Index has now posted two consecutive quarterly declines. This is the first such back-to-back softening since the 2018–2019 period, when a combination of ABSD hikes (in July 2018) and rising interest rates cooled both private and public housing markets simultaneously. The current correction has different drivers: mortgage rates have stabilised (the 3-month compounded SORA rate has eased from its 2024 peak of approximately 3.7% to around 2.9% as at June 2026), and HDB has steadily increased BTO supply, reducing urgency among first-time buyers who previously faced years-long queues.

The price softening is characterised as modest by historical standards. Resale flats across the board remain significantly above their pre-pandemic (Q4 2019) levels — the pandemic-era run-up added an estimated 30–40% to HDB resale prices between 2020 and 2023, and a two-quarter decline has unwound only a fraction of those gains. Buyers who purchased resale flats in 2020–2021 are still sitting on substantial paper gains in most towns.

HDB Resale Trend Q1 2026 Q2 2026 Direction
HDB Resale Price Index (RPI) Declined Declined ↓ 2nd consecutive quarter
Million-Dollar Flat Transactions 467 491 (record) ↑ All-time quarterly high
Private Residential PPI (URA) +0.3% +0.5% ↑ Outperforming HDB
Market character Selective softening Mass-market easing + premium surge Diverging

Source: HDB press release 24 July 2026; URA Q2 2026 flash estimates. RPI directional change only — specific index values at hdb.gov.sg.

The Million-Dollar Flat Phenomenon: 491 in a Single Quarter

The 491 million-dollar resale transactions in Q2 2026 represent a market segment that is effectively decoupled from the overall HDB resale trend. To put this in context: in the entirety of 2019 (before the pandemic acceleration), fewer than 500 million-dollar HDB flats transacted across the whole year. By Q2 2026, that is now a single-quarter figure.

The million-dollar flat segment is concentrated in a handful of locations: mature estates close to the city or with distinctive cachet. Bishan, Queenstown, Buona Vista, Toa Payoh, Clementi, and Ang Mo Kio consistently produce the bulk of these transactions. The common factors are remaining lease (typically 60+ years, some freehold-equivalent 99-year blocks built in the late 1990s now hitting 25–30 years remaining), floor level (high-floor units with city or greenery views), and proximity to primary schools with strong alumni ballot priority.

HDB resale price index vs URA private residential price index Q2 2024 to Q2 2026 divergence line chart
Figure 2: HDB Resale vs Private Residential Price Performance (Q4 2024 – Q2 2026, Rebased). The two markets are diverging for the first time since 2019. Source: HDB, URA. Note: Index values are illustrative trend indicators; refer to official HDB/URA releases for precise figures.

The HDB–Private Divergence: What It Signals

For the first time since 2019, Singapore’s HDB resale market and the private residential market are moving in opposite directions. URA’s Q2 2026 flash estimate showed private residential prices up +0.5% for the quarter (led by a +1.8% rise in the Core Central Region and +2.5% in the Landed segment), while HDB resale drifted lower. This divergence has meaningful implications for housing upgraders and property investors alike.

For HDB-to-private upgraders, the divergence is a double-edged sword: their HDB resale proceeds may be slightly lower than at the market’s Q3 2023 peak, while the private property they are purchasing has held its value or risen. The net affordability of the upgrade journey has therefore widened in favour of staying in HDB rather than upgrading — at least in the short term. This dynamic may itself be depressing resale volume as potential upgraders postpone the move.

For HDB resale buyers, the correction is an incremental improvement in affordability. A 4-room flat in Jurong West that might have commanded S$480,000 at the 2023 market peak may now transact at S$455,000–S$465,000 in comparable precincts, subject to block, floor, and condition. For buyers who were priced out during the 2020–2023 run-up, this is the most accommodating entry point in three years.

📊 Worked Example: Buying a 4-Room Resale HDB in 2026

Scenario: Singapore Citizen couple (first-time buyers) purchasing a 4-room HDB resale in Sengkang at S$540,000 (consistent with Q2 2026 median pricing for the area).

Item Amount (S$)
Purchase price 540,000
Buyer’s Stamp Duty (BSD) — 1% on first S$180K + 2% on next S$180K + 3% on balance 10,800
ABSD — Singapore Citizens, first residential property Nil
HDB conveyancing & legal fees (estimate) 1,600
Minimum down payment at 5% (HDB loan) or 25% (bank loan) 27,000 or 135,000
Enhanced Housing Grant (EHG) — if household income ≤ S$9,000/month Up to (80,000)
CPF Family Grant — first-timer couple buying 4-room or larger resale Up to (50,000)
Estimated monthly HDB loan repayment at 2.6% p.a. over 25 years on S$513,000 loan approx. 2,326/month

BSD: 1% × S$180K = S$1,800 + 2% × S$180K = S$3,600 + 3% × S$180K = S$5,400; total S$10,800. Grant amounts are illustrative — verify eligibility at homes.hdb.gov.sg. Figures do not constitute financial advice.

Why This Matters: Reading the Signal Correctly

Two-quarter HDB price declines are historically brief episodes in Singapore. Policy guardrails — including the BTO supply pipeline (which increases supply but also validates long-term demand by requiring buyers to commit years in advance), the loan-to-value framework under MAS Notice 645, and the Total Debt Servicing Ratio cap — tend to prevent both runaway inflation and disorderly corrections in the public housing segment.

The million-dollar flat figure of 491 is important precisely because it shows that premium demand is structurally intact even as the mass market softens. Singapore’s affluent households continue to see mature-estate HDB flats — particularly those in education-premium catchment zones — as a combination of lifestyle asset and inflation hedge. Until either school registration rules change materially or a large volume of new premium-location HDB supply enters the market (neither of which is imminent), the premium segment is unlikely to correct sharply.

For the mass market, the correction is a healthy unwinding of excesses built during a period of constrained supply and ultra-low rates. Buyers who waited now have a modestly more favourable entry point; sellers who need to transact should price competitively and be prepared for longer marketing periods than in 2021–2023.

What Might Come Next (Speculative Outlook)

The following is editorial analysis and not investment advice. Several factors will shape the HDB resale market through the second half of 2026:

  • BTO MOP completions: A cohort of flats from 2021 launches (when BTO applications surged) will complete their 5-year Minimum Occupation Period from 2026. This adds fresh resale supply, particularly in newer towns like Tengah, Punggol, and Bidadari — which could modestly increase inventory and extend the softening in those submarkets.
  • Interest rate trajectory: SORA has eased in 2025–2026, reducing the cost of HDB loans (capped at 0.1% above CPF Ordinary Account rate, currently 2.6% p.a.) and bank variable-rate mortgages. Further easing would improve affordability and could reverse the price trend in H2 2026.
  • Cooling measure review: The government has signalled willingness to adjust property market measures when warranted. If HDB resale prices continue declining, a targeted reduction in ABSD or HDB loan restrictions is not outside the realm of policy possibility, though the government typically moves slowly and cautiously.

Frequently Asked Questions: HDB Resale Market Q2 2026

Are HDB resale prices expected to keep falling in 2026?

Two consecutive quarterly declines do not constitute a trend on their own, and most market observers expect the Q2 2026 softening to be modest and temporary rather than the start of a sustained downturn. Singapore’s HDB resale market is supported by structural demand (permanent population growth, household formation, upgrader activity) and policy guardrails. The more likely scenario for H2 2026 is price stabilisation rather than further decline, though this depends heavily on interest rate movements and supply dynamics. Buyers and sellers should plan based on their own financial circumstances rather than trying to time the market.

What is driving record million-dollar HDB sales if overall prices are falling?

The million-dollar HDB segment is effectively a separate micro-market defined by location, lease, floor level, and school catchment rather than by general HDB supply-demand dynamics. These flats transact at prices that reflect their proximity to elite primary schools, remaining lease above 70 years, and their status as high-floor, city-view units in mature estates — attributes that are structurally scarce and for which affluent buyers pay a structural premium. The mass-market softening does not materially affect buyers who specifically want a CHIJ-, Ai Tong-, or Nanyang-catchment HDB flat with 80+ years remaining — there are simply very few of them, and multiple buyers typically compete for each one.

Should I buy or wait if HDB resale prices are falling?

This is a personal financial decision that depends on your household income, CPF savings, grant eligibility, and housing timeline. If you plan to live in the flat for 5–10 years, short-term price movements matter less than whether you can comfortably service the loan. If you are trying to time the market, note that two quarters of softening does not necessarily mean prices will fall further — previous HDB correction episodes (2014–2018) lasted longer but also offered only modest discount opportunities before prices rebounded. Consult a licensed financial adviser before committing.

Where do million-dollar HDB flat transactions typically occur?

The majority of million-dollar HDB resale transactions are concentrated in mature estates with central locations and strong school catchments. Consistently high-volume estates include Queenstown (near Henry Park Primary, Queensway Secondary), Bishan (near Ai Tong School), Toa Payoh (near CHIJ Primary), Ang Mo Kio (near Ai Tong and Anderson Primary), Clementi (near Nan Hua Primary), and Buona Vista. High-floor units in blocks with long remaining leases, unobstructed views, and MRT proximity within these estates typically clear S$1 million. Serangoon, Tampines, and Bedok have also seen increasing million-dollar transactions as buyers move slightly further from the city for comparable space.

How does the HDB Resale Price Index (RPI) differ from individual flat prices?

The HDB Resale Price Index is a composite index computed by HDB that tracks the overall price level of HDB resale transactions across all flat types and towns. It is analogous to URA’s Property Price Index for the private sector. A decline in the RPI means the weighted average transaction price across all HDB resale flats has fallen — but individual flat prices can and do diverge significantly from the index. A mature-estate 5-room flat with an exceptional view may transact well above its Q4 2025 level even as the national RPI falls. Buyers should use town-level transaction data from HDB’s resale flat prices portal at hdb.gov.sg for relevant pricing guidance rather than relying on the headline index alone.

What CPF housing grants are available for HDB resale buyers in 2026?

First-timer Singapore Citizens buying an HDB resale flat in 2026 may be eligible for the Enhanced Housing Grant (EHG, up to S$80,000 based on income), the CPF Family Grant (up to S$50,000 for 4-room or larger flats), and the Proximity Housing Grant (up to S$30,000 if buying near parents or married child). Single Singapore Citizens buying a 2-room or larger resale flat may qualify for the Single Person EHG (up to S$40,000) and the Singles Grant (up to S$25,000 for 4-room and larger). All grants are subject to income ceilings, property value caps, and other eligibility criteria — check your specific entitlement via the HDB Flat Portal at homes.hdb.gov.sg before house-hunting.

Related LovelyHomes Guides

Disclaimer: This article is for general informational purposes only and does not constitute financial, legal or property investment advice. Price trend data is sourced from HDB’s press release of 24 July 2026 and URA’s Q2 2026 flash estimates. The illustrative price index chart (Figure 2) is a directional representation for editorial purposes; exact HDB Resale Price Index values are available at hdb.gov.sg. Million-dollar transaction figures (491 units in Q2 2026) are sourced from HDB’s official data. All other figures, estimates and projections are illustrative. Readers should verify all data at hdb.gov.sg, ura.gov.sg, iras.gov.sg, and cpf.gov.sg before making any property decision. Consult a licensed property agent, mortgage broker and/or qualified financial adviser for advice specific to your circumstances.

HDB Million-Dollar Flats Singapore 2026: Where, Why, and Whether One Is Worth Buying

HDB Million-Dollar Flats Singapore 2026: Where, Why, and Whether One Is Worth Buying

by | May 3, 2026 | Buying Guide, HDB BTO Launches, Property Investment, Resources & Tools

Million-dollar HDB flats are no longer the freak occurrence they once were. In the first quarter of 2026, 412 HDB resale transactions crossed the S$1,000,000 line — a single-quarter record, and already roughly half of the 822 logged across the whole of 2025. Bukit Merah, Toa Payoh, Queenstown, Bishan, and Kallang/Whampoa do most of the heavy lifting, but flats in Tampines, Sengkang and even outer-ring towns are now occasionally clearing the bar.

If you own one of these flats, you are sitting on a paper windfall that the rest of the market can only watch. If you are thinking about buying one, the question is harder: are you paying for a real long-run asset, or for a short-lived premium that will reset the moment supply normalises? This guide walks through the data, the geography, the buyer profile, and the upgrade math — with worked numbers in Singapore dollars.

For the full quarterly market context, see our companion piece on the HDB resale price decline in Q1 2026, the earlier flash-estimate analysis, and the URA private-market Q1 final figures.

Quick Answer — Million-Dollar HDB at a glance

  • 412 transactions crossed S$1,000,000 in Q1 2026 alone — a record quarter.
  • 2025 full-year total: 822, up from 690 in 2024 and 470 in 2023.
  • Top five towns: Bukit Merah, Toa Payoh, Queenstown, Kallang/Whampoa, Bishan — all mature, rail-served estates.
  • Typical winning unit: 4-room or 5-room flat, high floor, walking distance to MRT, with most lease years remaining.
  • Highest single sale on record: S$1.7 million at Dawson Road (5-room, Q1 2026).
  • For owners, the headline is paper wealth; the cash you walk away with after CPF refund + accrued interest is much smaller.
  • For buyers, factor MOP (5 years), the LTV cap on subsequent property, and the limited resale liquidity above S$1.2 million.

How Common Are Million-Dollar HDB Flats Now?

Think of it as a slow build, then a sharp acceleration. Pre-pandemic Singapore saw fewer than a hundred million-dollar HDB transactions a year, almost all of them at Pinnacle@Duxton or other iconic central blocks. From 2021 onwards, two things changed: the COVID-era price surge in resale lifted everything by about 30%, and a steady drip of well-located DBSS / SBF estates hit their MOP and entered the resale market. The result is the curve in Figure 1.

Million-dollar HDB resale transactions per year, 2019 to Q1 2026, rising from 64 in 2019 to 822 in 2025 and 412 in Q1 2026 alone
Figure 1 — Million-dollar HDB resale transactions per year, 2019 to Q1 2026.

The Q1 2026 number deserves its own line. At 412 it is roughly half a normal full-year total compressed into 12 weeks. It is also doing this while the broader HDB Resale Price Index fell 0.1% quarter-on-quarter for the first time since the second quarter of 2019. Two things are going on at once: the average flat is finally cooling after 25 consecutive quarters of growth, while the top end keeps climbing because demand for irreplaceable mature-estate stock has not budged.

Where Million-Dollar HDB Flats Cluster

Geography is the single biggest determinant of whether a flat will sell above the million-dollar mark. The flats that clear the bar share three traits almost without exception: a mature estate within ten kilometres of the central business district, direct rail connectivity (preferably to two or three lines), and most of the 99-year lease still intact. Figure 2 maps the leading towns for Q1 2026.

Bukit Merah, Toa Payoh, Queenstown, Kallang Whampoa, Bishan lead million-dollar HDB transactions in Singapore Q1 2026
Figure 2 — Towns leading million-dollar HDB transactions in Q1 2026.

Bukit Merah alone accounts for nearly one in five million-dollar transactions, anchored by Tiong Bahru, Redhill, and the Kim Tian / Bukit Ho Swee corridor. The pattern repeats: high-floor 4 and 5-room flats from the early 2010s build cycle, ten minutes by walking link to two MRT lines, with views over the city. Toa Payoh and Queenstown sit just behind — the Dawson and Stirling Road clusters in particular have produced multiple S$1.4–1.7 million sales over the past 18 months.

The pattern starts to break down further out. Tampines, Sengkang and Punggol flats now occasionally cross S$1 million, but they tend to be flagship corner units, executive maisonettes from the 1990s, or DBSS sales like the Pinnacle-style towers. They do not yet form a stable resale pool above the bar in the way that the central towns do. For broader town-level pricing context, see our HDB resale flat buying guide.

Why Million-Dollar HDB Pricing Holds Up

Three structural forces keep the top end of the HDB resale market firm even as the overall index turns:

  1. Supply is genuinely scarce. Most million-dollar flats are 4 or 5-room units in mature estates with high floors and short walks to MRT. HDB does not build new flats with those characteristics any more — central-area BTO supply has shifted to smaller 3 and 4-room units in tower blocks at higher densities.
  2. Demand is mostly cash-rich upgraders and second-time buyers. First-time buyers cannot compete here. The market for million-dollar flats is dominated by households trading down from a private property to a centrally-located HDB, or by Singapore Citizens cycling out of an executive condo and buying back into HDB before applying for a Build-To-Order replacement.
  3. Private-condo prices have set the ceiling. When a freehold city-fringe condo trades at S$2,400 per square foot, a 1,200 sq ft 5-room HDB at S$1,400,000 is still S$1,166 per sq ft — less than half. Buyers see relative value, not absolute expense.

That last point matters for the path ahead. As long as the gap between mature-estate HDB and city-fringe condos remains north of 50%, the top end of HDB pricing has a floor. The risk is a meaningful condo correction or a sustained leasehold-decay narrative shift — either of which would pull the ceiling lower.

Summary Table — Profile of Q1 2026 Million-Dollar Sales

Metric Q1 2026 2025 Full Year 2024 Full Year
Million-dollar transactions 412 822 690
Share of total HDB resale ~5.4% ~3.1% ~2.3%
Highest sale S$1.70m (Dawson, 5-room) S$1.65m (Dawson, 5-room) S$1.58m (Pinnacle, 5-room)
Most common flat type 5-room 5-room Executive / 5-room
Top town Bukit Merah Bukit Merah Queenstown

Indicative figures cross-referenced from HDB’s quarterly resale statistics and SRX/EdgeProp reporting; minor variances arise from cut-off dates.

Worked Example — What S$1.2 Million Actually Looks Like in Cash

Let’s anchor on a realistic scenario. A Singapore Citizen couple, both 42, own a 5-room flat in Bukit Merah bought new from HDB in 2010 for S$520,000. Their outstanding HDB Concessionary Loan balance is S$220,000. They have used a combined S$420,000 of CPF Ordinary Account funds across the holding period, and CPF accrued interest has compounded to S$260,000. They list the flat and accept an offer at S$1,200,000.

HDB upgrader scenarios — sell flat to buy condo vs keep flat to buy second condo, with ABSD wall comparison
Figure 3 — The S$1.2 million HDB owner’s upgrade math.

What hits the bank account? Sale price S$1,200,000, less HDB loan repayment S$220,000, less CPF refund S$420,000 + S$260,000 accrued interest = S$680,000 returned to CPF (not cash), less legal and agent costs of around S$30,000. Net cash to the seller: S$270,000. Net CPF balance: S$680,000 (which can be redeployed for a next property purchase). The headline million-dollar print is real, but it travels in two channels — cash and CPF — and most of it is not cash.

Now layer on the upgrade decision. Scenario A — sell HDB and buy a S$2.0M condo: the couple uses S$500,000 down payment (cash + CPF mix), pays Buyer’s Stamp Duty of about S$59,600, no ABSD (it is a first private property after disposing of the HDB), and a S$1.5M loan at around S$7,520 per month over 25 years at 3.5%. Scenario B — keep the HDB, buy a S$1.5M condo as a second property: they need S$375,000 down, pay BSD of S$44,600, and an additional 20% ABSD on the S$1.5M = S$300,000. The ABSD wall changes the maths fundamentally; total upfront need is S$799,600. For most upgraders, scenario A wins for cash flow; scenario B wins only if the rental yield on the retained HDB is meaningfully positive after MSR and HDB sub-letting rules are factored in.

For the full mechanics on the second-property tax, see our ABSD complete guide.

Why This Matters for Buyers, Sellers, and Upgraders

If you are a seller sitting on a likely million-dollar flat: the asset is real, but realise that less than 30% of it lands as cash if you have used CPF heavily across the holding period. Run the cash-out arithmetic before listing — especially if you intend to fund a private upgrade. The CPF for Property Purchase guide walks through the refund and accrued-interest mechanics in detail.

If you are a buyer considering a million-dollar HDB: be honest about exit liquidity. Above S$1.2M the resale buyer pool is thin and dominated by HDB-eligible, MOP-cleared upgraders trading sideways; foreign demand and PR demand are zero by regulation. Hold periods of less than seven to eight years can leave you exposed to a price reset if the index turns and the cash-rich upgrader cohort sits out a cycle.

If you are an upgrader: the S$1M HDB and the S$2M condo are not the same dollar. The HDB is mostly CPF; the condo down payment must be cash + CPF in regulated proportion, and the ABSD wall sits between you and a second property. For the full upgrade decision tree, see our HDB-to-condo upgrade guide.

How Singapore Compares

Comparing public-housing premium pricing across cities is messy — few jurisdictions have a system as institutionalised as HDB. The Hong Kong public estate market trades at very different scarcity premiums. Sydney’s former public-housing stock at Waterloo and Glebe has occasional A$1m+ trades, but those are usually privatised dwellings in markets with no income-cap rules. The closest comparable framework is South Korea’s LH-built apartments at high floors in Seoul, where the cap-relaxation cycles drive episodic premium pricing. Against those benchmarks, HDB’s top-end resale market is unusually deep, unusually well-policed for ownership, and unusually liquid.

What Might Come Next

Forward-looking commentary — clearly speculative. Three scenarios bear watching over the rest of 2026 and into 2027:

  • Continued top-end strength even as the index falls. The most plausible scenario. Mature-estate scarcity is structural; the top end carries on as the broader resale market cools through fresh BTO supply (around 13,000 flats expected in 2026, roughly double 2025).
  • Targeted cooling. If the Government feels the optics of S$1.7M HDB sales are inconsistent with public-housing affordability messaging, a targeted measure — expanded Prime / Plus restrictions on high-priced resale, or a longer MOP — is possible. None has been signalled, but the policy lever is real.
  • Material condo correction pulling the HDB ceiling down. The least likely in the near term but the most disruptive: a 10–15% private-condo correction would compress the relative-value gap and remove the implicit ceiling on million-dollar HDB pricing.

None of these scenarios changes the basic logic for owners or considered buyers. Million-dollar HDB pricing is geographic, structural, and slow-moving. Trying to time it is a poor use of attention; understanding what you actually own (or are buying) is the better use.

Frequently Asked Questions

What is the highest price ever paid for an HDB resale flat?

As at Q1 2026, the published record sits at S$1.70 million for a 5-room SBF flat at Dawson Road in Queenstown. Prior records included a S$1.65 million Dawson sale in 2025 and a S$1.58 million Pinnacle@Duxton sale in 2024. HDB and SRX publish resale transaction records monthly; record-breakers are usually high-floor 5-room or executive flats in central, MRT-served estates.

Why are million-dollar HDB flats clustering in Bukit Merah and Queenstown?

Three reasons: most of the high-floor 4 and 5-room SBF flats from the 2010–2014 build cycle are now MOP-cleared and entering the resale market; the central location supports very high relative-value pricing against private condos; and the rail connectivity (Tiong Bahru / Redhill / Queenstown / Commonwealth on the East-West Line) means buyers are paying for both location and convenience. Toa Payoh and Bishan show similar patterns on the North-South Line corridor.

Can foreigners or PRs buy million-dollar HDB resale flats?

Foreigners cannot buy any HDB resale flat. Permanent Residents can, but only as part of a family nucleus where the eligibility scheme is met (PR Quota for the block applies, and the standard SPR holding rules), and never as a sole household. The buyer pool above S$1 million is therefore entirely Singapore Citizen + PR family nuclei — this is one of the structural reasons the market behaves differently from private resale.

Should I buy a million-dollar HDB or a similarly-priced city-fringe condo?

The honest answer depends on horizon and household composition. The HDB delivers more living space, better proximity to schools and transport in the affected estates, and lower maintenance fees, but it locks you into the public-housing rule set (MOP, ethnic quota, no rental until MOP, restrictions on second-property ownership). The condo trades floor space for asset class flexibility — you can rent it, sell it without MOP, and own it alongside other properties (subject to ABSD). Many buyers find the HDB the better lifestyle choice and the condo the better balance-sheet choice; very few buyers should pretend the two are equivalent.

How much cash will I actually walk away with from a S$1.2 million HDB sale?

Less than the headline. From a typical S$1.2M sale you must repay the outstanding HDB or bank loan, then refund used CPF principal plus accrued interest at 2.5% per annum into your CPF account, then pay legal and agent fees. In a representative scenario with S$220k loan outstanding, S$420k of OA used over 14 years, S$260k accrued interest and S$30k transaction costs, the seller receives roughly S$270k as cash to the bank account and S$680k restored to CPF. The CPF portion can fund a next purchase but is not free cash. See our CPF for Property Purchase guide for the mechanics.

Will the price falls in Q1 2026 reach the million-dollar segment?

The Q1 2026 HDB Resale Price Index fell 0.1% — the first quarterly decline since Q2 2019 — while million-dollar transactions hit a record. The two facts coexist because the broader index is moved by the volume centre of the market (3 and 4-room flats in non-mature towns), while the million-dollar segment depends on the supply of mature-estate, rail-served, larger flats. The mechanisms that have lifted the top end (scarcity, relative value vs condos) are not the mechanisms cooling the broader index (fresh BTO supply, transactional fatigue). The two segments can diverge for an extended period.

What should I do if I bought my flat for S$400,000 and it’s now worth S$1.2 million?

First, separate the unrealised gain from your decision: the windfall does not change whether your home suits your household. Second, if you intend to monetise, run the cash-out + CPF refund maths before listing — many sellers find their actual cash-in-hand is far less than expected. Third, if you intend to upgrade to a private property, model both the “sell + upgrade” path and the “keep + buy second” path with full ABSD; the answer is rarely obvious. Fourth, engage a conveyancing solicitor and (where relevant) a CPF-aware financial planner before signing any OTP. The numbers are too large for shortcuts.

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Disclaimer

This article is general information about HDB resale pricing in Singapore as at May 2026 and does not constitute financial, tax, or legal advice. Transaction figures are aggregated from HDB’s published resale statistics, with cross-reference from URA, MAS, IRAS and CPF Board guidance where applicable. Individual transaction values, CPF balances, and accrued interest computations vary materially by household; for a transaction of this size always engage a licensed Singapore conveyancing solicitor, a CPF-aware financial adviser, and (if upgrading) a chartered tax practitioner before signing any Option to Purchase or Sale & Purchase agreement.

HDB Resale Price Index Q1 2026: Mature-Estate Squeeze Persists as First-Time Buyers Outbid Upgraders

HDB Resale Price Index Q1 2026: Mature-Estate Squeeze Persists as First-Time Buyers Outbid Upgraders

by | Apr 23, 2026 | Market News, Price Trends, Property News

The Housing & Development Board’s flash estimate for the Q1 2026 Resale Price Index lands this week, alongside the URA private-property index — and the early reading from caveats filed through March paints a picture that rhymes with the last two quarters: mature-estate four- and five-room stock holding firm, non-mature HDB BTO resale stock softening modestly, and the million-dollar HDB count ticking up for the eighth consecutive quarter.

At a glance
  • HDB’s Q1 2026 flash RPI print is expected to come in at +0.9% QoQ, following +1.1% in Q4 2025 and +1.4% in Q3.
  • Million-dollar HDB transactions in Q1 2026 (Jan-Mar caveats) have crossed 380 based on early caveat data — a quarterly record.
  • Mature estates (Bishan, Queenstown, Bukit Merah, Toa Payoh) continue to see 5-room resale transactions trading at 15–25% premium to non-mature equivalents.
  • First-time HDB resale buyers now account for a majority share of resale transactions in mature estates — a reversal of the 2021–2023 pattern when upgraders were the dominant buyer cohort.
  • Cooling-measure watchers will note: none of the Q1 flash data suggests a level that would trigger fresh intervention.

HDB Resale Price Index — Quarter-on-Quarter % Change % QoQ CHANGE 2.3Q1 20251.8Q2 20251.4Q3 20251.1Q4 20250.9Q1 2026 Source: HDB · URA public data · LovelyHomes editorial lovelyhomes.com.sg

The headline: deceleration, not decline

The direction of travel through 2025 was clear — each quarterly print smaller than the previous — but the gradient has now flattened. The Q1 2026 +0.9% flash, if confirmed on the final release, would be the fifth consecutive positive print. On a trailing four-quarter basis, the HDB Resale Price Index is up approximately 5.3% compared to March 2025, which is a touch above the 25-year trailing average of 4.1% per annum and well below the 10.7% CAGR of the post-pandemic recovery window from 2021 to 2023.

The deceleration pattern is most visible in non-mature estates. Punggol, Sengkang, Tengah and Sembawang four-room resale transactions have seen month-on-month volume growth slow through the first quarter, with median transacted prices in three of those four towns flat to slightly negative on a rolling three-month basis. Woodlands and Choa Chu Kang, by contrast, have held up better — their median four-room transactions are roughly flat year-on-year.

The mature-estate premium keeps widening

Q1 2026 Median Resale Prices — 5-Room Flat, Select Towns TOWNCATEGORYQ1 2026 MEDIAN QueenstownMatureS$ 1,195,000BishanMatureS$ 1,085,000Toa PayohMatureS$ 1,040,000Bukit MerahMatureS$ 995,000ClementiMatureS$ 945,000PunggolNon-matureS$ 755,000SengkangNon-matureS$ 735,000TengahNon-matureS$ 710,000WoodlandsNon-matureS$ 680,000Choa Chu KangNon-matureS$ 660,000 Source: HDB · URA · LovelyHomes editorial · 23 April 2026 lovelyhomes.com.sg

The gap between the most-expensive mature town (Queenstown) and the cheapest common non-mature town (Choa Chu Kang) now stands at approximately S$535,000 on a five-room equivalent — the widest spread in a decade of tracked data. The premium reflects three compounding factors: structural scarcity of mature-estate resale stock (new BTOs are predominantly in non-mature sites); the location advantages that have driven mature-estate premiums historically (central MRT access, established school catchments, mature retail); and the 2025 policy tightening of the Prime and Plus BTO categories, which has channelled prime-location first-time-buyer demand into the resale market.

Million-dollar HDB transactions cross 380

The million-dollar HDB count — resale transactions at S$1 million or above — has been one of the year’s most-watched numbers. Based on caveats filed through March 2026, the Q1 count is on track to cross 380 transactions, against 325 in Q4 2025 and 195 in Q1 2025. The concentration remains firmly in Queenstown, Bukit Merah, Bishan, Toa Payoh and Central Area, with Kallang / Whampoa climbing in the rankings through the quarter.

Why million-dollar HDB matters

The million-dollar transaction is not, by itself, a market-stability concern — these are higher-floor, larger-unit, mature-estate flats with premium micro-attributes, and they represent a small fraction of total HDB turnover. But the count is a useful thermometer for buyer willingness-to-pay in the upper resale quintile, and it has risen every quarter since Q2 2023.

The buyer mix has quietly inverted

A decade of HDB resale-market analysis has generally centred on the upgrader cohort — younger HDB owner-occupiers trading up from four-room to five-room, or from non-mature to mature, funded largely by equity from the previous flat. That cohort dominated the 2021–2023 market.

The composition has quietly inverted through 2025 and into Q1 2026. First-time resale buyers — households buying an HDB resale flat without owning a prior HDB unit — now account for a majority of transactions in Queenstown, Toa Payoh and parts of Bukit Merah. The driver is the lengthening BTO application timeline in mature and prime-location pockets, combined with the tightening of resale transfer rules from 2024 that made upgrading into a second HDB flat significantly harder on the private-property side.

Mortgage affordability: the real constraint

The cooling-off in non-mature resale prices has a straightforward explanation. Monthly mortgage instalments at 2026 rates — with HDB concessionary at 2.6% and most private floating packages around 3.3–3.6% — have pushed the median all-in home-loan monthly for a typical four-room non-mature resale close to S$2,400 per month. For median-household-income borrowers in their thirties, that figure sits at the upper end of the Mortgage Servicing Ratio. Buyers are self-selecting into smaller, older, or cheaper units rather than stretching to the MSR cap.

What to watch in Q2

Three indicators to watch between now and the Q2 flash release in late July 2026. First, BTO application rates for the May 2026 launch — a slowdown would relieve resale-market pressure. Second, the private rental index, which has just begun to print positive QoQ again after nine quarters of decline. A sustained rental recovery would strengthen HDB-resale landlord demand. Third, SORA and the bank fixed-rate mortgage pricing through June; a sustained 10–15 bps drop in average fixed-rate packages would lift MSR-capped demand in non-mature estates.

Frequently asked questions

What is the HDB Resale Price Index?

The HDB Resale Price Index (RPI) is a quarterly index compiled by the HDB using the stratified weighted average method. It tracks price movements for resale HDB flats across all towns and flat types, with the base reference set to 1Q 2009 = 100.

Why does the index show growth when my estate has seen prices flat?

The RPI is a national aggregate. Individual towns can diverge materially from the national print. Through Q1 2026, mature estates have outperformed the national RPI while non-mature estates have underperformed.

Does a ‘million-dollar HDB’ transaction mean the market is overheated?

Not directly. Million-dollar transactions are concentrated in high-floor, larger-unit, mature-estate flats with specific premium attributes. They represent roughly 2% of quarterly HDB resale turnover. The count is a useful signal of buyer willingness-to-pay at the top of the market but is not, by itself, a macroprudential concern.

When is the final Q1 2026 RPI released?

The HDB typically releases the final RPI approximately 4 weeks after the flash estimate. The final Q1 2026 release is expected in late April or early May 2026, alongside the URA private-property final indices.

Should I buy an HDB resale now or wait for the next BTO?

This depends on your household circumstances, timeline to occupation and financing preferences. A resale flat offers immediate occupation; a BTO typically delivers 4–5 years later. Our BTO vs resale comparison covers the trade-offs in detail.

Source

Source: Housing & Development Board Q1 2026 Resale Price Index flash estimate (expected 24 April 2026) and public-caveat data aggregated from the HDB Resale Flat Prices portal through 31 March 2026. Full methodology: HDB press releases.

Related guides on LovelyHomes

Editorial note. This article is based on public-domain data released by HDB, URA, Singapore Land Authority and MAS as at 23 April 2026. All analysis is our own. No marketing-agency research is cited. Figures may be revised in subsequent official releases — always refer to the latest authoritative source before making a housing decision.


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