SINGAPORE, Oct 7 — Singapore’s HDB resale market recorded a new high of 209 million-dollar flat transactions in September 2026, even as overall sales slowed. These deals accounted for 9.3 per cent of the month’s resale volume, up from 201 transactions in August.
Meanwhile, overall resale prices rose 0.6 per cent month-on-month, although they remained 0.4 per cent below September 2025 levels. The figures point to a market where buyers continued to pay a premium for selected homes while taking more time to commit elsewhere.
Million-dollar HDB transactions reach a new high
Toa Payoh led September’s million-dollar transactions with 33 sales, followed by Queenstown with 28 and Bedok with 20. Together, these three towns accounted for 81 of the 209 flats sold1 for at least S$1 million (RM3.2 million).
The remaining transactions took place across Kallang/Whampoa, Bukit Merah, Bishan, Tampines, Serangoon, Ang Mo Kio, Clementi, Hougang, Bukit Timah, Central Area, Pasir Ris, Punggol, Yishun, Geylang, Marine Parade, Sengkang, Bukit Panjang, Woodlands and Bukit Batok.
According to Luqman Hakim, Chief Data & Analytics Officer at 99.co, the removal of the wait-out period for private homeowners has brought renewed interest into the resale market.
“Buyers looking to right-size after selling their private homes may have substantial sale proceeds, giving them greater purchasing power and the ability to pay a premium for flats that meet their needs,” he said. “This could have contributed to September’s record number of million-dollar resale transactions.”
A $1.72 million Pinnacle@Duxton flat tops September’s sales
A five-room flat at The Pinnacle@Duxton recorded the month’s highest resale price at $1.72 million.
Among Non-Mature Estates, an Executive flat at Hougang Street 21 fetched the highest price at $1.292 million. These were the highest-priced transactions within their respective categories for September.
HDB resale volume falls 10.9 per cent as buyers weigh their options
Despite the increase in million-dollar deals, overall resale activity eased. A total of 2,248 HDB flats changed hands in September, down 10.9 per cent from August. However, sales remained 2.8 per cent higher than in September 2025.
Luqman noted that the increase in the BTO income ceiling may have prompted some buyers to reassess their housing options. “Some households that previously depended on the resale market can now consider subsidised flats, potentially putting their purchases on hold ahead of the November BTO exercise,” he said.
Beyond the wider choice of homes, caution over employment prospects and household budgets could also be encouraging buyers to take more time before committing, he added.
Within September’s resale market, four-room flats made up the largest share of transactions at 44 per cent. This was followed by five-room flats at 26.1 per cent, three-room flats at 20.6 per cent and Executive flats at 9.3 per cent. By estate type, Non-Mature Estates accounted for 54.5 per cent of resale transactions, while Mature Estates made up the remaining 45.5 per cent.
Resale prices rise 0.6 per cent, with mixed movements across flat types
Overall HDB resale prices increased 0.6 per cent in September, but the gains did not extend across every flat type.
Prices for five-room flats rose 1.7 per cent month-on-month, while those for three-room, four-room and Executive flats eased. On a yearly basis, five-room and Executive flat prices remained slightly higher, while prices for smaller flats were lower.The difference was also evident across estate types.
Prices in Mature Estates increased 1.4 per cent from August, compared with a smaller 0.1 per cent rise in Non-Mature Estates.
Against September 2025, Mature Estate prices were 0.6 per cent higher, while Non-Mature Estate prices were 1.2 per cent lower. Overall, the market’s 0.4 per cent yearly decline shows that September’s monthly increase still left prices below their year-earlier level.
What could shape the HDB resale market in the months ahead?
Looking ahead, demand from former private homeowners could continue to support resale activity. However, Luqman expects competition from BTO launches to temper the pace of recovery as eligible households weigh their options.
At the same time, more flats reaching their Minimum Occupation Period (MOP) will broaden the pool of resale homes available. This would give buyers greater scope to compare properties and negotiate before making an offer.
“Together, these factors suggest that prices could remain relatively stable, with room for modest gains, while sellers who price realistically are likely to be better placed to secure a buyer,” Luqman said.
For buyers, a wider selection could allow more time to find a home that fits both their needs and budget. For sellers, September’s record million-dollar tally should be viewed alongside the slower overall pace of sales, making realistic pricing an important part of attracting a buyer. — AsiaOne
