HDB prices fell 0.1% q-o-q in 1Q2026, marking the first decline in resale prices in nearly seven years and the fifth consecutive quarter of slower or no price growth, according to flash estimates released by the Housing and Development Board (HDB) on April 1.
HDB resale prices last fell in 2Q2019, by 0.2% q-o-q.
In 1Q2026, 20 towns recorded either less than 2% price gains or price declines. Only six towns had more than 2% price gains, says Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group.
During the quarter, the biggest price declines were in Clementi (-6.9%), Marine Parade (-5.5%), Bukit Timah (-5.2%) and Bishan (-4.4%), adds Sun.
Meanwhile, the most significant q-o-q price gains were in Ang Mo Kio (18.8%), Geylang (6.8%), Serangoon (5.6%), Bukit Batok (4.3%) and Kallang/Whampoa (3.6%), notes Sun.
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After the festive lull in end-2025, transaction activity in the HDB resale market picked up in 1Q2026. Resale volume in 1Q2026 (up till March 30) stands at 6,179 transactions, 4.5% lower y-o-y but 17.6% higher q-o-q, according to HDB.
While volume has improved q-o-q, this is the lowest first-quarter volume since 2021, notes Huttons Asia. This may be due to the sale of balance flat (SBF) exercise in February, which saw more than 15,000 applicants and pulled buyers away from the resale market, adds Huttons.
The marginal dip in the HDB resale price index “suggests that the market may be entering a more balanced phase after several years of sustained growth” says Eugene Lim, key executive officer at ERA Singapore.
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The effects of various rounds of cooling measures and the ramp-up in new flat supply in recent years are “becoming evident in the market”, says Kelvin Fong, CEO of PropNex. “We anticipate that the market performance will remain differentiated — well-located flats, newer units and those with desirable attributes could continue to see firm demand and likely to command higher prices.”
In the upcoming Build-To-Order (BTO) exercise in June, HDB will offer about 6,900 flats in Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands.
The macroeconomic outlook has become more uncertain, says HDB in a statement. “Households should continue to exercise prudence when purchasing properties and taking out mortgage loans.”
Million-dollar flats
In 1Q2026, there were at least 412 flats resold for at least $1 million — nearly 18% higher q-o-q.
The average price of such flats was $1,151,377, 1.2% lower than the previous quarter’s $1,165,256, notes Huttons. “This may be due to the non-mature estates accounting for a slightly larger share of 9.0% in 1Q2026 compared to 8.8% in 4Q2025.”
The 412 flats comprised 190 units of four-room flats, 143 units of five-room flats, 78 executive flats and a multi-generation flat, based on sales data retrieved on April 1 by PropNex.
Of the 412 units, about 15% (63 flats) have a lease balance of 94 years or more at the point of sale, suggesting that these flats have recently met their five-year minimum occupation period (MOP), says PropNex. These included resale units at Northshore StraitsView in Punggol, Ang Mo Kio Court, SkyParc @ Dawson, Clementi Crest, as well as Alkaff Courtview and Alkaff Lakeview in the Bidadari estate.
In particular, the five-room flat in Dawson Road, which was resold for $1.7 million in February, is not only an all-time high resale flat price for that flat type, but also across all resale flats, says PropNex.
The other segment that achieved a new record price during the quarter was the two-room flat type, where a unit at SkyParc @ Dawson was resold for $695,000 in February.
Still, million-dollar transactions made up only 6.9% of total resale volume in the quarter, highlighting that such transactions are still the exception rather than the rule, says ERA’s Lim. “In fact, most resale flats stay comfortably within reach, with 70.8% of all quarterly transactions priced below the $750,000 mark.”
Looking ahead, Lim expects the number of million-dollar transactions to “persist”, particularly in “sought-after areas” like Toa Payoh and Queenstown. “This year, both locations are projected to have a substantial number of MOP completions — approximately 1,594 units in Toa Payoh and 2,405 units in Queenstown — with precincts such as Bidadari and Margaret Drive playing a significant role in this trend.”
Table and charts: PropNex, Huttons, HDB
