Singapore HDB Resale Prices Dip as Million-Dollar Sales Reach Record 238 in October

A S$1.818 Million Sale Leads a Divided Market

Singapore recorded 238 Housing and Development Board resale transactions worth at least S$1 million in October 2026, a third consecutive monthly record, even as prices across the wider market slipped 0.2%. The most expensive sale was a five-room flat at SkyParc @ Dawson in Queenstown, which changed hands for S$1.818 million on October 30.

The 111 square metre flat at Block 96 Dawson Road, on floors 40 to 42, had approximately 94 years remaining on its lease. Its price exceeded the previous national record of S$1.728 million, set by a five-room flat at City Vue @ Henderson in April, by S$90,000, or about 5.2%.

Estimates released by property platforms 99.co and SRX on November 4 showed that million-dollar sales accounted for 10.9% of October resale transactions, roughly one in nine. Meanwhile, the total number of flats changing hands fell 3.1% from September to 2,178.

October therefore brought two developments at once: buyers paid record sums for a growing number of desirable flats, while the broader market experienced a small price decline. Larger homes with long remaining leases and convenient locations continued to attract buyers willing to pay more.

How Quickly Have Million-Dollar Sales Grown?

October recorded 29 more transactions of at least S$1 million than September, when 209 flats crossed that threshold. August had recorded 201. The increase from August to October was 37 transactions, or about 18.4%, across two months.

The sequence of sales and price records shows how activity at the expensive end of the market gathered pace during 2026:

• February: A five-room flat at SkyTerrace @ Dawson sold for S$1.7 million, then the national record.
• April: A five-room flat at City Vue @ Henderson raised the record to S$1.728 million.
• August: Million-dollar resale transactions reached a monthly record of 201.
• September: The monthly total rose to 209.
• October: The total reached 238, while the SkyParc @ Dawson sale set a new price record of S$1.818 million.

The Ministry of National Development said in an April 2026 parliamentary reply that about 6% of resale flats had transacted above S$1 million in 2025. October's 10.9% share was considerably higher, although the ministry's figure covered a full year and used the threshold of above S$1 million, while the October estimate included sales at exactly S$1 million.

What Made the Dawson Flat So Expensive?

The SkyParc @ Dawson flat combined several features buyers were seeking: a high floor, a long remaining lease, substantial space and a location near established amenities. At approximately 1,195 square feet, its sale price worked out to about S$1,522 per square foot.

Ted Wong of ERA Realty Network, the agent appointed by the seller, described strong competition for the home. He said:

"More than eight offers were received, with the top three all above $1.8 million," Wong said.

Wong identified the central location, nearby amenities, views over greenery in the Dempsey area and the size of the flat as reasons for the interest. He also pointed to the relatively limited supply of five-room flats in the estate.

SkyParc @ Dawson was completed in 2020 and contains 810 homes across three blocks, ranging from 34 to 43 storeys. It was built as replacement housing under the Selective En bloc Redevelopment Scheme, or SERS, for residents from Tanglin Halt. SERS involves redeveloping selected older housing sites and offering affected residents replacement housing.

Queenstown MRT station is within walking distance, and Redhill MRT station is also nearby. For buyers, those connections put transport alongside space, views and the remaining lease in the calculation of what they were prepared to pay.

Two Ways to Measure the Record

The Dawson transaction set a record both for the total amount paid and for the price per square foot. Those measures answer different questions: the total price shows the purchase cost, while the price per square foot allows homes of different sizes to be compared.

The previous national record by total price, the S$1.728 million City Vue @ Henderson sale, involved a slightly larger flat of 113 square metres on floors 46 to 48. Its price was approximately S$1,421 per square foot.

The previous record per square foot was S$1,502, set in September by a five-room flat at neighbouring SkyTerrace @ Dawson. That home measured about 1,065 square feet and sold for S$1.6 million. The latest Dawson sale exceeded that rate by approximately S$20 per square foot.

A remaining lease of about 94 years also gave the SkyParc flat another attraction. A lease is the period during which the home can be held and occupied under its leasehold ownership. Buyers comparing resale flats must consider both the price today and how much of that period remains.

Where Were the Million-Dollar Transactions?

Toa Payoh recorded the largest number of million-dollar transactions in October, with 39, followed by Queenstown with 31 and Bedok with 26. Together, the three towns accounted for 96 sales, or approximately 40.3% of the monthly total.

The transactions extended well beyond those three towns. They also occurred in Bukit Merah, Bishan, Kallang-Whampoa, Tampines, Ang Mo Kio, Geylang, Punggol, Clementi, Serangoon, the Central Area, Hougang, Pasir Ris, Sengkang, Marine Parade, Woodlands, Jurong East, Bukit Timah, Bukit Batok and Yishun.

A five-room flat on Punggol Road sold for S$1.32 million, the highest price recorded in a non-mature estate during October. Mature estates are generally older, established housing towns, while non-mature estates are generally newer towns. Both categories contain homes with different ages, layouts and access to amenities.

Non-mature estates accounted for 52.4% of all resale transactions, compared with 47.6% in mature estates. Most sales therefore took place in the former category, even though Toa Payoh, Queenstown and Bedok led the count of million-dollar deals.

Which Flat Prices Rose and Which Fell?

Four-room and five-room flats became slightly more expensive in October, while three-room and executive flats recorded declines. The difference helps explain why a falling market average could accompany record transactions at the upper end.

• Three-room prices fell 1% from September and 2% from October 2025.
• Four-room prices rose 0.5% from September and 0.2% from October 2025.
• Five-room prices rose 0.3% from September and 0.4% from October 2025.
• Executive flat prices fell 1.2% from September.

Across all flat types, prices were broadly unchanged from October 2025. Prices in mature estates fell 0.2% during the month but remained 1% higher than a year earlier. Non-mature estate prices fell 0.7% during the month and were 1.1% below their level a year earlier.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, attributed the strength in expensive transactions to continued demand for quality homes. He identified larger flats, desirable locations and longer remaining leases as features attracting buyers, particularly in newer homes within established neighbourhoods.

Sales Slowed From September but Rose From Last Year

October's 2,178 resale transactions represented a 3.1% monthly decline, but the total was 61.7% higher than in October 2025. The market was quieter than in September while still recording substantially more activity than a year earlier.

Four-room flats made up the largest share of transactions at 41.6%. Five-room flats accounted for 28.4%, three-room flats for 22.2% and executive flats for 7.8%. Together, four-room and five-room flats represented 70% of sales.

The transaction series counts sales by resale registration date. Registered resale applications generally reflect completed transactions, so the monthly figures organise activity around registration rather than the date when buyers first viewed a flat or began negotiations.

October's combination of higher annual sales volume and broadly unchanged annual prices gives buyers a useful comparison: many more flats changed hands than a year earlier, without a corresponding rise in the market's general price level.

What Choices Exist Below S$1 Million?

The Ministry of National Development's April parliamentary reply provided examples of less expensive resale homes available during 2025. Four-room flats with at least 70 years remaining on their leases had sold for around S$650,000 to S$700,000 in Tampines and Punggol.

Comparable examples by flat type and minimum remaining lease were available below S$600,000 in Sembawang and Yishun, and below S$550,000 in Jurong West and Woodlands. These were examples of completed sales in 2025, rather than current asking prices for every flat in those towns.

The ministry also said eligible buyers purchasing a resale home for the first time could receive housing grants of up to S$230,000. The amount available depends on eligibility, so buyers need to assess the assistance applicable to their household rather than assume the maximum.

Desmond Lee, then National Development Minister, had warned at a media briefing on August 20, 2024, that record prices could affect expectations throughout the resale market. He described sellers raising their expectations after reading about expensive transactions and buyers becoming anxious to purchase before prices rose further.

Lee warned about where that behaviour could lead:

If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble.

At that briefing, Lee said flats crossing the million-dollar mark had accounted for about 2% of all resale transactions over the preceding year and a half. The market has since recorded a much larger monthly share, making the range of prices across towns and flat types especially relevant to household budgets.

More Homes Could Give Buyers Greater Choice

Luqman expects demand for larger flats in convenient locations to remain firm during November and December 2026. Owners selling private homes and moving into HDB flats could provide additional demand, particularly when they want to retain substantial living space while releasing money from their property.

More flats reaching the five-year minimum occupation period could also enter the resale market. That period is the minimum time owners must occupy their homes before they can generally sell them. Newer eligible flats in popular estates would give buyers more choices and could add to the number of million-dollar transactions.

The November Build-To-Order sales exercise is another expected source of choice. BTO flats are new homes sold by HDB, rather than existing flats purchased from their owners. No exact launch date or full details of that exercise were given with the October market outlook.

Buyers may therefore see two forces operating together during the final months of the year: continued competition for larger, desirable resale flats, and more housing options that could ease pressure on prices across the wider market.

Key Points

• HDB resale prices fell 0.2% in October 2026, while million-dollar transactions reached a record 238.
• A five-room flat at SkyParc @ Dawson sold for S$1.818 million, setting a national resale record.
• Million-dollar sales accounted for 10.9% of October transactions, roughly one in nine.
• Toa Payoh, Queenstown and Bedok together recorded 96 million-dollar transactions, about 40% of the total.
• Total resale volume fell 3.1% from September to 2,178, but rose 61.7% from October 2025.
• Four-room and five-room prices rose during the month, while three-room and executive prices fell.
• More resale supply and the November BTO exercise are expected to widen buyers' choices.