SINGAPORE — Singapore’s HDB resale market hit a new milestone in September, with a record 209 flats changing hands for at least S$1 million, even as overall resale transactions declined from the previous month.
The figure surpassed the previous monthly record of 201 million-dollar flats in August, according to property data from SRX. The 209 transactions accounted for 9.3 per cent of all HDB resale transactions recorded in September.
The record comes against a mixed backdrop for the resale market. Overall HDB resale prices rose 0.6 per cent month-on-month in September, but remained 0.4 per cent lower than a year earlier. At the same time, the number of resale flats sold fell by 10.9 per cent from August.
209 flats crossed the S$1 million mark
There were 2,248 HDB resale transactions in September, down from August’s level but slightly higher than the same month a year earlier.
Of those transactions, 209 involved flats sold for at least S$1 million.
That means nearly one in 11 resale flats sold during the month crossed the million-dollar threshold.
The number of million-dollar transactions has continued to climb despite signs that overall HDB resale price growth is losing momentum.
In August, 201 flats sold for at least S$1 million. September’s 209 transactions therefore represented an increase of eight deals, or about 4 per cent, from the previous month.
The concentration of these high-value transactions was particularly notable in mature estates.
Toa Payoh recorded the highest number with 33 million-dollar deals, followed by Queenstown with 28 and Bedok with 20.
Other towns with million-dollar transactions included 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.
The most expensive resale flat was S$1.72 million
Despite the record number of million-dollar transactions, September’s highest individual resale price did not set a new all-time record.
The month’s most expensive transaction was a five-room flat at The Pinnacle@Duxton, which changed hands for S$1.72 million.
That transaction was closely followed by other high-value five-room flats in central locations.
According to resale transaction data, a five-room flat at 1C Cantonment Road also sold for S$1.72 million in September, while another five-room flat at 1B Cantonment Road changed hands for S$1.701 million.
The current overall resale record remains higher. A five-room flat at 96A Henderson Road in Bukit Merah sold for S$1.728 million in April 2026, according to transaction data compiled from government records.
Five-room flats continue to command premiums
The surge in million-dollar deals has been concentrated largely in larger flats and properties in sought-after locations.
In September, five-room flats were the only major flat category to record a significant monthly price increase, with prices rising 1.7 per cent from August.
By comparison, prices for three-room, four-room and executive flats fell by 0.1 per cent, 0.4 per cent and 0.2 per cent respectively.
Five-room flats accounted for 26.1 per cent of September’s overall resale volume, while four-room flats remained the largest category at 44 per cent.
The figures suggest that buyers willing to pay a premium are still targeting larger homes in established estates, particularly where location, size, views, remaining lease and proximity to transport or amenities can support higher valuations.
But the wider HDB market is not booming
The record number of million-dollar transactions should not be interpreted as evidence that every part of Singapore’s HDB resale market is experiencing rapid price growth.
In fact, the broader market is showing signs of moderation.
September’s overall resale price increase of 0.6 per cent from August came after a period of relatively subdued growth. On a year-on-year basis, prices were still 0.4 per cent lower than in September 2025.
The volume of transactions also fell sharply from August, with 2,248 flats changing hands in September — a 10.9 per cent month-on-month decline.
However, resale volume was still 2.8 per cent higher than a year earlier, suggesting that demand has not disappeared even as buyers and sellers become more selective.
This creates an increasingly divided market: ordinary resale flats are facing greater competition from new supply, while particularly attractive properties continue to command exceptional prices.
More supply could put pressure on resale prices
Singapore’s housing market is also entering a period in which more flats are expected to become available for resale.
HDB has previously highlighted that a growing number of flats will reach their minimum occupation period and enter the resale market over the coming years.
At the same time, the Government has been increasing the supply of new BTO flats, giving buyers more alternatives to the resale market.
HDB’s official resale statistics show that the resale price index had already declined for two consecutive quarters by the second quarter of 2026. The index stood at 202.8 in Q2 2026, down 0.3 per cent from the previous quarter.
That backdrop makes September’s record number of million-dollar deals particularly interesting.
It suggests that while overall price growth may be moderating, demand for a limited group of premium HDB properties remains strong.
Million-dollar flats remain a small part of the market
Despite the headline-grabbing record, most HDB resale flats still sell for considerably less than S$1 million.
The 209 million-dollar transactions represented 9.3 per cent of September’s total resale volume, meaning more than 90 per cent of resale flats sold during the month were below that threshold.
The figures therefore point to a growing premium segment rather than a market where million-dollar prices have become the norm.
Location remains one of the most important factors.
Flats in mature estates, particularly those close to the city centre, MRT stations, major employment areas and established amenities, are more likely to command high prices.
Large units, high floors, unblocked views and unusually long remaining leases can also contribute to higher valuations.
The S$2 million question
The latest figures come at a time when Singapore’s property market is also debating whether the first S$2 million HDB resale transaction could eventually take place.
That possibility attracted fresh attention in September after a jumbo flat at Telok Blangah Street 31 was listed for S$2.18 million.
The 1,465 sq ft unit consists of two adjoining three-room flats that were combined under HDB’s conversion scheme. It has five bedrooms and four bathrooms and retains about 91 years on its lease.
However, the S$2.18 million figure is an asking price, not a completed transaction.
HDB said the asking price was significantly higher than comparable transactions in the area. Individual three-room flats there had recently transacted between S$673,000 and S$771,000, meaning two such flats would amount to about S$1.54 million at the upper end of that range.
As of late September, HDB said it had not received a resale application for the Telok Blangah jumbo flat.
That distinction is important as million-dollar transactions continue to attract attention: an asking price does not establish a market record. Only a completed resale transaction does.
A market becoming more selective
September’s data ultimately paint a more complicated picture of Singapore’s HDB market.
On one hand, the number of million-dollar flats reached a new monthly record.
On the other, overall resale transactions declined and prices remained slightly below their level a year earlier.
The contrast suggests that Singapore’s resale market is becoming increasingly segmented.
Buyers appear willing to pay substantial sums for properties with the right combination of location, size, lease and other attributes, even while the broader market faces greater supply and more cautious price expectations.
For homeowners, the record 209 transactions provide evidence that million-dollar HDB flats are no longer an isolated phenomenon.
But for buyers, the figures also serve as a reminder that the million-dollar benchmark applies to a relatively small portion of the market — and that paying a premium for an HDB flat requires careful consideration of its location, remaining lease, valuation and long-term affordability.
For now, S$1 million is becoming increasingly common at the top end of Singapore’s HDB resale market — but S$2 million remains uncharted territory.
