SINGAPORE — Singapore’s million-dollar HDB market has crossed a new psychological milestone, with 201 resale flats changing hands for at least S$1 million in August — the first time monthly transactions have surpassed 200.
The record came despite a broader cooling in resale activity.
A total of 2,524 HDB resale flats were transacted in August, down 5.1% from 2,660 in July, according to data from 99.co and SRX.
Yet the number of seven-figure transactions moved in the opposite direction, rising from 187 in July to 201 in August.
The result is a striking divide in Singapore’s public housing market:
Overall activity is moderating, but demand for the most desirable HDB flats remains remarkably strong.
First time monthly million-dollar sales crossed 200
The 201 million-dollar transactions represent a 7.5% increase from July and comfortably exceed the previous monthly record of 188 set in June.
Million-dollar flats accounted for about 8% of all HDB resale transactions in August.
That means roughly nine out of every 10 resale flats still changed hands for less than S$1 million.
The record therefore does not mean that the typical HDB flat in Singapore now costs seven figures.
Instead, it highlights the growing strength of a premium segment concentrated in highly sought-after locations and larger or newer flats.
The most expensive HDB flat in August sold for S$1.69 million
The month’s highest recorded HDB resale price was S$1,688,888 for a five-room flat at Tiong Bahru View in Bukit Merah.
The 1,206 sq ft unit is located on the 28th to 30th storeys and had about 88 years remaining on its lease.
The transaction works out to approximately S$1,401 psf.
The same development had previously recorded a high of around S$1.648 million in March, meaning the latest deal established a new project-level benchmark.
At the other end of the market, the highest-priced resale transaction in a non-mature estate was an executive flat at Woodlands Street 81, which sold for S$1.25 million.
Toa Payoh leads the million-dollar HDB market
The million-dollar transactions remain heavily concentrated in mature estates.
Toa Payoh recorded 32 seven-figure HDB resale transactions in August, the highest among all towns.
Queenstown followed with 26, while Bukit Merah recorded 21.
Together, those three towns accounted for 79 of the 201 million-dollar deals, or about 39% of the monthly total.
Other towns also recorded million-dollar transactions, including Bedok, Tampines, Bishan, Hougang, Kallang/Whampoa, Pasir Ris, Woodlands, Sengkang and Bukit Batok.
The geographical spread is significant.
Seven-figure HDB transactions are no longer restricted to just a handful of central locations, although mature and city-fringe estates continue to dominate the premium segment.
Bedok also breaks a price record
Bedok added another headline to the August property market.
A five-room flat at Bedok South Horizon reportedly sold for S$1.45 million, establishing a new record price for the town.
That transaction is particularly notable because Bedok is a mature residential estate with extensive MRT, shopping, education and transport infrastructure.
Such attributes can make certain flats highly attractive to buyers who are prepared to pay a substantial premium for location and convenience.
But don’t mistake the record for a broad HDB price surge
This is where the August data becomes particularly interesting.
While the number of million-dollar deals hit a record, the overall HDB resale price movement was relatively subdued.
SRX’s August flash report showed overall HDB resale prices increasing only 0.1% month-on-month.
Prices in mature estates increased 0.7%, while prices in non-mature estates were unchanged.
By flat type:
- 3-room: down 0.3%
- 4-room: up 0.2%
- 5-room: unchanged
- Executive: up 2.8%
Year-on-year, however, overall HDB resale prices were 0.5% lower than in August 2025.
That makes the record number of million-dollar deals even more revealing.
Singapore is not experiencing a uniform surge in HDB prices.
Instead, buyers are becoming increasingly selective about which properties deserve a premium.
Resale transactions fell from July — but remained above last year
The 2,524 transactions recorded in August were 5.1% lower than July’s 2,660.
But the monthly figure was still 14.1% higher than August 2025.
August was also the second-busiest month over the previous year, according to 99.co.
Four-room flats remained the most actively traded category, accounting for 47% of transactions.
Five-room flats represented 23.4%, three-room flats 22.7%, and executive flats 6.9%.
Non-mature estates accounted for 56.7% of resale activity, compared with 43.3% for mature estates.
The numbers suggest that overall demand has not disappeared.
Rather, the market appears to be stabilising after the stronger activity seen in July.
Why are buyers still paying $1 million or more?
Location is one of the biggest factors.
Million-dollar HDB flats tend to possess a combination of characteristics that buyers consider difficult to replicate:
Central or city-fringe locations.
Close proximity to MRT stations.
Larger floor areas.
High floors or desirable views.
Newer developments with longer remaining leases.
Proximity to established amenities and schools.
For some buyers, paying more for such a flat may be preferable to purchasing a cheaper property farther from the city or major transport links.
The premium market therefore behaves differently from the wider HDB market.
Newer flats are helping push prices higher
Toa Payoh’s August figures provide an example.
Of its 32 million-dollar transactions, 24 involved flats along Bidadari Park Drive and Alkaff Crescent, according to analysis reported by Goody Feed.
The Bidadari area has benefited from newer housing stock, improved connectivity and proximity to established amenities.
That combination can make newer flats with long remaining leases particularly attractive to buyers who want public housing but are willing to pay a significant premium for location and age.
The $1 million HDB phenomenon is spreading
The record is also part of a much larger trend.
During the first eight months of 2026, 1,290 HDB resale flats had crossed the S$1 million mark, according to data reported from the 99.co/SRX dataset.
For comparison, the full year of 2025 recorded 1,593 million-dollar HDB resale transactions.
That means the market was already approaching last year’s annual record with four months still remaining.
However, the pace should not automatically be extrapolated into another record-breaking year.
Transaction volumes and prices can change significantly depending on supply, interest rates, buyer affordability and government policy.
A major policy change could influence the market
Another development worth watching is Singapore’s decision to remove the 15-month wait-out period for eligible private residential property owners and former owners purchasing non-subsidised HDB resale flats.
The change took effect in late July.
It potentially expands the pool of resale buyers, particularly private homeowners looking to right-size from a condominium or landed property into a public-housing flat.
Analysts said the policy change may have contributed to the increased premium-market activity seen in August.
But it is still too early to establish a direct causal relationship.
Some August transactions may have been negotiated before the policy change, and the full effect will become clearer in the coming months.
HDB itself has warned buyers to remain cautious
The record million-dollar transactions come against a backdrop of a much more measured public-housing market.
HDB’s latest official flash estimate showed resale prices declining 0.3% in Q2 2026, following a 0.1% decline in Q1.
That represented two consecutive quarters of declining resale prices.
HDB has also warned households to exercise prudence when purchasing property and taking on mortgage loans given the uncertain macroeconomic environment.
This is an important counterweight to the headlines surrounding million-dollar flats.
The fact that 201 units crossed S$1 million does not mean every HDB owner is sitting on rapidly increasing property values.
The market is becoming increasingly divided
The August numbers point toward a more segmented HDB resale market.
At one end are highly desirable flats in mature estates, city-fringe locations and newer developments.
Buyers continue to compete aggressively for these properties, sometimes pushing prices beyond S$1 million.
At the other end, the broader market is showing signs of stabilisation.
Overall resale prices are barely moving month-to-month and remain slightly below their year-earlier level.
This divergence could become more pronounced as buyers become more price-sensitive.
Singapore’s next test: affordability
The biggest question now is not whether HDB flats can sell for S$1 million.
They clearly can.
The question is how large the pool of buyers willing and able to pay those prices can become.
A million-dollar HDB purchase requires substantial household income, savings, CPF resources and/or proceeds from a previous property.
As prices rise, affordability becomes an increasingly important constraint.
That could eventually place a ceiling on how far the premium segment can expand.
More supply is also coming
HDB is preparing to launch approximately 7,960 flats in October 2026 across Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun.
The additional supply could give buyers more options, although BTO flats and resale flats serve different segments of the housing market.
The government has also indicated that it will continue monitoring the housing market and adjust policies where necessary to maintain a stable and sustainable market.
The real story behind the 201 million-dollar flats
Singapore’s August HDB numbers tell a more complicated story than simply “property prices are rising.”
Yes, the number of million-dollar resale flats has reached a new record.
But overall HDB resale prices are not surging.
Transaction volumes fell from July.
Year-on-year prices remain slightly lower.
And most resale flats still sell for below S$1 million.
What is changing is the premium buyers are willing to pay for the right property.
Prime locations, larger homes, newer flats, strong transport connections and mature-estate amenities are commanding increasingly significant premiums.
That is why the August record matters.
Singapore’s HDB market may be cooling overall — but at the top end, the million-dollar race is still accelerating.
WWC ONE MEDIA J.M.D
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