201 million-dollar HDB flats in one month — so why are overall prices flat?
Are HDB resale prices still rising in 2026?
Overall, barely. HDB resale prices were flat in August 2026 (up 0.1% month on month) and volumes fell 5.1%, yet a record 201 flats sold for $1 million or more. Large flats in mature central towns keep setting records, while typical three- and four-room flats in non-mature estates are levelling off as more flats reach MOP.
If you only read the headlines, you would think HDB prices are running away. In August 2026, 201 HDB flats changed hands for $1 million or more — a new monthly record, beating June's 188 and July's 187. In September, a five-room flat at Pinnacle@Duxton sold for $1.701 million, and barely two weeks later another five-room unit in the same estate went for $1.72 million ($1,494 psf).
But look at the wider numbers and the picture is calmer. Overall resale prices in August were essentially flat (+0.1% month-on-month), and total resale volume actually fell 5.1% to 2,524 transactions.
Both things are true at once. The HDB market has split into two very different stories.
Story one: a small, premium tier keeps setting records
Million-dollar flats are still only about 8% of all resales, and they are concentrated in a handful of mature, central towns. In August, Toa Payoh (32), Queenstown (26) and Bukit Merah (21) together accounted for almost 40% of them.
September's records follow the same pattern — big, well-located, and with long remaining leases:
- Pinnacle@Duxton, five-room — $1.72m (about 84 years of lease left)
- Kallang/Whampoa, five-room — about $1.59m, a new town record
- SkyParc @ Dawson, four-room — $1.388m, a Queenstown four-room record
- Bishan executive maisonette — $1.65m (August), the highest price on record for an executive flat
- Sengkang five-room — $1.18m, a new high for the town
Size is being rewarded outside the city fringe too: non-mature towns recorded 24 million-dollar resales in August, a second straight monthly record, led by Hougang. So far in 2026, 11 flats have sold at $1.6m or more, compared with 5 in the whole of 2025.
Why the top end is so strong right now
Three policy and supply factors are pushing buyers into this premium tier:
- The 15-month wait-out is gone. Since 28 July 2026, private property owners who sell no longer have to wait 15 months before buying a non-subsidised resale flat without an HDB loan. That has released a pool of cash-rich downsizers who can pay above valuation for the best flats.
- Higher income ceilings. From 24 August, the BTO income ceiling rose to $16,000 for families (from $14,000), and the same ceilings apply to resale grants. More households now qualify for grants on resale purchases.
- Scarcity of large formats. Five-room, executive and multi-generation flats are rarely built today. When a well-kept one comes up in a central location, competition is intense. HDB stopped building executive flats in 1995, so their supply only shrinks — 53 of August's 201 million-dollar sales were executive flats.
Story two: the broad market is cooling
Beneath the records, the mass market is softening. A much larger wave of flats is reaching its Minimum Occupation Period (MOP) in 2026 and the following years, which means more supply for resale buyers. Combined with a steady BTO pipeline, the typical three- and four-room flat in a non-mature estate is no longer seeing the double-digit gains of 2021–2023.
What this means for you
If you are selling a large or central flat: this is a strong window. Buyers are paying for size, lease and location, and downsizers from private property add depth to demand. Price on real comparables, not headlines. Records are set by specific units, and not every flat in the block will get the same price.
If you are selling a typical four-room in a non-mature estate: expect a more negotiated market. More MOP supply means buyers have choice, so presentation, pricing and timing matter more than they did two years ago.
If you are an upgrader: a strong sale price can fund your next move into private property. But don't let one record in your block set your expectations. Get a realistic valuation first, then work backwards to your private budget, including ABSD timing and your cash and CPF split.
If you are buying: the million-dollar tier is competitive. Below that, buyers generally have more room to negotiate than during the 2021–2023 run-up.
The bottom line
The HDB market is no longer moving as one. Premium flats are being bid up by a new pool of downsizers and grant-eligible buyers, while the broader market is levelling off as supply catches up. Knowing which market your flat sits in is the single most important input to your next decision.