HDB resale prices (updated May 2026)

What are the factors affecting HDB resale prices?

HDB resale prices are influenced by a complex interplay of factors, and understanding these can provide valuable insights for both buyers and sellers. Beyond the general market sentiment and economic conditions, several specific attributes of an HDB flat and its surroundings significantly impact its value.

Here's a more in-depth look at some key factors:

1. Proximity to MRT stations: This is a major determinant of HDB resale prices. The closer a flat is to an MRT station, the higher its value tends to be. This is due to enhanced connectivity and convenience, reducing commute times for residents.

Properties within a 5-10 minute walk (approximately 400-800 meters) of an MRT station can command a significant premium, often 10-20% higher than comparable units further away. The premium can be even more substantial for units right next to an interchange station, offering access to multiple lines.

While closer is generally better, there can be a point of diminishing returns. Extremely close proximity (e.g., directly opposite an entrance) might bring some noise pollution, which could slightly offset the convenience factor for some buyers, though this is usually minor. The specific MRT line also matters; lines with more extensive networks or serving key employment hubs (like the North-South or East-West lines) can confer a greater advantage.

2. Proximity to malls and retail hubs: Access to amenities like shopping malls, supermarkets, food courts, and entertainment options significantly enhances a flat's appeal. Flats located within easy walking distance (e.g., 5-15 minutes) of major malls or vibrant town centres often see a price uplift. This convenience translates to less travel time for daily necessities and leisure activities.

The type and size of the mall matter. A large, comprehensive mall with a wide array of offerings will have a greater positive impact than a small, neighbourhood retail cluster. The presence of popular supermarkets, childcare facilities, and clinics within or near the mall further adds to its attractiveness. Some buyers might even pay a premium for being near a mall that offers unique experiences or popular dining options.

3. Age of the flat and remaining lease: This is a fundamental factor. HDB flats are sold on 99-year leases, and as the lease dwindles, the property's value generally depreciates. Newer flats with a long remaining lease typically command higher prices due to their longer economic lifespan. Flats with less than 60 years remaining on their lease can become harder to sell, as banks may offer lower loan quantum and CPF usage restrictions kick in, limiting the pool of potential buyers.

While older flats generally see depreciation, a well-maintained older flat in a prime location with good access to amenities might still hold its value relatively well compared to a newer flat in a less desirable area. There's also a segment of buyers who prefer older, larger flat layouts, which are less common in newer developments.

4. Flat type and size: The number of rooms and the total floor area directly correlate with price. Generally, larger flats (e.g., 4-room, 5-room, Executive Maisonettes) are more expensive than smaller ones (3-room, 2-room). This is due to the greater living space they offer.

There can be exceptions. For example, a highly sought-after 3-room flat in a mature estate with exceptional connectivity might command a higher price than a 4-room flat in a less accessible, non-mature estate. The efficiency of the layout also plays a role; a well-designed layout that maximises usable space can be more appealing than a poorly configured larger flat.

5. Floor level and facing: Higher floor units generally command a premium due to better views, more privacy, and less noise. Units with unblocked views (e.g., facing a park, sea, or city skyline) are more desirable. North-South facing units are often preferred as they receive less direct sun exposure, leading to cooler interiors. While high floors are generally preferred, some buyers might specifically seek out lower floors for easier access or for those with young children/elderly family members. Specific block orientation can also impact sun exposure at different times of the day, which can be a consideration for some.

6. Renovation and condition: The state of the flat can significantly impact its appeal and price. Well-renovated flats that are move-in ready can command a higher price as buyers save on renovation costs and time. Conversely, a flat in poor condition requiring extensive renovation will likely fetch a lower price. The style and quality of renovation matters a lot. A timeless, well-executed renovation is generally preferred over overly specific or dated designs. Sometimes, a "blank slate" flat (minimal renovation) might appeal to buyers who want to customise it entirely to their taste, as long as the price reflects the renovation cost savings for the buyer.

7. Proximity to schools: For families with school-going children, proximity to good primary schools is a significant factor. Being within the 1km or 2km radius of popular primary schools can add a premium to HDB flat prices, especially for families looking to secure a spot for their children through the balloting system. The "popularity" of schools can change over time, so while a school might be desirable now, its long-term appeal can fluctuate. Also, secondary schools and tertiary institutions can also have a minor impact, though primary school proximity is generally the most significant educational factor.

8. Estate maturity and amenities: Mature estates (like Ang Mo Kio, Toa Payoh, Queenstown) often have more established amenities, better public transport networks, and a stronger sense of community. Flats in mature estates generally command higher prices due to their well-developed infrastructure, amenities, and often, more central locations. Non-mature estates are catching up rapidly with new amenities and infrastructure. While they might start at a lower price point, they can offer greater potential for capital appreciation as the estate develops and matures.

Latest HDB resale price trends (Updated in April 2026)

After easing from the previous month, HDB resale prices declined by 0.6% in April 2026. At the same time, transaction activity also pulled back, suggesting that the market is entering a more measured phase rather than weakening sharply.

Notably, the dip in headline prices was observed across both estate types. Prices in Mature Estates fell by 1.4%, while those in Non-Mature Estates declined by 0.4%. This indicates that the slowdown was more broad-based, as compared to earlier months where price movements were more mixed.

Across flat types, price trends were uneven. Prices for 3-room, 5-room, and Executive flats decreased by 0.9%, 1.7%, and 1.3% respectively. In contrast, 4-room flats recorded a slight increase of 0.1%. Given that 4-room flats made up 44.7% of total resale volume, their relative stability helped to cushion the overall decline, even as other segments saw more noticeable price adjustments.

A total of 138 flats were sold for at least S$1 million in April, down from 145 units in March. Despite the slight decline, these high-value transactions continued to form 7.1% of total resale volume for the month.

The highest transacted price in April reached S$1,728,000 for a 5-room flat at City Vue @ Henderson. This new national record highlights that exceptional flats continue to command premium prices despite softer market conditions. In Non-Mature Estates, the highest transaction was recorded at S$1,180,000 for an Executive flat located along Woodlands Street 81, showing that strong pricing is still achievable outside central locations.

(Read more)

Will million-dollar HDB flats hold their appeal in 2026?

In 2025, more than 1,500 million-dollar HDB resale flats changed hands — a significant jump from the 1,035 transactions recorded in 2024. That’s roughly a 50% increase year-on-year, signalling how quickly these once-rare deals have become a visible part of the resale landscape.

Several flats even crossed the S$1.6 million threshold in 2025, with the highest officially logged by HDB at SkyTerrace @ Dawson for S$1.659 million (or S$1,263 psf). Despite these headline-grabbing transactions, the market reality looks more grounded: the average price of a million-dollar flat hovered around S$1.14 million — about 1.8% higher than the S$1.12 million recorded the year before. This hints that most deals still cluster at the lower end of the million-dollar band rather than pushing new boundaries.

Even so, these big-ticket sales remain a small slice of the entire HDB resale market. Most buyers continue to prioritise affordability, and the bulk of transactions sit far below the million-dollar line.

Will they still appeal in 2026?

Most likely, yes. Demand for premium, well-located, or rare HDB units isn’t fading anytime soon. If anything, the number of million-dollar transactions is expected to inch higher in 2026. Their share will still remain small compared to the wider market, but these flats tap into a very specific buyer segment — households willing to pay a premium for space, convenience, and limited-supply layouts.

The broader HDB resale market is likely heading into a year of moderated price growth. A larger wave of flats will reach their Minimum Occupation Period (MOP) in 2026, injecting fresh stock into the market. Many of these newer homes with longer remaining leases will help ease some of the urgency and competition seen in previous years. More supply generally means more options, and a slower pace of islandwide price increases.

Despite the expected supply boost, rare flat types — especially executive maisonettes, big multi-gen units, and penthouse-style DBSS layouts — will likely continue setting strong prices. Their appeal goes beyond age and lease length; it’s about space, scarcity, and lifestyle. Even with lease decay considerations, buyers who value these configurations often have few alternatives in the HDB market, and that keeps prices resilient.

In short, million-dollar flats are probably here to stay in 2026. They may not dominate the market, but they’ll continue to reflect an important trend: buyers are willing to pay more for the rarest and most desirable homes, even as the overall market becomes more balanced with new supply coming in.

Should you buy Resale HDB or BTO?

There are several differentiating factors between BTO and Resale HDB flats. Here are some key differences to help you find out which type is right for you.

A comparison between BTO and Resale HDB flats

HDB Resale Median Prices

The HDB resale flat median prices are based on the fiftieth percentile for each type of flat in every HDB town and are consolidated every quarter. Accordingly, half of the flats that were transacted had prices higher than the median, and half had prices lower than the median.

Types of HDB Resale Grants

HDB resale grants will vary depending on several factors, as first-timers, singles and families will be eligible for different grants. Some examples of HDB grants are the Family Grant, Enhanced Grant and Top Up Grant, among others. As the income ceiling has been raised for the CPF Family Grant from S$12,000 to S$14,000, the highest possible grant amount that resale buyers can get will be up to S$160,000.

Different types of HDB grants

For couples, refer to this chart to see what are the grants that you are eligible for to increase your savings on your next HDB flat purchase.

A flowchart of various HDB grants available for couples

HDB Flat Eligibility (HFE) Letter for HDB Resale flat application

Since 9 May 2023, HDB has introduced the HDB Flat Eligibility (HFE) letter which assesses your eligibility to buy an HDB resale flat, receive HDB grants and take up the HDB housing loan. Previously, the eligibility on these three aspects was assessed at different stages, but now they will just be assessed once.

The HFE replaces the HDB Loan Eligibility (HLE) letter, which you’d previously need before you get an Option to Purchase (for a resale flat). 

The HDB Flat Eligibility (HFE) letter will inform you of your eligibility:

• To buy a new and/or resale flat
• Receive CPF grants, including the amount
• Get HDB housing loan, including the loan amount

For resale HDB flats, you’ll need to apply for the HFE before getting an Option to Purchase (OTP) from the seller, and before submitting the resale application.

Editor’s note: This is a recurring post, regularly updated with new information. Last Updated 8th Jan 2026.

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