HDB resale prices slip 0.1% in Q1 as premium demand holds

Million-dollar deals hit 412 in quarter.

HDB resale prices fell 0.1% in the first quarter of 2026, ending nearly seven years of uninterrupted quarterly growth, even as demand for premium and million-dollar flats remained firm.

Realion said the marginal dip was the first quarterly decline since Q2 2019 and reflected rising resale supply, stiffer competition from attractive build-to-order launches, and greater buyer caution amid macroeconomic uncertainty.

Resale volume still rose 20.7% QoQ to 6,058 units, although it was down 3.9% from a year earlier.

At the upper end of the market, transactions stayed robust. The number of resale flats sold for at least $800,000 climbed to 1,364 units in Q1 from 1,047 in Q4, whilst million-dollar deals rose to 412 from 350, both record highs for a first quarter, according to the report.

The priciest resale transaction in the quarter was a 122 sq m Premium Apartment Loft at Dawson Road that changed hands for $1.7m in February, which Realion said was the highest price ever recorded for an HDB flat.

By flat type, prices fell for one-room, five-room and executive flats, whilst two-room, three-room and four-room units posted modest gains.

Realion said supply pressures are likely to intensify, with the number of flats reaching their five-year minimum occupation period projected to rise from 6,973 in 2025 to 13,484 in 2026, before climbing further in 2027 and 2028.

It added that February’s BTO exercise drew a lower overall application rate of 3.2, although demand for two-room flats remained the strongest at 4.8 times.

The firm said the resale market has so far been driven more by domestic factors such as hiring prospects, income growth, and supply conditions than by the full impact of the Middle East conflict.

Despite this, it warned that any escalation could hurt affordability through higher interest rates, rising business costs, and weaker employment, but kept its full-year forecast for HDB resale prices at 2% to 4% growth and sales volume at 26,500 to 27,500 units.

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