A 5-room resale flat in Queenstown has set a new price record of nearly $1.82 million in October, even as the broad HDB resale market remained fairly stable. The million-dollar resale trend in the month also points to an increasingly two-speed market, where the top end of the segment continues to see firm prices.

The share of million-dollar HDB resale deals as a proportion of total resale flat transactions also hit a new monthly high in October, as 238 such units changed hands in the month. Despite the elevated sales of such units, the overall average resale price was relatively flat. Transaction data showed that the average resale price inched up by 0.2% month-on-month (MOM) to $687,417 in October, following the 1.0% MOM and 2.8% MOM increase in August and September, respectively (see Chart 1).

This comes even as the resale volume eased slightly during the month. There were 2,176 flats resold in October, down 2.9 from the 2,240 units that changed hands in the previous month (see Chart 1). This is the third consecutive month that sales had moderated. The towns that led sales in October were Tampines, Punggol, and Woodlands.

Chart 1: HDB resale volume and average resale price

However, the market is not homogenous and the price increase in October mainly reflects a higher proportion of million-dollar resale deals, as well as a higher share of larger flats transacted. Based on the sales data, 5-room, executive and multi-generation resale flats accounted for about 35.3% of the month's tally - the highest share of sales since July 2021.

In October, million-dollar flats made up 10.9% of transactions (see Chart 2), the highest proportion for any month on record. Bedok, Bishan, Kallang Whampoa, and Queenstown each posted a new record high price at town level. Meanwhile, the proportion of flats resold below $500,000 was 23.0% in October, up from 20.9% in September. About 35.9% of flats resold fetched between $500,000 and under $700,000, easing from 37.8% in the previous month. The share of deals done at $700,000 to just under $1 million came in at 30.2%, lower than 32.0% in September.

Chart 2: HDB resale flat transactions by price range

The price records newly set at town level in the month were: about $1.82 million for a 5-room flat at SkyParc @ Dawson in Queenstown; $1.54 million for a 5-room flat resold at Bedok South Horizon; $1.71 million for a 5-room DBSS flat at Natura Loft in Bishan; and $1.64 million for a 5-room DBSS unit at City View @ Boon Keng in Kallang Whampoa.

They are part of the 238 units of resale flats that were resold for at least $1 million in the month (see Chart 3). This takes the number of such flats sold to 1,735 units in the first 10 months of 2026 - already up by 8.9% from the record 1,593 units transacted in the whole of 2025 with two months to spare. By flat type, the million-dollar flats resold in October comprised 103 units of 4-room flats, 89 units of 5-room flats, 43 executive flats, and three multi-generation flats.

Chart 3: Number of HDB flats resold for at least $1 million by month

Of the 238 million-dollar flats resold in the month, 21 are in non-mature towns, led by Punggol with nine deals - the highest number for the town on a monthly basis. The others are located in Hougang, Sengkang, Woodlands, Jurong East, Yishun, and Bukit Batok.

Over in mature estates, there were 217 units of million-dollar resale flats transacted, driven by Toa Payoh with 39 deals, Queenstown with 31, and Bedok and Bukit Merah with 26 deals each. The number of such flats resold in Toa Payoh and Bedok were record highs for the respective towns on a monthly basis. Several mature towns also saw record number of million-dollar flats in October - Bishan with 17, Geylang with 12, and Tampines with 14.

The priciest resale flat sold in the month was a 5-room premium apartment at SkyParc @ Dawson. The 111-sqm unit located on a high floor ranging between the 40th and 42nd storey was sold for about $1.82 million (see Table 2). It reflects the premium that some buyers place on a unit on a high floor with long remaining lease, and in a well-connected location such as Queenstown.

Table 2: Top 10 HDB resale flats sold in October 2026 by Transacted Price

By and large, prices for most resale flats were relatively steady. Average resale prices for various flat types saw either slight declines or modest gains from September in both mature and non-mature towns (see Table 1). The average price of resale flats in mature towns mostly rose in October, with 4-room resale flats leading the increase at 2.1% MOM, followed by 5-room flats where the average price climbed by 1.7% MOM. By contrast, average resale prices for several flat types were in negative territory in non-mature towns, with 3-room flats posting the steepest decline at 2.9% MOM.

Table 1: Average HDB resale flat prices by flat type, by town classification

Broadly, these trends are consistent with the HDB resale price index which continued to show marginal easing in the overall resale flat market. In Q3 2026, the HDB resale prices fell by 0.1% from Q2 2026 - marking a third straight quarter of price decline. In the first nine months of 2026, HDB resale prices have softened by 0.5%, per HDB's statistics.

Contact a PropNex salesperson to find out more about resale HDB market trends.