10/10/2026
Million-Dollar HDBs Are Breaking Records. But Is Singapore's Resale Market Really Booming?
$1.588 million for a 4-room flat. $1.711 million for a 5-room flat. And now, $1.54 million for an HDB in Bedok.
If you've been following Singapore's property news recently, you might be wondering:
Are HDB resale prices getting out of control? Or are we witnessing something happening within a particular segment of the market?
The answer may surprise you.
🏙️ Three Record-Breaking Transactions in October 2026
1. Pinnacle@Duxton — $1.588 million
A 4-room flat measuring approximately 1,023 sqft set a new national record for its flat type, achieving about $1,553 psf.
Interestingly, the unit was located between the 28th and 30th storeys, below several other record-setting Pinnacle flats.
This reminds us that floor level alone doesn't determine a property's value.
2. Natura Loft, Bishan — $1.711 million
A 5-room DBSS flat measuring approximately 1,292 sqft became Bishan's most expensive HDB resale transaction.
Located between the 37th and 39th storeys, the flat also became Singapore's third-highest HDB resale transaction at the time of reporting.
It came within just $17,000 of the national record of $1.728 million, achieved at City Vue @ Henderson earlier this year.
3. Bedok South Horizon — $1.54 million
A 5-room flat measuring approximately 1,216 sqft became Bedok's first HDB resale transaction above $1.5 million.
But what's particularly interesting is that all ten of Bedok's highest HDB resale transactions were recorded at Bedok South Horizon.
Of the development's first 60 resale transactions since reaching its Minimum Occupation Period, 36 crossed the million-dollar mark.
This suggests that buyers are placing significant premiums on selected developments, rather than treating every flat within the same town equally.
📊 Here's the Part Many People May Have Missed
September 2026 recorded 209 million-dollar HDB resale transactions, a new monthly record.
That's approximately one in every eleven resale transactions!
But during the same month:
📉 Total resale transactions fell 10.9% compared with August.
📉 Overall resale prices remained 0.4% below September 2025.
📈 Yet prices increased 0.6% month-on-month.
So while premium HDB transactions continue making headlines, the broader market is showing a more mixed picture.
In fact, approximately 90.7% of September's resale transactions were still below $1 million.
The million-dollar segment is attracting attention, but it does not represent the entire HDB resale market.
🏠 Why Are Some Buyers Willing to Pay So Much?
There isn't one simple explanation.
Some buyers may prioritise:
📍 Location — Established neighbourhoods, connectivity and proximity to amenities.
🏙️ Unit attributes — Higher floors, attractive views, layouts and living space.
🔑 Remaining lease — Newer flats may appeal to buyers seeking longer-term occupation.
👨👩👧👦 Lifestyle and family needs — Staying near parents, schools, workplaces or familiar communities.
💰 Financial circumstances — Different buyers have different budgets, housing needs and alternatives.
And following the removal of the 15-month wait-out period for eligible private homeowners in July 2026, some former private-property owners may also have greater flexibility to purchase HDB resale flats.
However, we should not assume these were the motivations behind any particular record transaction.
💡 What Does This Mean for Homeowners?
If you're an HDB homeowner, these record prices are certainly encouraging.
But a record transaction in your neighbourhood doesn't automatically establish the market value of your own home.
Two flats in the same development can achieve very different prices depending on their floor level, condition, orientation, layout and the circumstances surrounding the sale.
The more useful question isn't:
“How much did the most expensive flat sell for?”
It's:
“How much are buyers realistically prepared to pay for a flat like mine?”
For homeowners considering an upgrade, the calculation goes further. A higher selling price may improve your available proceeds, but the cost of your next property matters just as much.
🔎 What Should Buyers Take Away?
For buyers, the lesson is equally important.
A million-dollar HDB isn't automatically overpriced, just as a cheaper flat isn't automatically better value.
Every property comes with trade-offs involving location, space, remaining lease, affordability and future plans.
Before making a purchase, understand what you're paying a premium for—and whether those attributes genuinely matter to you.
Our Take at Your Next Key SG
Singapore's HDB resale market is becoming increasingly differentiated.
Selected premium flats are setting extraordinary records, while the wider market continues to move at a different pace.
Record prices make the headlines. But informed property decisions require looking beyond the headlines.
Whether you're buying, selling or planning your next move, understanding your property's position within the wider market is far more valuable than chasing the latest record.
💬 What do you think? Are million-dollar HDB flats becoming the new normal, or will they remain exceptional properties?
Share your thoughts in the comments!
Your Next Key SG — Property News, Insights & Conversations
Sources: 99.co (Pinnacle@Duxton, Natura Loft and September 2026 HDB resale report); EdgeProp Singapore (Bedok South Horizon), October 2026. Transaction figures are based on reported resale records and do not constitute individual property valuations.
