Even as Singapore's HDB resale market recorded its first price decline in seven years, savvy property watchers know that location remains king. HDB's Resale Price Index (RPI) fell 0.1% in Q1 2026, standing at 203.4, down from the fourth quarter of 2025. Yet beneath this headline figure lies a tale of two markets: certain HDB towns continue to command premium prices and deliver strong resale value, while others face headwinds.
Expert Takeaway: While overall HDB prices softened in 2026, mature estates like Bukit Timah, Queenstown, and Bishan maintain their premium positioning, with strategic locations near MRT lines and quality amenities driving sustained demand even in a cooling market.
The 2026 HDB Market Reality Check
The numbers paint a mixed picture. The median HDB resale price across all 26 towns is $490,000 as of March 2026, but this masks significant variation. Prices vary significantly by town, from $390,000 in Ang Mo Kio to $823,000 in Bukit Timah.
6,285 resale flats were transacted in Q1 2026, with at least 412 resale flats sold for $1 million or more. Despite the overall price dip, nine towns saw all-time high prices, including Bukit Batok, Bukit Merah, Clementi, Pasir Ris, Punggol, Queenstown, Sembawang, Sengkang and Tampines.
The market's cooling reflects broader factors: an estimated 13,480 HDB flats are expected to complete their five-year MOP in 2026, almost double the 6,973 in 2025, substantially increasing supply.
Premium Tier: The Unshakeable Champions
At the apex of HDB resale value sit three perennial winners that continue to defy market softness:
| Town | Median Price (2026) | Key Strength |
|---|---|---|
| Bukit Timah | $823,000 | Scarcity + prestige location |
| Queenstown | $720,000 | Pioneer satellite town + health district |
| Bishan | $669,000 | Central location + excellent connectivity |
Bukit Timah has the highest median resale price at $823,000, followed by Queenstown ($720,000) and Bishan ($669,000). These towns benefit from what analysts call the "scarcity premium" – limited supply in highly desirable locations.
Bukit Timah particularly stands out. Only 48 resale transactions took place in the past year, yet 18 of them crossed the million-dollar mark! A wild proportion for such a small town. Since 2020, executive and 5-room flats have seen the strongest gains at around 42% and 37% respectively, while 4-room units grew by 24%.
Strong Performers: Million-Dollar Hotspots
The next tier comprises towns that regularly produce million-dollar transactions and maintain strong price resilience:
Towns such as Toa Payoh led the pack with 18 million-dollar deals in February 2026. Bukit Merah and Queenstown followed closely, each recording 17 such transactions. The record-breaking transaction came from Queenstown, where a 5-room flat at SkyTerrace @ Dawson sold for $1.7 million, now officially the most expensive HDB flat ever sold in Singapore.
Toa Payoh exemplifies enduring value. Located just minutes from Orchard Road and the CBD, this mature estate sits right in the middle of Singapore, offering residents the kind of everyday convenience that newer estates can't quite replicate. Due to its location, connectivity, and character, Toa Payoh remains one of the most coveted and competitive towns.
Rising Stars: MOP Towns to Watch
The influx of newly MOP-eligible flats creates opportunities in specific towns. Five towns account for about 80% of all 2026 MOP completions. Punggol leads with 3,222 units (23.9%), followed by Queenstown with 2,405 (17.8%), Tampines with 2,133 (15.8%), Toa Payoh with 1,594 (11.8%), and Bedok with 1,440 (10.7%).
These towns benefit from having newer flats with longer remaining leases. In these towns, the newly MOP flats are likely to command higher asking prices, supported by their "strong location appeal" and relatively longer remaining leases.
Punggol deserves particular attention. The supply in Punggol is concentrated in the Punggol Northshore district, where the first residents moved into Northshore Residences I & II and Waterfront @ Northshore I & II in 2020. Billed as HDB's first smart and sustainable district, we can expect a high demand for Punggol Northshore units now that they've reached the end of the MOP.
Market Dynamics: What Drives Resale Value
Several factors determine which HDB towns maintain strong resale value:
Connectivity remains paramount. Towns with direct MRT access or multiple transport options consistently outperform. The upcoming new launch developments often factor in transport links as a key selling point.
Amenity density matters significantly. Queenstown was one of the earliest estates designed to be self-sufficient, with its very own town centre and sports complex. Right now, Queenstown is also pioneering a vision for wellness-living with its very own Health District.
Scarcity premium drives prices in established areas. The consistent upward trajectory reflects how scarcity and prestige fuel demand here, especially considering there are only a handful of HDB projects within the Central Area. And yet they sit alongside luxury condos and major business districts.
For families considering their next move, our HDB upgrader's guide provides detailed strategies for maximising resale value while minimising ABSD exposure.
Opportunities vs Risks: A Balanced View
Opportunities:
- Increased MOP supply creates negotiation leverage for buyers
- Cooling market allows for more measured decision-making
- Premium locations maintain their appeal despite broader softening
- Record-low BTO application rates suggest continued resale demand
Risks:
- First price decline in seven years signals potential trend reversal
- Increased supply could pressure prices in non-premium locations
- Economic uncertainty may dampen buyer sentiment further
- Lease decay concerns intensify for older blocks
Wong Siew Ying, Head of Research and Content at PropNex, described the price dip as potentially significant. She noted that if confirmed by final figures, it could mark the end of a prolonged period of continuous price growth.
However, resale prices are expected to grow moderately by 3% to 4% in 2026, reflecting stabilising supply-demand dynamics and a market settling into a more sustainable footing.
The lease decay factor deserves attention. 32% of Singapore's HDB blocks (3,067 out of 9,694) have less than 60 years remaining on their lease, which triggers restrictions on CPF usage and HDB loans. These blocks have a median resale price of $400,000 — 23% lower than the $522,000 median for blocks with 60+ years remaining.
For those navigating HDB financing complexities, understanding TDSR and LTV rules becomes crucial, especially when considering upgrade timing.
Already own an HDB?
New supply changes what your current home is worth.
Every launch wave shifts resale demand, rental yields and exit timing for existing owners nearby. If your flat has crossed MOP, or crosses it within 2 years, this is precisely when to review your options. Get a free, data-backed read on what your unit could fetch and what your upgrade path looks like.
WhatsApp: Free Owner ReviewUpgrade Without ABSD GuideFrequently Asked Questions
Which HDB town has the best resale value in 2026?
Bukit Timah leads with a median price of $823,000, followed by Queenstown at $720,000. However, "best" depends on your budget and needs. Towns like Toa Payoh and Bukit Merah offer strong value with regular million-dollar transactions while remaining more accessible than the premium tier.
Should I sell my HDB now with prices declining?
The 0.1% price decline represents market normalisation rather than collapse. If your flat is in a premium location with good connectivity and you're not in a rush, holding may be wise. For urgent upgraders, use our sales proceeds calculator to assess your position.
Are million-dollar HDB flats still worth buying?
Million-dollar flats in prime locations continue showing demand, with 412 such transactions in Q1 2026 alone. However, ensure the premium is justified by location, remaining lease, and amenities. Consider future resale potential and financing implications through our affordability calculator.
How do MOP flats affect resale prices in 2026?
The 13,480 flats reaching MOP in 2026 nearly double last year's supply, creating downward price pressure. However, MOP flats in premium towns like Punggol and Queenstown may still command strong prices due to their desirable locations and longer remaining leases.
Which areas should I avoid for resale investment?
Be cautious of older blocks with less than 60 years remaining lease, as they face CPF usage restrictions and trade at 23% discounts. Towns with heavy BTO supply may see price pressure. Always check lease tenure and upcoming supply before committing. Our stamp duty calculator helps assess total investment costs.
The HDB resale market's 2026 recalibration presents both challenges and opportunities. While premium locations maintain their appeal, buyers gain negotiating power as supply increases. Whether you're considering an upgrade or evaluating your current flat's potential, the market's evolution demands careful analysis rather than hasty decisions. At PropertyNet.SG, our independent property consultants help you navigate these complex dynamics with data-driven insights tailored to your specific situation. Reach out to us for personalised advice on maximising your HDB's resale value or identifying the right upgrade opportunity in today's shifting market.