Key Takeaways
- Around 490 million-dollar HDB flats changed hands in Q2 2026, making up 7.8% of all resale transactions, the highest proportion on record.
- The current all-time HDB resale record is a 5-room flat at 96A Henderson Road that sold for S$1.728 million in April 2026.
- Toa Payoh, Bukit Merah and Queenstown dominated million-dollar deals in Q2 2026, closely tied to the towns with the largest MOP supply this year.
- Five-room and executive flats form the bulk of million-dollar transactions, but well-located 4-room flats are increasingly crossing the threshold.
- Overall HDB resale prices fell for a second straight quarter in Q2 2026, showing a bifurcated market where the top end diverges from the median.
Million-dollar HDB flats are no longer rare outliers in Singapore's resale market. They now account for a record share of transactions in 2026, even as the broader HDB Resale Price Index quietly slips for the first time in nearly seven years.
Here is the paradox defining Singapore's public housing market in 2026. The overall HDB resale market is cooling, yet the top end has never been hotter. This split screen, softening medians alongside surging premium deals, tells you almost everything about where value is concentrating and where the risks now sit for buyers and sellers alike.
What the Latest HDB Data Shows About Million-Dollar Flats in 2026
The headline numbers confirm a genuine market bifurcation. HDB flash estimates show the resale price story has turned. According to ERA's commentary, following the 0.1% quarter-on-quarter decline in Q1 2026, the Resale Price Index slipped a further 0.3% in Q2 2026 to 202.7. Note that this is the first back-to-back decline since the stretch from Q3 2018 to Q2 2019.
Yet million-dollar activity marched the other way. In Q2 2026, a further 491 million-dollar flat transactions were recorded up to 30 June, bringing the first-half tally to 902 deals, surpassing the 763 recorded in the same period of 2025. Independent flash estimate coverage put the Q2 figure at around 490 flats, accounting for 7.8% of all resale transactions, the highest proportion on record.
The full-year 2025 baseline puts this in perspective. A record 1,594 HDB resale flats sold for S$1 million or more in 2025, a 54% jump over 2024, though they made up just 6.35% of all resale transactions that year. National Development Minister Chee Hong Tat noted in Parliament that about 6% of HDB resale flats transacted above S$1 million in 2025, and reiterated that resale prices are determined by market forces based on agreements between buyers and sellers.
| Period | Million-Dollar Deals | Share of Resale Transactions | RPI Movement |
|---|---|---|---|
| Full-year 2025 | 1,594 | ~6.35% | +2.9% (year) |
| Q1 2026 | 412 | ~6.6% | -0.1% QoQ |
| Q2 2026 | ~490 | 7.8% (record) | -0.3% QoQ |
Which Towns Are Breaking Million-Dollar HDB Records
The geography of million-dollar flats remains concentrated, but it is widening. In Q2 2026, mature towns continued to dominate, led by Toa Payoh with 66 deals, followed closely by Bukit Merah and Queenstown with 65 and 64 deals respectively. Crucially, Toa Payoh and Queenstown are also among the towns with the largest MOP supply this year, at 1,594 and 2,405 flats respectively, so newer flats with stronger price potential are feeding the premium segment directly.
Median prices tell the same story. In Q1 2026, the median price of 5-room flats crossed S$1 million in three towns, namely Ang Mo Kio, Bukit Merah and Toa Payoh, while the median price of 4-room resale flats reached S$1 million in both Queenstown and Toa Payoh. In Queenstown, 40 of the 67 resale 4-room flats sold fetched at least S$1 million, while in Toa Payoh, 52 of 102 units resold were million-dollar deals.
The absolute records now cluster in the Greater Southern Waterfront corridor. A 5-room flat at 96A Henderson Road sold for S$1.728 million in April 2026, at roughly S$1,421 per square foot, setting a new all-time HDB resale record. It sits in the City Vue @ Henderson development with a 2019 lease commencement and about 92 years of remaining tenure. That surpassed the previous record, a 5-room flat at 92 Dawson Road that sold for S$1.7 million in February 2026, a benchmark that lasted less than three months.
The spread is also broadening. In June 2026, million-dollar transactions appeared across a long list of towns beyond the central core, from Tampines and Bedok to Punggol, Sengkang and Woodlands. This mirrors the dynamics we tracked in our look at the HDB million-dollar flat phenomenon, where scarcity at the top end holds firm even as the median moderates.
Which Flat Types Command Million-Dollar Prices
Size and rarity drive the premium. The Q1 2026 breakdown of 412 million-dollar deals comprised 190 four-room flats, 143 five-room flats, 78 executive flats and one multi-generation flat. Across the full 2025 record of 1,594 deals, 664 were 4-room, 557 were 5-room and 368 were executive, confirming that larger layouts dominate.
| Flat Type | Q1 2026 Million-Dollar Deals | 2025 Full-Year Deals |
|---|---|---|
| 4-room | 190 | 664 |
| 5-room | 143 | 557 |
| Executive | 78 | 368 |
| Multi-gen / Other | 1 | 5 |
Executive flats are a special case. Their resale volumes have held almost flat because supply is limited following the discontinuation of executive flats in new HDB launches since 1995. That scarcity, combined with generous floor areas, keeps executive maisonettes and jumbo flats commanding strong prices regardless of the broader supply picture.
What is newer in 2026 is the role of recently MOP-ed flats. At least 63 deals, or 15% of Q1 2026 million-dollar transactions, involved units with remaining leases of 94 years or more that had only recently met their five-year Minimum Occupation Period, concentrated in newer projects such as Alkaff Courtview and Ang Mo Kio Court. If you own a flat approaching this milestone, our guide on what to do when your HDB reaches MOP walks through the timing and eligibility on the HDB selling eligibility rules.
Why the Million-Dollar Segment Keeps Growing While the Market Cools
Three structural forces explain the divergence. First, a near-doubling of MOP supply: a total of 13,480 units are set to reach MOP in 2026, 93.3% more than the 6,973 units in 2025. These younger flats, many with over 90 years of lease remaining, are prized because they offer a near-new home without the three to five year wait for a Build-To-Order flat.
Second, the comparative value argument. With average mass-market three-bedroom condo prices holding above S$2 million, large and centrally located HDB flats priced around S$1 million continue to attract buyers who see relative value, especially with mortgage rates sitting low. Our breakdown of how sub-1.5% mortgage rates reshape buyer power explains why financing costs are supporting these upgrade decisions.
Third, tightening supply of the most desirable stock. HDB's newer Plus and Prime flat classifications carry 10-year MOPs and have not yet supplied any resale inventory, so the most sought-after central precincts remain undersupplied on the resale side. This is the same policy backdrop we covered in our explainer on the HDB lease decay and Bala's Curve, where remaining lease increasingly determines value.
Opportunities Versus Risks for Buyers and Sellers
For sellers of rare, well-located flats, the opportunity is clear. Prices in mature estates rose 0.6% month-on-month in June 2026 while non-mature estates fell 0.3%, and sellers of premium stock have not been forced to cut asking prices. Executive maisonettes, large multi-gen units and high-floor flats near MRT stations continue to command premiums where alternatives are scarce.
The risks deserve equal weight. The broader market is genuinely softening, with total first-half 2026 resale volume of 12,553 units running 8.3% below the same period in 2025. Buyers stretching to million-dollar prices should budget carefully for upfront costs, including Buyer's Stamp Duty of roughly S$24,600 on a S$1 million flat, which you can confirm using our stamp duty calculator and the official IRAS BSD schedule. Financing is subject to the Mortgage Servicing Ratio, so review the MAS MSR and TDSR rules before committing.
- Opportunity: Recently MOP-ed flats offer near-new homes with 90-plus year leases and immediate move-in.
- Opportunity: Comparative value versus S$2 million-plus mass-market condos keeps demand resilient.
- Risk: The sustained growth in million-dollar deals is concentrated in a handful of mature estates, not spread across the market.
- Risk: A softer overall index and rising supply give buyers more negotiating leverage on typical flats.
- Risk: Global inflation and job-market caution could make buyers more selective in the second half of 2026.
If you are weighing whether to sell now or ride the premium wave, our walkthrough on how to calculate your HDB sales proceeds helps set realistic expectations against current market conditions.
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How many million-dollar HDB flats have sold in 2026 so far?
In the first half of 2026, 902 million-dollar HDB flats were transacted, comprising 412 in Q1 and around 490 in Q2. This first-half tally surpassed the 763 recorded in the same period of 2025, and the Q2 figure represented a record 7.8% share of all resale transactions.
What is the most expensive HDB flat ever sold in Singapore?
The current all-time record is a 5-room flat at 96A Henderson Road in the City Vue @ Henderson development, which sold for S$1.728 million in April 2026 at roughly S$1,421 per square foot. It broke the previous record of S$1.7 million set at 92 Dawson Road in February 2026.
Which HDB towns have the most million-dollar flats?
Toa Payoh, Bukit Merah and Queenstown led million-dollar transactions in Q2 2026, with 66, 65 and 64 deals respectively. These towns also carry some of the largest MOP supply this year, which helps feed newer, high-value flats into the resale market.
Are 4-room HDB flats crossing the million-dollar mark?
Yes. In Q1 2026, 4-room flats were the single largest group of million-dollar deals at 190 transactions, and the median 4-room price crossed S$1 million in Queenstown and Toa Payoh. High floors, long remaining leases, central locations and MRT proximity are the main drivers.
Will HDB resale prices keep falling in 2026?
The Resale Price Index has declined for two consecutive quarters in 2026, but analysts describe this as a moderation rather than a sharp correction. Most full-year forecasts cluster in a modest range, with the near-doubling of MOP supply and a large BTO pipeline keeping prices broadly stable rather than collapsing.
The million-dollar HDB story in 2026 is ultimately about divergence, and averaging your decision against the islandwide index can lead you astray. Whether you are a seller sitting on a rare executive flat in Bishan, an upgrader eyeing a newly MOP-ed unit near an MRT interchange, or a buyer trying to gauge fair value in a softening market, the numbers that matter are hyper-local to your town, flat type, floor and remaining lease. If you would like an independent, data-grounded read on how these trends apply to your specific flat or shortlist, reach out to the team at PropertyNet.SG for a personalised, no-pressure conversation.