Starting the year with continued momentum, Singapore’s HDB resale market posted a 1.2% price increase in January 2026, signaling that buyer demand remains robust despite ongoing government efforts to cool the secondary housing segment.
Singapore’s HDB resale prices climbed 1.2% in January 2026, demonstrating persistent buyer demand amid government cooling measures.
Transaction volumes climbed alongside prices, with the resale market experiencing a noticeable surge in activity that suggests buyers are moving quickly to secure units in the current environment.
Interestingly, the growth patterns differed across estate types.
Mature estates saw prices rise 0.9% during the month, reflecting steady appreciation in established neighborhoods where buyers continue paying premiums for location advantages.
Meanwhile, non-mature estates recorded a slightly lower increase of 0.7%, indicating that newer developments are responding more sensitively to supply-side interventions and the larger inventory of recently completed units entering the market.
The million-dollar HDB segment continues its remarkable expansion, having reached 1,500 transactions in 2025, a substantial 50% jump from approximately 1,000 such sales in 2024.
This premium tier is establishing itself as a permanent fixture rather than an anomaly, with projections pointing toward further growth as quality units in desirable locations command increasingly strong prices.
Supply dynamics are shifting markedly as authorities ramp up their response.
HDB has been authorized to exceed the original 55,000-unit target for the 2025-2027 period, with planned BTO launches expanding beyond baseline projections.
Simultaneously, properties purchased during the pre-COVID era are completing their mandatory holding periods, bringing 5-6 year old units into the resale pipeline throughout 2026 and adding meaningful inventory to the secondary market.
Government policy continues focusing on price stabilization rather than deflation.
The strategy relies primarily on supply expansion to moderate appreciation rates without triggering sharp corrections that could destabilize the market.
While prices are expected to keep rising, the pace should temper compared to previous years as new units progressively enter circulation.
The early 2026 data suggests the market remains resilient and liquid, with strong buyer participation supporting price floors even as authorities work to prevent runaway appreciation through carefully calibrated supply interventions.
High-value transactions in mature estates like Toa Payoh, Bukit Merah, and Queenstown continued to drive premium valuations, with some units in Bishan reaching record prices exceeding S$1,200 per square foot.
