In Q1 2026 the HDB resale price index slipped 0.1 % quarter‑on‑quarter, the first dip since Q2 2019, yet the volume jumped 17.6 % to 6,179 units. Four‑room flats in Bukit Merah now fetch a median of S$1 million, a level not seen in seven years, while the Central Area’s median sits at S$1.2 million, driven by premium projects like Pinnacle @ Duxton.
The slowdown in the price index feels like a MRTE line suddenly lagging after a rush hour – the overall flow is steadier, but the crowd at the stations is growing. Transaction volume surged, echoing the way hawker centre queues swell when a new stall opens. Over 70 % of all sales still sit under S$750,000, but the high‑end slice is expanding: 412 units crossed the S$1 million line, a record share of 6.9 % of total sales.
Bukit Merah’s 4‑room market is the star of the show. The median hit S$1 million for the first time in seven years, and 4‑room units dominate the million‑dollar deals there. New MOP flats released in 2026 added supply, keeping prices from spiking further. Proximity to the CBD and the MRT makes the area as attractive as a prime hawker stall near the exit gate – everyone wants a piece.
Across the Central Area, the median for 4‑room flats sits at S$1.2 million, buoyed by luxury projects like Pinnacle @ Duxton. All 11 units sold above S$1 million were from that development, showing how a single landmark can lift an entire district’s price bar. Limited land, high rental yields, and foreign interest act like a permanent queue at a popular food court – demand stays high, supply stays tight.
Supply dynamics matter too. BTO launches are robust: 4,692 flats in February and 6,900 slated for June. MOP flats surged 93.3 % YoY to 13,480 units, with 69.3 % concentrated in hot towns such as Punggol and Queenstown. This influx fuels resale activity, much like a fresh batch of kaya toast draws more morning commuters. The concentration of MOP flats in Queenstown reflects how newer developments within mature estates command premium prices, driven by modern design and the area’s well-established infrastructure.
Key takeaways
- Median 4‑room price: Bukit Merah S$1 M; Central Area S$1.2 M.
- Volume up 17.6 % despite a 0.1 % price dip.
- High‑end share: 6.9 % of transactions > S$1 M.
- Supply boost: BTO and MOP flats expanding inventory.
Looking ahead, ERA forecasts 2‑5 % annual price growth. Total resale transactions could hit 26‑27 k units in 2026, with more MOP flats slated for 2027. The market may have cooled a touch, but the premium segment remains as hot as a chilli crab stall on a rainy night. MOP flats are set to reach a five‑year Minimum Occupation Period in 2026, potentially reshaping the high‑end resale landscape. Record 415 million‑dollar flats underscore the growing appetite for premium units.
