HDB flats (public housing)Singapore Property Market

HDB Flats Sold for S$1 Million or More: 208 in September 2026

208 HDB flats sold for S$1 million or more in September 2026, about 21% more than a year earlier. What the count measures and what it cannot show.

By Propwise4 min read

208 HDB flats sold for S$1 million or more in Sep 2026. That is the highest monthly count in our series, which starts in January 2017. It is 20.9% above the count a year earlier.

These flats were 9.3% of all HDB resales that month. The count rose from 201 in the month before. This issue explains how we count, shows the last 12 months, and says what the number cannot tell you.

HDB resale flats sold for S$1 million or moreNumber of resales at S$1,000,000 or more in each month.
HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026

Latest: S$1m+ 208 (Sep 2026).

Counts are by registration month. A month appears once it is complete.

Table view
PeriodResales at S$1 million or more
Sep 2026208
Aug 2026201
Jul 2026187
Jun 2026188
May 2026165
Apr 2026137
Mar 2026144
Feb 2026122
Jan 2026145
Dec 2025144
Nov 2025120
Oct 202586
Sep 2025172
Aug 2025141
Jul 2025167
Jun 2025132
May 2025142
Apr 2025141
Mar 2025108
Feb 2025121
Jan 2025119
Dec 202495
Nov 202487
Oct 2024103
Sep 2024106
Aug 2024105
Jul 2024120
Jun 202495
May 202473
Apr 202468
Mar 202460
Feb 202449
Jan 202474
Dec 202348
Nov 202345
Oct 202340
Sep 202342
Aug 202354
Jul 202332
Jun 202334
May 202334
Apr 202337
Mar 202339
Feb 202324
Jan 202340
Dec 202228
Nov 202226
Oct 202238
Sep 202245
Aug 202233
Jul 202233
Jun 202231
May 202230
Apr 202222
Mar 202227
Feb 202229
Jan 202227
Dec 202136
Nov 202129
Oct 202120
Sep 202123
Aug 202126
Jul 202119
Jun 202119
May 202113
Apr 202121
Mar 202117
Feb 202123
Jan 202113
Dec 202010
Nov 202013
Oct 202013
Sep 20208
Aug 20205
Jul 20209
Jun 20208
May 20202
Apr 20201
Mar 20205
Feb 20204
Jan 20204
Dec 20192
Nov 20194
Oct 20191
Sep 20194
Aug 20199
Jul 20198
Jun 20196
May 20198
Apr 20195
Mar 20197
Feb 20194
Jan 20196
Dec 20184
Nov 20188
Oct 20188
Sep 20187
Aug 20189
Jul 20186
Jun 201811
May 20181
Apr 20185
Mar 20188
Feb 20183
Jan 20181
Dec 20174
Nov 20175
Oct 20172
Sep 20173
Aug 20173
Jul 20179
Jun 20175
May 20176
Apr 20172
Mar 20174
Feb 20171
Jan 20172

Source: HDB. Data to Sep 2026.

How we count

Each HDB resale record is one resale. We count the records with a price of S$1,000,000 or more in each calendar month, by the month the resale was registered.

HDB’s notes say the file leaves out resales between relatives and partial-share resales. A month is counted only when it is complete, so the running month is not in the figures above.

The last 12 months

These are Propwise counts from the HDB file, all final, as at 5 October 2026:

MonthResales at S$1m or moreShare of all resales
Oct 2025866.4%
Nov 20251207.2%
Dec 20251447.1%
Jan 20261456.2%
Feb 20261227.3%
Mar 20261447.1%
Apr 20261377.1%
May 20261657.8%
Jun 20261888.8%
Jul 20261877.1%
Aug 20262018.0%
Sep 20262089.3%
Share of HDB resales at S$1 million or morePercent of the month's resales priced at S$1,000,000 or more, from 2025.
Share of HDB resales at S$1 million or more. The share of resales at S$1 million or more rises from about 5 to 6 per cent in early 2025 to 9.3 per cent in September 2026.0.0%2.0%4.0%6.0%8.0%10.0%Jan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26Share of HDB resales at S$1 million or more. The share of resales at S$1 million or more rises from about 5 to 6 per cent in early 2025 to 9.3 per cent in September 2026.0.0%2.0%4.0%6.0%8.0%10.0%Jan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26

Latest: Share 9.3% (Sep 2026).

The S$1 million count divided by the month's resale count.

Table view
PeriodShare of resales at S$1 million or more
Sep 20269.3%
Aug 20268.0%
Jul 20267.1%
Jun 20268.8%
May 20267.8%
Apr 20267.1%
Mar 20267.1%
Feb 20267.3%
Jan 20266.2%
Dec 20257.1%
Nov 20257.2%
Oct 20256.4%
Sep 20257.9%
Aug 20256.4%
Jul 20256.5%
Jun 20255.8%
May 20256.3%
Apr 20256.1%
Mar 20255.7%
Feb 20255.8%
Jan 20255.1%

Source: HDB. Data to Sep 2026.

The count has been 187 or higher in each of the last four months. The 12 months to September 2026 add up to 1,847 flats, against 1,528 in the 12 months before, a rise of 20.9%.

Those 1,847 flats are 7.5% of the 24,661 resales in the period.

The longer run shows how new this is. The file has 46 such sales in all of 2017, 82 in 2020 and 1,035 in 2024. In 2025 it has 1,593.

The first nine months of 2026 already total 1,497, which is 94% of the 2025 figure (as at 5 October 2026). The million-dollar flat is no longer a rare bird. It is closer to a regular at the coffee shop.

Which flats these are

For the same 12 months to September 2026, we looked at each flat in the count (the HDB file):

  • By flat type: 786 four-room flats (43%), 660 five-room flats (36%) and 390 executive flats (21%). The other 11 were three-room and multi-generation flats.
  • By town: Toa Payoh had 293, Queenstown 250 and Bukit Merah 222. Together these three towns had 41% of the total.
Where the S$1 million HDB flats were sold, Oct 2025 to Sep 20261,847 resales at S$1,000,000 or more, counted by registration month.
By town: the 8 towns with the mostToa Payoh293Queenstown250Bukit Merah222Kallang/Whampoa151Ang Mo Kio123Clementi105Bishan98Tampines96By flat type: all 1,847 flats4-room786 (43%)5-room660 (36%)Executive390 (21%)Other types11 (1%)

Source: HDB. The count leaves out resales between relatives and partial-share resales. The other 509 flats were in towns not shown.

So the count is not spread evenly across the island. A rise in the count can come from more sales in a few towns, not from a general rise in every town.

For the wider picture on million-dollar flats, see our guide on whether they are the new norm. If you are comparing flats, see how to choose the right HDB flat and our HDB home loan guide.

What is behind the rise in million-dollar flats

The count rose while the overall market softened. Our guide to million-dollar flats as the new norm covers location, young leases and flat size, so we do not repeat them.

1. A fixed line meets rising prices. S$1 million does not change, but prices do. The HDB resale price index rose from 130.8 in Q2 2019 to 203.7 in Q3 2025, about 56%.

A flat that cost S$700,000 at the 2019 level would cost about S$1.09 million at the 2025 peak (a Propwise illustration). This cannot be the whole story. The index has slipped since Q3 2025, yet the count kept rising.

2. Young central flats are reaching their minimum occupation period (MOP). The MOP is the wait before an owner can sell on the open market. Huttons’ Lee Sze Teck said that flats reaching MOP in 2026 could draw interest, and that some central and 5-room flats may sell at S$1 million or more.

PropertyNet, a property portal, links the large Toa Payoh and Queenstown counts to the size of the MOP waves there, and does not prove the link.

3. Cash-rich private owners (analysts disagree).

ERA’s Eugene Lim put part of the demand down to private homeowners facing fewer barriers. The 15-month wait-out ended on 28 July 2026. Two things argue against this as the main cause.

HDB says it has not seen a significant rise in purchases by that group, as our resale price index article reports. And the table above shows 188 in June 2026 and 187 in July, so the count was high before the rule changed.

4. Spread beyond mature towns (measured by an analyst). Lee of Huttons said non-mature estates made up 11.4% of million-dollar deals in Q3 2026, the highest so far. ERA counts 597 such deals in Q3, 8.5% of 7,528 resales, with 353 in 5-room and larger flats.

A force that may slow it.

The BTO (Build-To-Order) income ceiling rose to S$16,000 for couples in August 2026.

Realion’s Christine Sun expects it to divert buyers from larger, dearer resale flats. That is a forecast. No data yet shows it.

What is not known. The count cannot show who bought, how they paid or whether sellers priced above valuation.

hdb resalehdb resale prices1 million

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