Fresh HDB resale price records have been set by transactions in Queenstown in February 2026, even as the overall resale flat market moderates. This supports the view that a two-track market may be emerging in the HDB resale segment with popular, well-located flats continuing to register stronger price upside while the broader market experiences more moderate and stable price movements.

Based on sales data, two all-time-high price records were set in February where a 2-room resale flat at SkyParc @ Dawson was sold for $695,000, and a 5-room unit at SkyTerrace @ Dawson was transacted for $1.7 million.

Record breakers

The 2-room resale flat in Dawson Road that fetched $695,000 has a lease balance of more than 94 years at the time of resale, and the 47 sqm (506 sq ft) unit is located on a high floor ranging between 34th and 36th storey.

Meanwhile, the record-smashing 5-room resale flat at SkyTerrace @ Dawson is a premium apartment loft unit with a remaining lease of just over 89 years at the time of sale. It spans 122 sqm (1,313 sq ft) and is on a floor between the 19th and 21st storey. This transaction overtook the previous record of nearly $1.659 million set by another 5-room unit in the same block in June 2025, based on data captured.

Earlier, the media reported in July 2024 that a 5-room unit at SkyOasis @ Dawson was resold for about $1.73 million - this transaction is not reflected in the sales data in the government's open data portal.

That some buyers are willing to pay top dollar for a resale HDB flat in a choice location is perhaps not surprising, since property location is an important driver of convenience, connectivity, and possibly even long-term value. In addition, for a similarly sized unit in the same area, HDB resale flats may also appeal to those with a more limited budget compared with the more expensive private homes.

For instance, the average price of 99-year leasehold, resale non-landed private homes sized 500 to 510 sq ft in the Queenstown planning area was about $1.15 million between January 2025 and 20 February 2026, according to caveats lodged. As for units spanning 1,310 to 1,320 sq ft, resale prices of non-landed private homes (99-year leasehold) in Queenstown planning area averaged at $2.22 million over the same period.

Given the relative centrality of Dawson Road and its proximity to the Queenstown MRT station and various amenities, PropNex expects the area to continue to post million-dollar resale flat deals. Furthermore, flats in Dawson Road are seen by some prospective buyers as premium and unique owing to their city-fringe location and stunning design.

Million-dollar resale HDB flats

In February, there were 122 flats that were resold for at least $1 million - marking a 16% decline from the 146 units transacted in the previous month (see Chart 1). They comprised 52 units of 4-room flats, 49 units of 5-room flats, and 21 executive flats.

Among the million-dollar resale flat deals in the month, 15 units are in non-mature towns - four in Punggol, three in Woodlands, two each in Hougang, Sengkang, and Jurong East, and one each in Yishun and Bukit Batok. The rest of the units are in mature towns, led by Toa Payoh with 18 deals, Bukit Merah and Queenstown with 17 each, followed by Ang Mo Kio with 13 transactions.

This takes the total number of million-dollar resale flats sold in the first two months of 2026 to 268 units. PropNex expects the number of such transactions to remain high in 2026, potentially crossing 1,500 units again. In 2025, a record 1,593 flats were resold for at least $1 million each.

Chart 1: Number of HDB flats resold for at least $1 million by month

In February, the priciest HDB resale flat transacted was the aforementioned 5-room unit at SkyTerrace @ Dawson which fetched $1.7 million (see Table 1). It is well ahead of the second highest deal where a 5-room unit at Pinnacle @ Duxton changed hands for $1.515 million.

Table 1: Top 10 HDB resale flats sold in February 2026 by Transacted Price

Moderation in overall market

Notwithstanding the record-breaking deals, the overall HDB resale market moderated in February. Based on sales data, there were 1,669 resale flat transactions in February, down by 29% month-on-month (MOM) from 2,342 units resold in January (see Chart 2). On a year-on-year basis, sales were down by 20% from the 2,091 resale flats transacted in February 2025.

The decline in sales could be due to the Lunar New Year holidays as well as the HDB's February Build-to-Order (BTO) exercise, where 4,692 new flats - including shorter waiting time flats -were offered. Another 4,320 balance flats were also placed for application under the Sale of Balance Flats (SBF) exercise during the month.

Chart 2: HDB resale volume and average resale price

In tandem with the weaker resale volume, the average resale flat price dipped by 0.2% MOM to $656,244 in February (see Chart 1). This is the second straight month where the average HDB resale price had softened - albeit marginally. When compared with February 2025, the average price rose slightly by 1.8% year-on-year.

Chart 3: HDB resale flat transactions by price range

Transaction data showed that the proportion of flats resold that were priced at below $500,000 in February was 23.0%, up from 21.3% in the previous month. About 42.3% of the resale flats sold fetched between $500,000 and under $700,000, a tad lower than 43.1% in January. Meanwhile, the proportion of resale deals done at $700,000 to just under $1 million in February came in at 27.4%, easing from 29.4% in the previous month. Notably, 7.3% of the flats were resold for at least $1 million in February, inching up from 6.2% a month ago (see Chart 3).

By flat type and town classification, the average prices of 5-room resale flats in mature towns and executive flats in non-mature estates bucked the down-trend in February, rising by 3.7% MOM and 2.0% MOM, respectively (see Table 2). Meanwhile, 3-room flats in mature towns saw the steepest fall during the month, as the average price slipped by 3.0% MOM to about $473,700. Similarly, that of 3-room resale flats in non-mature towns also posted a sharper decline at 3.2% MOM.

Table 2: Average HDB resale flat prices by flat type, by town classification

On the whole, the gradual moderation in the HDB resale segment is a step in the right direction as a more sustainable price movement will contribute towards market stability and benefit homebuyers and owners. For the entire 2026, PropNex still expects HDB resale prices to see a slight growth of around 3% to 4%.

Contact a PropNex salesperson to find out more about resale HDB market trends.