In April 2026, a 5-room flat on the 46th to 48th floor of City Vue @ Henderson sold for S$1.728 million, the highest price ever paid for an HDB resale flat. It beat a record that had stood for barely two months, a flat on Dawson Road that sold for S$1.7 million in February 2026. Those two sales sit at the top of a market that, by most other measures, has been getting softer all year. That contradiction is the whole story for anyone sitting on a million-dollar flat right now.

Short answer: HDB resale prices fell in each of the first three quarters of 2026, yet million-dollar transactions hit a record 597 in Q3 alone, about 1,500 for the year so far. The market has split: premium flats in a handful of towns keep setting records while the broader index softens. What that means for you depends on where your flat sits in that split.

Part 1 of 3: Selling your HDB in 2026
1. Sell now or wait? 2. Order and timing 3. What you walk away with

The numbers at a glance

  • Record sale: S$1.728M, 5-room at 96A Henderson Road, April 2026 (EdgeProp; 99.co)
  • Million-dollar resales in 2025: 1,594, up 54% on 2024's 1,035. Toa Payoh led with 302 (99.co; EdgeProp)
  • Million-dollar resales in 2026: 412 in Q1, 491 in Q2 and a record 597 in Q3 (The Edge Singapore; 99.co)
  • Highest asking price so far: S$2.18M for a Telok Blangah jumbo flat, cut to S$1,999,999. Not yet sold (99.co)

What do the 2026 numbers actually show about million-dollar HDB flats?

The headline figures look contradictory, and in a sense they are. The HDB Resale Price Index fell 0.1% in Q1 2026, 0.3% in Q2, and about 0.2% on the Q3 flash estimate (HDB). That is three quarters of decline in a row. In the same stretch, million-dollar resales did the opposite: 412 in Q1 (The Edge Singapore), a then-record 491 in Q2 (99.co), and a new record 597 in Q3 (99.co; The Edge Singapore). That is about 1,500 flats in nine months, against 1,594 for the whole of 2025, which was itself 54% more than the 1,035 in 2024 (99.co; EdgeProp).

Both things are true at once. The index measures the whole market, most of which is nowhere near a million dollars. The record counts measure a narrow, visible slice at the top. A falling average alongside a rising number of very high sales is what you would expect when the gap between ordinary flats and premium flats is widening.

Where are these sales concentrated, and does that include your flat?

Million-dollar deals are not spread evenly. They cluster in Toa Payoh, Queenstown, Bukit Merah and Ang Mo Kio (EdgeProp). Toa Payoh alone accounted for 302 million-dollar deals in 2025, 18.9% of the national total (99.co; EdgeProp). The Henderson Road record, about 1,216 sqft or roughly S$1,421 psf, fits the same pattern: high floor, mature estate, good connections.

If your flat is in one of those towns, on a high floor and near an MRT station, the records are a real signal about what buyers will pay. If your flat is elsewhere, they tell you less than the headlines suggest. A record in Toa Payoh does not lift a similar flat in a town that has none.

Is the Telok Blangah jumbo-flat listing a sign the top end is overheating?

In September 2026, a jumbo flat at 93B Telok Blangah Street 31, two adjoining 3-room flats combined under HDB's Conversion Scheme, 1,465 sqft with about 91 years of lease left, was listed at S$2.18 million. Within weeks the asking price was cut to S$1,999,999 (99.co). It has not sold at either figure. It is an asking price, not a transaction.

In my view, the cut matters more than the original number. Even a headline-grabbing flat runs into a ceiling once buyers compare it with the alternatives. HDB is also reviewing the Conversion Scheme (99.co), which adds policy uncertainty for owners of similar combined flats. If yours is one, this is worth watching rather than acting on yet.

Sell now or wait: the questions that decide it

None of this tells you what to do with your own flat. It tells you which questions to ask first.

Selling sooner may suit you if

  • Your flat is in Toa Payoh, Queenstown, Bukit Merah or Ang Mo Kio, where most record-setting activity is
  • It has a high floor, good views or is close to an MRT station, the features buyers have paid most for in 2026
  • You already have a clear plan for your next home and the numbers work

Waiting may suit you better if

  • Your flat is outside the towns driving most million-dollar deals, where the falling index is the more relevant number
  • You have no clear next home yet, since selling without one usually means renting in between
  • Your flat has a long lease and few comparable flats coming to market nearby

If you do decide to move, the next two questions are order and money. I cover the order to sell and buy in, including ABSD and the 6-month rules, in Selling your HDB to buy private: get the order right. And before you price your flat, work out what actually lands in your account after CPF and fees, in What you actually walk away with after selling your HDB.

Questions owners ask

Is now a good time to sell a million-dollar HDB flat?

It depends on where your flat sits. Flats in Toa Payoh, Queenstown, Bukit Merah and Ang Mo Kio are seeing record activity in 2026. Flats elsewhere are more exposed to the resale index, which has fallen for three quarters in a row. There is no single answer for every seller.

Why are HDB prices falling while million-dollar sales hit records?

The two measures track different things. The Resale Price Index reflects the whole market, which has softened for three quarters. Million-dollar counts track a narrow top slice, concentrated in a few towns, that has kept setting records. Both trends are real and can exist together.

Does the Telok Blangah listing mean jumbo flats are worth S$2 million?

No. It is an asking price that was cut within weeks, not a completed sale, and HDB is reviewing the scheme that created this type of flat. Treat it as a sign of seller expectations, not a benchmark for valuing a similar flat.

What is the national HDB resale record in 2026?

S$1.728 million, set in April 2026 by a 5-room flat at City Vue @ Henderson, about 1,216 sqft on a high floor. It overtook a S$1.7 million record set at 92 Dawson Road two months earlier, in February 2026.

Should I wait for prices to recover before selling?

Prices in your own town matter more than the national index. In a record-setting town, waiting for a general recovery may not change much. Elsewhere, waiting also means CPF accrued interest keeps growing. Speak to a licensed financial adviser for advice specific to your situation.

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Sources

HDB, resale price index and Q3 2026 flash estimate; EdgeProp; 99.co; The Edge Singapore.

This article is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Property investments involve risk. Past performance is not indicative of future results. Readers should seek independent advice from licensed professionals before making any property or financial decision. James Ong is a licensed real estate salesperson (CEA Reg No. R008385F) with PropNex Realty Pte Ltd and is not a licensed financial adviser.

James Ong | CEA Reg No. R008385F | PropNex Realty Pte Ltd