Three HDB towns - Bedok, Central Area, and Clementi - posted new record high resale prices in May, even as the overall HDB resale market continues to stabilise. Among the three record-setting resale flats, two units are from projects that have recently exited from their respective five-year minimum occupation period (MOP).

In Bedok, a 5-room resale flat in Bedok South Horizon in Bedok South Road fetched $1.4 million - beating another 5-room unit in the same project which was resold for $1.38 million in the same month. The 113-sqm record-breaking 5-room resale flat is located on a floor between the 16th and 18th storey and has a remaining lease of 95 years at the time of resale. Bedok South Horizon was offered under the November 2026 build-to-order (BTO) exercise.

It is perhaps not surprising that Bedok South Horizon has booked relatively healthy resale prices in recent months. Apart from its long remaining lease, the project is also quite well-located, being minutes' walk to the future Bedok South MRT station on the Thomson-East Coast Line (TEL), and an upcoming mixed-use development in Bayshore Drive. The HDB project is also near Temasek Primary and Secondary schools, as well as the East Coast Park.

Meanwhile, Clementi Crest in Clementi Avenue 3 continued to pull in million-dollar resale flat deals. In May, a 5-room unit was resold for $1.58 million, besting the previous record of $1.51 million set by another unit in Clementi Crest in January 2026. Units resold at Clementi Crest have consistently smashed the record high price in Clementi town. The latest one being a 5-room flat that spans 113-sqm on a storey between the 37th and 39th floor, with a lease balance of about 94 years.

Clementi Crest - launched in the May 2015 BTO exercise - is conveniently located near to the Clementi MRT station, The Clementi Mall, Grantral Mall @ Clementi, Clementi 448 Market & Hawker Centre, Clementi Sports Centre, and a cluster of schools in the Clementi Avenue 1 and Dover areas.

A new record resale price was also set in Central Area by a 5-room flat at Pinnacle @ Duxton in Cantonment Road. The unit is located on a high floor between the 43rd and 45th storey and has a floor area of 105 sqm. It has a remaining lease of more than 83 years at the point of resale. The project is about 300 to 400m from the Outram Park MRT interchange station (for TEL, North East Line, and East West Line) and the Maxwell MRT station on the TEL. It is also near Cantonment Primary School, the central business district, and commercial offerings in Chinatown and Tanjong Pagar.

Meanwhile, PropNex notes that the record price for 4-room resale flats has also been set with the sale of a unit at Pinnacle @ Duxton for $1.55 million in May.

Continued stability in HDB resale market

Notwithstanding the record-breaking sales, the overall HDB resale market is still on stable footing. The average HDB resale price inched up by 0.4% month-on-month (MOM) in May to $660, 328, while the resale volume climbed by 10% to 2,136 flats during the month (see Chart 1). The towns with the highest number of transactions in May were Tampines, Woodlands, and Sengkang.

The moderation in HDB resale market of late is partly due to the injection of a strong supply of BTO flats by the HDB which has helped to satisfy public housing demand, particularly with attractive BTO projects and those with shorter waiting times possibly drawing some buyers away from the resale market.

Chart 1: HDB resale volume and average resale price

By flat type and town classification, the average prices of resale flats in mature towns saw measured movements in May, with 3- and 4-room flats posting 1.2% MOM and 0.8% MOM price increase respectively, while the average resale price of 5-room flats dipped by 0.1% MOM and that of executive flats fell by 2.7% MOM (see Table 1). Over in non-mature estates, executive flats posted a 1.9% MOM increase in the average resale price, while 5-room units witnessed a 1.4% MOM average price growth in May.

Table 1: Average HDB resale flat prices by flat type, by town classification

Overall, the sales data showed that the proportion of flats resold that were priced at below $500,000 in May was 23.0%, a touch higher than the 22.5% in the previous month. About 40.2% of the resale flats sold fetched between $500,000 and under $700,000, down from 42.6% in April. Meanwhile, the proportion of resale flat deals done at $700,000 to just under $1 million in May rose to 29.0% from 27.8% a month before. In addition, the proportion of flats resold for at least $1 million in May inched up to 7.7% from 7.15 in April (see Chart 2).

Chart 2: HDB resale flat transactions by price range

Million-dollar resale HDB flats

There were 165 resale flats that fetched at least $1 million in May, marking a 19.6% increase from the 138 units transacted in the previous month (see Chart 3). This is the highest number of such sales on a monthly basis since 172 units changed hands in September 2025. All in, 715 units of million-dollar resale flats have been sold in the first five months of 2026 - paving the way to potentially exceed the record 1,593 such units resold in the whole of 2025.

In May, the million-dollar resale flats transacted comprised 68 units of 4-room flats, 66 units of 5-room flats, 30 executive flats, and a multi-generation flat. Among them, 19 flats are located in non-mature towns - a new monthly high tally - in Hougang, Woodlands, Punggol, Yishun, Jurong East, and Sengkang.

The remaining units are located in mature estates, with Bukit Merah leading million-dollar resale flat transactions at 22 units sold in May. This is followed by Queenstown and Toa Payoh with 21 such transactions each during the month.

Chart 3: Number of HDB flats resold for at least $1 million by month

The priciest HDB resale flat sold in May was the aforementioned 5-room flat at Pinnacle @ Duxton which had set a new record price in the Central Area when it was resold for $1.63 million (see Table 2). Of note, a 150-sqm adjoined flat in Moh Guan Terrance in Bukit Merah town with a lease balance of around 45 years was resold for $1.53 million during the month - surpassing the $1.50 million achieved by another adjoined flat in the same block that was transacted in June 2023. It is likely that the generous unit size, city-fringe location, and heritage character of the Tiong Bahru neighbourhood have attracted buyers to these units, notwithstanding the shorter remaining lease.

Table 2: Top 10 HDB resale flats sold in May 2026 by Transacted Price

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