HDB resale has reached an inflection point: overall median growth flattened to a marginal 0.8% QoQ, yet the million-dollar segment keeps decoupling from the broader market.
- Growth divergence. Kallang/Whampoa led with nearly 20% QoQ (14% YoY), driven by young 4-room flats and flats near MRT stations; Clementi dipped 7% QoQ on a mix shift toward smaller units.
- Volume fatigue. Volumes are down YoY; among the top three towns (Woodlands, Tampines, Sengkang) only Woodlands rose. 3-room flats saw the sharpest decline, about 10%.
- The million-dollar norm. High-value deals are up 18% YoY, now nearly 7% of all resale. Top estates: Toa Payoh (72 deals), Bukit Merah (57), Queenstown (55). The $1.7M record: a 4-room unit at Dawson Road (Queenstown) in February 2026. Only Choa Chu Kang, Jurong West and Sembawang have yet to record a million-dollar deal.
- Next milestone. We are approaching the "Million-Dollar Town" era. Bukit Timah's overall median now sits at $1.02M, but low volume there leaves it easily skewed — the threshold is firmer by segment: for 4-room and 5-room flats, Bukit Timah, Queenstown and Toa Payoh all command medians above $1M.
Bottom line: bread-and-butter flats are stabilising while appetite for premium, central HDB stays aggressive. We are not just looking at million-dollar flats anymore — we are looking at million-dollar neighbourhoods.