PropAce
HDB resale prices are still rising, but the 2.9% growth pace is no longer the kind of market the Additional Buyer's Stamp Duty (ABSD) regime was built for. ERA, the real estate agency arm of Apac Realty, is asking policymakers to revisit the levy even as its parent books a 16.8% drop in first-half net profit to S$9.4 million (The Business Times, 2026).
Key takeaways
- HDB resale price growth has slowed to 2.9%, and HDB resale transactions fell 7.4% year on year to 12,681 in H1 2026 (Singapore Business Review, 2026; The Business Times, 2026).
- ERA has urged an ABSD rethink as the market cools, with the parent group’s H1 net profit down 16.8% to S$9.4 million (The Business Times, 2026).
- Private new-home sales excluding executive condos fell 9.4% year on year to 4,154 units in H1, while EC sales rose 37.2% to 1,343 units (The Business Times, 2026).
- URA caveat data compiled by PropAce Institutional Advisoryshow islandwide HDB prices at S$652 psf in 2026-Q2, 0.0% above their peak but 57.5% above the trough; private prices sit at S$2,038 psf, 6.8% below their high (PropAce Institutional Advisorydata, 2026).
- ERA projects new-home sales of 8,000 to 9,000 units and 13,000 to 14,000 secondary-market transactions for 2026 (The Business Times, 2026).
The 2.9% reality check
From acceleration to consolidation
The number that has changed the conversation is 2.9%. That is the pace of HDB resale price growth now, and it is slow enough for a major agency group to ask whether Singapore’s property cooling measures should stay at full throttle (Singapore Business Review, 2026).
A year ago, the debate was about how far HDB prices could run. Now the question is whether they have run out of road. HDB resale transactions fell 7.4% year on year to 12,681 in the first half, and private resale deals slipped 5.1% to 7,407 (The Business Times, 2026). The private market is not booming either: developers sold 4,154 private homes excluding executive condominiums, down 9.
By the numbers
``` HDB PSF momentum by district — QoQ %
D? +8.1% ██████████████████████████ D? +7.2% ███████████████████████ D? +2.9% █████████ D? +2.7% █████████ D? +2.5% ████████ D? +2.4% ████████ D? +2.0% ██████ D? +1.3% ████ D? +1.0% ███ D? +0.8% ███ ```
| District | Median PSF | QoQ | YoY | Txns (3mo) |
|---|---|---|---|---|
| D? | $963 | ▲ 8.1% | ▲ 7.4% | 206 |
| D? | $831 | ▲ 7.2% | ▲ 7.5% | 240 |
| D? | $705 | ▲ 2.9% | ▲ 4.9% | 32 |
| D? | $598 | ▲ 2.7% | ▲ 1.4% | 224 |
| D? | $825 | ▲ 2.5% | ▲ 1.4% | 223 |
| D? | $641 | ▲ 2.4% | ▲ 2.4% | 357 |
| D? | $668 | ▲ 2.0% | ▲ 0.8% | 110 |
| D? | $534 | ▲ 1.3% | ▲ 0.4% | 276 |
| D? | $835 | ▲ 1.0% | ▲ 1.0% | 15 |
| D? | $766 | ▲ 0.8% | ▲ 4.9% | 122 |
_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, HDB, 2026-06..2026-08. Directional; confirm before acting._
Sources
- URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
References
- Singapore Business Review (2026) ERA urges ABSD rethink as HDB resale growth slows to 2.9%.
FAQ
How are official Singapore private home and HDB resale price indices compiled?
URA compiles the Private Property Price Index (PPI) using lodged caveats and developer monthly transactions submitted under the Planning Act. HDB compiles the Resale Price Index (RPI) from registered resale transactions, providing verified arm's-length benchmarks.
Statutory Source: Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal
What key factors drive capital appreciation in Core Central Region (CCR) vs Rest of Central Region (RCR)?
CCR appreciation is anchored in freehold land scarcity, prime school districts, and institutional wealth preservation, while RCR performance is driven by infrastructure connectivity (Thomson-East Coast Line) and major urban transformation master plans.
Statutory Source: Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines
Where can buyers verify true transacted prices instead of advertised asking prices?
Buyers should cross-examine official transacted caveat registries on URA's Private Residential Property Transaction portal and HDB's Resale Flat Prices e-service, which reflect actual legal contract amounts rather than speculative listing prices.
Statutory Source: Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal
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Frequently Asked Questions
How are official Singapore private home and HDB resale price indices compiled?
URA compiles the Private Property Price Index (PPI) using lodged caveats and developer monthly transactions submitted under the Planning Act. HDB compiles the Resale Price Index (RPI) from registered resale transactions, providing verified arm's-length benchmarks. Statutory Source:** Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal
What key factors drive capital appreciation in Core Central Region (CCR) vs Rest of Central Region (RCR)?
CCR appreciation is anchored in freehold land scarcity, prime school districts, and institutional wealth preservation, while RCR performance is driven by infrastructure connectivity (Thomson-East Coast Line) and major urban transformation master plans. Statutory Source:** Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines
Where can buyers verify true transacted prices instead of advertised asking prices?
Buyers should cross-examine official transacted caveat registries on URA's Private Residential Property Transaction portal and HDB's Resale Flat Prices e-service, which reflect actual legal contract amounts rather than speculative listing prices. Statutory Source:** Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal
Statutory References & Citations
- Inland Revenue Authority of Singapore (IRAS) (2026). Stamp Duties Act 1929. Singapore: Government of Singapore.
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
- Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.