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HDB Launches 9,012 Flats in February 2026 BTO and SBF Exercises

HDB has launched 9,012 flats under the February 2026 Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercises, putting a substantial block of housing.

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PropAce Institutional Advisory
Quantitative Estate Research & Regulatory Strategy

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PropAce HDB Launches 9,012 Flats in February 2026 BTO and SBF Exercises
PropAce HDB Launches 9,012 Flats in February 2026 BTO and SBF Exercises

HDB has launched 9,012 flats under the February 2026 Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercises, putting a substantial block of housing supply into the market at a moment when resale prices have stalled at the peak (HDB, 2026).

Key takeaways

  • HDB launched 9,012 flats across the February 2026 BTO and SBF exercises; the available release does not break the total down by town or project (HDB, 2026).
  • HDB resale prices fell 0.1% q-o-q in 1Q2026 and a further 0.3% q-o-q in 2Q2026 — the first back-to-back quarterly declines since 2019 (Stacked Homes, 2026).
  • Supply is building: an estimated 18,425 flats from 22 projects completed in 2021 could reach their Minimum Occupation Period (MOP) this year (Stacked Homes, 2026).
  • Islandwide HDB resale prices sat at S$652 psf in 2026-Q2, exactly unchanged from the previous peak, but still 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata, 2026).
  • In the private market, new-launch homes carried a roughly 44% premium over resale — a reminder of what buyers pay for “new” (PropAce Institutional Advisorydata, 2026).

The February 2026 launch: the headline is the number

The key fact here is a simple one: 9,012 flats. The February 2026 exercise combines fresh BTO units with balance flats from earlier launches, giving eligible buyers two routes into public housing at the same time (HDB, 2026).

The available release does not supply a town-by-town breakdown, flat-type mix, or pricing details. So for now, the size of the exercise is the story. It is a meaningful batch of supply, and it lands at a point in the cycle when buyers have more options and less urgency than they did a few years ago.

There is also a calendar change ahead. The next BTO exercise has been moved from October to November, giving potential flat buyers time to review their housing plans under revised income ceilings. A higher income ceiling widens the pool of eligible applicants, which could pull some demand away from the resale market — even as it makes balloting tougher for lower-income buyers.

Why this launch lands at the right time

2026 is shaping up to be the year the resale market finally gets more stock. Taking the 22 HDB projects completed in 2021, an estimated 18,425 flats could reach their MOP this year (Stacked Homes, 2026). Not every owner will sell, and the supply will not arrive all at once. But the direction of travel is unmistakable: more MOP-ed flats, more resale choices, and more competition among sellers.

Early signs of that are already visible. Flats with at least 94 years remaining on their leases — a useful proxy for newly MOP-ed units — accounted for 5.9% of resale transactions in 2Q2026, up from the preceding quarter (Stacked Homes, 2026). That is exactly the kind of supply that takes heat out of the market.

Resale prices have responded. After years of sharp post-pandemic increases, HDB resale prices slipped 0.1% q-o-q in 1Q2026 and another 0.3% q-o-q in 2Q2026 (Stacked Homes, 2026). Two consecutive quarterly declines in a row — the first since 2019 — suggests the rapid price gains that defined the post-COVID period are behind us.

For a BTO applicant, that matters. It removes some of the fear that waiting means paying dramatically more later. The February 2026 exercise gives buyers a chance to secure a new flat without the pressure of a resale market running hot.

Where the new supply clusters — and where it doesn’t

The incoming MOP supply will not be spread evenly across Singapore. Some neighbourhoods will see a sudden cluster of comparable flats; others will stay tight.

The clearest example is Punggol Coast. Four Northshore projects — Northshore Cove, Northshore Edge and Waterfront I & II @ Northshore — collectively house 2,883 flats, with their MOPs falling within months of each other (Stacked Homes, 2026). Buyers searching in that neighbourhood will have several close substitutes of similar age and location. For sellers, that is a problem. For buyers, it is negotiating power.

Elsewhere, the picture is different. Alkaff Oasis has 1,594 flats, but only 165 five-room units (Stacked Homes, 2026). Some projects have no five-room flats at all. In locations where larger flats are scarce, sellers may not feel the same cooling pressure — and five-room prices in those estates could keep climbing even as the wider market flattens.

So the 2026 resale story is not one single trend. It is a market splitting into segments: some towns with an oversupply of similar newly MOP-ed flats, and others where choice remains thin.

Prices: flat at the top

Islandwide, HDB resale prices sat at S$652 psf in 2026-Q2. That is exactly 0.0% above the previous peak of S$652 psf — in other words, the market is at the top, not above it (PropAce Institutional Advisorydata, 2026). Yet compared with the S$414 psf trough, prices are still 57.5% higher (PropAce Institutional Advisorydata, 2026).

What does this mean for you? If you are buying a resale flat today, you are paying the same as at the peak. If you have been waiting since the market low, you have missed a 57.5% run-up. Either way, the easy gains have been made.

The private market tells a similar story, but with a more visible pullback. Islandwide private prices were S$2,038 psf in 2026-Q2, 6.8% below the S$2,186 psf peak, but still 33.3% above the S$1,529 psf trough (PropAce Institutional Advisorydata, 2026). For upgraders, that gap matters: private property has already corrected from its high point, while HDB resale prices have merely stopped rising.

New versus resale: what the private market shows

The private market offers a useful lens for any BTO applicant: new housing commands a real premium. New-launch private homes averaged S$2,304 psf in the transaction record, against S$1,595 psf for resale — a gap of roughly 44% (PropAce Institutional Advisorydata, 2026).

Segment data shows the same hierarchy. Prime-core (CCR) homes have averaged S$2,443 psf, city-fringe (RCR) homes S$2,078 psf, and suburban (OCR) homes S$1,552 psf (PropAce Institutional Advisorydata, 2026). Location, in other words, still drives the spread.

This is why the BTO pipeline matters. For many buyers, a BTO flat is the main alternative to paying that new-sale premium in the private market. The February 2026 exercise is one of those opportunities, and its 9,012 flats give the launch real weight (HDB, 2026).

Looking ahead, ERA expects new-home sales in 2026 to come in at 8,000 to 9,000 units, with the secondary market recording 13,000 to 14,000 transactions (ERA, 2026). That suggests demand for new housing remains firm, even as the broader market cools.

The rental market is steadying too

Public housing rents are settling, which matters for buyers who are also weighing rental versus ownership. Approved applications to rent out HDB flats rose 4.9% q-o-q, from 9,535 units in 1Q2026 to 10,002 units in 2Q2026 (HDB, 2026). Year on year, the picture is broadly stable: 10,002 in 2Q2026 against 10,066 in 2Q2025 (HDB, 2026).

Rents are not charging ahead either. The SRX-99.co HDB rental price index shows rents up 0.4% in 2Q2026, following a 0.5% rise in 1Q2026 (SRX-99.co, 2026). Realion (OrangeTee & ETC) Research expects HDB rents to end 2026 up 1% to 3%, with leasing volume projected at 36,000 to 39,000 units (Realion (OrangeTee & ETC) Research, 2026).

That kind of stability gives buyers room to take their time. A flat rental market removes the pressure to buy quickly simply to escape rising rents.

What to watch next

Two things will shape the rest of 2026.

First, the MOP pipeline. The 18,425 flats eligible this year will not all hit the market at once, and not every owner will sell (Stacked Homes, 2026). But as the share of newly MOP-ed flats in resale transactions rises, competition for older resale units will keep building.

Second, the BTO calendar. With the next exercise moved from October to November, applicants have extra time to reassess their finances under revised income ceilings. A wider eligible pool is good for inclusion, but it also means more competition for each BTO ballot.

The February 2026 launch is a useful marker. It shows the supply pipeline is still running, resale prices are flat at the peak, and more choices are coming. For buyers, the calculation has shifted: there is less reason to rush, and more reason to be selective.

FAQ

How many flats did HDB launch in the February 2026 BTO and SBF exercises?

HDB launched 9,012 flats across the two exercises. The available release does not provide a town-by-town or flat-type breakdown (HDB, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Are HDB resale prices still rising?

No. HDB resale prices fell 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first consecutive quarterly declines since 2019 (Stacked Homes, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

What is the current islandwide HDB resale price?

Islandwide HDB prices were S$652 psf in 2026-Q2, unchanged from the previous peak. Prices remain 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

How much more do new private homes cost than resale?

New-launch private homes averaged S$2,304 psf against S$1,595 psf for resale — roughly a 44% premium. Prime-core CCR homes averaged S$2,443 psf, city-fringe RCR homes S$2,078 psf, and suburban OCR homes S$1,552 psf (PropAce Institutional Advisorydata, 2026).

Statutory Source: Housing & Development Board (HDB) — Standard, Plus & Prime Framework

What is happening to HDB rental volumes and prices?

Approved applications to rent out HDB flats rose 4.9% q-o-q to 10,002 units in 2Q2026. Rents edged up 0.4% in the quarter, and full-year HDB rental growth is forecast at 1% to 3% (HDB, 2026; Realion (OrangeTee & ETC) Research, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

By the numbers

``` HDB PSF momentum by town — QoQ %

Queenstown +7.5% ██████████████████████ Toa Payoh +7.5% ██████████████████████ Marine Parade +4.1% ████████████ Pasir Ris +2.9% █████████ Bedok +2.6% ████████ Bukit Merah +2.2% ██████ Serangoon +2.0% ██████ Choa Chu Kang +0.9% ███ Punggol +0.3% █ Clementi +0.1% █ ```

TownMedian PSFQoQYoYTxns (3mo)
Queenstown$958▲ 7.5%▲ 6.8%218
Toa Payoh$833▲ 7.5%▲ 7.8%252
Marine Parade$713▲ 4.1%▲ 6.1%35
Pasir Ris$599▲ 2.9%▲ 1.5%235
Bedok$642▲ 2.6%▲ 2.6%375
Bukit Merah$823▲ 2.2%▲ 1.1%234
Serangoon$668▲ 2.0%▲ 0.8%115
Choa Chu Kang$532▲ 0.9%— 0.0%290
Punggol$688▲ 0.3%▲ 0.6%505
Clementi$761▲ 0.1%▲ 4.2%128

_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.
  • URA caveat data, compiled by PropAce Institutional Advisory.

References

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Frequently Asked Questions

How many flats did HDB launch in the February 2026 BTO and SBF exercises?

HDB launched 9,012 flats across the two exercises. The available release does not provide a town-by-town or flat-type breakdown (HDB, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Are HDB resale prices still rising?

No. HDB resale prices fell 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first consecutive quarterly declines since 2019 (Stacked Homes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

What is the current islandwide HDB resale price?

Islandwide HDB prices were S$652 psf in 2026-Q2, unchanged from the previous peak. Prices remain 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

How much more do new private homes cost than resale?

New-launch private homes averaged S$2,304 psf against S$1,595 psf for resale — roughly a 44% premium. Prime-core CCR homes averaged S$2,443 psf, city-fringe RCR homes S$2,078 psf, and suburban OCR homes S$1,552 psf (PropAce Institutional Advisorydata, 2026). Statutory Source:** Housing & Development Board (HDB) — Standard, Plus & Prime Framework

What is happening to HDB rental volumes and prices?

Approved applications to rent out HDB flats rose 4.9% q-o-q to 10,002 units in 2Q2026. Rents edged up 0.4% in the quarter, and full-year HDB rental growth is forecast at 1% to 3% (HDB, 2026; Realion (OrangeTee & ETC) Research, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Statutory References & Citations

  • 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.

Contains information from Statutory Property Regulations, IRAS & MAS Schedules and URA Singapore Planning Framework accessed from iras.gov.sg, mas.gov.sg & data.gov.sg, made available under the Singapore Open Data Licence version 1.0.