Median 4-Room Resale Prices Cross S$1 Million in Two Towns Even

The median resale price of a 4-room HDB flat crossed the S$1 million mark in two towns in the first quarter of 2026, even as the overall HDB resale market.

The median resale price of a 4-room HDB flat crossed the S$1 million mark in two towns in the first quarter of 2026, even as the overall HDB resale market recorded a dip — the clearest sign yet that seven-figure public housing prices are becoming a permanent feature of specific enclaves rather than a market-wide anomaly.

Key takeaways

The median resale price for 4-room flats hit S$1 million in two towns in Q1 2026, despite an overall dip in the HDB resale market (Business Times, 2026).
HDB resale prices islandwide were sitting at exactly their record peak of S$652 psf in Q2 2026, and remained 57.5% above the S$414 psf trough (Urban Redevelopment Authority, 2026).
Private home prices told a different story: at S$2,038 psf, they were 6.8% below their peak, though still 33.3% above their trough (Urban Redevelopment Authority, 2026).
Past episodes of HDB-private price divergence have reversed, but the absolute dollar gap facing upgraders can widen even when both markets rise by the same percentage (Stacked Homes, 2026).
Buyers should read the two-town milestone as a signal of a two-tier resale market, not as a reason to assume every 4-room flat is worth seven figures.

A S$1 Million Quarter for Four-Room Flats

The milestone

According to a Business Times report, the median resale price for 4-room flats reached S$1 million in two HDB towns in Q1 2026 (Business Times, 2026). The achievement stood out because the overall HDB resale market slipped in the same quarter. In other words, these were not isolated cases of a single high-floor unit distorting the data. A median of S$1 million means at least half of the 4-room transactions recorded in those towns during the quarter transacted at or above the seven-figure mark.

That distinction matters. Record prices are often dismissed as outliers driven by unique attributes — a penthouse unit, a DBSS design, or an unusually large floor area. A median crossing S$1 million is a stronger signal. It suggests that, within those two towns, the seven-figure price point had become a base case for a typical 4-room flat, not an exception.

The dip in the broader market reinforces the point. The same quarter that produced two S$1 million town medians also saw overall resale prices ease. That combination is only possible when demand is highly localised: buyers are paying steep premiums for particular locations and product types, while the market outside those pockets is cooling.

What makes a 4-room flat worth S$1 million

Four-room flats are the workhorse of Singapore’s public housing market. They are larger than most 3-room units and more plentiful than executive flats, which makes them the natural upgrade option for many families. A S$1 million median in a specific town indicates a cluster of flats with attributes buyers are willing to pay heavily for: newer or longer leases, high floors, larger floor plans, distinctive design, and proximity to established transport and retail hubs.

Recent record transactions illustrate the pattern. A 1,023 sq ft 4-room flat in the DBSS cluster at Bishan Street 24 changed hands at S$1.3 million, while the next-highest 4-room deal in the same month was S$390,000 lower (Stacked Homes, 2026). That gap is not a statistical quirk; it reflects a two-tier market in which premium-design flats in mature towns trade in a different league from standard HDB blocks nearby.

The Data: A Market Sitting at Its Peak

HDB resale prices are at the high-water mark

Set against the longer price cycle, the Q1 dip looks mild. URA caveat data compiled by PropAce Institutional Advisoryshow islandwide HDB prices at S$652 psf in Q2 2026, exactly matching the previous record peak of S$652 psf and sitting 57.5% above the S$414 psf trough (Urban Redevelopment Authority, 2026). In other words, after the Q1 wobble, the resale market was still at its all-time high by the following quarter.

This is an important context for the two towns that crossed the S$1 million median. The HDB market as a whole has not been falling for long or by much. It has simply paused at a high level, and in selected localities it has continued to push upward. A dip in the national index can therefore coexist with milestone prices in a handful of towns.

The private-market backdrop

Private home prices, by contrast, remain below their peak. Islandwide private residential prices averaged S$2,038 psf in Q2 2026, which is 6.8% below the S$2,186 psf peak but 33.3% above the S$1,529 psf trough (Urban Redevelopment Authority, 2026). The gap between the two markets is also visible in the new-sale premium: new-launch private homes averaged S$2,304 psf against S$1,594 psf for resale units, a roughly 45% premium (Urban Redevelopment Authority, 2026).

Segment data show how wide the spreads have become. Across the private transaction record, prime-core (CCR) homes averaged S$2,444 psf, city-fringe (RCR) homes averaged S$2,078 psf, and suburban (OCR) homes averaged S$1,551 psf (Urban Redevelopment Authority, 2026). The private market is not one uniform market, and the HDB resale market is increasingly following the same logic.

A Worked Example: The Upgrader’s Widening Gap

Both markets rise, the gap grows

One of the most common questions from HDB owners is whether they need the HDB market to outperform the private market in order to afford an upgrade. The answer, perhaps surprisingly, is no. Consider an owner with a flat worth S$700,000 who hopes to upgrade to a S$1.5 million condominium. The initial price gap is S$800,000 (Stacked Homes, 2026).

Now suppose both properties rise by exactly 10%. The HDB flat appreciates from S$700,000 to S$770,000, a gain of S$70,000. The condominium rises from S$1.5 million to S$1.65 million, a gain of S$150,000. The gap has widened from S$800,000 to S$880,000 — even though both assets moved by the same percentage. For the HDB flat to gain the same S$150,000 in dollar terms, it would need to appreciate by roughly 21.4% (Stacked Homes, 2026).

What this means for a real buyer

For a family selling the flat, a S$70,000 gain sounds healthy until it is measured against the S$150,000 gain on the target property. The additional S$80,000 gap must be funded through higher income, more cash savings, or a smaller condominium. This is why even a perfectly aligned, non-decoupled property market can still make upgraders feel priced out.

The arithmetic also explains why talk of divergence can create anxiety. When HDB prices dip while private prices rise, the upgrader’s gap widens even faster. But even in a scenario where both markets rise together, the sheer difference in absolute price levels means the gap will keep growing unless the HDB market appreciates at a much faster rate than the private market.

Divergence Is Rare — and Historically Temporary

Three quarters is not a structural break

Some observers have asked whether the HDB and private markets are decoupling, with resale flat prices easing while condominium prices continue to climb. NUS Provost’s Chair Professor of Real Estate Tien Foo Sing has cautioned against reading too much into short-run movements, arguing that three quarters of divergence is too early to call a structural change (Stacked Homes, 2026). He also warned that the very talk of decoupling could spark buyer frenzy, as upgraders worry they will be left behind.

That warning is worth taking seriously. Property cycles are noisy, and a few quarters of divergent movement can easily be mistaken for a permanent shift. The danger is that HDB owners, fearful of being priced out, make rushed decisions based on a trend that may reverse within a year.

Past episodes reversed

History supports that caution. The HDB resale price index stood at 77.1 at the end of 2004. By the end of 2006, it was around 2.9% below that level, while private residential prices rose by roughly 3.9% in 2005 and another 10% in 2006 — a cumulative increase of about 14% (Housing and Development Board, 2026; Urban Redevelopment Authority, 2026). Over those two years, HDB resale prices remained below where they had started.

A similar pattern appeared in 2017 and 2018. HDB resale prices fell by about 1.5% in 2017 and another 0.9% in 2018, while private residential prices rose by 1.1% and 7.9% respectively (Housing and Development Board, 2026; Urban Redevelopment Authority, 2026). Over that two-year stretch, HDB resale prices fell by around 2.4% while private prices rose by roughly 9%. In both episodes, HDB resale prices subsequently recovered (Stacked Homes, 2026).

The key takeaway is not that HDB and private prices always move together. It is that short periods of divergence have been the exception rather than the rule, and they have historically corrected. The current three-quarter divergence is real, but it is not yet proof of a permanent break.

What Buyers and Sellers Should Take From the Two-Town Story

Don’t mistake a median for a market

The S$1 million median in two towns is a statistical marker, not a blanket re-rating of every 4-room flat. The same period that produced that milestone also saw the overall resale market dip. At the street level, the two-tier pattern is unmistakable: the S$1.3 million Bishan deal sits alongside standard transactions more than S$390,000 lower in the same month (Stacked Homes, 2026).

Sellers in the two towns may feel emboldened to ask for seven-figure prices. But a median is not a floor. The actual value of a flat will depend on its remaining lease, floor level, size, block condition, and proximity to amenities. Overpricing in a cooling market risks a long wait and a eventual lower price.

For buyers: stress-test the downside

Buying a 4-room flat at S$1 million means borrowing more and committing a larger share of the household balance sheet. With HDB prices at a record high and the broader market dipping, buyers should stress-test their ability to service the loan even if prices hold flat or fall. The Business Times report noted that authorities have advised buyers to exercise caution, as those who buy at high prices may be more exposed if the market softens (Business Times, 2026).

The margin of safety is thinner at the top of the cycle. A buyer who enters at a S$1 million median in a town with strong underlying demand may be fine over a long holding period. But a buyer who stretches to seven figures for a flat with a shorter lease or a less compelling location has less room for error.

Keep the bigger picture in view

The two-town milestone is a reminder that Singapore’s housing market is increasingly defined by micro-markets. A national index can dip while selected towns hit record highs. A resale buyer can still find flats below S$1 million in many parts of Singapore, just as a private buyer can pay well above S$2,000 psf in the core central region (Urban Redevelopment Authority, 2026).

The right question for any buyer is not whether the HDB market is crashing or booming, but whether the specific flat, in its specific town, justifies its price. The Q1 data suggest the answer will vary sharply across Singapore.

FAQ

Why did median 4-room resale prices hit S$1 million in only two towns in Q1?

Because those towns have a concentration of attributes buyers are willing to pay for, such as newer blocks, longer leases, larger floor plans, or distinctive DBSS design. A median of S$1 million means half the 4-room deals in those towns were at or above seven figures, but the overall HDB resale market still dipped in the same quarter (Business Times, 2026).

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

How is a median resale price different from a record price?

A record price is the single highest transaction in a given period, while a median is the middle point of all transactions, making it far less sensitive to one exceptional buyer. When a median crosses S$1 million, it suggests the seven-figure price point has become a base case for that flat type in that town, not an outlier.

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

Is the HDB resale market decoupling from the private market?

Recent quarters have shown HDB prices easing while private prices rose, but similar divergences in 2004-2006 and 2017-2018 reversed after a few years (Housing and Development Board, 2026; Urban Redevelopment Authority, 2026). Even so, upgraders should remember that equal percentage growth in both markets still widens the absolute dollar gap they must bridge (Stacked Homes, 2026).

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

How much headroom is left in HDB resale prices?

HDB prices in Q2 2026 were at S$652 psf, exactly matching the prior peak and 57.5% above the S$414 psf trough (Urban Redevelopment Authority, 2026). Private prices, at S$2,038 psf, were 6.8% below their peak, which suggests the private market has more slack while the HDB market is at the top of its range.

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

Should I be worried about buying a million-dollar HDB flat?

The main risk is the lack of a cushion. With HDB prices at record levels and the overall market dipping in Q1, buyers paying seven figures for a 4-room flat have less room for error if values soften (Business Times, 2026). Focus on lease, location, and your own loan capacity rather than the headline number.

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

By the numbers

``` HDB PSF momentum by district — QoQ %

D? +8.2% ██████████████████████████ D? +7.1% ███████████████████████ D? +2.9% █████████ D? +2.6% ████████ D? +2.5% ████████ D? +2.2% ███████ D? +1.5% █████ D? +1.5% █████ D? +1.1% ███ D? +0.7% ██ ```

District	Median PSF	QoQ	YoY	Txns (3mo)
D?	$964	▲ 8.2%	▲ 7.5%	191
D?	$830	▲ 7.1%	▲ 7.4%	221
D?	$705	▲ 2.9%	▲ 4.9%	32
D?	$642	▲ 2.6%	▲ 2.6%	332
D?	$825	▲ 2.5%	▲ 1.4%	210
D?	$595	▲ 2.2%	▲ 0.8%	211
D?	$535	▲ 1.5%	▲ 0.6%	260
D?	$665	▲ 1.5%	▲ 0.3%	105
D?	$768	▲ 1.1%	▲ 5.2%	114
D?	$691	▲ 0.7%	▲ 1.0%	445

_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

The Business Times (2026) Median resale prices hit S$1 million for 4-room HDB flats in two towns in Q1 despite overall dip.

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Frequently Asked Questions

Why did median 4-room resale prices hit S$1 million in only two towns in Q1?

How is a median resale price different from a record price?

Is the HDB resale market decoupling from the private market?

How much headroom is left in HDB resale prices?

Should I be worried about buying a million-dollar HDB flat?

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.