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Before You Buy, Ask This: Are You Able To Sell It Later?

TL;DR Buying a property is not just about whether you can enter comfortably - it is also about whether you can exit smoothly when life changes. In a more selective 2026 market, liquidity matters because the wrong unit may take longer to sell, attract weaker offers, or limit your next move. Why liquidity matters: When price growth moderates, buyers become more selective. A property with weak fundamentals may still sell, but often only after more time, negotiation, or price compromise. Buyer pool: A liquid property appeals to a wide range of future buyers because its quantum, layout, location, lease, and buyer demand remain practical beyond launch-day excitement. Exit risks: High quantum, awkward layouts, poor connectivity, ageing leases, niche buyer segments, or too many similar listings can narrow your resale options later. How to check: Before committing, look at transaction velocity, listing depth, time-on-market, comparative market analysis, and whether the broader market supports your specific unit's resale story. Timing rules: SSD, MOP, wait-out periods, and buy-sell sequencing can restrict when you are allowed or financially able to exit, even if there is buyer demand. Bottom line: Do not just buy the entrance. Buy the exit. The safest property decisions are made by asking who will buy from you later, how easily they can afford it, and whether your unit will still make sense when the market is no longer driven by hype. You found the unit. The location works, the price feels manageable, the showflat looks stunning, and the monthly repayment seems within reach. After weeks of comparison and second-guessing, you sign.Five years later, life changes. A new job overseas. A growing family that needs more room. An ageing parent to care for. Suddenly the question is no longer whether the purchase made sense on launch day - it is whether you can sell it when you need to.Meet Daniel. In 2021, he bought a stylish shoebox unit in a fringe location. The quantum was relatively low, the rental story sounded attractive, and it felt like a practical entry into the private market.By 2026, his priorities had changed. He needed a larger home for his growing family, so he listed the unit for sale - and that was when the real issue surfaced. Viewings were slow, offers came in below expectations, and several other owners in the same development were selling near-identical units at the same time. Buyers had choices, and Daniel's unit was no longer as special as it had seemed when he bought it.His problem was never simply the price he paid. It was that he never asked the most important long-term question:When I want out, who will be lining up to buy?This article is about that question. In this article, we will explore: Why Liquidity Matters More In 2026 What "Exit Liquidity" Actually Means The Six Factors That Shape Your Buyer Pool How To Check Liquidity Before You Commit The Timing Rules That Constrain Your Exit What This Means For You A Simple Pre-Purchase LIquidity Checklist Final Thoughts: Buy The Exit, Not Just The Entrance Why Liquidity Matters More In 2026 For most of the last few years, many buyers were anxious about one thing: paying too much. Prices were rising, options were limited, and the fear of missing out was real - hesitation could mean being outbid, priced out, or stuck with weaker options later.That backdrop has shifted. Price growth has moderated across both public and private housing, supply has become more visible, and the post-pandemic squeeze that drove the sharpest gains has eased. Buyers today are not operating in the same environment as buyers in 2021 or 2022.In a market like this, the headline question - "Will prices rise by 3% or 4% this year?" - may not tell you enough. What matters far more is whether your specific unit will still make sense to another buyer five, eight, or ten years from now.When prices are surging broadly, almost anything can look sellable. Buyers compete for limited stock and may overlook flaws such as awkward layouts, poor connectivity, or a higher-than-average quantum. But when prices stabilise, buyers become more selective. They compare more carefully, negotiate harder, and are less willing to excuse weak fundamentals. That is when the difference between a "nice-to-have" property and a truly liquid one becomes clear.A stable market does not reward urgency the way a hot market does. It rewards quality of choice - and one of the most underrated dimensions of quality is liquidity: the ease with which you can convert your property back into cash, at a fair price, when you need to.The better question in 2026 is not "Will prices rise?" It is: "Can this property still work for me if prices do not rise quickly - including when I need to sell?"What "Exit Liquidity" Actually Means Liquidity is a simple idea borrowed from financial markets. A liquid asset is something you can sell relatively quickly, at a predictable price, without slashing the figure to find a buyer. An illiquid asset is the opposite: it may sit on the market for months, attract few serious offers, or only move once the seller accepts a meaningful discount.Property is naturally less liquid than shares or bonds - you cannot sell a home with a single click. But within property, some homes are still far more liquid than others.Think of it as your future buyer pool: the number of people who would realistically want, qualify for, and be able to afford your unit when you decide to sell. For a well-located flat or condo near an MRT station, schools, and employment hubs, that pool may be broad - families, couples, singles, upgraders, and investors may all have a reason to consider it. For a niche unit, the pool may be much narrower, whether because of an unusual layout, a very high quantum, a less-connected location, or an ageing lease.This is where many buyers underestimate the risk: a unit can be perfect for you and still be difficult to sell later. A layout may suit your lifestyle but not most families'. A high-floor view may impress you but not justify the premium to the next buyer. The wider the buyer pool, the more exit options you have. The narrower the pool, the more dependent you are on finding the right buyer, at the right time, with the right budget.The Six Factors That Shape Your Buyer Pool Liquidity is not random. It is usually the predictable result of a few clear property characteristics. Here are the six that matter most.1. Entry quantum: The size of the cheque the next buyer must writeThe single biggest determinant of how many buyers can consider your unit is not the price per square foot. It is the total price.A unit may look reasonable on a per-square-foot basis, but if the total quantum is high, fewer households can afford it under prevailing loan limits, cash requirements, and income conditions. That automatically narrows the future buyer pool.This is why two-bedroom units, efficient three-bedders, and right-sized homes often attract steady demand: their total price stays within reach of a wider range of buyers, including couples, HDB upgraders, small families, and some investors. A trophy unit with a very high quantum may still be a wonderful home - but the trade-off is that you are relying on a smaller pool of buyers who can finance and justify it when you exit.Illustration: A unit around $1.2m-$1.5m near transport and amenities sits within reach of many dual-income households and HDB upgraders. A $2.8m-$3m niche unit may still find demand, but the number of buyers who can comfortably take it on is far smaller. The higher-quantum unit is not "wrong" - the liquidity risk simply has to be priced in from the start.2. Layout and efficiency: Can real people actually live here?Two units with the same advertised size can feel completely different. One may have an efficient layout, regular rooms, and flexibility across life stages. Another may lose space to corridors, bay windows, oversized balconies, or rooms that are awkward to furnish. On paper they look similar; in real life, one is far easier to sell.Efficient layouts widen your buyer pool because more people can picture living there - a couple sees a starter home, a young family sees a few workable years, an investor sees an easy rental, an upgrader sees a practical step. Awkward layouts do the reverse. A study that cannot fit a desk or a bedroom that barely takes a bed may feel manageable amid the purchase excitement, but those same quirks become objections at viewings later. The future buyer will not care how beautifully the showflat was styled. They will ask one thing: can this space work for my life?3. Location and connectivity: The most durable driver of demandLocation remains one of the strongest drivers of liquidity because it touches the widest range of buyers. A home near an MRT station, reputable schools, daily amenities, and employment nodes is usually easier to sell than a comparable home that demands a longer commute or more lifestyle compromise. Connectivity is practical: it shapes commute times, family routines, and tenant demand, and it decides how many buyers shortlist the unit at all.This does not mean every good home must sit on top of a station. But be careful when a unit's appeal leans too heavily on future promises. A future MRT line, mall, or transformation district may eventually lift liquidity, but until it is built and running, it remains a projection. The risk is paying today's price for tomorrow's convenience and assuming the next buyer will reward you for it on your timeline. If a property is well-connected today, your exit is supported by demand that already exists. If it depends mainly on what may arrive later, your exit story is more uncertain.4. Tenure, lease, and age: The clock the next buyer inheritsWhen you sell, the buyer inherits more than the unit - they inherit the remaining lease. For leasehold homes, this matters more as the property ages: a shortening lease affects financing, CPF usage, and buyer psychology, all of which influence how many people can or will consider the unit later.A home with 90 years of lease left tells a very different resale story from one with 60 or 50 years left. The shorter the lease, the more the next buyer has to weigh long-term value retention, financing limits, and their own eventual exit.None of this makes older or leasehold properties poor buys. Many offer larger spaces, mature amenities, established communities, and excellent locations, and can be strong purchases at the right price with a clear holding plan. The point is that lease decay is not only a valuation issue - it is a liquidity issue. The older the property gets, the more carefully you should ask who the next buyer will be.5. Segment-specific demand: Know who your exit depends onDifferent segments depend on different buyer groups, and that dependence becomes a liquidity risk when conditions change. The prime and high-end market is the clearest example. Luxury homes in the Core Central Region have historically leaned more heavily on foreign and higher-net-worth buyers, so when Additional Buyer's Stamp Duty for foreign buyers was raised to 60%, foreign participation thinned significantly.URA caveats data showed that foreign buyers accounted for 4.2% of private home purchases in Q1 2026, down from 7.8% a year earlier, based on figures reported in the media. The effect on top-end liquidity has been visible too: media reports have noted that the number of Core Central Region homes resold above S$10 million fell to around 21 units in 2024, down from 56 in 2022 and roughly 100 in 2021.The lesson is not "avoid prime property." It is to know who your future buyer is - and what could weaken that group. A unit that depends on foreign buyers is exposed to policy changes; one that depends on investors is exposed to rental conditions and interest rates; one that depends on HDB upgraders is exposed to affordability and the proceeds from their existing flats. Every property has a natural buyer base. Before buying, know what yours is.6. Breadth of genuine appeal: The final testAfter quantum, layout, location, lease, and buyer segment, ask one last question:Would this home still attract buyers if the market hype disappeared?That question cuts through the noise. Launch-day excitement - showflat styling, limited-time incentives, sales momentum, fear of missing out - can make a property feel more compelling than it is. But the resale market is less forgiving. The future buyer is not buying your launch story; they are comparing your unit against every other home available at that moment.A property with genuine appeal holds up better because it makes sense across different conditions: the price suits a reasonable pool, the layout is usable, the location is convenient, the lease is understandable, the buyer base is not overly narrow. A property with limited appeal may still sell, but often needs more time, more negotiation, or a lower price to move. That is the real liquidity test - not whether the unit was exciting when you bought it, but whether it stays sensible when someone else has to buy it from you. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list How To Check Liquidity Before You Commit The encouraging part is that liquidity is not pure guesswork. You may not predict the future perfectly, but you can check whether a unit has the ingredients of a liquid resale asset before you buy. What to check What it tells you Transaction velocity Whether units in the project or area actually change hands regularly Listing depth How many similar sellers you may compete with Time-on-market How quickly comparable units usually sell Comparative Market Analysis Whether your target unit is priced sensibly against real alternatives Macro supply context Whether the broader market is balanced, tight, or oversupplied 1. Look at transaction velocityTransaction velocity is how often units in a development or area actually change hands. A project with regular resale transactions has a proven market - buyers know it, agents can benchmark it, banks have comparables, and sellers have clear pricing references. A project where very few units trade calls for more caution.Low volume does not automatically mean a bad property; it may simply mean owners hold for the long term. But it can also signal limited demand or a gap between seller expectations and what buyers will pay. Look at the trend, not a single transaction. Resale volumes move with the cycle - non-landed resale volumes fell about 28.5% in Q4 2025 from the previous quarter as some buyers shifted toward new launches. You want a project that still draws buyers even when attention moves elsewhere.2. Check listing depthListing depth tells you how much competition you may face when you sell. If many near-identical units in the same development are listed at once, buyers gain bargaining power - they can compare stacks, floors, facing, condition, and asking prices, and price pressure builds quickly if sellers grow impatient.This is especially relevant in large developments completed around the same time, and for HDB flats in estates where many units reach the end of their Minimum Occupation Period together. Before buying, ask: if I had to sell later, how many similar units might be competing against me? A good property can still face short-term competition, but one with too many lookalike alternatives needs stronger pricing discipline.3. Estimate time-on-marketTime-on-market is one of the clearest liquidity signals. If comparable units usually sell within weeks, demand is healthy. If they sit for six to nine months, buyers are limited, price-sensitive, or unconvinced - and time has a cost. A slow sale can derail an upgrade timeline, extend the months you carry a mortgage, or create stress if you need the proceeds for your next move. A property need not sell instantly to be liquid, but you should know realistically how long similar units take to move, and whether you can afford that wait.4. Get a proper comparative market analysisA Comparative Market Analysis (CMA) compares your target unit against similar sold, listed, and unsold properties. This matters because asking prices can mislead - a seller can ask anything; what counts is what buyers actually paid, what remains unsold, and how your unit compares after adjusting for floor, facing, layout, condition, tenure, and location.A proper CMA answers three practical questions: Is this unit priced fairly against recent transactions? How does it compare with nearby alternatives? And if I had to sell later, what would buyers compare it against? Data gives you the history; interpretation explains the behaviour behind it. A PropNex salesperson can build this view from official URA transaction data, comparable listings, and ground feedback from active buyers and sellers.5. Sanity-check the macro backdropThe broader market matters, but it should not be your only guide. Overall unsold private inventory stood at roughly 16,200 units in Q1 2026, still far below the near-37,800-unit peak seen in 2019 - so the broad market is not facing the oversupply pressure of past cycles. That is useful context, but liquidity remains unit-specific. A balanced market can still contain hard-to-sell homes, and a cautious market can still reward strong fundamentals. The macro backdrop tells you about the weather; your unit's liquidity tells you whether your umbrella is strong enough.The Timing Rules That Constrain Your Exit Liquidity is not only about whether buyers want your unit. It is also about when you are allowed, or financially able, to sell without penalty. A property can have strong demand, but if holding-period rules, MOP restrictions, or sequencing issues limit your exit window, your flexibility is still constrained.Seller's Stamp DutySeller's Stamp Duty applies if you sell a residential property within a defined holding period from purchase, with the rate stepping down the longer you hold. Sell too early and the duty can reduce or even wipe out your gains - and life does not always wait for the ideal exit date. A relocation, family change, or urgent upgrade can arrive before the holding period ends. Before buying, understand the current SSD holding period and rates so your realistic exit window is clear, and always check the latest figures with IRAS before transacting.Minimum Occupation PeriodThe Minimum Occupation Period governs when HDB flats and Executive Condominiums can be sold on the open market. For HDB owners it sets when you can sell and upgrade; for EC buyers, recent policy changes have reshaped exit timelines and planning. If your household needs may change in the next few years, the MOP is not just a rule to note - it is a planning constraint.Wait-out and sequencing rulesFor upgraders, the order of buying and selling can matter as much as the property choice. Moving from public to private housing, buying a second property, or selling one home to fund the next all involve timing that affects cash flow, loan eligibility, CPF usage, and stress. A liquid current home gives you control: you can sell closer to your intended timeline, reduce bridging risk, and negotiate from strength. An illiquid one can disrupt the whole sequence, forcing you to delay your next purchase, trim your budget, or accept a lower price.The takeaway is simple: your true exit flexibility is the overlap between when the rules let you sell and when buyers actually want to buy. The wider that overlap, the safer your position.What This Means For You If you are a first-time buyer or owner-occupier: Do not stretch into a trophy purchase just because the market looks stable. A home that fits comfortably within your cash flow, while still appealing to a wide pool of future buyers, gives you flexibility if life changes - a new child, a different workplace, ageing parents, or a shift in income. Liquidity does not mean treating your home purely as an investment; it means choosing a home that keeps your options open later. Prioritise manageable repayments, an emergency buffer, efficient space, and resale flexibility over prestige alone - and remember that real holding power includes ongoing ownership costs like maintenance fees, not just the mortgage.If you are an upgrader or seller: Sequencing is everything. The gap between selling your current home and buying the next affects cash flow, loan eligibility, and pressure. A liquid current unit lets you price with confidence, move on a clearer timeline, and negotiate your next purchase with less uncertainty. A harder-to-sell unit means starting earlier, pricing more realistically, and not committing too aggressively before your sale is secured. This is why liquidity belongs in the decision at the point of buying, not just selling.If you are an investor: Liquidity is part of your return, not a footnote. A unit may show an attractive gross yield, but if the exit pool is narrow, your realised return can be weaker than expected - and a forced sale at a discount can erase years of rental income. Be especially wary of units that lean too heavily on one buyer group, one tenant profile, or one market story. A good investment needs both rental logic and exit logic. If you cannot clearly name who will buy from you later, the yield alone may not be enough.A Simple Pre-Purchase Liquidity Checklist Before you commit, run through these questions. The more "yes" answers, the more liquid your eventual exit is likely to be.Quantum: Is the total price within reach of a broad pool of future buyers, not just a niche few?Layout: Would this unit suit several life stages - a couple, then a family?Connectivity: Is it genuinely well-connected today, not only on the strength of a future promise?Lease: How much lease remains, and how will decay affect the next buyer's financing and CPF use?Buyer base: Who is the natural buyer for this unit, and how many of them are there?Transaction velocity: Do units in this development actually trade regularly?Competition: How many similar units are likely to be on the market when I sell?Timing: When do the holding-period and MOP rules allow me to sell - and does that line up with when buyers want to buy?If most point the right way, you are buying something you are more likely to exit on your terms. If several point the wrong way, you are not necessarily making a mistake - but go in with your eyes open, understand the risk, and make sure the price reflects it.Final Thoughts: Buy The Exit, Not Just The Entrance It is natural to fall for a home at the showflat. The styling, the views, the scale model, the launch-day energy - they are all designed to help you imagine a better future. But a property is a long-term commitment, and life rarely unfolds exactly as planned.Think back to Daniel. He did not buy a bad unit in 2021 - he bought one he never stress-tested for the exit. Had he asked who his future buyer would be, how many of them there were, and how many identical units might list alongside his, he might have chosen differently, or at least priced the risk in and planned his timeline around it. The unit did not fail him. The unasked question did.The buyers who make more resilient decisions are not always the ones who move fastest or chase the loudest launch. They are the ones who pause before signing and ask: if I had to sell this later, who would buy it, how quickly, and at what price? That single question moves the decision beyond appreciation alone and forces you to weigh demand, affordability, layout, competition, and timing - turning a hopeful bet into a sounder property decision.If you are unsure how liquid a specific unit or development may be, speak to a PropNex salesperson who can help you compare recent transactions, nearby listings, and likely buyer demand. And for a more structured way to think through holding power, exit flexibility, and long-term positioning before committing, the Property Wealth System Masterclass walks through these considerations in greater depth.You might also like:Different Mindsets: 20s Couple Vs 30s Single - how life stage and timing shape your property journeyHDB Resale Prices Hit New High In Bedok, Central Area And Clementi (May 2026) - a read on where resale demand is strongestResale Landed Market Watch In April 2026 - transaction activity and pricing in the landed segment Views expressed in this article belong to the writer(s) and do not reflect PropNex's position. No part of this content may be reproduced, distributed, transmitted, displayed, published, or broadcast in any form or by any means without the prior written consent of PropNex. For permission to use, reproduce, or distribute any content, please contact the Corporate Communications department. PropNex reserves the right to modify or update this disclaimer at any time without prior notice.

New Kid on the Block at Peck Hay Road

There is a new kid on the block and it is arriving in one of Singapore's most established prime residential neighbourhoods. Fresh off the close of its Government Land Sale (GLS) tender, the Peck Hay Road residential site is poised to inject renewed vibrancy into District 11, bringing an estimated 315 new homes into a neighbourhood on the cusp of transformation. Over the next 10 to 15 years, the Newton, Scotts Road and Monk's Hill precinct is envisioned under the URA Master Plan 2025 as a vibrant mixed-use urban village - one that will deliver new homes alongside public spaces, greenery and commercial amenities. As one of the earliest entrants into this upcoming precinct, the new project at Peck Hay Road could well be a sought-after development in the city.The tender for the Peck Hay Road site closed on 11 June 2026, attracting healthy interest with 4 bids from developers. The top bid of $542.4 million, translating to $1,865 per square foot per plot ratio (psf ppr), was submitted by a joint venture comprising CDL and Hong Leong Group-linked Garden Estates. This is the second GLS site to be put up for tender in the upcoming Newton neighbourhood, following the Bukit Timah Road GLS plot which was awarded in November 2025.Peck Hay Rd, Source: URA Space Newton's Urban Village Vision Takes ShapeThe biggest draw of Peck Hay Road may not simply be where it stands today, but what surrounds it tomorrow. The site forms part of a wider transformation of the precinct comprising Newton Circus, Scotts Road and Monk's Hill, where plans are underway to shape a new mixed-use urban village that will offer more homes, greenery, heritage elements and public spaces.Under the URA Master Plan 2025, about 5,000 new homes could eventually be introduced in the precinct over the coming decade. At the heart of these plans is the proposed "Village Square" surrounding Newton MRT interchange station, earmarked as a vibrant hub where residential, commercial and public spaces come together to foster a more pedestrian friendly and community-oriented environment.Over time, residents could also benefit from new retail and lifestyle offerings. The Peck Hay Road plot is a stone's throw to several "white" sites around the Newton MRT interchange station which may potentially offer more commercial amenities, further enhancing convenience and vibrancy in the neighbourhood.For future homeowners, this represents more than simply owning a home in the prime District 11. It is an opportunity to become part of a housing estate envisioned for the future, where city living, connectivity and community spaces converge.Newton Circus, Source: Google Maps Street View City Living Meets Everyday AmenitiesImagine morning jogs surrounded by greenery, leisurely weekend strolls with the kids and dogs, all while living minutes from the city centre. One of Peck Hay Road's key strengths lies in its ability to offer the conveniences of city living while preserving a sense of privacy and exclusivity.Just one MRT stop away is Orchard Road, Singapore's premier shopping belt where retail, dining and lifestyle offerings - from luxury boutiques to everyday essentials - are located. Residents can also enjoy convenient access to F&B options, supermarkets, medical services and shops in the Newton and Novena area.Meanwhile, nature and greenery are also not too far away. Residents can look forward to the Bukit Timah-Rochor Green Corridor, a future green spine envisioned to stretch from Rifle Range Road towards Kallang Riverside Park. The linear park aims to create expanded opportunities for walking, cycling and outdoor recreation, strengthening connections across Singapore's green network over time. New homes in Newton can offer a good balance between city living and easy access to nature - a feature that is increasingly sought-after by buyers today.Orchard Road, Source: Google Maps Street View Seamless Connectivity Across SingaporeFor new launch projects, transport connectivity often becomes a defining attribute, and the upcoming development at Peck Hay Road is no exception. The project sits on the doorstep of Newton MRT interchange station, which connects commuters to both the Downtown Line and the North-South Line. This positions key employment and lifestyle nodes across Singapore within easy reach for commuters.For instance, the MRT lines offer seamless access to Orchard Road, City Hall, Marina Bay, Raffles Place and the Downtown Core, while popular attractions such as the Botanic Gardens and Gardens by the Bay are also conveniently connected.Beyond rail connectivity, major arterial roads including Scotts Road and Bukit Timah Road offer direct access to the Central Expressway, enhancing overall accessibility for drivers. Whether it is a morning commute into the CBD, dinner plans in the city, or weekend outings across Singapore, connectivity becomes an effortless part of daily living.Newton MRT station, Source: Google Maps Street View Schooling Options Within ReachDespite its city-centre location, the Peck Hay Road site also offers proximity to a broad spectrum of educational institutions, an attribute that may appeal to families. Several primary schools are located within accessible distance, including Anglo-Chinese School (Junior), Farrer Park Primary School, Singapore Chinese Girls' Primary School, St. Joseph's Institution Junior and St. Margaret's School (Primary).Families with older children may also appreciate the proximity to established secondary and tertiary institutions nearby, including Singapore Chinese Girls' School, St. Joseph's Institution, Catholic Junior College, School of the Arts, LASALLE College of the Arts, Singapore Management University, and the National University of Singapore's Bukit Timah campus.Anglo-Chinese School (Junior) About the DeveloperSGX Mainboard-listed City Developments Limited is an established and reputable developer in Singapore, with over 60 years of experience in real estate development and a commitment towards sustainability and green buildings. It is a trusted name behind many residential projects here, including Newport Residences, Zyon Grand, The Orie, Union Square Residences, Norwood Grand, Tembusu Grand, The Myst and Tembusu Grand among others.Hong Leong Group Singapore is one of Asia's largest and most established conglomerates, with diversified interests spanning property development, hospitality, financial services, and trade and industry. Headquartered in Singapore, the Group manages over S$50 billion in assets and has a presence across Asia-Pacific, Europe, the Middle East, and North America. In Singapore, Hong Leong has played a significant role in the country's property landscape through its flagship companies, including public-listed City Developments Limited (CDL) and Hong Leong Holdings, collectively making it one of the country's largest residential developers and commercial landlords.

Resale Condo Market Watch in May 2026

Moderation in resale condo market activity in MaySales activity in the overall property market was fairly tepid, including the resale condo market. About 847 condo units worth $1.8 billion was resold during the month - compared with the 1,069 resale transactions valued at $2.15 billion transacted in April.The slowdown in market activity could have been due to the escalation in economic uncertainties arising from the Middle East Conflict, which may have dampened overall buying interest. In May, resales transactions accounted for 63% of non-landed transactions, while new sale transactions accounted for 33.2% of transactions, the highest resale proportions since February 2026 (see Chart 1). .Chart 1: Proportion of private non-landed transactions (excl. EC) by sale type by monthSource: PropNex Research, URA Realis Despite the slower new launch activity during the month, the average unit price of new non-landed homes picked up from the previous month. The average new sales price grew 6.5% month-on-month (MOM) to $2,558 psf in May, while the average resale unit price edged up by 1.7% MOM. As such, the new sale and resale price gap crept up from 31.7% in April (see Chart 2), to 37.8% in May. Chart 2: New sale and Resale Price gap of non-landed homes (overall) by monthSource: PropNex Research, URA Realis Improving gains amongst resale transactionsIn terms of profitability, resale condo units transacted in May saw smaller gains compared with the previous month. Analysing the profits reaped by resale non-landed private homes in April 2026 and May 2026, it was found that resale condo deals in May garnered more profits. The proportion of loss-making transactions was higher in May 2026 over the previous month. The resale profit analysis involves computing gains achieved for the units by matching the condo resale transactions in April against their respective previous purchase price, according to caveats lodged. The study showed that 15% of resale condo transactions (118 deals) in May made more than $1 million in profits, a similar proportion compared with April (17.5%). Of these million-dollar profit-making deals, the deals was well spread amongst the three market segments, 32% in the Outside Central Region (OCR), 36% in the Core Central Region (CCR) homes and 31% in the Rest of Central Region (RCR). Loss-making deals in May accounted for 7.2% of transactions, edging higher compared with the proportion of loss-making deals (5.8%) in April (see Chart 3). Chart 3: Proportion of profit quantum of resale non-landed transactions (April 2026 vs May 2026)Source: PropNex Research, URA Realis The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than three transactions during the month are excluded from the study. Based on URA Realis caveat data analysed by PropNex Research, the most profitable condo in the CCR, was D'leedon in District 10, which pulled in an average profit of $631,000 across three transactions in May. In the RCR, the most profitable condo development in May was Butterworth 8, a project located in District 15, which achieved an average profit of over $1.46 million, across three transactions. Butterworth 8 was also the overall best performing project in terms of average profit quantum in May. In the heartlands or Outside Central Region (OCR), the most profitable project was Costa Del Sol in District 16 which garnered an average profit of $1.36 million across three transactions. Top Resale Condo projects^ in terms of average gross profit* by region (May 2026)Project NameNo. of transactionsAverage Profit Gained ($)Average Annualized Profit (%)#Year completedDistrictCCRD'LEEDON3$631,3225.1%201410GOODWOOD RESIDENCE3$509,6881.3%201310BELLE VUE RESIDENCES3$475,3790.7%20109RCRBUTTERWORTH 83$1,466,2404.4%200415COTE D'AZUR4$832,0004.1%200415JADESCAPE5$800,1005.6%202220OCRCOSTA DEL SOL3$1,359,9634.2%200416ARCHIPELAGO3$787,3333.7%201516LAKEVILLE4$765,7313.9%201722Source: PropNex Research, URA Realis^projects with fewer than 3 transactions in the month are excluded from this analysis*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1Analysis was done based on available data from URA Realis Going by districts, resale homes in District 10 (Bukit Timah, Holland, Tanglin) raked in the highest profits on quantum basis, with transactions reaping average gains of more than $1.3 million per deal. In terms of annualised gains, resale homes in District 20 (Ang Mo Kio, Bishan, Thomson) enjoyed an average annualised profit of 4.9% per deal. Top 10 Resale Condo districts^ in terms of average gross profit* (May 2026)DistrictNo. of transactions**Average Gains ($)Average Annualised Gains (%)#D1059$1,301,5112.9%D2126$750,1143.9%D1636$674,0244.0%D1580$656,5743.5%D2218$654,8064.0%D2025$623,4854.9%D1129$605,0822.4%D1320$569,9933.7%D340$525,5603.6%D544$522,8413.5%Source: PropNex Research, URA Realis^Districts with fewer than 10 transactions during the month were excluded from this analysis*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1Analysis was done based on available data from URA Realis**Resale units with no available last caveated transaction data are excluded from this analysis Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.7 million to $7.2 million. The units which chalked up bigger gains were mostly sizeable large format condos that are more than 1,300 sq ft in size, and consisted mostly of older projects built in the 1980s to early 2000s. The respective holding periods for the most profitable resale properties were mostly beyond 16 years - the oldest being a unit held for more than 30 years. Top 5 Resale Condo transactions in May 2026 by gross profit by regionSource: PropNex Research, URA Realis*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1Analysis was done based on available data from URA Realis**Resale units with no available last caveated transaction data are excluded from this analysis It was found that the overall most profitable transaction and top gainer in the CCR was for a 13th floor unit at Honolulu Tower. It was resold for an estimated profit of $7.2 million, reflecting an annualised profit of 4.4%. Based on URA Realis caveat data, the 5,823-sq ft unit was first bought in November 2009 and subsequently resold for $14.2 million in May 2026, with a holding period of more than 16 years. Completed in 1985, Honolulu Tower is a freehold residential development along Bukit Timah Road in District 10. The development is located about 600 metres from Stevens MRT Station and is within close proximity to several established schools, including Singapore Chinese Girls' School, Singapore Chinese Girls' Primary School, Anglo-Chinese School (Primary) and Anglo-Chinese School (Barker Road).The top gainer in the RCR in terms of gross profit was for unit transacted at Pebble Bay in District 15, which fetched a gross profit of $2.6 million (annualised profit of 3.2%), based on caveats lodged. The 2,336-sq ft 12th floor unit was sold for $4.3 million, with a holding period of 30 years. Pebble Bay is a waterfront condominium in District 15, set along Tanjong Rhu overlooking the Kallang Basin, with many units enjoying open water and skyline views. Completed in 1997, the project is within walking distance to the Thomson-East Coast Line's Tanjong Rhu MRT station and a short distance from Stadium MRT on the Circle Line. The development is also well connected to the Singapore Sports Hub precinct, offering convenient access to lifestyle and recreational amenities along the Kallang waterfront.Over in the OCR, the top gainer in May was a 9th floor unit located in The Dairy Farm in District 23. The 1,948-sq ft unit was sold for $3.5 million, achieving an estimated profit of $2.4 million - which reflects an annualised profit of 3.8% over a holding period of more than 30 years. The Dairy Farm Condo is a low-rise residential development completed in 1985, set within a quiet, greenery-rich enclave in District 23. It is about a 10-15 minute walk to Hillview MRT station, providing access to the Downtown Line, and is within close proximity to nature spaces such as Dairy Farm Nature Park, Bukit Timah Nature Reserve, and Chestnut Nature Park.Amid a low interest rate environment and rising new launch prices, condo resellers may stand to benefit as some homebuyers may find themselves priced out of the new launch market and could consider options in the resale segment.

Should You Sub-Sell Before TOP? The Profit May Not Be as Simple as It Looks

TL;DR Sub-selling before TOP can still be profitable, but tighter SSD rules mean it is no longer as profitable as it was during the post-pandemic boom. The sub-sale landscape has changed: While many owners enjoyed substantial gains between 2020 and 2024, higher Seller's Stamp Duty (SSD) rates introduced in 2025 now eat into profits much more aggressively. Selling before TOP has its advantages: Owners can lock in gains early, avoid renovation and furnishing costs, skip landlord responsibilities, and free up capital for their next investment opportunity. Waiting can offer additional upside: Completed units generally attract a larger buyer pool, may generate rental income, and often avoid SSD altogether if held long enough. Bottom line: Different strategies suit different investors. Those seeking liquidity and certainty may prefer a sub-sale, while long-term investors may benefit from holding through TOP and beyond. Imagine you bought a new-launch condo two or three years ago. The building is not quite done yet, but prices have climbed. Would you cash out now or hold on and wait for the unit to complete? Sell Now Wait function selectOption(button) { const poll = document.getElementById('top-poll'); poll.querySelectorAll('button').forEach(btn => { btn.dataset.selected = "false"; btn.style.border = '1px solid #d9d9d9'; btn.style.background = '#fff'; btn.style.color = '#222'; }); button.dataset.selected = "true"; button.style.border = 'none'; button.style.background = '#02ADEF'; button.style.color = '#fff'; } function hoverIn(button) { if (button.dataset.selected !== "true") { button.style.borderColor = '#02ADEF'; button.style.background = '#F5FCFF'; } } function hoverOut(button) { if (button.dataset.selected !== "true") { button.style.borderColor = '#d9d9d9'; button.style.background = '#fff'; } } The sub-sale market has been one of the most talked-about topics in recent years, with profits hitting record averages in 2024. But since the SSD rules were tightened in 2025, sellers now need to be far more precise about timing, holding costs, and exit strategy. In this article, we will explore: First, let's get the definitions straight The sub-sale wave The Seller's Stamp Duty (SSD) factor Why sell before TOP Why wait until (or after) TOP The comparison So should you sell before TOP or wait? First, let's get the definitions straightWhat is a sub-sale?When you buy a unit from a developer, but then you sell it before the Certificate of Statutory Completion (CSC) is issued, that's called a sub-sale. But, most people use the Temporary Occupation Permit (TOP) as an informal benchmark.Essentially, with a sub-sale, you're selling a unit that you haven't lived in yet. The person buying from you takes on the remaining construction timeline, and you walk away with the profit (or loss). KNOW YOUR TERMS TOP = Temporary Occupation Permit. Residents may move in. CSC = Certificate of Statutory Completion. Full completion. A sub-sale can occur any time before CSC, including after TOP. The sub-sale waveCovid-19 was a strange time for everyone. In real estate, construction projects across Singapore got delayed by months or even years. Consequently, pent-up demand for homes shot up after 2020, causing private property prices to rise very quickly. Buyers who bought new launches between 2019 and 2021 suddenly saw their homes increase in value much faster than usual, with gains that would normally take many years to happen.At the same time, many completed-unit owners were reluctant to sell because finding a replacement home was expensive. Selling high also meant buying high. This tightened the resale supply, which nudged buyers toward the sub-sale market.As a result, sub-sale activities went up from 198 transactions in 2020 to 1,428 transactions in 2024, according to URA statistics. There have also been numerous reports claiming that a large majority of sub-sales have been profitable in recent years, at least before factoring in SSD. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list The Seller's Stamp Duty (SSD) factorWith so many people making quick profits from sub-sales, the government eventually stepped in and tightened the SSD rules. Sure, it may feel restrictive or a bit frustrating for investors, but ultimately, this was meant to keep the property market stable in the long run.So if you're thinking about doing a sub-sale in today's market, this is something you really need to factor into your calculations. The holding period is longer now, which will obviously affect your timeline. Don't forget that market conditions can change during that period too. So you need to consider your timing and exit strategy, much more than before.Let me illustrate.During the 2024 wave, sellers in the sub-sale market were widely reported to have made substantial profits. Let's assume your profit margin is $250,000.On a $1.5 million unit, the old SSD rules meant you had to pay 8% tax if you sold in the second year. That's $120,000 gone, leaving you with $130,000 in profits. Not bad.But, under the new rule, if you sell within two years, the SSD is 12%, which works out to $180,000. So you're only left with $70,000.This goes to show that sub-sale only really works when your profit is comfortably higher than the SSD you need to pay. During the post-pandemic wave, many sellers could still make the numbers work because prices rose very quickly. But now that the market has cooled and SSD rules are stricter, the margins are much tighter.Of course, this does not mean sub-sale is dead. Sub-sales are still happening, but the stakes are higher now. So the gain must be strong enough, the timeline must be clear, and the next move must justify the early exit. And despite the tighter rules and smaller margins, there are still a few reasons why some people choose to dabble in the sub-sale market.Why sell before TOPLock in gainsIf you bought a new launch and it's already gone up quite a bit in value, you might be thinking of cashing out while the market is still doing well. Singapore's property market is generally quite stable, thanks to cooling measures and other government interventions. But during uncertain periods, people naturally get a bit more cautious. Things like the Middle East conflict or worries about the economy can affect market sentiment. So if the unit is already sitting on a decent profit, some owners may prefer to take the money off the table rather than wait and see what happens next.No renovation costs or landlord headachesWhen you sell through the sub-sale market, you're basically handing over the unit as-is. No renovation, no furnishing, no dealing with contractors or waiting months for carpentry, tiles, and appliances to be installed. That alone can save you tens to hundreds of thousands of dollars in renovation costs, plus four to six months of stress and delays.And if your original plan was to rent the unit out after TOP, you no longer need to find tenants, manage the property, and deal with maintenance issues down the road.Capital recyclingFor investors, an early exit frees up capital to pursue other opportunities. Maybe you're already eyeing another property! In that case, selling on the sub-sale market could be a good decision.Why wait until (or after) TOPBuyer confidence = bigger poolBuyers purchasing an uncompleted unit accept construction risk and wait time, but not everyone wants that. Interest rates could change before completion, construction timelines may shift, and they still have to wait before moving in or collecting rent. Because of that, some buyers become more cautious with their budget.After TOP, the property becomes a much more straightforward purchase. Buyers know exactly what they are getting, banks have the final valuation, and there is less uncertainty overall. That confidence can sometimes translate into stronger demand and better offers.Rental income while you waitIf you're still figuring out your next move, there's no real rush to sell immediately after TOP. You can hold on to the unit and rent it out first while deciding on your next property investment. At least this way, the property is generating income instead of just sitting there. The rental can help offset your mortgage, maintenance fees, and other holding costs while you wait for the right time to sell.You avoid competing with developer inventoryIn some projects, developers may still have unsold units during the sub-sale phase. That makes things harder because buyers can simply compare your unit against a brand-new developer unit with fresh incentives or discounts.But once the project is fully sold out and reaches TOP, your resale unit may become one of the few available options in the development. Scarcity can work in your favour, especially if buyers specifically want that project but missed the initial launch.The comparisonSub-saleWait until after TOPO Lock in gains at a known price todayO No renovation or furnishing costsO Free up capital for next investmentO No tenant managementX SSD can potentially eat into your gainsX Narrower buyer pool (higher market risk)X Miss out on post-TOP price appreciationX No rental income collectedO Larger, more competitive buyer poolO Collect rental incomeO SSD typically expires by TOP timeO More flexibility on timing and pricingX Might need extra costs to renovate and furnishX Exposed to market risk over a longer horizonX Landlord responsibilities if renting outX Capital remains tied up for longerSo should you sell before TOP or wait?There is no "correct" answer. Ultimately, it depends on what kind of owner or investor you are.Sub-sales make sense when your gross gain comfortably exceeds your SSD liability and you have a clear plan for the capital. It is suited for those who want to cash out early, avoid renovation costs, or free up capital for another opportunity. Some people also simply do not want the hassle of becoming a landlord or waiting several more years just to squeeze out potentially higher gains. For them, taking a solid profit today and moving on feels more comfortable.Waiting until after TOP, on the other hand, tends to suit people with a longer investment horizon. If you are comfortable holding the property, renting it out, and waiting for the right buyer, there may be more upside over time. You also get access to a wider buyer pool once the project is completed, and in many cases, you avoid SSD entirely by then.The important thing is not to treat sub-sale as some guaranteed shortcut to easy money. The post-Covid era made sub-sales highly profitable, but it is no longer the norm today, where the market is more measured and SSD rules are tighter.So, I'll ask again. If you bought a new-launch condo two or three years ago, would you sell now or wait until TOP? Sell Now Wait function selectOption(button) { const poll = document.getElementById('top-poll'); poll.querySelectorAll('button').forEach(btn => { btn.dataset.selected = "false"; btn.style.border = '1px solid #d9d9d9'; btn.style.background = '#fff'; btn.style.color = '#222'; }); button.dataset.selected = "true"; button.style.border = 'none'; button.style.background = '#02ADEF'; button.style.color = '#fff'; } function hoverIn(button) { if (button.dataset.selected !== "true") { button.style.borderColor = '#02ADEF'; button.style.background = '#F5FCFF'; } } function hoverOut(button) { if (button.dataset.selected !== "true") { button.style.borderColor = '#d9d9d9'; button.style.background = '#fff'; } } Views expressed in this article belong to the writer(s) and do not reflect PropNex's position. No part of this content may be reproduced, distributed, transmitted, displayed, published, or broadcast in any form or by any means without the prior written consent of PropNex. For permission to use, reproduce, or distribute any content, please contact the Corporate Communications department. PropNex reserves the right to modify or update this disclaimer at any time without prior notice.

Singapore Cooling Measures 2026 Explained for New Buyers

TL;DR Singapore's cooling measures are not just rules to memorise - they shape how much you can afford, what options are available, and how flexible your future property plans can be. For new buyers in 2026, understanding taxes, borrowing limits, holding periods, and the latest EC changes is key to avoiding costly surprises. Upfront costs: First-time Singapore Citizen buyers generally pay 0% ABSD on their first home, but BSD, legal fees, renovation costs, and other cash requirements still need to be planned early. Borrowing limits: LTV, TDSR, and MSR rules determine how much you can realistically borrow, which means your true budget may be lower than the property price range you initially hoped for. Future flexibility: SSD, MOP rules, and the 15-month wait-out period can affect when you can sell, upgrade, right-size, or move between private and public housing. EC changes: Future EC projects will have a 10-year MOP, 15-year full privatisation timeline, no Deferred Payment Scheme, and a higher 90% first-timer allocation during the priority period. Buyer impact: These EC changes do not affect only EC buyers. They may also reshape upgrader demand, shift interest across HDBs and private condos, and make long-term planning more important. Bottom line: The smartest buyers are not simply those who move fastest, but those who understand their numbers, know the rules, and choose a property that supports both today's needs and tomorrow's options. You've found a property you like.The location works. The price seems manageable. You've even started imagining what life could look like in your future home.Then reality kicks in.You discover that you need more cash upfront than expected.The bank approves a smaller loan than you were counting on.Or perhaps you realise that some housing options are no longer available because of rules you never knew existed.These situations are more common than many first-time buyers realise.In Singapore, buying a property is not just about finding a home you love. It is also about understanding the rules that determine how much you can borrow, how much tax you may need to pay, how long you must hold a property, and what opportunities may be available to you in the future.The latest Executive Condominium (EC) rule changes have made this even more important.Whether you're a single buyer purchasing your first home, a couple planning for the future, or simply trying to understand how Singapore's property market works, this guide breaks down the cooling measures every new buyer should know in 2026.Before We Begin: What Do The Rules Mean For You?Reading about ABSD, TDSR, LTV limits, and EC policies is useful.But what most buyers really want to know is:"How do these rules affect me personally?"Use the calculator below to estimate your upfront costs, financing limits, affordability, and potential property options based on your own profile. Singapore Property Cost Calculator 2026 Singapore property cost calculator 2026 Full upfront cost breakdown - BSD, ABSD, downpayment, grants, and affordability checks - based on your buyer profile. Buying costs Affordability Net sale proceeds Your profile Citizenship status Singapore Citizen (SC) Permanent Resident (PR) Foreigner US / Iceland / Swiss / Liechtenstein (FTA) Property count (after this purchase) 1st property 2nd property 3rd+ property Property type Private condo / landed HDB flat EC - new launch (pre-8 May 2026) EC - new GLS (post-8 May 2026) EC resale (privatised) Loan type Bank loan HDB loan (HDB flats only) Property & loan details Purchase price (S$) S$ Loan tenure 25 years 30 years 35 years (private only) Actual interest rate (% p.a.) - for monthly repayment estimate 3.5% Stress-test rate used for TDSR / MSR checks is fixed at 4% p.a. per MAS guidelines. Income & debts Fixed monthly income - applicant 1 (S$) S$ Variable income - applicant 1 (S$) S$ 30% haircut applied - banks count only 70% of variable income Include a co-borrower (e.g. spouse) Fixed monthly income - applicant 2 (S$) S$ Variable income - applicant 2 (S$) S$ 30% haircut applied Other monthly debt obligations - all applicants (S$) S$ Car loans, personal loans, credit cards etc. Cost breakdown Affordability checks What can you afford? Based on your income inputs from the Buying Costs tab. Adjust income and debts there to update these figures. Sale details Expected selling price (S$) S$ Outstanding loan balance (S$) S$ CPF principal withdrawn (S$) S$ Total CPF OA used for purchase + monthly instalments Years since CPF first withdrawn Yrs Used to estimate accrued interest at 2.5% p.a. Agent commission (%) 1.0% Legal fees (S$) S$ Estimated net proceeds For general reference only - not financial, legal, or property advice. Rates and rules are subject to change. Verify with IRAS, HDB, MAS, or a licensed conveyancing lawyer before transacting. CPF accrued interest estimated at 2.5% p.a. compound. Grant eligibility subject to HDB assessment. // ?? Helpers ?????????????????????????????????????????????????????????????????? function fmt(n) { return 'S$' + Math.round(n).toLocaleString('en-SG'); } function pct(n) { return Math.round(n * 100) + '%'; } function bsd(p) { const bands = [[180000,0.01],[180000,0.02],[640000,0.03],[500000,0.04],[1500000,0.05],[Infinity,0.06]]; let tax = 0, rem = p; for (const [b,r] of bands) { const chunk = Math.min(rem, b); tax += chunk * r; rem -= chunk; if (rem 25 yrs. Private: > 30 yrs. function longTenureThreshold(proptype) { return proptype === 'hdb' ? 25 : 30; } // Returns { ltv, minCashPct, reduced } for the buyer profile. function loanLimits(loantype, count, proptype, effTenure) { // HDB concessionary loan: 75% LTV, full 25% downpayment payable from CPF (0% min cash). if (loantype === 'hdb') return { ltv: 0.75, minCashPct: 0.00, reduced: false }; // Bank loan: base LTV by number of properties. let ltv = count === 1 ? 0.75 : count === 2 ? 0.45 : 0.35; let reduced = false; if (effTenure > longTenureThreshold(proptype)) { ltv = count === 1 ? 0.55 : count === 2 ? 0.25 : 0.15; // one-tier reduction reduced = true; } // Minimum cash: 5% at 75% LTV, 10% at 55% LTV, 25% for any 2nd+ property. const minCashPct = count === 1 ? (reduced ? 0.10 : 0.05) : 0.25; return { ltv, minCashPct, reduced }; } function getIncome() { const f1 = parseFloat(document.getElementById('income1_fixed').value) || 0; const v1 = parseFloat(document.getElementById('income1_var').value) || 0; let total = f1 + v1 * 0.7; if (document.getElementById('coborrower_toggle').checked) { const f2 = parseFloat(document.getElementById('income2_fixed').value) || 0; const v2 = parseFloat(document.getElementById('income2_var').value) || 0; total += f2 + v2 * 0.7; } return Math.round(total); } // CPF Housing Grant estimates (indicative, subject to HDB assessment) function estimateGrant(status, proptype, price, income) { if (proptype !== 'hdb') return null; if (status !== 'sc' && status !== 'pr') return null; // Enhanced CPF Housing Grant (EHG) for HDB - SC/PR first-timers // Household income ? S$9,000 for EHG; up to S$120,000 for SC couples if (income > 9000) return null; // Simplified estimate - actual amount depends on flat type & family nucleus const ehg = income 0 ? fmt(tdsrUsed) + ' / ' + fmt(tdsrLimit) : 'Enter income'} ${msrApplies ? ` MSR (30% limit) ${income === 0 ? '—' : msrOk ? 'Pass' : 'Fail'} ${income > 0 ? fmt(monthlyStress) + ' / ' + fmt(msrLimit) : 'Enter income'} ` : ` MSR N/A Private property ` } ABSD rate ${pct(rate)} `; // ?? Insights ?? let ins = ''; if (income > 0 && !tdsrOk) ins += `TDSR exceeded — total monthly debt of ${fmt(tdsrUsed)} is above the 55% income limit of ${fmt(tdsrLimit)}. Try adding a co-borrower, extending the loan tenure, or reducing other debts.`; if (income > 0 && msrApplies && !msrOk) ins += `MSR exceeded — the stress-tested mortgage of ${fmt(monthlyStress)}/mo exceeds 30% of gross income (${fmt(msrLimit)}). Consider a lower price point or longer loan tenure.`; if (absdAmt > 0 && rate >= 0.20) ins += `ABSD of ${fmt(absdAmt)} must be paid in cash within 14 days of signing the OTP. This cannot be paid from CPF.`; if (proptype === 'ec_new26') ins += `Post-8 May 2026 EC rules: 10-year MOP, 15-year privatisation, no Deferred Payment Scheme. Allow approximately 13 years from purchase before you can sell on the open market.`; if (status === 'foreigner') ins += `60% ABSD applies — ${fmt(absdAmt)} payable in cash within 14 days of OTP. Foreigners may wish to explore commercial property, which carries no ABSD.`; if (rate === 0 && count === 1 && (status === 'sc' || status === 'us_fta')) ins += `You pay 0% ABSD as a first-time SC / FTA buyer. This slot is irreplaceable — use it strategically.`; if (hdbLoanInvalid) ins += `An HDB concessionary loan is only available for HDB flats — not ECs or private property. For this property type you'd take a bank loan, which requires a minimum 5% cash downpayment.`; if (tenureCapped) ins += `Loan tenure capped at ${cap} years for this loan/property type (you selected ${tenureYrs}). All repayment and loan figures use ${cap} years.`; if (reduced) ins += `LTV reduced to ${Math.round(ltv*100)}% because the loan tenure exceeds ${longTenureThreshold(proptype)} years. The same reduction applies if the loan runs past your 65th birthday — check your age against the tenure. Minimum cash downpayment is ${Math.round(minCashPct*100)}%.`; if (count >= 2) ins += `For a 2nd or subsequent property, the minimum cash downpayment is 25% (${fmt(minCash)}) — far higher than the 5% for a first home, and it cannot come from CPF.`; document.getElementById('insight-box').innerHTML = ins; // ?? Affordability tab ?? calcAfford(income, otherdebt, proptype, effTenure); } // ?? Affordability tab ???????????????????????????????????????????????????????? function calcAfford(income, otherdebt, proptype, tenureYrs) { if (!income) { document.getElementById('afford-content').innerHTML = 'Enter your income in the Buying Costs tab to see affordability estimates.'; return; } const tdsrLimit = Math.round(income * 0.55); const msrLimit = Math.round(income * 0.30); const maxMortgageTdsr = Math.max(0, tdsrLimit - otherdebt); const msrApplies = proptype === 'hdb' || proptype === 'ec_new' || proptype === 'ec_new26'; // Max loan at stress rate 4% function maxLoanFromPayment(pmt, years) { const r = 0.04/12, n = years*12; return Math.round(pmt / (r * Math.pow(1+r,n) / (Math.pow(1+r,n)-1))); } const maxLoanTdsr = maxLoanFromPayment(maxMortgageTdsr, tenureYrs); const maxLoanMsr = msrApplies ? maxLoanFromPayment(msrLimit, tenureYrs) : null; const bindingLoan = maxLoanMsr !== null ? Math.min(maxLoanTdsr, maxLoanMsr) : maxLoanTdsr; // Max property price = binding loan / LTV const maxPriceFirst = Math.round(bindingLoan / 0.75); const maxPriceSecond = Math.round(Math.min(maxLoanTdsr, maxLoanMsr || Infinity) / 0.45); document.getElementById('afford-content').innerHTML = ` Max monthly mortgage (TDSR)${fmt(maxMortgageTdsr)}/mo ${msrApplies ? `Max monthly mortgage (MSR)${fmt(msrLimit)}/mo` : ''} Max loan (TDSR-bound, stress rate 4%)${fmt(maxLoanTdsr)} ${msrApplies ? `Max loan (MSR-bound, stress rate 4%)${fmt(maxLoanMsr)}` : ''} Max property price — 1st property (LTV 75%)${fmt(maxPriceFirst)} Max property price — 2nd property (LTV 45%)${fmt(maxPriceSecond)} These figures use a 4% stress-test rate over ${tenureYrs} years. Actual approved loan may vary depending on your bank's assessment, credit score, age, and other factors. Add a co-borrower in the Buying Costs tab to increase your borrowing power. `; } // ?? Proceeds tab ????????????????????????????????????????????????????????????? function calcProceed() { const sellPrice = parseFloat(document.getElementById('sell_price').value) || 0; const outstandingLoan= parseFloat(document.getElementById('outstanding_loan').value) || 0; const cpfUsed = parseFloat(document.getElementById('cpf_used').value) || 0; const cpfYears = parseFloat(document.getElementById('cpf_years').value) || 0; const commissionRate = parseFloat(document.getElementById('commission').value) / 100; const legalFee = parseFloat(document.getElementById('sell_legal').value) || 0; document.getElementById('commission_val').textContent = parseFloat(document.getElementById('commission').value).toFixed(1) + '%'; // CPF accrued interest at 2.5% p.a. compound const cpfAccrued = Math.round(cpfUsed * (Math.pow(1.025, cpfYears) - 1)); const cpfRefund = cpfUsed + cpfAccrued; const commission = Math.round(sellPrice * commissionRate); const grossProfit = sellPrice - outstandingLoan - commission - legalFee; const cashProceeds = Math.max(0, grossProfit - cpfRefund); const cpfProceeds = Math.min(grossProfit, cpfRefund); document.getElementById('proceed-breakdown').innerHTML = ` Selling price${fmt(sellPrice)} Outstanding loan repayment− ${fmt(outstandingLoan)} Agent commission (${(commissionRate*100).toFixed(1)}%)− ${fmt(commission)} Legal fees− ${fmt(legalFee)} Gross proceeds before CPF refund${fmt(grossProfit)} CPF principal used${fmt(cpfUsed)} CPF accrued interest (2.5% p.a. × ${cpfYears} yrs)${fmt(cpfAccrued)} Total CPF refund required− ${fmt(cpfRefund)} Net cash proceeds (to bank account)${fmt(cashProceeds)} CPF proceeds (returned to CPF OA)${fmt(cpfProceeds)} CPF refund is returned to your CPF Ordinary Account, not paid in cash. It can be reused for your next property purchase. Accrued interest is an estimate at 2.5% p.a. compound — actual figures depend on the date of each CPF withdrawal. `; } // ?? Event wiring ????????????????????????????????????????????????????????????? document.querySelectorAll('#tab-buy select, #tab-buy input').forEach(el => el.addEventListener('input', calc)); document.getElementById('coborrower_toggle').addEventListener('change', function() { document.getElementById('coborrower-section').style.display = this.checked ? 'block' : 'none'; calc(); }); document.querySelectorAll('#tab-proceed input').forEach(el => el.addEventListener('input', calcProceed)); document.querySelectorAll('.tab').forEach(tab => { tab.addEventListener('click', function() { document.querySelectorAll('.tab').forEach(t => t.classList.remove('active')); document.querySelectorAll('.tab-panel').forEach(p => p.classList.remove('active')); this.classList.add('active'); document.getElementById('tab-' + this.dataset.tab).classList.add('active'); }); }); calc(); calcProceed(); Once you've explored your numbers, continue reading to understand the policies behind them. A quick shortcut to the topic you want to know: The Cooling Measures Every New Buyer Should Know Taxes You Need To Budget For Borrowing Limits That Determine What You Can Afford Rules That Affect Your Future Flexibility Why Everyone Is Suddenly Talking About ECs The New EC Rules Explained Why The EC Changes Affect More Than Just EC Buyers What These Measures Mean For Your Property Journey Practical Steps Before You Commit Want To Explore Your Options In Greater Detail? Final Thoughts The Cooling Measures Every New Buyer Should Know For many first-time buyers, cooling measures sound intimidating.In reality, they are simply a set of rules designed to keep Singapore's property market stable and sustainable while ensuring homes remain accessible to those buying for their own occupation.Rather than memorising a long list of acronyms, it helps to understand cooling measures through three key areas:1. Taxes and costs you need to budget for2. Borrowing limits that determine affordability3. Rules that affect your future flexibilityTogether, these measures influence almost every property purchase in Singapore.Taxes You Need To Budget For Additional Buyer's Stamp Duty (ABSD)ABSD is one of the most widely discussed cooling measures in Singapore.It is an additional tax imposed on residential property purchases, on top of the standard Buyer's Stamp Duty.The good news for most first-time Singapore Citizen buyers is that ABSD remains 0% on your first residential property purchase.However, understanding ABSD remains important because it can significantly affect future upgrading or investment plans.Current ABSD Rates Buyer Profile 1st Property 2nd Property 3rd+ Property Singapore Citizen 0% 20% 30% Singapore PR 5% 30% 35% Foreigner 60% 60% 60% US / Iceland / Switzerland / Liechtenstein Nationals 0% 20% 30% Entity / Company 65% 65% 65% To understand the impact, consider a Singapore Citizen purchasing a second property worth S$2 million.The ABSD alone would amount to S$400,000.For a foreign buyer purchasing the same property, the ABSD would reach S$1.2 million.This is why ABSD plays such a significant role in influencing purchasing decisions and discouraging speculative demand.For married homeowners planning their next move, ABSD considerations can sometimes become more complex. Ownership arrangements, the sequence of buying and selling, and eligibility for various concessions may all influence the overall outcome.Buyer's Stamp Duty (BSD)Unlike ABSD, BSD applies to almost all residential property purchases.BSD is calculated using a progressive tax structure based on the property's purchase price.Current BSD Rates Purchase Price BSD Rate First S$180,000 1% Next S$180,000 2% Next S$640,000 3% Next S$500,000 4% Next S$1.5 million 5% Amount Above S$3 million 6% Although BSD receives less attention than ABSD, it can still be a substantial upfront cost.For example:A S$1.5 million property attracts approximately S$44,600 in BSDA S$2 million property attracts approximately S$69,600 in BSDWhat this means for new buyersMany first-time buyers focus entirely on the property's advertised price.However, the true cost of purchasing a home includes stamp duties, legal fees, and other acquisition costs.Understanding these expenses early helps you avoid budget surprises later.Borrowing Limits That Determine What You Can Afford Many new buyers assume that affordability is determined purely by income.In reality, Singapore's financing framework often has a greater influence on what you can ultimately purchase.Three key measures determine how much you can borrow.Loan-to-Value (LTV) LimitsLTV limits determine the maximum percentage of a property's value that can be financed through a housing loan.For private residential properties financed with a bank loan: Loan Count Maximum LTV First Housing Loan 75% Second Housing Loan 45% Third Housing Loan 35% For example, a buyer purchasing a S$1 million private property can typically borrow up to S$750,000 under a first housing loan, assuming they meet all other financing requirements.The remaining S$250,000 must come from cash and CPF savings.For HDB flats, eligible buyers may choose to take an HDB housing loan instead of a bank loan. HDB loans currently allow financing of up to 65% of the property's purchase price or value (whichever is lower), subject to HDB's eligibility criteria.EC buyers generally finance their purchase using bank loans, which are subject to the prevailing LTV limits and other financing rules such as the Mortgage Servicing Ratio (MSR).As buyers take on additional housing loans, the required upfront commitment increases significantly.Total Debt Serving Ratio (TDSR)TDSR limits your total monthly debt obligations to 55% of your gross monthly income.Importantly, TDSR considers more than just your mortgage.It also includes:Car loansPersonal loansCredit card debtExisting mortgages (if any)Other debt commitmentsFor example:Monthly household income: S$12,000Maxim TDSR limit: S$6,600Existing debt obligations: S$800This leaves S$5,800 available for mortgage repayments.As a result, many buyers find that TDSR becomes their true affordability ceiling.Mortgage Serving Ratio (MSR)MSR applies specifically to HDBs and ECs.Under MSR rules, monthly mortgage repayments cannot exceed 30% of gross monthly household income.For a household earning S$12,000 monthly:Maximum mortgage repayment under MSR: S$3,600 per monthThis stricter limit often becomes the key affordability benchmark for HDB and EC buyers.What this means for new buyersTogether, LTV, TDSR, and MSR explain why what you can afford and what you can borrow are not always the same thing.Many buyers start their property search based on listings they see online.A better starting point is understanding your financing limits first.Doing so helps you search with confidence and avoid disappointment later.Rules That Affect Your Future Flexibility Buying a home is not just about entering the market.It is also about understanding what options remain available to you afterwards.Several cooling measures influence how flexible your future plans can be.Seller's Stamp Duty (SSD)SSD applies when residential properties are sold within three years of purchase.Current SSD Rates Holding Period SSD Rate Up to 1 year 12% More than 1 year to 2 years 8% More than 2 years to 3 years 4% More than 3 years 0%

New EC measures Are Here: What's Your Next Move?

Executive condominiums (EC) have been a hot favourite among homebuyers and housing developers. Over the years, EC prices have continued to climb, sparking some concerns if such properties remain affordable and accessible to the very group of households - or the "sandwiched class" - they were intended for. More importantly, it appears that a substantial portion of new EC sales were driven by second-timers or HDB upgraders, who may have more financial resources to enter the market.Amid the resilient EC demand, developers have also increasingly placed more bullish bids for EC government land sales (GLS) sites, which then feed into the eventual selling price of new EC units. That the EC Housing Scheme will be reviewed is not a case of if but when - in view of the upward spiral in EC land bids and launch prices. The policy response arrived on 8 May 2026, with the introduction of new EC measures (see Table 1).The Next StepWith the new measures, what does the future hold for EC buyers, and perhaps current EC owners?While they are not exactly framed as property cooling measures per se, the new measures may potentially affect the EC demand dynamics in the future. The new EC measures are unlikely to send shivers down the spine of homebuyers, but they will certainly give them plenty to think about.The new measures will take effect for EC government land sales (GLS) sites tendered on or after 8 May 2026. As such, they will not affect EC sites that have already been awarded prior to that date - presenting a potential window of opportunity for buyers who wish to purchase new EC units under the old rules.Table 1: New EC measures announced on 8 May 2026 and their potential impactMeasuresWhat this could mean for....First-time buyersSecond-time buyersExisting EC ownersExtension of the Minimum Occupation Period (MOP) for ECs from 5 years to 10 years-Doubles the exit timeline, shifting focus to home ownership and owner-occupiers looking to live long-term, rather than those who wish to buy then re-sell after 5 years-Some prospective buyers may shift to purchasing private homes from Outside Central Region (OCR) new launches or the private resale market which are not subject to MOP-Slower influx of new ECs into the resale market down the road, may support demand and prices for existing resale EC unitsRemoval of Deferred Payment Scheme (DPS)All new EC buyers will be on the Normal Payment Scheme (NPS), which requires buyers to make loan repayment progressively in tandem with the project achieving certain construction milestone-Given lower adoption rates of DPS among first-timers, the change may not affect first-timers substantially-However, some buyers may be more conservative when selecting a unit, opting for smaller homes or lower-priced projects-Some first-timers who find EC less affordable without DPS may explore other housing options, including new launches, resale homes, BTO flats or resale HDB flats-Some second-timers may still be servicing the mortgage payment for their existing flat. Without DPS, it could be more difficult for them to finance a new EC purchase due to overlapping repayments-Upgraders may need to plan and time the sale of existing flat carefully to ensure sufficient funds are available for EC purchase-Some households may defer upgrading to an EC -NA-EC quota for first-time buyers raised from 70% to 90%; Priority period for first-time buyers extended from 1 month to 2 years-Larger pool of units set aside for first-time buyers will enhance accessibility for such buyers and reduce competition from second-timers-Longer priority period gives first-time buyers more time to plan and deliberate their buying decisions, before more second-timers enter to book units-Only 10% of EC units allocated to second-timers in the first two years of project launch. This will limit choices for second-timers-However, the longer waiting period gives second-timers more time make housing decisions, accumulate savings and strengthen loan eligibility-Second-time buyers are also able to move into the new EC sooner after the point of purchase, as the EC project would be closer to completion two years after project launch -NA-For some first-timer buyers, it may be more strategic to wait and apply for EC projects that are subject to these new measures, as it will increase their chances of securing highly oversubscribed ECs in popular locations during project launch.While the new measures may be advantageous to some homebuyers, it is likely that these changes could disrupt the property purchase plans of many others. Notably, removal of the DPS and the longer priority period for first-time buyers is likely to affect prospective HDB upgraders, as they may have to rethink their home financing plans and wait longer to secure their desired EC unit. Furthermore, some homebuyers do not want to be locked into the longer 10-year MOP as this may restrict their future housing plans.What are my options?That being said, many eligible households may still be keen on buying a new EC - as they are more affordable than other new private homes and present an accessible entry point into the private residential market.Buyers who do not wish to be bound by these new measures can look into five upcoming EC projects that are not affected by the new EC measures. These projects in Senja Close, Woodlands Drive 17, Sembawang Road, and Miltonia Close are expected to be launched either towards the end of 2026 or in 2027. They will be the last EC projects that are under the old EC rules.Senja Close (Bukit Panjang)Source: PropNex Research, OnemapSituated in an HDB housing enclave near green spaces, buyers looking to live in a serene environment may take interest in the EC project in Senja Close - with higher floor units of the development possibly offering scenic views of the expansive Bukit Mandai forest across the Kranji Expressway. Estimated to offer about 295 units, the project presents a rare opportunity to secure an EC unit in Bukit Panjang - which has only two other EC projects (Blossom Residences and Chestervale) launched in the area.FeaturesWhat to noteConnectivity-Short walk to Jelapang LRT station, which is two stops to Bukit Panjang MRT station on the Downtown Line (DTL) and nine stops to Choa Chu Kang MRT Interchange station-Choa Chu Kang and King Albert Park MRT stations will be interchanges for the upcoming Jurong Region Line (JRL) and Cross Island Line (CRL), respectivelyAmenities-Close to numerous green spaces like the Bukit Panjang Park, Chestnut Nature Reserve and the Bukit Timah Nature Reserve-Near Senja Hawker Centre, Bukit Panjang Polyclinic, Junction 10 mall, Bukit Panjang Plaza, and Hillion MallSchools-Within 1-km to West Spring Primary school, Greenridge Primary school, and West View Primary school-Near Westspring Secondary school, Zhenghua Secondary school, and the Jurong Pioneer Junior CollegeUpcoming Development-The government has envisioned the nearby Mandai, Kranji and Lim Chu Kang area as an urban-nature district centred around nature-based adventures, wildlife and biodiversity conservation efforts, as well as edutainment offerings featuring food production, heritage and high-tech farming activities Woodlands Drive 17After a dearth of new EC launches for nearly 10 years in Woodlands, two new EC projects are set to grace the estate. The first Woodlands Drive 17 EC project is estimated to yield 420 new EC units while the second project will inject about 560 new units into the amenity-rich neighbourhood. Given the likely pent-up demand for ECs in the area and the strong public transport connectivity, tough competition can be expected for these two projects.Source: PropNex Research, OnemapAfter a dearth of new EC launches for nearly 10 years in Woodlands, two new EC projects are set to grace the estate. The first Woodlands Drive 17 EC project is estimated to yield 420 new EC units while the second project will inject about 560 new units into the amenity-rich neighbourhood. Given the likely pent-up demand for ECs in the area and the strong public transport connectivity, tough competition can be expected for these two projects.FeaturesWhat to noteConnectivity-Five-minutes' walk to Woodlands South MRT station on the Thomson-East Coast Line (TEL)-TEL directly connects to Orchard Road shopping belt and key employment hubs in Maxwell and Shenton Way-Great for frequent day-trippers to Malaysia, as it is two MRT stops from the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) at the Woodlands North MRT stationAmenities-Commercial offerings can be found at Vista Point, Causeway Point, Woods Square, and the Woodlands town centre-Adjacent to the Woodlands Health Campus and Woodlands Healing GardenSchools-Within 1-km from schools like Innova Primary School, Woodgrove Primary School, Si Ling Primary School, Woodlands Ring Primary, and Woodlands Primary School-Near Christ Church Secondary School and Woodgrove Secondary, with Yishun Innova Junior College to move to Woodlands by 2027Upcoming Development-Close to the Woodlands Regional Centre, which is slated to be the largest economic hub in the North and is expected to have more office, retail, and industrial spaces-Singapore Sports School to be relocated to Kallang, opening up more possibilities for redevelopment in the vicinity Sembawang RoadSource: PropNex Research, OnemapContinuing the streak of rare EC launches, a new 265-unit EC project - nestled in a landed housing area - is set to debut in Sembawang for the first time since 2021. With its long frontage along the inland waterways in Sembawang, some homes may enjoy scenic views of the river and greenery. Healthy interest from HDB upgraders is expected given the scarcity of new ECs in the area. However, interested buyers should note that the site is some distance away from the nearest MRT station.FeaturesWhat to noteConnectivity-10-minutes' walk to Canberra MRT station on the North-South Line (NSL)-Three stops to Woodlands MRT (connects to TEL), four stops to Ang Mo Kio MRT (connects to CRL in the future) and seven stops to Choa Chu Kang MRT (connects to upcoming JRL)Amenities-Near the Sembawang Shopping Centre, Canberra Plaza, Chong Pang Market and Food Centre, and the upcoming integrated development in Chong Pang City-One MRT stop from commercial offerings at Northpoint City, Sun Plaza, and the Bukit Canberra integrated hubSchools-Within 1-km from Ahmad Ibrahim Primary School, Jiemin Primary School, and Yishun Primary School, with many other options for primary schools 1-2km from the projectUpcoming Development-Redevelopment of the nearby Sembawang Shipyard into a mixed-use waterfront precinct will enhance amenities in the future and inject vibrancy into the North Miltonia Close (Yishun)Source: PropNex Research, OnemapNestled in a quiet, private residential enclave within Yishun, the Miltonia Close EC project is perfect for buyers who seek a more low-key neighbourhood away from the urban bustle. The project will inject 430 EC units in the area, with homes likely to enjoy views of the Orchid Country Club Golf Course and the Lower Seletar Reservoir. It is not particularly near to an MRT station, given that the nearest MRT station (Khatib) is nearly 2km away. Nevertheless, with the Orchid Country Club site to be redeveloped for housing in the near future, major urban transformation and more amenities may be coming to the area soon.FeaturesWhat to noteConnectivity-15-minutes away via direct bus from Khatib MRT station on the NSLAmenities-Commercial offerings at Wisteria Mall, Yishun Mall, SAFRA Yishun are available a short drive away-For more retail and food choices, malls like Northpoint City and Junction Nine are 25-minutes away via a direct bus or a 15-minutes' driveSchools-Within 2-km from North View Primary School, Huamin Primary School, Northland Primary School, and Naval Base Primary School-Near other schools like Northbrooks Secondary School, Orchid Park Secondary School, and Chung Cheng High School (Yishun)Upcoming Development-Orchid Country Club site located adjacent to the EC project to be redeveloped for housing, potentially injecting more amenitiesWhile upcoming EC launches are likely to attract considerable interest, buyers should remember that purchasing a home is a long-term commitment. With various housing options available in the market, the focus should be on choosing a home that balances affordability, liveability and future needs, while ensuring sufficient financial resilience to weather changes in personal circumstances and market conditions.To find your dream home, speak to a PropNex real estate salesperson to learn more about the upcoming EC launches and other private property options.

More People, Fewer Babies: What Singapore's Demographic Shift Means For Property

TL;DR Population growth, ageing, and immigration may seem like demographic issues, but they can have a direct impact on Singapore's property market. More people generally means more housing demand: As populations grow, more households are formed, increasing demand for homes, rentals, infrastructure, and limited land resources. Singapore faces unique constraints: Unlike larger countries, Singapore cannot easily expand outward, which is why housing supply relies heavily on careful planning, higher-density developments, and ongoing land optimisation. Population growth is still supporting demand today: Continued immigration, economic growth, and household formation are helping to sustain demand across both the rental and owner-occupied housing markets. Low birth rates create long-term challenges: With fertility rates at record lows and the population ageing rapidly, future housing demand could weaken if fewer young households are formed over time. Immigration remains a key factor: To offset demographic decline, Singapore is expected to continue relying on carefully managed immigration, which could help support housing demand and economic growth in the decades ahead. Bottom line: Property prices are influenced by more than interest rates and supply. Demographic trends such as population growth, ageing, and immigration help shape who needs housing, what types of homes are in demand, and how sustainable long-term property growth may be. Six million used to sound like a distant planning number. Today, it is Singapore's reality. As of June 2025, 6.11 million people live on this island, a new record for a country that cannot simply build outwards when demand rises. For regular homebuyers, homeowners and property investors, this is not just a population statistic. It is a signal of how demand for homes, rentals, infrastructure and land could evolve over the coming decades.Population isn't just a demographic statistic. As we dive deeper, you'll see just how much it affects real estate. In this article, we will explore: The connection between population and property Singapore's current situation We're not having enough babies The controversial subject of immigration What this means for the property market going forward The connection between population and propertyThere has always been a link between population growth and housing demand. Historically, when populations grow faster than housing supply, prices tend to rise. When populations stagnate or shrink, housing markets often soften.For example, after the Second World War ended, countries like the United States experienced a surge in population known as the "baby boom". This led to a massive demand for housing from the 1950s onwards. Entire suburbs expanded rapidly because millions of young families were suddenly looking for homes at the same time. Property values climbed alongside population growth and urban expansion.China saw something similar in the past decades. Hundreds of millions of people moved from rural areas into cities, creating enormous demand for apartments in places like Shanghai, Shenzhen, and Beijing. Developers raced to keep up. In many cities, property prices climbed faster than wages because housing demand exploded alongside migration and economic growth.It was like that in Singapore too. During the 2000s and early 2010s, strong immigration and economic expansion put a lot of pressure on both the HDB resale and private property markets. Prices climbed rapidly as new household formation outpaced available supply.On the flip side, countries facing population decline often struggle with weaker housing demand. Japan is one of the clearest examples. While central Tokyo remains expensive due to strong economic activity, many rural towns now face falling property prices and abandoned homes because younger populations have moved away and birth rates remain low. In some areas, houses are literally being abandoned.Obviously, all these countries are different from land-scarce Singapore. But we can still learn from their history.Ultimately, the relationship between population and housing is driven by demand for space. More people means more households. More households mean greater competition for homes, rentals, infrastructure, and land.Of course, population growth alone does not guarantee rising property prices. Interest rates, government cooling measures, income growth, job creation, and supply pipelines all play major roles too.Singapore's current situationUnlike larger countries, Singapore cannot just expand outward. We are, by design and by geography, a city that builds upward and inward. This is why comparisons with other dense cities, such as Hong Kong, often come up. Although, Singapore's planning model and housing policies are very different. Urban planners here operate under constraints that other nations do not face. From flight path restrictions limiting building heights, water catchment areas restricting land use, to old developments taking up meaningful portions of the island.Land reclamation has expanded our footprint over the decades. But, it is expensive, time-consuming, and has its limits. That's why the government's approach has been to build denser and taller. And, they have to plan ahead, given that the population has continued to grow steadily over the decades.Of the 6.11 million people living here, 3.66 million are citizens, 540,000 are Permanent Residents (PRs), and 1.91 million are non-residents (comprising foreign workforce, migrant domestic workers, dependants, and students).Source: Department of Statistics, Ministry of ManpowerThe non-resident population alone grew by 2.7% in just one year, primarily driven by Work Permit Holders brought in to support major infrastructure projects like Changi Terminal 5 and the national push to ramp up housing supply.In 2026 alone, HDB plans to launch around 19,600 BTO flats. And the Government Land Sales programme released sites for nearly 10,000 private residential units in 2025. That's why both the HDB and private market have been moderating recently. Of course, this doesn't mean the market is crashing. On the contrary, this is part of the government's efforts to keep it stable.As more people enter Singapore, the demand for housing will be seen across different segments of the market. Some may rent. Some may eventually buy resale flats. Others may enter the private market later on.We're not having enough babiesEven though our population is slowly rising right now, there is a real concern about our fertility rate. As marriage rates decline and the trend to have fewer or no children grows, Singapore's total fertility rate dropped to a new record low of 0.87 in 2025, according to the Department of Statistics. For context, the replacement level (the rate needed to keep a population stable without immigration) is 2.1. We are sitting at less than half of that.Deputy Prime Minister (DPM) Gan Kim Yong stated that without interventions, the citizen population could start to shrink by the early 2040s.To make matters worse, the proportion of our citizen population aged 65 years and above is rising. By 2030, around 1 in 4 citizens will be a senior. What does an ageing, shrinking population mean for real estate?In the short term, demand remains supported by existing household formation trends. But over the long term, a population that is getting older and smaller means fewer new households being formed, fewer first-time buyers entering the market, and potentially less demand for larger family-sized units. If there is no sustained demand, it could spell trouble for our property market, not unlike Japan's case.The controversial subject of immigrationOne way the government is addressing this issue is by launching a "marriage and parenthood reset". It's supposed to build on their current efforts to enhance support for marriage and parenthood, cultivate positive mindsets, and work with employers to foster family-friendly workplace cultures and practices.But this alone isn't enough.Given the birth rate crisis, immigration might be a demographic necessity. Immigration helps moderate the impact of ageing and low birth rates, keeps the citizen population from shrinking, and brings skills and dynamism into the economy.In his February 2026 speech, DPM Gan stated that the government plans to grant citizenship to 25,000 to 30,000 new citizens annually over the next five years. The PR intake is expected to rise to about 40,000 per year, up from 35,000 in 2025.However, immigration continues to be a polarising subject and it would be disingenuous to pretend otherwise. When the government released the Population White Paper in 2013 (which projected a total population of up to 6.9 million by 2030), it sparked a rare and sizable public protest, with around 5,000 people gathering at Hong Lim Park. The concerns then were about jobs, transport overcrowding, school places, and yes, housing costs.But this time around, the government is committed to manage the pace of immigration in tandem with infrastructure, be selective about who is brought in, and follow through with integration efforts. An acknowledgement that past mistakes should not be repeated.The immigration debate is not one with a clean resolution. Reasonable people are entitled to their concerns. But we can't dispute that without some level of carefully managed immigration, Singapore's demographic and economic trajectory can become significantly more difficult to navigate.What this means for the property market going forwardA record-low birth rate, an ageing citizen core, and a government doubling down on immigration are not background noise. These are real concerns that can affect the market in the coming decades.In the short-term, housing demand is likely to remain supported by population growth, immigration, and continued household formation. That is why the government is aggressively ramping up housing supply while carefully managing prices through cooling measures and land sales.But in the long-term, an ageing population and persistently low birth rates could eventually slow housing demand if left unaddressed. This is why immigration will likely remain a key part of Singapore's economic and demographic strategy, even if it remains politically sensitive.For homeowners and investors, the takeaway is simple. Real estate is not just about interest rates or launch prices. Demographics matter. Population trends influence who needs homes, what kinds of homes are in demand, and how sustainable long-term price growth may be.In a country as land-scarce as Singapore, even small shifts in population can have a significant impact on the property market. So, demographics are worth factoring into how you think about the home or investment you hold today. You may also like: Could Singapore End Up Like Hong Kong?

Too Many 2026 Launches? How Buyers Should Choose Next

TL;DR The final wave of 2026 launches is not about finding something to buy - it is about choosing a project that supports your next move, not just your next address. The market is splitting into distinct buyer groups: Prime boutique projects, mega developments, and ECs are serving very different needs, making buyer clarity more important than ever. ECs are back in focus: Upcoming policy changes mean projects such as Senja Close GLS, Woodlands Drive 17 GLS, and Sembawang Road GLS may represent some of the last opportunities under the current EC framework. Affordability is only the first question: Buyers should also consider holding power, monthly cash flow, future flexibility, and whether the property supports their longer-term progression plans. Each launch serves a different purpose: The Serra Residences offers prime-area scarcity, Thomson Reserve focuses on family living and connectivity, while the EC launches emphasise affordability and future growth potential. Transformation stories remain important: Locations such as Woodlands continue attracting attention due to the RTS Link, Northern Gateway plans, and growing commercial activity. The best project is not necessarily the hottest one: A successful purchase is one that remains manageable, adaptable, and relevant through different life stages and market conditions. Bottom line: In a launch market filled with choices, the biggest advantage is not speed - it is knowing which project aligns with your finances, goals, and next phase of life. Too many launches can feel like a good problem.Until it becomes confusing.By the final stretch of the 2026 launch cycle, buyers are no longer asking, "Is there anything to buy?" There are plenty. Prime boutique projects, large-scale private condos, transformation-led launches, and now, EC sites coming back into focus.The harder question is this:Which one actually fits your next move?Pick wrongly, and you may end up with a home that looks exciting at launch but limits your future options. Pick well, and the property can support your next stage - whether that means holding longer, upgrading later, or simply keeping your monthly commitments comfortable.That is what this final instalment is really about.Not more noise.Better selection.Executive Condominiums (ECs) are showing up in this wave, and that changes the tone of the discussion.Especially with new EC rules expected to reshape future launches.That makes this final batch worth watching.So, let's look at the five launches in this final wave: The Serra Residences, Thomson Reserve, Senja Close GLS, Woodlands Drive 17 GLS, and Sembawang Road GLS.Different markets. Different buyer types. Very different game plans. What you'll find in this article: The Final H2 Launch Wave Why The Market Is Splitting Into Clearer Buyer Segments A Quick Guide To The Five Projects How To Think About Entry vs Long-Term Positioning The Most Interesting Launch Conclusion: Entering The Market With Clarity The Final H2 Launch Wave Here's the quick scan:The Serra Residences - Boutique prime residential launch in District 11Thomson Reserve - Large-scale residential project near the Upper Thomson transformationSenja Close GLS - Executive Condominium launch serving the Bukit Panjang upgrader marketWoodlands Drive 17 GLS - Executive Condominium linked to Northern Gateway growthSembawang Road GLS - Executive Condominium within an emerging northern residential beltThat is a pretty mixed bag.Prime boutique. Large-scale private. Three ECs. North-side growth stories. Family-driven demand.In other words: this is not one single buyer market. It is several markets happening at once.Why The Market Is Splitting Into Clearer Buyer Segments The late-2026 line-up does not feel like the earlier waves.Earlier parts of this series explored questions around value, timing, and positioning - from the early-2026 launch window in Part 1, to the broader comparison wave in Part 2, and the strategic positioning discussion in Part 3.Now, the question is more specific.Who are you as a buyer?Because a prime boutique project and an EC in the north are not competing for the same person. Not really. One buyer may care about scarcity and long-term prime positioning. Another may care about space, monthly comfort, and future upgrading room.Same market. Different priorities.1. ECs are back in playPrivate home prices have moved up. No surprise there.But this time, the EC conversation is also being shaped by policy changes.MND has announced changes to the EC framework for GLS sites with tender closing dates on or after 8 May 2026. These include extending the Minimum Occupation Period from five to ten years, removing the Deferred Payment Scheme, and raising the first-timer allocation from 70% to 90%, with the priority period extended to two years.Full privatisation will also move from the 10th year to the 15th year for ECs under the new framework, which further changes how buyers should think about flexibility and exit timelines.That is why this batch matters.Senja Close GLS, Woodlands Drive 17 GLS, and Sembawang Road GLS are among the last EC projects that will be launched under the current framework before the new measures take effect. For eligible buyers, that could represent a meaningful difference in flexibility and holding requirements.For the right household, an EC is not a fallback option.It is a calculated move.You get private-condo-style living, but with a more measured entry point. That can matter a lot when the goal is not just to buy, but to stay financially flexible enough for the next move.Of course, ECs are not for everyone. Buyers should remember that EC purchases remain subject to eligibility requirements, including the current household income ceiling of $16,000 per month.2. Buyers are thinking past the first purchaseThe old question was: "Can I afford this?"Useful, but incomplete.The better question is: "After I buy this, what can I still do?"Can you still hold comfortably? Can you upgrade later? Can you refinance if needed? Can you start a family without feeling squeezed every month?A lot of buyers focus heavily on purchase price, but forget the ongoing costs that come with private homeownership - maintenance fees, renovation upkeep, sinking funds, higher utilities, and more.This is where a lot of buyers get caught. They look only at the purchase, not the sequence.Big difference.3. OCR growth stories are getting more localThe north and west are no longer just "far" anymore. That shorthand misses what is changing on the ground.Woodlands has the RTS Link and Northern Gateway story. Sembawang has its quieter, family-oriented northern profile. Thomson has TEL connectivity, greenery, and city access.None of these transformations happen overnight. Let's be realistic.But if you have holding power and a longer runway, these local growth stories can matter. Not because they guarantee upside, but because they shape future demand.4. Practicality is backGood.Because layout, commute, monthly repayment, and family fit are not boring details. They are the details that determine whether a home continues working after the launch hype fades.Can the layout handle a growing family?Is the commute reasonable?Does the monthly repayment still feel safe with buffers?Will this unit type be easy enough to exit later?Not glamorous.Still crucial. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list A Quick Guide To The Five Projects So how do these projects actually differ?Rather than focusing purely on launch buzz, it helps to think about the role each project could play in your property journey. Some are built around scarcity. Others around affordability, transformation potential, or family liveability.If you're shortlisting projects today, the question isn't simply which launch is the most popular. It's which launch aligns most closely with your goals, finances, and next phase of life.Here's a closer look.The Serra Residences Location: 7 Bassein Road in District 11, within the Novena medical and lifestyle precinct and a short walk to Novena MRT.What to expect: An estimated 133-unit freehold boutique private residential development by Far East Organisation, with a mix of 1-to 4-bedroom layouts positioned towards buyers who value exclusivity, central access, and long-term holding potential.Why it matters: Scarcity is the real story here. Buyers looking at The Serra Residences are probably not chasing mass-market momentum. They are looking at scarcity, MRT connectivity, established amenities like Velocity and United Square, nearby schools such as St. Joseph's Institution Junior and CHIJ primary (Toa Payoh), and the longer-term resilience that tends to come with well-located freehold assets near the Novena medical and lifestyle belt.Thomson Reserve Location: Upper Thomson corridor in District 20, on the former Thomson View site along Bright Hill Drive, near Bright Hill MRT interchange (TEL/CRL) and surrounded by established private residential enclaves.What to expect: A 99-year leasehold estimated ~1,240-unit large-scale private residential development by UOL Group, Singapore Land Group, and CapitaLand Development, offering a mix of 1- to 5-bedroom layouts and positioned around family living, connectivity, and long-term liveability.Why it matters: For family buyers, connectivity may be the biggest draw. Buyers here are likely drawn to the combination of MRT connectivity, mature amenities, reputable schools, and the greener residential environment that Thomson is known for. The upcoming Bright Hill MRT interchange, connecting the Thomson-East Coast Line and Cross Island Line, could further enhance the area's accessibility and long-term appeal. Large-scale projects also tend to attract a broader resale and rental audience due to their facilities, unit variety, and connectivity.Senja Close GLS Location: Bukit Panjang, an established residential town with MRT and LRT connectivity, near Jelapang LRT Station, which links directly to Bukit Panjang MRT interchange and Hillion Mall.What to expect: An EC development with an estimated ~302 units after a CDL-led consortium submitted the top bid for the site. The project is likely aimed at younger upgraders and first-time private housing entrants looking for a more manageable pathway into private housing.Why it matters: This is probably the most straightforward upgrader play in the line-up. Buyers want condo-style living, but they also want to manage entry quantum properly. Senja Close GLS could suit households already rooted in Bukit Panjang who want to progress without taking an overly aggressive jump. The area also has a sizeable HDB upgrader base, which may continue supporting EC demand in this part of the west.Woodlands Drive 17 GLS Location: Woodlands, within the Northern Gateway growth corridor and near the future RTS Link to Johor Bahru.What to expect: An EC development with an estimated 430 units after a CDL-led consortium submitted a record-breaking top bid for the site. The project is likely aimed at families and younger buyers looking at long-term north-side growth and future connectivity improvements.Why it matters: Recent EC tenders in Woodlands suggest strong developer interest in the corridor, especially as the area continues to benefit from the RTS Link, Northern Gateway plans, and growing commercial activity. Confidence in the corridor has also been reflected in developer interest, with a second Woodlands Drive 17 EC site later setting an even higher EC land-price benchmark. For patient buyers, this EC could offer a way to enter before the full transformation story is fully reflected in future expectations. Like Senja Close GLS, the area also has a sizeable upgrader catchment, which may continue supporting EC demand as affordability pressures rise across the private housing market.Sembawang Road GLS Location: Along the Sembawang corridor, within an emerging northern residential belt near Canberra and SembawangWhat to expect: An EC development with an estimated 265 units after Oriental Pacific Holdings submitted the top bid for the site. What makes this site stand out is its rare positioning: it is expected to be Singapore's first low-rise EC along a waterway and within walking distance of an MRT station - a combination that gives it a quieter, more lifestyle-led edge while still keeping daily connectivity practical.Why it matters: This project stands out because it offers something increasingly rare. A low-rise EC beside a waterway and within walking distance of an MRT station is not a combination buyers see very often today. Sembawang Road GLS may appeal to younger households who want to keep their finances steady while still building towards the next stage. Similar to the other EC sites in this wave, the project could also benefit from demand coming from nearby HDB upgraders seeking a more measured pathway into private housing. If You Prioritise... Project to Watch Prime-district scarcity The Serra Residences Family liveability & MRT connectivity Thomson Reserve First EC upgrade opportunity Senja Close GLS Transformation & future growth potential Woodlands Drive 17 GLS Affordability & lifestyle balance Sembawang Road GLS How To Think About Entry vs Long-Term Positioning By this stage of the launch cycle, buyers need to separate excitement from suitability.A hot launch can still be wrong for you.A quieter project can still be the smarter fit.That is the work.A few things to watch:Holding power first: if the purchase only works when everything goes perfectly, it probably does not work well enough.Monthly cash flow matters: entry price is one thing; repayment comfort is another. Mortgage payments are only part of the equation. Maintenance fees, sinking funds, and other ownership costs can add up over time, and falling behind can have real consequences.Buffers are not optional: interest rates, valuation gaps, renovation costs, and life changes can all hit at inconvenient times.Exit demand matters: MRT access, layout efficiency, family appeal, and transformation stories can affect how easily the unit moves later.Your next phase matters: a good purchase should not block future upgrading, restructuring, or lifestyle changes.That is the point.A well-positioned property should serve you now and still leave room for later.The Most Interesting Launch If I had to highlight one project with a particularly clear long-term positioning story, it would be Woodlands Drive 17 GLS.Not because it is guaranteed to outperform everything else, but because it arguably has the clearest long-term positioning story among the five launches.Between the RTS Link, Northern Gateway plans, growing commercial activity, and strong developer confidence reflected through two record-setting EC land bids in the same corridor, Woodlands has one of the more compelling transformation narratives in this line-up.But let's not oversell it. Transformation takes time, and infrastructure timelines do not translate automatically into price appreciation. Buyers still need to look at layout, holding power, resale demand, and whether the entry price makes sense.Still, among this H2 line-up, Woodlands Drive 17 GLS has one of the clearest long-term positioning stories.The others have their lanes too. The Serra Residences is for buyers who want central scarcity. Thomson Reserve is for families who want scale, MRT connectivity, and mature amenities. Sembawang Road GLS is for buyers who prefer a quieter, affordability-led path.Different tools. Different jobs.The best choice depends on what you need the property to do for your next phase.Conclusion: Entering The Market With Clarity By the final phase of 2026's launch cycle, buyers have options.Plenty.The harder part is knowing which ones actually fit.The market rewards clarity more than urgency. Buyers who understand their holding power, progression goals, and long-term positioning are usually in a stronger place than those simply chasing whatever is loudest.So do not just ask: "Which project is the hottest?"Ask this instead:"Which project keeps my next move possible?"That is where better decisions usually begin.If you're unsure how to evaluate which option fits you best, the Property Wealth System offers a useful framework for thinking through progression, holding power, and long-term positioning before making a move.This wraps up our 2026 Launch Rush series. As more project details emerge in the months ahead, the real challenge for buyers will not simply be knowing what is launching.The winners in 2026 may not necessarily be the buyers who move first.They may be the buyers who understand exactly why they are buying.In a market filled with choices, clarity is becoming one of the most valuable advantages you can have. 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HDB Resale Prices Hit New High In Bedok, Central Area And Clementi In May 2026 Amid Stabilising Market

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 marketNotwithstanding 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 priceSource: PropNex Research, data.gov.sg (retrieved on 2 June 2026) 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 classificationFlat TypeMature townsNon-mature townsApr-26May-26% change MOMApr-26May-26% change MOM3 ROOM$476,790$482,5141.2%$467,581$444,741-4.9%4 ROOM$790,354$796,9400.8%$603,539$601,751-0.3%5 ROOM$927,847$926,548-0.1%$698,877$708,7671.4%EXECUTIVE$1,020,158$992,427-2.7%$881,040$898,1591.9%Source: PropNex Research, data.gov.sg (retrieved on 2 June 2026) 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 rangeSource: PropNex Research, data.gov.sg (retrieved on 2 June 2026) Million-dollar resale HDB flatsThere 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 monthSource: PropNex Research, data.gov.sg (retrieved on 2 June 2026) 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 $1.50 million achieved by another adjoined flat in the same block that was transacted in June 2023. It is likely that the generous unit size, city-fringe location, and heritage character of the Tiong Bahru neighbourhood have attracted buyers to these units, notwithstanding the shorter remaining lease. Table 2: Top 10 HDB resale flats sold in May 2026 by Transacted PriceTownTypeStreetStorey rangeFloor area(SQ M)Lease start dateResale pricePSF ($)CENTRAL AREA5 ROOMCANTONMENT RD43 TO 451052011$1,630,000$1,442CLEMENTI5 ROOMCLEMENTI AVE 337 TO 391132021$1,580,000$1,299BISHANEXECUTIVEBISHAN ST 2422 TO 241491992$1,580,000$985CENTRAL AREA4 ROOMCANTONMENT RD40 TO 42962011$1,550,000$1,500BUKIT MERAH4 ROOMMOH GUAN TER01 TO 031501973$1,530,000$948BUKIT MERAH5 ROOMBOON TIONG RD07 TO 091122016$1,500,000$1,244CENTRAL AREA4 ROOMCANTONMENT RD43 TO 45952011$1,460,000$1,428CLEMENTI5 ROOMCLEMENTI AVE 322 TO 241132021$1,458,000$1,199QUEENSTOWN5 ROOMGHIM MOH LINK40 TO 421132013$1,450,000$1,192CENTRAL AREA4 ROOMCANTONMENT RD31 TO 33942011$1,438,888$1,422Source: PropNex Research, data.gov.sg (retrieved on 2 June 2026) Contact a PropNex salesperson to find out more about resale HDB market trends.