# HDB resale prices fall for third consecutive quarter: Flash estimate

- **Source:** Channel NewsAsia
- **Published:** 2026-10-01T01:02:00.000Z
- **Author:** Not listed by source
- **Original:** https://www.channelnewsasia.com/singapore/hdb-resale-prices-fall-upcoming-bto-exercises-6423006
- **Topics:** HDB & Public Housing, Private Residential, Government & Policy

## Featured rationale

Expanding resale inventory and new-flat supply may continue easing buyer competition, while the removed 15-month wait-out period could support demand for larger flats.

## AI summary

HDB resale prices fell 0.2% in Q3 2026, marking a third consecutive quarterly decline and bringing the nine-month decrease to 0.6%.

## Original article

SINGAPORE: Prices of Housing and Development Board (HDB) resale flats fell for the third consecutive quarter, declining 0.2 per cent from the previous quarter, according to flash estimates released on Thursday (Oct 1). The HDB Resale Price Index stood at 202.4 in the third quarter, compared with 202.8 in the second quarter. Resale prices fell 0.1 per cent in the first quarter and 0.3 per cent in the second quarter . They were unchanged in the fourth quarter of 2025, after rising 0.4 per cent in the third quarter. The latest decline brings the estimated fall in HDB resale prices over the first nine months of 2026 to 0.6 per cent. Mr Mohan Sandrasegeran, head of research and data analytics at SRI, said this would be the weakest performance for the first nine months of a year since 2018, when resale prices fell 0.8 per cent over the corresponding period. "The continued moderation in resale prices could be attributed to the growing pipeline of flats reaching their Minimum Occupation Period (MOP) as the year progresses, alongside an expansion in available resale inventory and the ramp-up in BTO (Build-to-Order) and Sale of Balance Flats supply in recent quarters," he said. "The broader range of housing options available to prospective buyers may have helped to ease some of the competitive pressure in the resale market." Despite the continued price decline, the volume of resale transactions remained "broadly stable", HDB said. As of Sep 29, 7,528 resale transactions were recorded in the third quarter, 5.2 per cent higher than the 7,157 transactions over the same period last year. HDB said it has not observed a significant increase in either the prices or the number of resale flats purchased by private home owners and former private property owners since the 15-month wait-out period for these buyers was removed on Jul 28 . The rule, introduced in September 2022 as a temporary measure to moderate housing demand, had required private property owners and former owners to wait 15 months before buying a non-subsidised HDB resale flat. National Development Minister Chee Hong Tat announced on Jul 28 that market conditions have improved and the government had assessed that the 15-month wait-out period had met its purpose. HDB said on Thursday that it would continue to monitor the resale market. The removal of the wait-out period drove a rise in demand for five-room and larger resale flats, said Mr Lee Sze Teck, senior director of data analytics at Huttons Asia. "These two flat types saw the largest gain in sales volume in 3Q 2026," he noted. Mr Sandrasegeran said the removal could generate some additional demand from private property owners looking to right-size, but he expects the impact on resale prices to remain manageable as more flats reach their MOP and become eligible for resale. He added that the change should be viewed as a "targeted adjustment" rather than a broad relaxation of housing market measures. Mr Lee expects the HDB resale market could bottom in the fourth quarter. "Keen interest is expected for the 13,484 flats which will fulfil their five-year minimum occupation period in 2026. Some of the centrally located or five-room flats may be sold for at least a million dollars," he said.

BTO FLATS IN NOVEMBER Mr Lee also said more buyers may apply for BTO flats in November, as the income ceiling for BTOs has been raised from S$14,000 per month to S$16,000 per month. About 7,960 new flats will be launched across Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. Community care apartments will also be offered in Toa Payoh. Mr Lee also noted changes to the allocation and distance priority for Primary 1 registration under Phase 2C in 2027, which could have an impact on demand in some places. "Twelve primary schools in Bukit Timah, Newton and Marine Parade will have more spots for children who live more than 2km away. For these 12 schools, half of the spots will be for those staying within 2km and half for those beyond 2km," he said. "This change may benefit HDB resale flats in Bedok, Bukit Batok, Bukit Merah, Bukit Timah, Central Area, Clementi, Geylang, Kallang/Whampoa, Marine Parade, Queenstown and Toa Payoh, which are close to the 12 schools." HDB reminded prospective buyers that they must have a valid HDB Flat Eligibility letter when submitting their flat application. HDB also cautioned that the macroeconomic outlook remains "highly uncertain", including the outlook for global and domestic interest rates. It advised households to exercise prudence when buying property and taking out mortgage loans. "The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market," HDB said.

PRIVATE PROPERTY PRICES RISE Private home prices in Singapore rose 1.4 per cent in the third quarter of 2026, according to flash estimates released by the Urban Redevelopment Authority (URA) on Thursday. The increase accelerated from the 0.5 per cent rise recorded in the second quarter. Ms Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, said this marked the eighth consecutive quarter of private home price increases. The quarterly increase was also the fastest in almost two years, since prices rose 2.3 per cent in the fourth quarter of 2024, she said. Private home prices have risen an estimated 2.8 per cent over the first nine months of 2026. Meanwhile, the volume of sale transactions fell by about 30 per cent quarter-on-quarter in the third quarter, URA said. Mr Sandrasegeran said the quarter had a comparatively limited fresh-launch pipeline, which meant the pricing, location and unit mix of individual projects had a greater influence on the distribution of new-home transactions. He noted that buyers were still prepared to commit to higher purchase prices where they perceived sufficient value, although affordability remained an important consideration. URA said prices of non-landed private homes rose 0.9 per cent in the third quarter, reversing a 0.1 per cent decline in the previous three months. The increase was driven by homes in the Outside Central Region, where prices jumped 2.2 per cent after declining 0.1 per cent in the second quarter. In the Rest of Central Region (RCR), prices rose 0.2 per cent, reversing a 1.2 per cent decline in the previous quarter. Prices in the Core Central Region, however, edged down 0.1 per cent, after rising 1.8 per cent in the second quarter. Landed property prices increased 2.8 per cent in the third quarter, following a 2.5 per cent rise in the previous quarter. Looking ahead, analysts expect activity to pick up in the final three months of the year as more projects are launched. Ms Sun pointed to Lucerne Grand, Thomson Reserve and The Serra as among the major upcoming developments, collectively bringing about 2,000 new private homes to the market. She said Thomson Reserve, a 1,268-unit development in the RCR, could have a particularly significant effect on transaction volumes and the overall price index if sales are strong, given its size and expected pricing. Mr Sandrasegeran similarly expects the launch pipeline to gather momentum in the fourth quarter, giving buyers a broader selection of homes across locations and price points. SRI forecasts private residential prices to rise by about 3 to 3.5 per cent for the whole of 2026, broadly in line with the 3.3 per cent increase recorded in 2025.

## Chinese translation

> Translation model: grok_cli

### 组屋转售价格连续第三个季度下跌：初步估算

建屋发展局表示，自15个月等待期取消以来，并未看到私人住宅业主及前私人房产业主所购买转售组屋的价格或数量显著增加。

新加坡：建屋发展局（Housing and Development Board，HDB）周四（10月1日）发布的初步估算显示，组屋转售价格连续第三个季度下跌，较上一季度下降0.2%。第三季度组屋转售价格指数为202.4，第二季度为202.8。转售价格第一季度下跌0.1%，第二季度下跌0.3%。价格在2025年第四季度持平，此前第三季度上涨0.4%。最新跌幅使2026年前九个月组屋转售价格的估计降幅达到0.6%。SRI研究与数据分析主管Mohan Sandrasegeran表示，这将是自2018年以来，一年中前九个月最疲弱的表现；2018年同期，转售价格下跌0.8%。他说：“转售价格持续放缓，可能是因为随着今年推进，达到最低居住年限（Minimum Occupation Period，MOP）的组屋供应管道不断扩大，同时可售转售库存扩大，以及近几个季度预购组屋（Build-to-Order，BTO）和剩余组屋（Sale of Balance Flats）供应量提升。”“可供准买家选择的住房选项更为广泛，这可能有助于缓解转售市场的部分竞争压力。”尽管价格持续下跌，建屋发展局表示，转售交易量仍“大体稳定”。截至9月29日，第三季度录得7,528宗转售交易，较去年同期的7,157宗高出5.2%。建屋发展局表示，自7月28日取消这些买家的15个月等待期以来，并未观察到私人住宅业主及前私人房产业主所购买转售组屋的价格或数量显著增加。该规定于2022年9月作为临时措施推出，以缓和住房需求，要求私人房产业主及前业主在购买非津贴组屋转售单位之前等待15个月。国家发展部长徐芳达（Chee Hong Tat）于7月28日宣布，市场状况已经改善，政府评估认为15个月等待期已达到其目的。建屋发展局周四表示，将继续监测转售市场。Huttons Asia数据分析高级总监Lee Sze Teck表示，取消等待期推动了对五房式及更大转售组屋的需求上升。他指出：“这两类组屋在2026年第三季度的销售量增幅最大。”Sandrasegeran表示，取消等待期可能会为希望调整住房规模的私人房产业主带来一些额外需求，但随着更多组屋达到最低居住年限并符合转售资格，他预计对转售价格的影响仍然可控。他补充说，这项变化应被视为“有针对性的调整”，而不是住房市场措施的广泛放松。Lee预计，组屋转售市场可能在第四季度见底。他说：“预计市场将对2026年届满五年最低居住年限的13,484个单位表现出浓厚兴趣。部分位于中心地段或五房式的组屋，售价可能至少达到100万新元。”

十一月预购组屋 Lee还表示，由于预购组屋的收入顶限已从每月新元14,000提高至每月新元16,000，更多买家可能会在11月申请预购组屋。约7,960个新单位将在勿洛（Bedok）、芽笼（Geylang）、三巴旺（Sembawang）、登加（Tengah）、大巴窑（Toa Payoh）和义顺（Yishun）推出。大巴窑也将提供社区关怀公寓。Lee还指出，2027年小一注册2C阶段的学额分配及距离优先安排将有所调整，可能对部分地区的需求产生影响。他说：“武吉知马（Bukit Timah）、纽顿（Newton）和马林百列（Marine Parade）的12所小学，将为居住在2公里以外的儿童提供更多学额。对于这12所学校，一半学额将分配给居住在2公里以内者，一半分配给居住在2公里以外者。”“这一变化可能利好靠近这12所学校、位于勿洛、武吉巴督（Bukit Batok）、红山（Bukit Merah）、武吉知马、中区（Central Area）、金文泰（Clementi）、芽笼、加冷／黄埔（Kallang/Whampoa）、马林百列、女皇镇（Queenstown）和大巴窑的转售组屋。”建屋发展局提醒准买家，在提交组屋申请时必须持有有效的建屋发展局组屋资格信（HDB Flat Eligibility letter）。建屋发展局还警示，宏观经济前景仍然“高度不确定”，包括全球和国内利率前景。该局建议家庭在购买房地产和申请抵押贷款时保持审慎。建屋发展局表示：“政府将继续密切监测房地产市场，并在必要时调整政策，以促进稳定和可持续的房地产市场。”

私人住宅价格上涨 市区重建局（Urban Redevelopment Authority，URA）周四发布的初步估算显示，新加坡私人住宅价格在2026年第三季度上涨1.4%。涨幅较第二季度录得的0.5%有所加快。Realion（OrangeTee & ETC）集团首席研究员兼策略师Christine Sun表示，这标志着私人住宅价格连续第八个季度上涨。她说，该季度涨幅也是近两年来最快的一次，上一次是价格在2024年第四季度上涨2.3%。2026年前九个月，私人住宅价格估计上涨2.8%。与此同时，市区重建局表示，第三季度买卖交易量按季下降约30%。Sandrasegeran表示，该季度全新项目的推出管道相对有限，因此个别项目的定价、地点和单位组合对新宅交易分布的影响更大。他指出，买家在认为价值足够时仍愿意接受更高的购入价格，但负担能力仍然是重要考量。市区重建局表示，非有地私人住宅价格在第三季度上涨0.9%，扭转了前三个月0.1%的跌幅。涨幅由中央区以外（Outside Central Region）的住宅带动，该区域价格在第二季度下跌0.1%之后跃升2.2%。在其他中央区（Rest of Central Region，RCR），价格上涨0.2%，扭转了上一季度1.2%的跌幅。不过，核心中央区（Core Central Region）价格微跌0.1%，此前第二季度上涨1.8%。有地住宅价格在第三季度上涨2.8%，上一季度的涨幅为2.5%。展望未来，分析师预计，随着更多项目推出，今年最后三个月的市场活动将会回升。Sun指出，Lucerne Grand、Thomson Reserve和The Serra是即将推出的主要项目之一，合计将为市场带来约2,000个新私人住宅单位。她说，Thomson Reserve是位于其他中央区、共1,268个单位的项目；鉴于其规模和预期定价，若销售强劲，可能对交易量和整体价格指数产生尤为显著的影响。Sandrasegeran同样预计，推出管道将在第四季度积聚动能，为买家提供跨越不同地点和价格水平的更广泛住宅选择。SRI预测，2026年全年私人住宅价格将上涨约3%至3.5%，与2025年录得的3.3%涨幅大致一致。