Announcement: Starting from January 2023 (for December 2022 reports onwards), 99-SRX will be changing the schedule for the following reports:
As government agencies such as HDB and URA have improved in its transparency and timelines in making property transactions public, 99-SRX will also follow their lead in using only publicly-available transactions for our reports. This also ensures transparency and reproducibility by parties seeking to clarify 99-SRX's indexes.
Hence, there will also be differences in all reports index values due to a shift to official data sources:
HDB Resale
i. Agency transactions will no longer be used in Price and Index calculations starting from January 2023.
NLP Resale
i. Non-caveated transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP Resale report. Only caveated transactions will be used.
Rental
i. Agency transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP and HDB Rental report.
ii. Base index shift from January 2009 to January 2015.
These changes do not affect the broad price trends observed in earlier reports. If you wish to retrieve the previous indexes, send an email to [email protected]
CCR = Core Central Region
RCR = Rest of Central Region
OCR = Outside Central Region
HDB resale prices increased by 0.6% in September 2026. HDB resale prices in Mature and Non-Mature Estates increased by 1.4% and 0.1%, respectively. By room type, prices for 3-room, 4-room, and Executive flats decreased by 0.1%, 0.4%, and 0.2%, respectively, while prices for 5-room flats increased by 1.7%.
Year-on-year, overall prices decreased by 0.4% compared with September 2025.
Year-on-year, resale prices for 3-room and 4-room flats decreased by 0.7% and 1.6%, respectively, while prices for 5-room and Executive flats increased by 0.5% and 0.1%, respectively.
Prices in Mature Estates increased by 0.6%, while prices in Non-Mature Estates decreased by 1.2%, compared with September 2025.
A total of 2,248 HDB resale flats were transacted in September 2026, representing a 10.9% decrease from August 2026.
Year-on-year, resale volume in September 2026 was 2.8% higher.
Breaking it down by room type, 20.6% of the HDB resale volume in September 2026 came from 3-room flats, 44% from 4-room flats, 26.1% from 5-room flats, and 9.3% from Executive flats.
Breaking it down by estate, 54.5% of the resale volume in September 2026 came from Non-Mature Estates. The remaining 45.5% were from Mature Estates.
The highest transacted price for a resale flat during the month was S$1,720,000 for a 5-room flat at The Pinnacle@Duxton.
In Non-Mature Estates, the highest transacted price was S$1,292,000 for an Executive flat at Hougang Street 21.
In September 2026, 209 HDB resale flats were transacted for at least S$1,000,000, an increase from the 201 units recorded in August 2026.
Million-dollar flats sold* accounted for 9.3% of the total resale volume for the month.
Toa Payoh recorded 33 million-dollar flat transactions, followed by Queenstown with 28 and Bedok with 20.
The remaining million-dollar flat transactions took place in Kallang/Whampoa, Bukit Merah, Bishan, Tampines, Serangoon, Ang Mo Kio, Clementi, Hougang, Bukit Timah, Central Area, Pasir Ris, Punggol, Yishun, Geylang, Marine Parade, Sengkang, Bukit Panjang, Woodlands, and Bukit Batok.
*Sold units are based on the resale registration date. Registered resale applications are generally representative of completed resale transactions.
In August 2026, condo resale prices in the CCR decreased by 4.3%, while prices in the RCR and OCR increased by 0.5% and 0.8%, respectively.
According to the SRX Condo Resale Price Index:
Month-on-month, overall prices decreased by 0.3%.
Year-on-year, overall prices increased by 2.2% compared with August 2025.
Year-on-year, prices in the CCR decreased by 2.6%, while prices in RCR and OCR increased by 3.3% and 3%, respectively.
An estimated 1,040 units were resold in August 2026, a decrease of 0.4% from the 1,044 units resold in July 2026.
Resale volume was 7.2% lower than in August 2025 and 9.4% below the five-year average for August.
By region, OCR accounted for 48.6% of transactions in August 2026, followed by RCR at 33.5% and CCR at 17.9%.
The percentage of sub-sale transactions among total secondary sale transactions (i.e., Resale + Sub-Sale) was 3.9% in August 2026, remaining stable compared with July 2026.
Sub-sale transactions refer to secondary sale transactions occurring before the project is completed.
The highest transacted price for a resale unit in August was S$7,883,000 for a unit at Four Seasons Park.
In RCR, the highest transacted price was S$5,300,000 for a resale unit at Reflections At Keppel Bay.
In OCR, the highest transacted price was S$5,180,000 for a resale unit at The Hillside.
The overall median capital gain for resale condos was S$382,000 in August 2026, an increase of S$4,000 from July 2026.
District 20 (Ang Mo Kio / Bishan / Thomson) posted the highest median capital gain at S$795,000. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median capital gain at -S$288,000.
The overall median unlevered return for resale condos was 30.1% in August 2026.
District 28 (Seletar / Yio Chu Kang) posted the highest median unlevered return at 44.1%. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median unlevered return at -11.5%.
Capital gains and returns are calculated by comparing the current transacted price of each unit with its previous transacted price.Districts with fewer than 10 matching transactions are excluded from the ranking.
A. Condo Rental Market
In August 2026, overall condo rental prices remained stable. Prices in CCR and RCR increased by 0.7% and 0.6%, respectively, compared to July 2026, while OCR decreased by 0.4%.
Year-on-year, overall rental prices increased by 2.5% compared to August 2025.
Year-on-year, rental prices in CCR, RCR, and OCR increased by 3%, 2.2%, and 2%, respectively.
Rental volumes decreased by 13.6% month-on-month. An estimated 8,318 units were rented in August 2026, compared to 9,627 in July 2026.
Year-on-year, rental volumes were 4.5% higher.
Rental volumes were 11.6% higher than the 5-year average for August.
Breaking it down by region for August 2026, 35.2% of the total rental volume was from OCR, 34.1% from RCR, and 30.8% from CCR.
B. HDB Rental Market
In August 2026, HDB rental prices decreased by 0.7% compared to July 2026. Rental prices in Mature and Non-Mature estates decreased by 0.5% and 1%, respectively. Rental prices for 3-room flats remained stable, while those for 4-room, 5-room, and Executive flats decreased by 0.8%, 0.8%, and 2.5%, respectively.
Overall rental prices increased by 1.6% compared to August 2025.
Year-on-year, rental prices in both Mature and Non-Mature estates increased by 1.9% and 1.3%, respectively.
Year-on-year, rental prices for 3-room, 4-room, 5-room, and Executive flats increased by 1.7%, 1.7%, 1.1%, and 1.2%, respectively.
Rental volumes decreased by 9.5% month-on-month. An estimated 2,805 HDB flats were rented in August 2026, compared to 3,099 in July 2026.
Year-on-year, rental volumes increased by 1.3% compared to August 2025.
Rental volumes were 1.9% higher than the 5-year average for August.
In August 2026, 4-room flats made up the largest share of rental volume at 38.8%, followed by 3-room flats at 32.7%, 5-room flats at 23.5%, and Executive flats at 5%.
| Date | Value | % Change |
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On the Friday of the first full work week for each month, SRX releases the Singapore Real Estate Exchange Property Index (SPI) as a public service to the community.
SPI differs from other Singapore indices in four distinct ways:
For more information, please refer to the SPI White Paper.
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