Rising MOP supply puts brakes on HDB resale price growth

The market stayed range-bound despite monthly uptick in May.

Housing & Development Board (HDB) resale prices edged up 0.3% in May, reversing April’s 0.6% decline, according to the latest 99-SRX Media Flash Report by 99.co and SRX.

Luqman Hakim, chief data and analytics officer at 99.co, said the HDB resale market has remained range-bound, with overall price movements of 0.2% on a net basis since May 2025.

Hakim said an estimated 13,500 flats are expected to reach their five-year Minimum Occupation Period (MOP) in 2026, nearly double the number in 2025, adding that this has contributed to moderating price growth.

The HDB Resale Price Index stood at 208.9 in May 2026. Prices for five-room flats rose 0.9% and executive flats increased 1.0%, whilst three-room flats declined 0.3%.

On a year-on-year (YoY) basis, overall resale prices increased 0.2% compared with May 2025. Four-room and five-room flats rose 0.4% and 1.0% respectively, whilst three-room and executive flats fell 1.0% and 1.9%.

Resale volume increased 10.1% month on month (MoM) to 2,139 flats in May, but was 6.3% lower YoY. Four-room flats accounted for 46% of transactions, followed by three-room flats at 24.6%, five-room flats at 23.4%, and executive flats at 6%.

By estate type, non-mature estates accounted for 55.1% of resale activity, whilst mature estates made up 44.9%.

The number of HDB resale flats sold for at least $1m rose to 166 units in May, up from 138 in April, representing 7.8% of total resale volume.

The highest transacted price during the month was $1.63m for a five-room flat at The Pinnacle@Duxton. In non-mature estates, the highest price was $1.23m for an executive flat at Hougang Street 21.