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Singapore Needs More Homes. But Where Do We Build Them Next?

TL;DR Singapore is not running out of housing plans. The harder question is where those homes should go. The debate over Maju Forest and Gillman Barracks shows how future housing decisions will increasingly involve balancing supply, greenery, heritage and liveability on the same limited land. The housing pipeline remains substantial: Singapore has tens of thousands of public and private homes planned, but every new home still needs land that is available at the right time and in the right location. The real constraint is increasingly timing: Brownfield sites such as former golf courses, industrial areas and eventually port and airbase land can provide future housing, but many cannot be redeveloped immediately. Existing land will have to work harder: Higher density, mixed-use integration and redevelopment can accommodate more people without requiring proportionally more land, provided infrastructure grows alongside housing. Greenery is part of liveability, not simply unused housing land: As neighbourhoods become denser, parks, ecological corridors and open spaces become increasingly important to making higher-density living sustainable. Homebuyers should pay attention to what surrounds their property: Master plans and future land-use changes can reshape an entire neighbourhood, making the question of what an area is becoming just as important as what exists there today. Bottom line: Maju Forest and Gillman Barracks are not simply a choice between homes and greenery. They reveal a bigger challenge Singapore will face more often: How to keep building enough homes while preserving the qualities that make increasingly dense neighbourhoods worth living in. For weeks, the debate around Maju Forest and Gillman Barracks appeared to centre on a familiar tension in land-scarce Singapore: build more homes, or preserve more greenery?On 4 August 2026, Minister of State for National Development Alvin Tan told Parliament that the current conceptual plans for both sites had already been adjusted to retain important green and heritage areas, and that conserving more would necessarily mean building fewer homes. He also emphasised that the plans for Gillman Barracks and the Sunset Way (Maju Forest) area were not final, and would continue to be refined based on public feedback. The public consultation period closed on 6 August.That framing matters. It means the discussion is not about a fixed decision, but an evolving set of trade-offs still being worked through.Singapore still needs new homes. If fewer can be accommodated on one site, that demand does not simply disappear.So where do we build them instead?And as Singapore becomes increasingly developed, could decisions such as Maju Forest and Gillman Barracks offer an early glimpse of how much harder that question will become? What we'll touch on in this article: Two Sites, One Difficult Trade-Off Singapore Isn't Running Out Of Housing Plans Why Do We Still Need More Homes? The Land Decisions Are Getting Harder Existing Land Has To Work Harder Greenery Is Not Simply "Lost Housing Land Gilman Barracks And The Southern Transformation Maju Forest: Designing With Nature As A Starting Point Where Does The Housing Go If Not Here? What This Means For Homeowners Singapore Needs Both Homes And A liveable City Two Sites, One Difficult Trade-Off Under the initial proposal for Maju Forest along Sunset Way, about two-thirds of the roughly 23-hectare forest was proposed for public housing, while the remaining areas would be retained as wildlife refuges and ecological corridors.At Gillman Barracks, the former military site and surrounding forest have been identified for a roughly 40-hectare mixed-use residential neighbourhood comprising both public and private housing, with portions of greenery retained within the broader development.Neither plan is final.During the consultation and stakeholder engagements, nature groups proposed wider green corridors at both locations. At Gillman Barracks, this could improve ecological connections towards Telok Blangah Hill Park, Labrador Nature Reserve and HortPark. At Maju Forest, a more continuous corridor could strengthen habitat connectivity for wildlife. The authorities have said these suggestions will be considered as plans are refined.It is easy to frame the situation as development on one side and conservation on the other. In reality, the planning challenge is more layered.The Government has maintained that both sites are part of Singapore's medium-term housing pipeline. At the same time, it has noted that alternative sites raised by the public are often already earmarked for other uses, required for national needs, or not yet ready for redevelopment.That is what makes the issue particularly interesting from a property perspective.The question is not simply whether Singapore should build homes at Maju Forest and Gillman Barracks.It is how many homes can reasonably be accommodated there, what should be preserved, and how the remaining housing demand is absorbed elsewhere in the system.Singapore Isn't Running Out Of Housing Plans One thing is clear from the numbers: Singapore continues to plan for a substantial housing pipeline. For private homes, the Confirmed List under the Government Land Sales Programme is expected to supply 9,320 units in 2026, more than 50% higher than the annual average over the previous decade.Following the second-half 2026 land supply announcement, the overall pipeline of private residential units, including Executive Condominiums, stood at about 61,000 units, with a significant share already unsold and potentially released over the next few years.Looking further ahead, about 60,600 private residential units including ECs are expected to be completed in the coming years, with roughly 25,900 by 2028 and another 34,700 from 2029 onwards.The public housing pipeline is similarly substantial.HDB plans to launch about 19,600 BTO flats in 2026 across three sales exercises, with more than 4,000 offering waiting times of under three years.HDB is also prepared to offer more than 55,000 flats from 2025 to 2027 if necessary, depending on demand and market conditions, with 127 projects already under construction at the start of 2026.Put together, these figures reveal an important distinction.Singapore is not facing a shortage of housing plans.It is facing the harder question of where a large and continuous pipeline of housing should physically go.Why Do We Still Need More Homes? Singapore's housing requirement is not determined by population growth alone.Even if the population remains stable, the number of homes required can still rise as household sizes shrink. More singles are forming independent households, young couples are setting up their own homes, and an ageing population means more seniors may live alone.The arithmetic is simple. If 10,000 people live in households averaging four people, they require about 2,500 homes. If the same population shifts to households averaging two people, the requirement doubles to 5,000 homes.The population has not changed. The number of households has.This is why housing demand cannot be understood purely through population figures. Household formation, ageing, and lifestyle changes all matter.There is also a spatial dimension.Singaporeans tend to value proximity to transport, jobs, schools, family and amenities. This means housing supply is not just about total units, but about where those units are located.Recent BTO projects in established estates illustrate this demand. During the parliamentary discussion, Mr Tan pointed to strong application rates for projects such as Clementi Emerald and Berlayar Rise.The pressure is therefore not only to produce more housing.It is to produce housing in well-connected, established locations where land is increasingly scarce.The Land Decisions Are Getting Harder For a small city-state, land has always been scarce. What is changing is the nature of the trade-offs.Many future residential sites already contain existing value: forests, golf courses, industrial estates, heritage precincts, institutions, or transport infrastructure.Singapore's planning response has increasingly focused on brownfield redevelopment: reusing already-developed land for new purposes.The former Keppel Golf Course is a clear example. It is expected to accommodate about 10,000 public and private homes, including the Berlayar estate, where HDB flats are already entering the pipeline.The former Old Police Academy is being transformed into the Mount Pleasant estate, which is expected to provide around 5,000 homes.Other sites will emerge as existing uses are relocated, consolidated, or reach the end of their leases.This approach reduces pressure on undeveloped land.But it introduces a timing constraint.Brownfield land does not become available on demand. Some transformations take decades. The Greater Southern Waterfront depends on port relocation to Tuas. Paya Lebar Air Base can only be redeveloped after aviation operations move in the 2030s.This creates a structural mismatch between:where land will eventually become available, andwhere housing is needed in the near termThat is the underlying tension Maju Forest and Gillman Barracks sit within.They are not just individual sites. They are part of a system where timing, not just availability, is the constraint. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list Existing Land Has To Work Harder Because of this timing gap, Singapore has increasingly had to make each parcel of land do more.One approach is higher density, especially around transport nodes. This allows more homes to be built without proportionally more land.But density only works if infrastructure scales alongside it-transport, schools, healthcare, and public spaces all need to expand in tandem.A second approach is integration: combining housing with retail, workplaces, community spaces and transport infrastructure so that land performs multiple functions.A third is continued redevelopment of brownfield sites as they become available.None of these removes the need for difficult trade-offs. They simply change the framing from:How much land do we have?to:How much can each site reasonably support?Greenery Is Not Simply "Lost" Housing Land The Maju and Gillman discussions are often framed as a binary choice between homes and nature. But that framing misses how people actually experience cities.Residents do not experience housing as isolated blocks. They experience streetscapes, shade, parks, walking routes, and the sense of openness between developments.Greenery contributes directly to that lived environment.This becomes more important as density increases. The more people a neighbourhood accommodates, the more critical its public spaces and ecological buffers become to liveability.Seen this way, retaining greenery is not simply a subtraction from housing supply. It is part of what makes higher-density living workable.The challenge is balance.Retain too little, and a neighbourhood loses character and environmental quality. Retain too much, and fewer homes can be delivered on constrained land.There is no universal formula. Each site must be assessed on its own ecological, heritage and infrastructure context.Gillman Barracks and the Southern Transformation Gillman Barracks sits within a much larger long-term transformation of Singapore's southern coastline.As port activities consolidate at Tuas, approximately 1,000 hectares of land and 30km of coastline will eventually be freed for redevelopment.Source: URAThe former Keppel Golf Course is already part of this transition, with around 10,000 homes planned across public and private housing.Source: URA, HDBFuture opportunities may also emerge around Keppel Terminal, Keppel Distripark and other port-related sites.Gillman Barracks therefore is not an isolated parcel. It sits at the edge of a major restructuring of land use in the south.The key question is not just how many homes it can accommodate, but how it fits into a broader district that will evolve over decades.Its greenery, heritage buildings and arts identity are therefore not secondary considerations. They are part of what will define the character of the wider Southern Waterfront.Maju Forest: Designing With Nature as a Starting Point Maju Forest presents a different but related challenge.Here, the issue is not heritage or industrial transition, but how development coexists with an existing natural ecosystem.The initial plan already proposed retaining parts of the forest as ecological corridors and refuges. Public feedback has since pushed for stronger and more continuous habitat connections.This reflects a shift in planning logic.Instead of: the sequence increasingly becomes: Housing remains part of the outcome, but the natural system becomes a structuring input rather than an afterthought.Where Does the Housing Go If Not Here? Preserving more greenery at Maju Forest or Gillman Barracks does not eliminate housing demand. It redistributes it across time and space.Singapore's Master Plan 2025 outlines more than 80,000 public and private homes across over 10 new housing areas over the next 10 to 15 years.New supply will come from multiple sources:entirely new precinctsintensification of existing areasbrownfield redevelopmentand future land releases as major infrastructure shifts occurAreas such as Dover-Medway, Newton, Paterson, Defu and the Greater Southern Waterfront are already part of this broader pipeline.But the key point is not the list of locations.It is that housing supply is increasingly a sequencing problem, not just a spatial one.Some land is available now. Some will only become available later. Some are already committed to other uses.That means every decision about one site has implications for timing elsewhere.What This Means for Homebuyers Most buyers will not evaluate a home based on national land-use strategy. But they are still affected by it.A quiet field today may become a housing estate. An industrial site may become a mixed-use district. A transport node may become a dense residential hub.This makes surrounding land use an important part of due diligence.The URA Master Plan helps identify intended future uses. Broader transformation plans indicate where infrastructure, housing and commercial activity may expand.But the key question is not whether change will happen.It is what kind of change is likely, and over what timeframe.The more useful question is therefore not:Will this raise property values?but:What kind of neighbourhood is this becoming?Singapore Needs Both Homes and a Liveable City Maju Forest and Gillman Barracks are not isolated planning cases. They are early examples of a broader structural reality.Singapore has a strong housing pipeline. It also has a growing number of competing land uses. And it has a long-term strategy of recycling land wherever possible.The challenge is synchronisation.Housing must arrive where and when it is needed. Infrastructure must scale with density. Nature and heritage must be meaningfully integrated. And some trade-offs will be unavoidable.Part of the solution is higher density. Part is brownfield redevelopment. Part is mixed-use integration. And part is simply better sequencing of land release over time.But the underlying tension remains.The question is no longer just whether Singapore can build enough homes.It is whether it can continue to do so while preserving the qualities that make those homes worth living in.Maju Forest and Gillman Barracks are two current expressions of that challenge.They will not be the last. Views expressed in this article belong to the writer(s) and do not reflect PropNex's position. 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Resale Condo Market Watch in July 2026

Rebound in resale condo market activity in JulySales activity in the overall property market momentum rebounded in July after the seasonal lull period in June, led by the new home sales market. Amidst the pick-up in market transactions in the new launch segment, resale market momentum carried over from June. About 961 condo units worth $1.94 billion was resold during the month - just slightly under the 996 resale transactions valued at $2.07 billion transacted in June. In July, resales transactions accounted for 55.8% of non-landed transactions, while new sale transactions accounted for 42.2% of transactions, as new sale activities resume during the month (see Chart 1).Chart 1: Proportion of private non-landed transactions (excl. EC) by sale type by monthSource: PropNex Research, URA Realis With the pickup in new launch activity during the month, the average unit price of new non-landed homes saw an increase from the previous month. The average new sales unit price grew 1.1% month-on-month (MOM) to $2,558 psf in July, while the average resale unit price slipped by 0.8% MOM. As such, the new sale and resale price gap continued to creep up from 45.7% in June (see Chart 2), to 48.5 % in July. Chart 2: New sale and Resale Price gap of non-landed homes (overall) by monthSource: PropNex Research, URA Realis Modest gains amongst resale transactionsIn terms of profitability, resale condo units transacted in July saw smaller gains compared with the previous month. Analysing the profits reaped by resale non-landed private homes in June 2026 and July 2026, it was found that resale condo deals in July garnered smaller profits. The proportion of loss-making transactions was higher in July 2026 over the previous month. The resale profit analysis involves computing gains achieved for the units by matching the condo resale transactions in July against their respective previous purchase price, according to caveats lodged. The study showed that 15.7% of resale condo transactions (146 deals) in July made more than $1 million in profits, a smaller proportion compared with June (17.1%). Of these million-dollar profit-making deals, the deals was well spread amongst the three market segments, with the core city areas leading the pack. 38.1% of million-dollar profit deals were done in the Core Central Region (CCR), 31.3% in the Rest of Central Region (RCR) and 30.6% in the Outside Central Region (OCR) . Loss-making deals in July accounted for 5.4% of transactions, edging up higher from the proportion of loss-making deals (6.5%) in June (see Chart 3). Chart 3: Proportion of profit quantum of resale non-landed transactions (June 2026 vs July 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 for the month, was A Treasure Trove, within District 19, which pulled in an average profit of more than $860,000 across six transactions in July. It was also the most profitable condo project in the OCR for the month.. Top Resale Condo projects^ in terms of average gross profit* (July 2026)Project NameNo. of transactionsAverage Profit Gained ($)Average Annualized Profit (%)#Year completedRegionA TREASURE TROVE6$860,8334.8%2015OCRTHE CASCADIA5$842,7162.5%2010RCRSEASIDE RESIDENCES5$786,8125.0%2021OCRLIVIA6$740,1485.2%2011OCRCOCO PALMS6$733,1554.8%2018OCRWHISTLER GRAND7$574,2705.3%2022OCRLAKE GRANDE6$478,0833.5%2019OCRPARC CLEMATIS7$471,9844.9%2023OCRPARC ESTA5$466,2004.5%2022RCRJADESCAPE5$457,3404.1%2022RCRSource: PropNex Research, URA Realis^projects with fewer than 5 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 (Tanglin, Holland, and Bukit Timah) raked in the highest profits on quantum basis, with transactions reaping average gains of more than $1.3 million per deal. In terms of annualised gains, resale homes in District 13 (MacPherson, Potong Pasir, and Braddell) enjoyed an average annualised profit of 4.7% per deal. Top 10 Resale Condo districts^ in terms of average gross profit* (July 2026)DistrictNo. of transactions**Average Gains ($)Average Annualised Gains (%)#D1044$1,317,4413.1%D1590$843,7043.7%D2136$822,9593.3%D1127$741,1983.2%D2036$734,0654.2%D551$554,9683.6%D1443$507,0723.4%D2349$502,2203.2%D1872$490,4004.6%D1232$483,8483.3%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 $1.77 million to $7.26 million. The units which chalked up bigger gains were mostly sizeable large format condos that are more than 1,400 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 15 years - the oldest being a unit held for more than 30 years. Top 5 Resale Condo transactions in July 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 5th floor unit at Ardmore Park. It was resold for an estimated profit of $7.26 million, reflecting an annualised profit of 3.2%. Based on URA Realis caveat data, the 2,885-sq ft unit was first bought in December 1996 and subsequently resold for $12 million in July 2026, with a holding period of about 30 years. Ardmore Park is a luxury condominium in District 10, completed in 2001 and situated within the prestigious Ardmore residential enclave, with convenient access to Orchard Road's extensive retail, dining and lifestyle amenities. It is within close proximity to Orchard MRT station and reputable schools such as Anglo-Chinese School (Primary) and Singapore Chinese Girls' School, while nearby green spaces including the Singapore Botanic Gardens provide residents opportunities for recreation.The top gainer in the RCR in terms of gross profit was for unit transacted at The Peak, which fetched a gross profit of $5.4 million (annualised profit of 4.8%), based on caveats lodged. The 5,522-sq ft 2nd floor unit was sold for $8.5 million, with a holding period of 21 years. The Peak is a freehold condominium in District 5, completed in 1981 and situated in the sought-after Pasir Panjang-West Coast area, offering convenient access to educational institutions and everyday amenities. It is located near Pasir Pajang MRT station on the Circle Line, with schools such as National University of Singapore, Anglo-Chinese School (Independent) and Fairfield Methodist Primary School within the wider vicinity. The development also benefits from its proximity to employment hubs such as Pasir Panjang Terminal, Mapletree Business City and Science Park.Over in the OCR, the top gainer in July was a 9th floor unit located in Windy Heights in District 14. The 2,476-sq ft unit was sold for $3.58 million, achieving an estimated profit of $2.84 million - which reflects an annualised profit of 7.7% over a holding period of 21 years. Windy Heights is a sprawling freehold condominium in District 14, completed in 1983 and located along Jalan Daud in the established Kembangan residential enclave. It is within walking distance of Kembangan MRT station on the East-West Line, while nearby schools include Telok Kurau Primary School, Eunos Primary School and Maha Bodhi School.Amid a still-low interest rate environment and rising new launch prices, condo resellers July stand to benefit as some homebuyers July find themselves priced out of the new launch market and could consider options in the resale segment.

Sell Private, Buy Resale HDB: No More 15-Month Wait?

TL;DR Private property owners no longer have to wait 15 months to buy a non-subsidised resale HDB flat. The rule was removed on 28 July 2026 as HDB resale prices have moderated and supply has increased, giving private homeowners more flexibility to downgrade. More flexibility: Private homeowners can now sell their property and buy an eligible resale HDB flat without the previous 15-month wait. Not every purchase qualifies: A 30-month wait still applies for BTO flats, resale flats bought with grants, ECs from developers and purchases using an HDB housing loan. Watch your timing: Removing the HDB wait does not remove SSD. Your property's acquisition date and outstanding SSD liability still matter when deciding when to sell. Don't rush: HDB resale supply is increasing, while private property prices are also moving at a more measured pace. The right timing depends on your finances, sale proceeds and next property. Bottom line: The 15-month wait is gone, but selling your private property and buying an HDB resale flat still requires careful planning around eligibility, SSD, cash flow and timing. If you own a private property and have been thinking about downsizing to a resale HDB flat, there is some good news: you no longer have to wait 15 months after selling your private property before buying a non-subsidised resale HDB flat.On 28 July 2026, the government announced the removal of the 15-month wait-out period, effective immediately. So, let's take a look at what changed, why the rule was introduced in the first place, and what private property owners should actually consider now. In this article, we will explore: What is the 15-month wait-out rule? Why was it introduced? Did it work? How is the HDB resale market today? Why remove the 15-month wait-out rule? So what happens now that the rule has been lifted? What should you do now? Final thoughtsWhat is the 15-month wait-out rule?Basically, this rule states that private property owners must wait 15 months after selling their property before they can buy a non-subsidised HDB resale flat. However, this rule doesn't apply to seniors aged 55 and above (and their spouses, of course) who are buying a 4-room or smaller flat, essentially to accommodate those who want to rightsize and retire.Why was it introduced?Obviously, the main reason is to cool the rising HDB resale prices.Prior to the rule, the number of private property owners buying HDB resale flats doubled within three years. Naturally, resale prices went up and had even climbed for the 10th consecutive quarter in Q3 2022, with many million-dollar flats transacted. Many of these buyers were likely those hoping for a quick profit and enticed by HDB's fixed interest rate to right-size to a HDB resale flat.But the bigger issue was that private homeowners were outbidding and making homes less affordable for other buyers, especially first-timers and upgraders. So the government had to do something to level the playing field and moderate the excessive demand, which they hoped could cool down the resale market.Did it work?Since the rule kicked in, HDB resale price growth has slowed. In fact, it only increased by 4.9% in 2023, which was the smallest increase since 2019. For comparison, the growth was 10.4% in 2022 and 12.7% in 2021. On top of that, transaction volumes had also fallen by 4.2%. About 26,735 resale flats were sold in 2023, down from 27,896 in 2022.Source: PropNex Research, HDB, Data.gov.sg (Q4 2023 till 30 Nov)The large Sale of Balance Flats exercise in February 2025 likely also played a role in easing the pressure since it offers more options to homebuyers. Regardless, the number of million-dollar flat transactions still went up, though not by too much. There were 470 such transactions in 2023, more than the 369 in the previous year.The 15-month wait-out rule also pushed many private property owners into renting out their units since they were more reluctant to sell. This, in turn, drove up demand and rents for larger HDB flats and mass-market condos. On top of that, many of those who chose to sell anyway had to rent a temporary home, pushing rental prices even higher.Overall, the market did cool down, but it's hard to say how much of that was due to the 15-month wait-out rule versus other factors like higher interest rates and tightened loan limits. Most likely, it was a combination of all those things. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list How is the HDB resale market today?Fast forward to 2026, and the HDB resale market has gone a step further. Prices have not just slowed down. They have actually started falling.The HDB Resale Price Index declined 0.1% in Q1 2026 and another 0.3% in Q2 2026, marking two consecutive quarters of decline. This came after five quarters of slower or flat price growth from Q4 2024 through Q4 2025.Again, this isn't solely because of the 15-month wait-out rule. Another big factor on why HDB resale has slowed down in recent years is the big waves of supply. HDB is on track to launch around 19,600 BTO flats in 2026, spread across the February, June and October exercises. The June exercise alone offered 6,952 BTO flats, while another 7,970 flats are scheduled for the October exercise.There is also a sizeable amount of existing HDB flats reaching their Minimum Occupation Period (MOP). Around 13,480 flats are expected to reach MOP in 2026, almost double the 6,970 that did so in 2025. That means more resale stock is also coming onto the market.Why remove the 15-month wait-out rule?Minister for National Development, Chee Hong Tat, had previously said that the rule was meant to be temporary in the first place, to address concerns surrounding high resale flat prices. So since resale prices have moderated, the Government is now comfortable removing the 15-month wait-out period. In its announcement, the Ministry of National Development said the measure had met its purpose and that market conditions had improved.So what happens now that the rule has been lifted?For one thing, there would likely be a rise in demand for resale HDB flats, especially from private property owners who have been holding off on downgrading due to the 15-month rule. However, it won't necessarily put upward pressure on HDB resale prices, since there's been an influx of new supply.That being said, "better" homes such as larger units with good attributes (high floors, good views, proximity to MRT stations) in more central locations may still see sharper price increases. Some may even cross the million-dollar threshold. Subsequently, there is a potential surge of million-dollar flats as well.At the same time, as more private homeowners sell their condos to make the switch, we may see an increase in condo listings on the resale market. That could lead to softer condo prices in the short term.However, the private market itself is not exactly weak. Private residential prices rose 0.5% in Q2 2026, although this was slower than the 0.9% increase in Q1. Although, we should also note that non-landed private property prices actually fell 0.1% in Q2.So if you are selling a condo to buy an HDB flat, you should not assume that you will automatically be selling into a strong market and buying into a weak one. Both markets are moving at different speeds, and prices will depend on the specific properties.As for rental demand, the removal of the wait could also reduce the number of private property owners who need temporary accommodation after selling. That could take some pressure off rental demand at the margin, although rental markets are influenced by many other factors too. Private residential rents still increased 0.7% in Q2 2026.In any case, lifting the 15-month rule won't imply speculative property investment since it mainly benefits private downgraders, especially those who are cash-tight and in need of a replacement home asap.Plus, housing policies will continue to evolve to keep the market stable. If HDB resale demand surges again, the rule could be reinstated in some form, or be replaced with a different measure, depending on how things unfold in the future.What should you do now?Now that the 15-month wait is over, private owners who want to downgrade have some things to consider:1. Check whether you can actually use the new ruleFirst, make sure your purchase falls within the scope of the policy change. If you are buying a non-subsidised resale HDB flat without an HDB housing loan, the 15-month wait is no longer applicable.But if you want to buy a BTO, a resale flat with housing grants, or an EC from a developer, there is a 30-month wait-out period. The same 30-month wait applies if you intend to take HDB's housing loan.So before making plans around the "no wait" rule, get your HDB Flat Eligibility (HFE) position checked and work out exactly which route you qualify for.2. Watch out for the SSD trapThere is another timing issue that private property owners need to watch: Seller's Stamp Duty (SSD).The removal of the HDB wait-out period does not remove SSD on your private property. Check your property's acquisition date and potential SSD liability before deciding when to sell. You can also use our calculator to help you weigh your options.3. Figure out your sequencingSelling first gives you greater certainty over your available cash and CPF proceeds, but you also need to make sure you have somewhere to stay between the two transactions. Buying first may give you more certainty over your next home, but you will need to make sure you can comfortably finance the purchase before your private property is sold.There is no one-size-fits-all answer here. Your cash position, CPF funds, outstanding mortgage, expected sale proceeds and the price of the HDB flat you want all need to be considered together.4. Don't assume you have to rushThe removal of the 15-month rule may make it easier to downgrade, but that does not mean every private property owner should sell immediately.The HDB resale market now has more supply coming through, while private residential prices are also growing at a more measured pace. If your current home is still working well for you, there may be little reason to make a rushed move simply because the policy has changed.On the other hand, if you have already decided that a smaller, lower-cost home makes more sense for your next stage of life, the removal of the wait-out period removes one major obstacle. You can now plan the move based on your finances and housing needs.Final thoughtsThe removal of the 15-month wait-out period may make things easier for private property owners looking to downgrade, but that doesn't mean you should rush to sell.So if you're thinking of making the switch, ask yourself whether now is the right time, what you can realistically afford, and how you want to proceed. Take a good look at your finances, your current property and the type of HDB flat you want before making your move.The 15-month wait may be gone, but there are still plenty of other factors to consider. 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.

Why Are Sentosa Cove Homes Selling At Million-Dollar Losses?

TL;DR Nearly two-thirds of Sentosa Cove resale deals between May 2023 and June 2026 were unprofitable, yet resale prices are rising again. The contradiction reveals an important property lesson: A rising market does not guarantee every owner makes money. Your outcome depends heavily on where you entered and who will eventually buy from you. Losses tell us more about entry price than today's value: Two owners can sell similar homes at the same price and walk away with completely different outcomes because they bought at different points in the market cycle. Scarcity does not automatically create liquidity: Sentosa Cove offers waterfront living, large homes and exclusivity that are difficult to replicate, but its specialised appeal also means a narrower pool of potential resale buyers. The future buyer pool matters as much as the home itself: High price quantum, 60% ABSD for most foreign buyers and a niche lifestyle proposition can reduce the number of buyers competing for a Sentosa Cove property when it is time to sell. Recent price growth may be changing the value equation: After years of lagging mainland prices, sub-$2,000 psf Sentosa Cove homes can offer substantially more space and a distinctive waterfront lifestyle relative to some prime alternatives. Cheap and good value are not the same thing: A lower psf only becomes compelling when the price adequately compensates for the remaining risks, including leasehold tenure, lower transaction liquidity and a specialised buyer pool. Bottom line: Sentosa Cove's million-dollar losses are a reminder to think about your exit before you enter. The question is not simply whether a property looks cheap today, but whether you are buying at the right price with a clear idea of who may eventually buy it from you. Imagine selling a home and walking away with a seven-figure loss.Now imagine that happening not to one unfortunate owner, but across nearly two-thirds of resale transactions in one of Singapore's most exclusive residential enclaves.Recent analysis of Sentosa Cove transactions reported by The Straits Times, based on market data, found that 64.5% of resale deals between May 2023 and June 2026 were unprofitable. Among the loss-making transactions, the average gross loss was about $1.28 million, before accounting for stamp duties, property tax, legal fees and agent commissions.Those numbers are difficult to ignore.Yet there is another number that makes the story considerably more interesting.Non-landed resale prices at Sentosa Cove rose 5.7% in the second quarter of 2026 from the previous quarter and 7.5% from a year earlier, according to URA Realis data. On a per-square-foot basis, resale prices were also 18.1% higher in 2Q 2026 than in 1Q 2021.So how can prices be rising while so many sellers are still losing money?The answer tells us something important not only about Sentosa Cove, but about how we should think about property altogether. What we'll discuss in the article: A Rising Market Does Not Guarantee A Profitable Sale Sentosa Cove Has Something Most Singapore Homes Cannot Replicate The Bigger Issue May Be Who Is Left To Buy Then Why Are Sentosa Cove Prices Rising Again? Cheap And Good Value Are Not The Same Thing Before You Buy, Ask Who Might Buy It From You So Is Sentosa Cove Finally A Bargain? A Rising Market Does Not Guarantee A Profitable Sale The first thing to understand is that price movement and seller profitability measure two different things.Today's property price tells us roughly where the market currently values a home. Whether an owner made or lost money depends on where that particular owner started.Consider two hypothetical buyers purchasing similar homes. One bought at $2,500 psf many years ago and eventually sold at $1,900 psf. The transaction would record a substantial loss.Another entered much later at $1,700 psf and subsequently sold at the same $1,900 psf. That seller would be looking at an entirely different outcome.The property could be trading at exactly the same price on the day both transactions were completed. Their profitability would still look completely different because their entry prices were different.This is particularly important when looking at the headline average loss of $1.28 million.The median loss was considerably lower, at $369,640, between May 2023 and June 2026. The gap between the average and median suggests that some particularly large losses pulled the average figure upwards.Neither figure should be dismissed. Losing hundreds of thousands of dollars is still significant.But they tell us more about the prices at which previous owners entered than they do about whether a buyer entering Sentosa Cove today will necessarily experience the same outcome.That distinction matters.Sentosa Cove Has Something Most Singapore Homes Cannot Replicate On paper, it is not difficult to see why Sentosa Cove was conceived as an extraordinary residential proposition.Waterfront living is scarce in Singapore. Private berths, marina views, large floor plates, and a resort-style environment are even harder to replicate.Many condominium homes in the enclave are substantially larger than newer private homes elsewhere in Singapore, while their prices on a psf basis can sit below properties in some traditional prime residential locations.Yet scarcity alone does not guarantee price performance.A property can be rare and still have a limited resale market.That is where Sentosa Cove becomes unusual.For many local families, proximity to schools, workplaces, public transport and everyday amenities remains an important part of the housing decision. Sentosa Cove offers a lifestyle that some buyers may consider exceptional, but it is not necessarily a lifestyle that the broader private residential market is looking for.Its appeal is therefore naturally concentrated among a more specific group of buyers.This creates an important distinction.A unique home and a highly liquid home are not always the same thing.The Bigger Issue May Be Who Is Left To Buy Every property purchase eventually involves two markets.There is the market you buy from today, and the market you hope to sell to tomorrow.The broader that future buyer pool is, the more potential demand your property may have when it eventually returns to the market.A mainstream condominium may attract owner-occupiers, investors, families upgrading from HDB flats, permanent residents and, depending on prevailing rules and costs, foreign purchasers.Sentosa Cove begins with a narrower audience simply because of its price quantum and lifestyle proposition.Cooling measures have narrowed that audience further.Foreigners purchasing residential property in Singapore generally face 60% Additional Buyer's Stamp Duty (ABSD) for purchases made from 27 April 2023 onwards, although certain qualifying foreign nationals may receive different treatment under Singapore's free trade agreements.That matters particularly for Sentosa Cove because international buyers have historically formed an important part of demand in the enclave.The difference in transaction activity is telling. There were 68 non-landed Sentosa Cove resale deals in the first half of 2021, compared with 35 in the first half of 2026.When fewer potential buyers are competing for a property, sellers may have less pricing power and may need to wait longer for the right buyer to appear.This is why exit liquidity deserves as much attention as exclusivity.A property may look impressive on the day you buy it, but its investment outcome may eventually depend on something much less glamorous:How many people will want 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 Then Why Are Sentosa Cove Prices Rising Again? This is where the story becomes more nuanced.If Sentosa Cove has all these structural challenges, why did non-landed resale prices climb 5.7% quarter-on-quarter in 2Q 2026?One possible explanation is relative value.Property prices across Singapore have risen substantially over the years, while Sentosa Cove has lagged the mainland. The longer that divergence persists, the more noticeable the price difference becomes.Eventually, a buyer with a multi-million-dollar budget may start comparing what the same amount of money buys in different locations.A smaller unit in a traditional prime district may offer better connectivity and a broader resale market.Sentosa Cove may offer substantially more space, waterfront surroundings and a lifestyle that is difficult to reproduce elsewhere.Source: Adobe StockNeither choice is automatically better.But the comparison begins to look different when the price gap becomes wide enough.The sub-$2,000 psf range is particularly noteworthy because it creates a very different relative-value proposition compared with many prime residential properties on the mainland.There is already precedent for buyers responding to substantial repricing.Residences at W Singapore Sentosa Cove psf trend 2010-2026Source: PropNex Investment Suite and ura.gov.sgWhen The Residences at W Singapore Sentosa Cove was relaunched in April 2024, its average selling price was about $1,780 psf, around 36% below its initial launch average of $2,793 psf. Sixty-five units were sold during that relaunch.Price can change perception.But that brings us to perhaps the most important question in this entire discussion.Cheap And Good Value Are Not The Same Thing Seeing a property trade at a large discount can be tempting.The instinct is understandable: if something used to cost substantially more and is now cheaper, there must be upside if prices eventually return to their old level.Property does not always work that way.A discount can emerge because a property has become underappreciated. It can also exist because buyers are consistently pricing in disadvantages such as location, tenure, accessibility, high quantum, or limited resale liquidity.Sentosa Cove arguably contains elements of both.On one side of the equation are genuine qualities that are extraordinarily difficult to replicate: waterfront living, large homes, exclusivity and limited residential supply.There has been no new residential land parcel sold at Sentosa Cove since 2008, when the site that eventually became Cape Royale was acquired. The 302-unit development, completed in 2013, remains the enclave's last major new condominium development.There is also a major transformation taking place around the wider island.Sentosa after completion of The Greater Sentosa Master PlanSource: SentosaThe Greater Sentosa Master Plan will progressively integrate Sentosa with the 120-hectare Brani Island, with new attractions, hotels, rejuvenated beaches and enhanced connectivity planned over the coming decades. Development is expected to come on stream progressively from the early 2030s.These are legitimate reasons for buyers to reassess the area.On the other side, however, are issues that a new attraction or transport improvement may not completely remove.Most Sentosa Cove homes are on 99-year leases, which means remaining lease will become an increasingly relevant consideration over time, particularly when buyers with similar budgets may also be comparing freehold or 999-year properties elsewhere in the Core Central Region.The buyer pool remains specialised. Absolute prices remain high. And while the Greater Sentosa transformation may improve the attractiveness and accessibility of the island, that does not automatically translate into stronger residential demand.So a lower psf should never be the end of the analysis.It should be the beginning.Before You Buy, Ask Who Might Buy It From You The lesson from Sentosa Cove extends far beyond luxury waterfront property.Whether you are buying a $600,000 HDB flat, a $2 million condominium or a $10 million waterfront home, the same principle applies.Your entry decision should include an exit plan.Before purchasing, consider several questions.What am I paying relative to comparable properties?A good property can still become a poor investment if the entry price leaves little room for future buyers to pay more.Who is my natural future buyer?Is the property suitable for families, investors, upgraders or only a very specific type of buyer?How frequently do similar homes transact?Low transaction volume does not automatically make a property bad, but it may mean selling requires more patience and price flexibility.What makes my particular unit desirable?Even within the same development, orientation, view, floor, layout and condition can create very different resale outcomes.How long am I prepared to hold?A thinner market may work for an owner with a long investment horizon and little pressure to sell. It becomes much more uncomfortable when circumstances force a quick exit.What else could the same budget buy?Opportunity cost matters. A $4 million property is not competing only against another unit in the same condominium. It is competing against every credible housing option available to a buyer with roughly $4 million to spend.These questions are important because property performance is rarely determined by the project name alone.Your entry price, unit selection, holding power and eventual buyer pool can matter just as much.So Is Sentosa Cove Finally A Bargain? There is probably no useful answer that begins with a simple yes or no.The recent loss figures deserve attention. When almost two-thirds of resale transactions are unprofitable, buyers should understand why.But those statistics are fundamentally backward-looking. They tell us how owners who bought at earlier prices eventually performed.They do not tell us with certainty what happens to somebody entering at today's price.At the same time, recent price growth should not be treated as proof that the market has completely turned around. A 5.7% quarterly rise is noteworthy, but Sentosa Cove still operates within a relatively small, specialised resale market.Perhaps the more useful way to view Sentosa Cove is as a reminder that price and value are not interchangeable.A home can become cheaper without becoming attractive.It can also become attractive precisely because it has become cheaper.The difference lies in whether today's price adequately compensates a buyer for the risks that remain.For Sentosa Cove, those risks include a narrower buyer pool, lower liquidity, 99-year leasehold tenure and a location that will not suit everybody. Against them sit scarcity, space, waterfront living, limited new residential supply and the potential longer-term transformation of Greater Sentosa.Yesterday's sellers may have suffered because of where they entered.Tomorrow's buyers will ultimately be judged by the same thing.Not whether they bought a prestigious address.Not whether they bought after prices had fallen.But whether they bought the right property, at the right price, with a clear idea of who might eventually buy it from them. 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 Waterfront Homes Sailing Into Berlayar Drive

Berlayar Drive GLSSource: PropNex Research, Street DirectoryThe Berlayar estate in Telok Blangah, a new residential neighbourhood to take shape in the Greater Southern Waterfront (GSW) precinct has drawn attention recently, with newly launched build-to-order (BTO) public housing projects in the area seeing strong demand. Given the rarity of new housing projects in Telok Blangah, and Berlayar envisioned as a vibrant town offering waterfront homes close to nature, it is no surprise that many homebuyers may have set their sights on a new home here which will underpin housing demand. With the tender closing of the Berlayar Drive government land sale (GLS) site, prospective buyers will now have more chances to secure a stake in the new estate. The land tender closed with a sole bid of $576.8 million submitted by a joint venture between GuocoLand and Intrepid Investments, which works out to a land rate of $1,515 psf per plot ratio (ppr). The Berlayar Drive site is expected to add 415 new homes to the new precinct and will be a lower-rise development spanning a maximum of five storeys. Well-Connected HomesTelok Blangah MRTSource: Flickr, Choo Yut ShingAs a car-lite estate, most homes in Berlayar will have strong public transport connectivity and extensive walking and cycling networks. The site is under a 10-minute walk from Telok Blangah MRT station, and connectivity has improved further now that the Circle Line loop has closed - putting it at around five stops from Marina Bay MRT station, a major interchange connecting to the Thomson-East Coast and North-South lines. Bayfront and Buona Vista are also a short ride away.Telok Blangah MRT station sits close to several major employment hubs too, making the project well suited to working professionals. The central business district and downtown areas such as Marina Bay, Shenton Way, Raffles Place, and City Hall are 15 to 25 minutes away by MRT, while the one-north R&D hub is just five stops down the line via the TEL.Amenities, Schools, and More To ComeVivoCityExisting amenities are well covered as VivoCity at the HarbourFront MRT station, Alexandra Retail Centre at Labrador Park MRT, the Weave Mall at Resorts World Sentosa, and Marina Bay Sands all offer a wide range of food and retail options. The HarbourFront Centre is also expected to be redeveloped by 2031, offering upgraded office and retail space. Beyond shopping, the site is also close to entertainment and tourist draws, including Universal Studios, Singapore Oceanarium and Adventure Cove Waterpark at Sentosa, while Gardens by the Bay is also nearby at Bayfront.As the Berlayar precinct is still taking shape, amenities in the immediate vicinity remain limited for now. Future residents looking for a quick bite or grocery run can head to the supermarket, hawker centre and retail shops at Telok Blangah Mall a short walk away. As more homes are completed and the GSW takes shape, more amenities will likely be introduced into neighbourhood to accommodate residents' needs.In terms of schools, the upcoming development sits within 1km of Blangah Rise Primary School, and within 1-2km of CHIJ (Kellock), Gan Eng Seng Primary School and Radin Mas Primary School. Of note, the site is five MRT stops from the NUS campus at Kent Ridge, making it convenient for students and working staff.Green Neighbourhood Labrador Nature ReserveSource: NParks The new development will be well served by cycling paths and parks. Labrador Nature Reserve and Berlayar Creek sit virtually next door, with a coastal boardwalk offering views of Keppel Harbour and Sentosa. For those seeking out something more challenging, the nearby Mount Faber Park and Telok Blangah Hill Park both offer hiking trails and sights of the flora and fauna.Overall, the new Berlayar estate has much to love and even more to look forward to, with upcoming projects in the precinct expected to draw a wide range of homebuyers including investors and owner-occupiers that value urban connectivity and a biophilic environment. About the DevelopersGuocoLand is an award-winning developer firm with a diversified portfolio comprising residential, hospitality, commercial, retail and integrated developments spanning across the region. GuocoLand has been awarded with several accolades both locally and internationally, in recognition for its quality, innovative developments and commitment to business excellence. Some of its most recent projects in Singapore include River Modern, Faber Residence, Springleaf Residence, Lentor Central Residences, Midtown Modern, and Midtown Bay.Intrepid Investments is a subsidiary firm of Hong Leong Holdings. Hong Leong Holdings was formed in 1968 as Hong Leong Group's privately held property investment and property holding vehicle. It has since established itself as a major player in the property market, making it one of the most sought-after providers of a comfortable home. The group manages a number of commercial projects and has developed over 100 residential properties to date, including a range of mid- to high-end residential projects such as Lentor Central Residences, Tengah Garden Residences, Penrith, Lentor Hills Residences, Lentor Mansion, and Faber Residence.

Community Care Apartments From Age 55: Who Should Consider One?

TL;DR From October 2026, Singaporeans aged 55 and above can apply for Community Care Apartments (CCAs), offering a new option for ageing in place. But the smaller homes, service fees and resale restrictions mean they are not necessarily the right fit for everyone. Earlier downsizing: The lower eligibility age gives seniors the option to move into a senior-friendly home from 55, rather than waiting until they are older. More than just a flat: CCAs come with senior-friendly features, on-site support and 24-hour emergency assistance, with service packages built into the model. There are trade-offs: Units are smaller, monthly service fees apply, and owners face restrictions on renting out or reselling the flat. Think beyond the home: Moving at 55 could make retirement planning easier for some, but others may prefer to stay in a larger home and retain more flexibility. Bottom line: CCAs give older Singaporeans another housing option, but whether downsizing at 55 makes sense depends on your finances, space needs, independence and plans for the years ahead. At 55, you're probably still working full-time. Your children may still be living at home, and you may even be caring for your own elderly parents. Retirement could be another decade away. You're definitely not even thinking of retirement, let alone moving to a retirement home.And yet, Singaporeans aged 55 and above will be allowed to apply for a Community Care Apartment (CCA) starting from the sales exercise happening later in October 2026.The policy gives Singaporeans more time to plan for their golden years. But would you willingly move into a "retirement flat" at 55, long before you actually need the care? In this article, we will explore: What exactly is a Community Care Apartment? What changed? So, why lower the minimum age? The case for downsizing earlier So why might someone reject the idea? CCA or short-lease 2-room Flexi? Five questions to ask before making the move Is 55 too young? What exactly is a Community Care Apartment?A CCA is essentially a type of housing offered by MND, MOH, and HDB that allows seniors to live independently as they age, with help readily available should their needs change. Think of it as a middle ground between a normal HDB flat and an institutional care setting, such as a nursing home.The units come with fittings such as slip-resistant bathroom flooring, grab bars, built-in storage and wheelchair-accessible bathrooms. Residents must also subscribe to a Basic Service Package, which includes support from on-site staff and access to 24-hour emergency assistance. Additional services such as housekeeping, day care or caregiving support can be arranged separately when needed.CCA leases are offered in shorter durations, with the lease selected generally required to cover the buyers and their spouses until at least age 95. Prices vary depending on the location and lease length selected.Unlike a conventional HDB purchase, no housing loan is allowed for a CCA. The flat price, stamp and legal fees, and any applicable resale levy or sales premium must be paid in full using cash and/or CPF savings at key collection.However, unlike the conventional HDB flat, CCAs cannot be rented out or sold on the open market.What changed?Previously, applicants and their spouses had to be at least 65 when applying for a CCA. Now, the minimum age is being lowered to 55 and will also apply to available CCAs in future Sale of Balance Flats exercises. This change will take effect starting from the October 2026 BTO exercise, with the first affected project being the sixth CCA project in Toa Payoh, next to Caldecott MRT.Aside from that, the Basic Service Package (BSP) will be streamlined. For CCAs operating from 2026, social activities will largely be delivered through nearby Active Ageing Centre touchpoints, while the emergency alert device will become optional. Residents will still have access to 24-hour emergency support through CCA staff. MOH says residents of CCAs launched before 2026 will see their monthly BSP fees fall by 18% to 75% from the second quarter of 2027, with means-tested subsidies available to eligible residents with care needs. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list So, why lower the minimum age?Essentially, the Government is giving Singaporeans the option to plan for their retirement years much earlier, at the same age when short-lease 2-room Flexi flats become available to them.The consideration here is that moving home tends to become harder with age. But at 55, most people are still healthy, independent and able to decide where they want to live. They have more time to sell their existing home, sort through their belongings and settle into a new neighbourhood before care needs become urgent.It could also encourage homeowners to think about downsizing as part of retirement planning, rather than something they only consider after a fall, illness or sudden change in circumstances.Still, being eligible at 55 does not necessarily mean people will be ready to move. For many, that may still feel far too early to choose a home designed around ageing and care.One plausible reading is that the change also responds to weaker demand. In May 2026, the Government said CCA demand had moderated significantly and that future launches would slow. The July changes broaden the eligible pool and reduce recurring fees, although the Government has not explicitly said that stimulating demand is the objective.The case for downsizing earlierA smaller home can be easier to maintainMost people get large flats for the kids. But once they've grown up and moved out, their bedrooms become unused spaces that you still need to clean and maintain. At 55, that might still be manageable, but if you don't want the extra chores, downsizing might be the right call for you.The home is already prepared for future needsMany people only renovate after a fall or health issue occurs. Then they realise that their home is no longer suitable.Bathrooms may need grab bars. Doorways may need to accommodate a wheelchair. Uneven flooring could become a hazard. Family members may need to arrange emergency monitoring or regular caregiving support. CCAs are designed to tackle these issues. And downsizing earlier lets you settle into the environment gradually, rather than adjusting to a new home during a health crisis.Support is nearby, even when family is notAdult children may want to look after their parents but may not always be available.They may live across the city, work long hours, or have young children of their own. Some may live overseas.Source: agewellsg.gov.sgCCA staff can assist residents with day-to-day matters and provide 24-hour emergency response. Residents can also get additional support services based on their care needs at a cost.That support could offer both practical help and peace of mind, especially for those living alone. So why might someone reject the idea?At 55, many people do not see themselves as seniorsSomeone could be leading a team at work, travelling regularly, exercising every weekend and supporting both their children and parents. Being told that they are eligible for a senior-friendly apartment may feel premature, especially since CCAs have only been discussed in the context of ageing, mobility issues, and care needs thus far.It's a housing choice that could make you feel much older than you see yourself, so it's understandable why people might not be too thrilled about it.The flat may feel too smallCCA units are compact and designed for one or two residents.For some people, that may be enough, but others might prefer a larger space. Maybe a room for hobbies, work, exercise, or for family and friends to visit.You give up some flexibilityUnlike regular HDB flats, CCAs cannot be rented out or sold on the open market. So you can't treat it as an investment property. It is solely for retirement purposes. If residents later no longer wish or become ineligible to live there, the flat must be returned to HDB. HDB will reimburse the residual value of the remaining lease under the prevailing rules. This provides an exit route, although owners do not participate in any open-market capital appreciation.The mandatory Basic Service Package is another consideration. A healthy 55-year-old may not want to pay for support they do not currently need.The trade-off is clear. Residents receive a home designed around ageing and access to support, but give up some of the freedom associated with an ordinary HDB flat.Attachment to the family homePeople might have emotional attachments to their homes. It's where the children grew up, where relatives gather during festive occasions and where they built decades of memories.Some parents also want to retain enough space for grandchildren to stay over or for an adult child to move back temporarily.Downsizing affects the whole family, even when the property legally belongs only to the parents.CCA or short-lease 2-room Flexi?From the October 2026 BTO exercise, eligible buyers aged 55 and above can consider both a short-lease 2-room Flexi flat and a Community Care Apartment. Both are HDB owner-occupation options offered on shorter leases. Neither can be sold on the open market or rented out.The main difference is the living model. A short-lease 2-room Flexi flat suits seniors who want a smaller and generally more affordable home without compulsory care services. A CCA adds the mandatory BSP, support from CCA staff and access to 24-hour emergency response, with additional care services available as needs evolve.The choice is therefore less about investment flexibility (which is limited for both) and more about whether the buyer wants a largely independent home or a more structured housing-and-care arrangement.Someone who is healthy, highly independent, and primarily wants a smaller, lower-priced home may prefer a 2-room Flexi flat.Someone living alone, already dealing with some health struggles, or just concerned about having support nearby may find the CCA model more reassuring.Neither should be chosen based on price alone.Five questions to ask before making the moveBefore selling a larger home and applying for a CCA, consider the following:Can you genuinely live comfortably in a smaller space?Consider your daily routines, storage needs, hobbies, family visits and whether a caregiver may need to stay in future.Are you comfortable paying for the Basic Service Package?The support may become valuable later, but the monthly fee remains part of the arrangement even when you are healthy and independent.Do you need the option to rent or sell the property later?A CCA is built around long-term occupation rather than investment or open-market resale. Buyers who value flexibility may find the restrictions difficult.Does the location keep you connected to your family and routine?A suitable home should not leave you isolated from your children, friends, doctors, places of worship or familiar neighbourhood.How does the move affect your retirement capital and cash flow?Work out what remains after the outstanding housing loan, CPF refunds, the price of the new flat, moving expenses and the recurring BSP. More importantly, consider what the sale proceeds can actually fund after all these deductions. A smaller home is not automatically the stronger retirement decision if too much of the unlocked value is spent or if the remaining funds do not support a sustainable retirement income.Is 55 too young?For many 55-year-olds, a CCA will probably feel premature.That does not mean the policy change is unnecessary. Lowering the eligibility age does not mean everyone should apply at 55. It simply opens up the options for those who might need or prefer it.A CCA may be right for some. A short-lease 2-room Flexi flat may suit others, while remaining in the present home could still be the best choice.At the very least, this policy change gives us the chance to plan for our golden years earlier, while we are still young and healthy enough to make the move and transition into the next stage of life. 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.

Should Upgraders Wait For A New Launch In 2026?

TL;DR Waiting for a new launch is not automatically the more disciplined choice. For HDB upgraders, the better option is the one that improves the family's housing fit, financing sequence and future flexibility - not simply the one that is newer. Sequence comes before project selection: Whether you sell your HDB before or after buying affects your cash, CPF refund, ABSD exposure, temporary housing needs and ability to carry overlapping commitments. Resale is not the consolation prize: A completed condo gives buyers greater certainty over the actual unit, environment, price, layout and move-in timeline, even if renovation and an earlier mortgage must be managed. More supply does not guarantee a better fit: Future launches may expand choice, but they may still be in the wrong location, exceed the budget or offer layouts that do not meet the household's needs. Waiting carries real costs: Rent, temporary accommodation, moving twice, housing overlap and uncertainty over final pricing or unit availability can erode the perceived advantage of waiting. Test both options consistently: Compare financing execution, family suitability, the full cost of waiting and how easily the property may appeal to future buyers. Bottom line: Patience should have a purpose. Wait only when it secures a better home, safer transition or meaningfully wider choice - not because "new" is assumed to mean "better". You are ready to move from an HDB flat into your first private home. A completed resale condo fits the budget, gives the family enough space and could place the keys in your hands relatively soon.But a new launch is coming.Waiting feels like the more disciplined move. You get a brand-new home, newer facilities, progressive payments and a fresh lease. Surely patience should buy you the better asset.That instinct is understandable. It can also make the word "new" do more work than it deserves.For an upgrader in 2026, the real question is not whether a new launch is inherently better than a resale condo. It is whether waiting materially improves your family's position.Does it give you a better-fitting home, a safer financing sequence or a meaningfully wider range of choices? If it does none of these, waiting may simply exchange the certainty available today for a different set of risks tomorrow. What we'll cover: Before Comparing Projects, Compare The Transaction Sequences The Market Is Not Telling Buyers To Panic Resale Is Not The Consolation Prize Today's Scarcity Is Meeting Tomorrow's Supply Waiting Has A Price Even Before The Home Is Built Put Both Options Through The Same Four Tests So, Should Upgraders Wait? Before Comparing Projects, Compare The Transaction Sequences For many HDB upgraders, the biggest decision is not new launch versus resale. It is whether to sell the HDB flat before or after buying the next home.That sequence affects your available cash, CPF funds, Additional Buyer's Stamp Duty (ABSD), temporary housing plans and how much financial overlap the household must carry.For eligible married couples purchasing a second residential property jointly, ABSD remission may be available if the existing home is sold within the required period. When the replacement property is completed, the first home generally has to be sold within six months of the purchase.For an uncompleted property, that six-month period generally begins from the earlier issuance of the Temporary Occupation Permit or Certificate of Statutory Completion. The precise treatment depends on factors such as citizenship, ownership structure and whether the applicable remission conditions are met.This timing difference can make a new launch attractive to some upgraders. The construction period provides more time before the HDB flat must be sold, which may reduce the pressure to move immediately.However, the ABSD may still need to be paid upfront before it can be refunded. A longer runway does not eliminate the need for sufficient cash or financing capacity at the point of purchase.Selling the HDB flat first may simplify the purchase and release funds for the next home, but it creates another question: where will the family live while waiting?That gap could mean renting, moving in with relatives or moving twice. These costs are easy to dismiss when looking at a five-year project timeline. They feel much less theoretical when children, school routines, ageing parents and furniture are involved.The HDB selling price should also not be mistaken for the cash available for the next purchase. After the outstanding housing loan is repaid, the CPF principal used and accrued interest generally have to be returned to the owners' CPF accounts. What remains in cash may be significantly lower than the headline sale proceeds suggest.This is why the financing sequence deserves more attention than the project brochure. A household can love a development and still be unable to execute the move comfortably.The Market Is Not Telling Buyers To Panic According to URA's second-quarter 2026 statistics, overall private residential prices rose by 0.5% quarter on quarter, slowing from the 0.9% increase in the first quarter.Source: URAAcross the first half of 2026, prices rose by 1.4%, compared with 1.8% in the first half of 2025.Non-landed private residential (New sales) monthly statsSource: PropNex Investment Suite, URA.gov.sgCCR (Blue line), RCR (Orange line), OCR (Red line), Overall private market (Turquoise line)The non-landed segment is more relevant to the typical HDB upgrader. Prices declined by 0.1% in the second quarter after rising by 1.3% in the previous three months. Within that, the Core Central Region rose by 1.8%, up from 0.6% in the previous quarter. The Rest of Central Region fell by 1.2%, reversing the 0.8% increase in the previous quarter. The Outside Central Region dipped by 0.1%, a sharp swing from the 2.2% increase in the previous quarter.One softer quarter does not establish a falling market. It does show that price movement has become more uneven, particularly in the regions where many upgraders are likely to search.That matters because neither side of the decision should be driven by panic. Buyers do not need to rush into resale because every suitable condo is supposedly running away from them. They also should not wait merely because new-launch prices are assumed to rise automatically.The market is giving upgraders something valuable: room to judge individual properties on their own merits.Resale Is Not The Consolation Prize Resale homes accounted for 62% of private residential sale transactions in the second quarter of 2026, up from 59.6% in the first quarter. URA recorded 3,813 resale deals, compared with 2,141 new units sold by developers.The figures do not prove that buyers have suddenly developed a preference for older condos. Launch timing, project appeal and the number of units released can change the mix from one quarter to another.But resale is hardly the fallback market some buyers imagine it to be.A completed unit gives you something a showflat cannot: the actual home in its actual environment. You can hear the road traffic, see the afternoon sun, judge how the common areas have aged and compare recent transactions within the same development.You also know how the floor plan feels once walls, furniture and storage enter the picture. A layout that looks efficient on paper may feel very different when a family tries to live in it.Resale has its trade-offs. The full mortgage arrives earlier, renovation may be required and an older development may carry more maintenance concerns. The remaining lease, future competition and likely buyer pool also matter when it is eventually time to sell.Still, choosing resale is not necessarily settling. If the unit meets the family's needs now and remains marketable later, the older condo may be the more deliberate move.A new launch has genuine appeal too. Nobody has lived in the unit, the facilities are new and progressive payments may make the construction period easier to manage financially.The point is not that resale is better. It is that "new" should not be confused with "better" before the numbers and the family's circumstances have had their say.Today's Scarcity Is Meeting Tomorrow's Supply The Government's supply programme makes it harder to assume that new launches will remain permanently scarce.URA's 2026 land-supply announcement places 9,320 private residential units, including executive condominiums, on the full-year Confirmed List, more than 50% above the annual average over the preceding decade.The wider completion pipeline contains about 60,600 private residential units, including executive condominiums. Around 32,000 unsold units could also be released by developers over approximately two years.Today's launch menu may feel limited. The supply programme makes it much harder to assume that this scarcity will last.Of course, 32,000 future units are not 32,000 suitable homes for your family.Some will be in the wrong location. Others may exceed the planned budget, offer units that are too small or launch only after the family's preferred moving window. Executive condominiums also come with their own eligibility requirements.More supply may create greater choice and competition, but it cannot guarantee lower prices. Future launch pricing will still reflect land cost, construction expenses, location, design and the developer's positioning.Waiting therefore makes more sense when the known pipeline contains projects that genuinely suit the household. Waiting simply because "more supply is coming" remains speculative if none of that supply solves the family's needs. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list Waiting Has A Price Even Before The Home Is Built A three-to-five-year construction period often looks neat on a project timeline. Family life rarely follows the same straight line.Depending on when the HDB flat is sold, waiting can involve rent, temporary accommodation, housing overlap or moving twice. The household may also change before the keys arrive. Children grow, parents age and work arrangements shift.There is also no guarantee that the preferred launch will work out as planned. The final pricing may exceed the intended quantum. The desired unit type may attract strong demand, or the preferred stack and facing may no longer be available by the buyer's booking appointment.New-launch buyers carry price, availability and completion uncertainty. Resale buyers carry earlier mortgage payments, renovation costs and the risks associated with an older development.Neither option removes uncertainty. It simply decides where the uncertainty sits.Put Both Options Through The Same Four Tests Before deciding whether to buy now or wait, put both options through the same four practical tests.1. Can You Execute The Financing Sequence?Calculate the available cash, CPF funds, outstanding HDB loan, required CPF refund, downpayment, stamp duties, renovation costs and emergency buffer.Also establish whether any applicable ABSD can be funded upfront and whether the intended sale timeline satisfies the relevant remission conditions.2. Does The Home Solve The Family's Needs?Compare the liveable space, layout, bedrooms, location, transport links, schools, proximity to family and likely length of stay.A new home is not automatically the better home if it does not improve how the family actually lives.3. What Will Waiting Cost?Include rent, temporary accommodation, an additional move, housing overlap and the disruption of postponing the move.The cost of waiting deserves the same attention as the purchase price.4. Will The Property Remain Relevant To Future Buyers?Consider the likely buyer pool, surrounding supply, remaining lease, unit size, project characteristics and ease of resale.A home that meets today's needs but becomes difficult to exit later can restrict the family's next move.So, Should Upgraders Wait? Most upgraders should not wait simply because the alternative is a new launch.Waiting can make sense when an identified future project offers a materially better fit, creates a safer cash-flow path or gives the household access to choices that do not exist today. It also suits families with stable interim housing, sufficient financial reserves and no urgent need to move.Buying resale may be the stronger choice when a suitable unit is already available, the household values greater price and physical certainty, and the purchase solves a present housing need without compromising the next one.For a 2026 upgrader, patience deserves a job. It should improve the plan, not merely postpone the decision.If waiting buys a better home, a safer transition or meaningfully wider choice, it may be worth carrying the uncertainty. If it buys only the hope that a future launch must be superior because it is newer, then patience may be doing nothing more than delaying a move that already makes sense. 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.

HDB Resale Volume Rebounded In July While Prices Dipped

HDB resale volume regained momentum in July 2026, with 2,656 flats resold in the month - up by 24.8% month-on-month (MOM) from 2,129 units transacted in June (see Chart 1). The uptick in sales followed two months of relatively flat transaction volumes in May and June. Of note, the 2,656 units sold in July is the highest monthly sales in two years, since 3,036 units were resold in July 2024. The towns that led resale transactions in July were Tampines, Sengkang, and Punggol.On average, about 2,127 HDB flats were resold each month in the first seven months of 2026 - up from the average of 2,090 units transacted each month in 2025. These are slightly lower than the monthly average of some 2,279 flats resold in the 2021 to 2024 period. Resale flat demand has somewhat normalised in recent years as the larger supply of new build-to-order (BTO) flats helped to meet strong public housing demand.Despite the rebound in resale volume, the average resale price posted a marginal 0.5% MOM dip in July 2026 to around $660,000 from about $663,600 in the previous month (see Chart 1). That transactions are growing amid a small price correction suggest that the HDB resale market is stabilising, and that buyers have become more price-sensitive while sellers have had to adjust their pricing expectations.Chart 1: HDB resale volume and average resale priceSource: PropNex Research, data.gov.sg (retrieved on 3 August 2026) That said, the buying interest for desirable flats in prime locations remains firm with 187 flats resold for at least $1 million in July, compared with 188 such units in the previous month. The number of million-dollar resale flats sold in the first seven months of 2026 came up to 1,089 units - likely to match or exceed the record 1,593 such flats transacted in the whole of 2025.In July, the million-dollar resale flats transacted comprised a 3-room terrace flat, 85 units of 4-room flats, 64 units of 5-room flats, 35 executive flats, and two multi-generation flats. By towns, 21 of the million-dollar flats transacted in July are in non-mature towns, being Bukit Batok, Bukit Panjang, Hougang, Punggol, Sengkang, Woodlands, and Yishun. Notably, the 21 units of million-dollar flats resold in non-mature estates marked a new monthly high.The remaining units are in mature estates, led by Queenstown with 32 deals, Toa Payoh with 28 transactions, and 20 in Bukit Merah. In particular, the priciest HDB resale flat sold in July was a 5-room DBSS (design, build and sell scheme) unit at Natura Loft in Bishan which fetched $1.58 million (see Table 1). The unit spans 120 sqm and is located on a high storey ranging between the 28th to 30th floor.Of note, Serangoon posted its record high resale price in July when an executive flat in Serangoon Avenue 2 was resold for $1.27 million. The 140-sqm flat which is located on a floor between the 10th and 12th level is within walking distance to the Serangoon MRT interchange station and NEX mall. Its price surpassed the $1.268 million garnered by another executive flat along the same street in April 2025.Chart 2: Number of HDB flats resold for at least $1 million by monthSource: PropNex Research, data.gov.sg (retrieved on 3 August 2026) Table 1: Top 10 HDB resale flats sold in July 2026 by Transacted PriceTownTypeStreetStorey rangeFloor area(SQ M)Lease start dateResale pricePSF ($)BISHAN5 ROOMBISHAN ST 2428 TO 301202011$1,580,000$1,223TOA PAYOH5 ROOMLOR 1A TOA PAYOH37 TO 391142012$1,570,000$1,279TOA PAYOH5 ROOMLOR 1A TOA PAYOH25 TO 271142012$1,550,000$1,263KALLANG/WHAMPOA5 ROOMBOON KENG RD16 TO 181192011$1,521,000$1,187QUEENSTOWN5 ROOMDAWSON RD40 TO 421042016$1,520,000$1,358CENTRAL AREA5 ROOMCANTONMENT RD16 TO 181072011$1,510,000$1,311CENTRAL AREA5 ROOMCANTONMENT RD13 TO 151052011$1,508,888$1,335QUEENSTOWN5 ROOMDAWSON RD19 TO 211082021$1,500,000$1,290CENTRAL AREA5 ROOMCANTONMENT RD07 TO 091052011$1,480,000$1,309BUKIT MERAH5 ROOMHAVELOCK RD31 TO 331142013$1,468,888$1,197Source: PropNex Research, data.gov.sg (retrieved on 3 August 2026) Overall, the sales data showed that the proportion of flats resold that were priced at below $500,000 in July was 21.8%, lower than the 23.1% in the previous month. About 41.8% of the resale flats sold fetched between $500,000 and under $700,000, a touch higher than 40.7% in June. Meanwhile, the proportion of resale flat deals done at $700,000 to just under $1 million in July inched up to 29.3% from 27.4% a month before. In contrast, the proportion of flats resold for at least $1 million in July fell to 7.0% from 8.8% in June (see Chart 3).Chart 3: HDB resale flat transactions by price rangeSource: PropNex Research, data.gov.sg (retrieved on 3 August 2026) By flat type and town classification, the average resale prices fell across the board for the select flat types in both mature and non-mature towns. Five-room resale flats in mature estates saw the steepest decline at 4.9% MOM to about $914,000 in July, followed by executive flats in mature estates where the average price fell by 2.9% MOM to around $990,000 (see Table 2). This comes as HDB resale prices begin to stabilise following years of strong price appreciation.Table 2: Average HDB resale flat prices by flat type, by town classificationFlat TypeMature townsNon-mature townsJun-26Jul-26% change MOMJun-26Jul-26% change MOM3 ROOM$487,541$476,995-2.2%$460,138$448,898-2.4%4 ROOM$798,239$780,495-2.2%$599,487$598,345-0.2%5 ROOM$961,074$913,532-4.9%$711,604$711,246-0.1%EXECUTIVE$1,020,008$989,972-2.9%$875,631$871,317-0.5%Source: PropNex Research, data.gov.sg (retrieved on 3 August 2026) Contact a PropNex salesperson to find out more about resale HDB market trends.

Will HDB Still Be A Good Property Asset in the Future?

TL;DR HDB remains a good property asset, but homeowners should be more realistic about future resale gains. As supply increases and affordability stays a government priority, the next phase of the market is likely to look different from the last. More supply, less scarcity: More BTO launches and MOP flats mean buyers have more choices, which could moderate resale price growth. Private property has different strengths: It faces supply pressure too, but benefits from a broader buyer pool and stronger long-term upside for those who can afford it. Look beyond percentage gains: A smaller gain on a higher-value property can still produce a larger dollar return than a bigger percentage gain on an HDB flat. Think long term: Choose a property based on your affordability, future plans and exit options, not just past market performance. Bottom line: HDB is still a solid place to start, but don't expect every flat to deliver the same gains as the previous property cycle. For most Singaporeans, an HDB flat has always been the go-to first home. It's affordable (with various grants and subsidies that make it even more accessible), familiar, and often the foundation of their long-term housing journey.These flats are meant first and foremost to be homes. But because they are also the biggest asset many Singaporeans own, it is understandable that people think about resale value, retirement and future upgrading plans.Buy a flat, build equity, sell later, upgrade or right-size. That's the common mindset nowadays.But as time goes on, we are seeing signs that HDB flats may not deliver the same level of resale upside that many homeowners enjoyed in the last cycle. So does this mean we should all abandon HDB and start looking at private properties? Of course, it's not that simple... In this article, we will explore: HDB resale market outlook How HDB resale compare with private property So, should homeowners still count on HDB gains? HDB resale market outlook HDB resale gains typically depend on a few things lining up nicely: subsidised entry prices, strong resale demand, limited supply, and buyers who are willing to pay more because they cannot wait for a BTO.But as more flats enter the resale market and BTO supply becomes more stable, that scarcity premium may start to fade.In 2026, HDB reported that resale prices fell for two consecutive quarters, with the Resale Price Index dipping 0.1% in Q1 before falling another 0.3% in Q2. Resale volume also softened, with 6,268 transactions recorded in Q2 2026 up to 29 June, 10.2% lower than the same period last year.At the same time, supply is on the rise.HDB said it was on track to launch about 102,300 BTO flats from 2021 to 2025, exceeding its earlier commitment of 100,000 flats. For 2026, HDB planned to launch about 19,600 BTO flats across three exercises, including more than 4,000 Shorter Waiting Time flats. HDB has also said it is prepared to offer more than 55,000 flats from 2025 to 2027 if needed. And to top it all off, about 13,480 flats are expected to reach their Minimum Occupation Period (MOP) in 2026.This is good news for buyers. More supply means more choices, shorter queues and less pressure to chase resale units at any price. But for sellers, it means the resale market may become less forgiving.How HDB resale compare with private propertyHDB has one big advantage: lower entry price. A subsidised BTO flat gives eligible buyers a chance to enter the property market at a much lower cost than private property. That is also why past percentage gains can look attractive, especially when the timing is favourable, like during the post Covid-19 recovery period.Private property has a different advantage: There's no MOP so you don't have to wait as long if you want to sell, though Seller's Stamp Duty (SSD) will be payable if you do that within four years. The private market also attracts more buyers beyond citizens and Permanent Resident (PR) owner-occupiers. From upgraders to foreign investors, this broader buyer pool can significantly support demand, especially for well-located projects.But private property is also facing more supply.URA's Q2 2026 flash estimate showed the overall private residential price index rising by 0.5% from Q1 2026, slower than the 0.9% increase in the previous quarter. The government also said the 2026 Confirmed List supply under the Government Land Sales programme amounted to 9,320 private residential units, more than 50% above the past 10-year average. Around 61,000 private residential units, including executive condominiums, were expected to be completed over the next few years. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list So if private property is not immune to supply pressure either, what's the difference? The government has been very clear about one thing: public housing must remain affordable. So they try to prevent HDB resale prices from running too far ahead of incomes. On the other hand, Private property, while still regulated, operates more as a market-driven asset class.But before we assume private property automatically wins, let's look at what actually happened over the last few years.Source: PropNex Investment SuiteBased on resale price trends from recent years, it's clear that both HDB and condo resale prices have moved up. But if you take a closer look, you'll see that HDB's growth was rather stagnant in the past year or so.Yes, HDB did have a strong post-Covid recovery, In fact, based on percentage growth alone, HDB resale prices outperformed condos over this period. That sounds impressive, and to be fair, it is. Many owners who entered before the surge would have seen very healthy gains. The concern is the fact that prices have not moved much since Q2 2025.This means that future buyers need to be a bit more careful, or at least adjust their expectations. Buying into HDB now after prices have already climbed sharply may yield very different results compared to buying before the pandemic.Condos, on the other hand, recorded a lower percentage gain, but the trend looks more consistent. Prices continued moving upwards instead of flattening out. And we should also remember quantum. Because condo prices start from a much higher base, even a smaller percentage increase can translate into a much larger dollar gain.A 15% gain on a $600,000 flat sounds "better" than a 10% gain on a $1.5 million condo, but in dollar terms, the condo owner makes $150,000 while the flat owner makes only $90,000.That said, higher quantum also means higher commitment. A private property may offer a larger dollar upside, but it also requires stronger holding power, more upfront capital, and greater tolerance for interest-rate and market-cycle risks. The point is not that private property is automatically better, but that buyers should compare assets based on life stage, affordability, exit flexibility and long-term value, not just percentage gain.So, should homeowners still count on HDB gains?The realistic answer is: yes, but not at the same pace as before.It's not that HDB is no longer a good property asset. It is that HDB's strongest growth may already be behind us, especially since the next phase is likely to be shaped by even more BTO launches, more MOP flats, and a stronger policy push to keep public housing affordable.This isn't a bad thing. It means the government is committed to ensure people can afford housing. All this just means homeowners should be more realistic about future profits.Ultimately, the question is not whether HDB can still "make money". For many Singaporeans, HDB will remain the most practical and sensible starting point. It's affordable, stable, and supported by public housing policy.The bigger question is whether it should be treated as the end point of one's property journey. If the goal is simply to own a home, HDB may be enough. But if the goal is long-term retirement planning, asset progression, or building stronger future options, then homeowners need to assess whether their current flat still has enough runway in terms of value, lease, demand and exit potential.HDB flats will probably continue to play a major role in Singaporeans' wealth story. What may change is the assumption that every flat will deliver easy gains simply because the last cycle did. The next generation of homeowners will need to be more selective, more realistic, and more deliberate about how each property decision supports the life they want later. 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.