Concern Over Surge in Million-dollar HDB Resale Flat Transactions

85 Mr Abdul Muhaimin Abdul Malik asked the Minister for National Development (a) whether the Ministry is concerned that million-dollar HDB resale flat transactions have surged by 54.7% to 1,594 units in 2025, even as overall price growth moderated to 2.9%; and (b) what measures is the Government considering to moderate such transactions and to safeguard public confidence in public housing affordability.

The Minister for National Development (Mr Chee Hong Tat): Mr Speaker, resale flat prices are set by the open market at prices agreed between buyers and sellers, depending on the flat's location and attributes.

In 2025, about 6% of resale flats transacted above $1 million.

The resale market continues to provide a wide range of flats at different price points, catering to different budgets and needs. In 2025, there were 4-room resale flats with leases of 70 years or longer in Tampines and Punggol going for around $650,000 to $700,000. In Sembawang and Yishun, such flats were available below $600,000. In Jurong West and Woodlands, there were options below $550,000. For eligible first-time resale buyers, HDB provides housing grants of up to $230,000, further reducing the amounts they need to pay.

Sir, based on the flash estimate for the first quarter of 2026, resale prices declined slightly by 0.1%. We expect the resale market to continue to moderate due to a robust supply of new Build-To-Order (BTO) flats, including Shorter Waiting Time flats, and a larger number of flats finishing their minimum occupation period (MOP) and entering the resale market from this year 2026, and we will see further increases in 2027 and 2028.

Mr Speaker: Mr Muhaimin Abdul Malik.

Mr Abdul Muhaimin Abdul Malik (Sengkang): Thank you, Mr Speaker. I thank the Minister for the reply. I have two supplementary questions.

First, with over 13,500 flats reaching MOP in 2026 located in mature estates, is the Ministry concerned that this could paradoxically increase the number of million-dollar transactions rather than moderate prices, given that these newer flats in desirable locations are precisely the type commanding such prices?

Second, several Members of Parliament have spoken about the income ceiling for BTO eligibility, which has remained at $14,000 since 2019. Could the Minister share whether the ongoing review on income ceiling is also examining whether households that exceed the ceiling are being pushed into the resale market and contributing to price inflation there?

Mr Chee Hong Tat: Mr Speaker, if we look at the resale flats that have reached MOP and are entering the market for this year and also in 2027 and 2028, there is a spread. Not all the flats are in mature estates. Some are in different parts of Singapore. Some are nearer to MRT stations. Some are further away. So, I think there is a good spread of different flats with different locations, different attributes that buyers can look for, depending on their needs and their budgets. So, that was my point made earlier. We provide a range of options that cater to different groups of buyers.

Sir, the second question, I think we have discussed this during the recent Committee of Supply, and I have responded to cuts from Members that we are reviewing the income eligibility criteria, not just for BTO flats but also for executive condominiums.

1:31 pm

Mr Speaker: Order. End of Question Time. Introduction of Government Bills. Minister for Manpower.

[Pursuant to Standing Order No 22(3), provided that Members had not asked for questions standing in their names to be postponed to a later Sitting day or withdrawn, written answers to questions not reached by the end of Question Time are reproduced in the Appendix.]