Kenny's Take
Today's numbers tell two stories at once: HDB resale volume just hit a 2026 high at 2,660 flats in July, while the price index keeps drifting lower — down 0.3% for a second straight quarter. That's exactly the window the upgrader framework points to: real equity, real buyer activity, but not a market you're chasing upward to sell into. The Bishan executive maisonette that just fetched $1.65M with only 60 years left on its lease shows scarcity can outrun lease decay for the right layout — but don't assume every ageing flat commands that premium; estate and layout matter far more than the calendar. On land, Berlayar Drive's sole $1,515 psf ppr bid still set a new RCR benchmark despite muted developer appetite, a cost signal worth watching for future launches near Telok Blangah. And with 3-month SORA easing again to 1.1246% and Maybank's floating package down to 1.32% all-in, financing has rarely been cheaper for anyone running the numbers on their next move.
🏘️ HDB Market
- A high-floor executive maisonette at Bishan Street 13 sold for $1.65 million, becoming the most expensive executive flat ever transacted in Singapore — even with only around 60 years left on its lease. The 162 sqm unit worked out to roughly $946 psf. Executive maisonettes haven't been built since the 1990s, so their two-storey layouts and larger footprint are increasingly scarce in central, mature estates like Bishan — that scarcity is what's driving buyers to pay a premium despite the shrinking lease.
- Zoom out and July was HDB resale's busiest month of 2026: 2,660 flats changed hands, up 24.5% from June's 2,137 — even as the Resale Price Index slipped 0.3% quarter-on-quarter for a second straight quarter. Volume and price are moving in opposite directions, which is unusual and worth noting if you're timing a sale or a purchase.
🏗️ GLS & Land
- The Berlayar Drive GLS site closed with just one bid — from a Hong Leong Holdings-GuocoLand joint venture at $576.78 million, working out to $1,515 psf ppr. That's roughly 14.3% above the nearby Telok Blangah Road site awarded earlier this year, setting a fresh price benchmark for the Greater Southern Waterfront corridor even though the muted single-bidder turnout suggests developers are pricing in real caution on construction and financing costs.
🏠 New Launches & Upcoming Projects
- Bukit Sembawang Estates has unveiled Luxus Hills Phase 10 in Seletar — five-bedroom, 999-year leasehold terrace houses with private lifts and rooftop solar panels. It's a rare landed launch in the north, and 999-year tenure keeps it relevant for buyers comparing long-hold value against freehold landed stock elsewhere.
💰 Rates
- 3-month compounded SORA eased again to 1.1246%, down 0.0282 percentage points from the last reading, continuing to pull back from the late-July normalisation spike. Bank floating packages are following it down — Maybank remains best-in-market at 3M SORA +0.20% for an all-in rate of 1.32%, among the cheapest financing windows of the past few years.
🔭 What I'm watching
- Whether more GLS tenders draw single bids like Berlayar Drive as developers stay selective on land costs — that pattern, if it continues, will shape how aggressively new launches are priced over the next 12 months.