Kenny's Take
Three Bedok records in under a month, and a third straight monthly high for million-dollar HDB resales, are the same story told from two angles — the top of the HDB resale market is running well ahead of the broader price index, which actually dipped 0.2% in October. None of this changes the median buyer's math, but it says a handful of well-located, well-timed flats are pulling away from everything else. The same bifurcation shows up a tier up the value chain: CBD office rents just hit a record on AI-driven demand while luxury condo deals cooled 16.5% in the same quarter. For anyone holding or comparing a Bedok South Horizon unit, the live benchmark is now $1,305 psf, not a figure from two weeks ago. And for anyone watching November's BTO applications close on the 11th, the real signal will be whether the newly raised income ceilings actually lift the application rate, not just the flat count.
🏘️ Bedok's HDB Resale Record Moves for the Third Time in 27 Days
- A five-room flat at Bedok South Horizon (152B Bedok South Road) resold for $1.588 million ($1,305 psf), breaking the town's HDB resale record for the third time in under four weeks. The unit, on the 16th to 18th storeys with about 94 years remaining on its lease, beat the previous $1.54 million ($1,266 psf) record — set at the same block on 9 October — by $48,000.
- All three of Bedok's latest record sales have come from this one project: $1.48 million on 8 October, $1.54 million the very next day, and now $1.588 million. Each successive sale has come from a higher floor, which partly explains the climb, but three records in under a month from a single block is an unusually fast pace even for a town that has reset its own benchmark repeatedly this year.
- For anyone holding or comparing a unit at Bedok South Horizon, the relevant benchmark today is $1,305 psf, not a figure quoted even two weeks ago — resale prices at a single hot block can move faster than the town-wide index suggests.
📊 October's Million-Dollar HDB Resales Hit a Third Straight Monthly Record
- A record 238 HDB resale flats changed hands for at least $1 million in October 2026 — up from 209 in September and 201 in August, and the third consecutive month to set a new monthly high. These transactions made up 10.9% of total resale volume, with Toa Payoh leading at 39 sales, followed by Queenstown (31) and Bedok (26).
- The twist: overall HDB resale prices actually slipped 0.2% month-on-month in October, even as the million-dollar segment kept climbing. Analysts read this as the market's upper end pulling away from the broader index — a quieter month overall, but a stronger showing at the top.
- Clients weighing whether to list a larger or well-located flat shouldn't anchor purely on the town-wide median — the data says the ceiling for specific projects in Toa Payoh, Queenstown and Bedok is still being tested upward, independent of how the average is moving.
🏢 CBD Office Rents Hit a Record High as Luxury Condo Deals Cool
- Singapore's CBD Grade A office rents reached a record $10.56 psf per month in Q3 2026, up 1.4% quarter-on-quarter and marking a tenth consecutive quarter of growth — the strongest annual pace since 2019. Grade AAA space did even better, hitting $13.83 psf. Tight new supply (little stock before 2028) and expanding AI-company demand are the drivers cited.
- Luxury condo transactions moved the opposite way: just 66 deals closed in Q3, down 16.5% from 79 in Q2, with the priciest sale a $20 million unit at Sculptura Ardmore. Two ends of the high-value market are telling different stories right now — occupiers are paying up for prime office space while discretionary luxury-condo buyers are sitting on their hands.
- For investors weighing office versus high-end residential exposure, the data currently favours office landlords — though both segments remain thin, so a single large deal can move the quarterly numbers meaningfully.
💰 Rates & Macro
- SORA is holding close to flat into early November: 1-month compounded at roughly 1.365%, 3-month at about 1.324%, 6-month near 1.223% (as of 5 November) — barely moved from the prior week's reading. Floating mortgage packages remain available from around 1.55% p.a., still well below where they sat a year ago.
🔭 What I'm Watching
- November's BTO applications close 11 November 2026, 11.59pm — the real test is whether application rates under the newly raised income ceilings clear the 3.2–3.4x seen in the February and June exercises.
- The Jurong Lake District Town Hall Link GLS tender closes 17 November 2026, with bids expected in the $1,100–$1,200 psf ppr range for a site that could yield up to 1,200 homes.