According to the survey data, while resale prices of three-bedroom HDB flats in Singapore increased by 0.3 per cent, four-bedroom HDB flats remained unchanged, while five-bedroom HDB flats and executive condominiums fell by 0.8 per cent and 0.3 per cent respectively.

Previously, Singapore Eye reported that property prices in Singapore have soared over the past two and a half years, with resale prices continuing to rise even for HDB flats that are under strict government control and intervention.

The Budget 2023, released on 14 February this year, announced that first-time buyers of two- to four-bedroom HDB flats would be entitled to a CPF home purchase subsidy of up to S$80,000, and an additional S$10,000 for families buying a five-bedroom or larger flat.

As a result of the cooling measures, the number of million-dollar HDB resale transactions dropped by a whopping 40% in February compared to January.

In terms of the future trend of the HDB market, some property analysts expect that although Singapore is now accelerating the building and delivery of pre-built HDB flats, there will still be buyers who are desperate for housing and resale HDB flats will still be available, with price growth estimated to slow to 5% in 2023 from 10.4% last year.