HDB resale prices rose for the 18th straight month, according to flash data from 99.co and SRX. The number of million-dollar flats also tripled in 2021.
Prices grew for both mature and non-mature estates across all flat types.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said resale prices last month could have continued to rise as it takes time for the market to react to the latest round of property curbs in mid-December.
"Many deals were probably negotiated or closed before the cooling measures were implemented... January's sales numbers may provide a clearer picture of the full impact of the new measures," she said.