HDB's Resale Price Index saw a 2.5 per cent increase in the fourth quarter of last year over the third quarter.

Queenstown and Bukit Merah had the highest median resale prices for a three-room flat at $388,000; Bukit Merah also fetched the highest median price for a five-roomer at $765,000.

But resale transactions were down by about 14 per cent in the last quarter, from 6,560 to 5,631.

The board released these numbers on Friday, which also showed that there were 25,094 resale flats transacted the whole of last year, a 2 per cent increase over 2011.

Bishan topped the median Cash-Over-Valuation (COV) in the last quarter at $70,000 for a five-room flat.

HDB said the cooling measures announced by the Government on Jan 11 will help to moderate demand for HDB flats and stabilise HDB resale prices.

Some 110,000 new flats will also be completed in the coming years.

"HDB has ramped up its Build-To-Order (BTO) supply significantly over the past few years and we will keep up the pace of new flat supply into 2013. Coupled with the new cooling measures, this will help keep public housing affordable for Singaporeans," the board said in a statement.

It plans to launch at least 23,000 BTO flats this year. The first batch of 3,346 BTO flats in Ang Mo Kio, Choa Chu Kang, Hougang, Kallang/Whampoa, Tampines and Yishun will up for sale later this month.