Hdb Resale Price Growth Slows 09 2Q2025 Amid Record Million Dollar Flat Sales
Housing and Development Board (HDB) resale prices increased by 0.9% quarter-on-quarter (q-o-q) in the second quarter of 2025, a moderate growth from the 1.6% rise in the first quarter. This marks the third consecutive quarter of decelerating growth and the slowest increase since the Covid-19 circuit breaker in the second quarter of 2020, according to Christine Sun, chief researcher and strategist at Realion Group.
She notes that this quarter’s growth marks the 21st consecutive quarter of rising prices – the longest stretch on record. This outperforms the previous record of 20 quarters between the fourth quarter of 1991 and the fourth quarter of 1996. Sun adds that while prices have been steadily increasing, it pales in comparison to the remarkable spikes seen in the 1990s.
Between the first quarter of 2020 and the second quarter of 2025, resale prices have risen by 54.3%. This is lower than the 294.4% surge seen between the fourth quarter of 1991 and the fourth quarter of 1996.
The moderate growth in prices in the second quarter of 2025 came as the government released more than 20,000 new flats in the Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises in February and July. Sun says that many of these flats were located in highly sought-after areas and had shorter completion times. In addition, generous grants and deferred income assessments further fuelled demand for these new flats.
Moreover, the absence of a BTO launch in June likely drove some buyers towards the resale market, leading to a temporary spike in transactions, Sun adds.
However, the resale volume for the first half of 2025 witnessed a slight decline on a year-on-year (y-o-y) basis. A total of 13,692 flats were sold during this period, a 5% drop from the 14,420 units sold in the same period last year. Bigger flats saw the most notable decrease, with five-room and executive flats witnessing a drop of 6.1% and 11.5% respectively. This makes it the lowest resale volume for a six-month period, following 13,493 units sold in the first half of 2023.
Despite the slowdown, resale volume rose by 7.8% q-o-q to 7,102 units in the second quarter of 2025, supported by tight supply, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He attributes the slower growth in prices to the lower number of flats reaching their five-year Minimum Occupation Period (MOP) this year. These flats usually command a premium, hence the reduced supply helps to ease upward pressure on prices, he explains.
Since bottoming out in the second quarter of 2019, HDB resale prices have climbed by 55%, including a 53.8% jump since the circuit breaker was introduced in April 2020.
Based on town areas, Bukit Timah saw the steepest y-o-y price increase in the second quarter of 2025 at 32.4%, followed by the Central Area at 7.8% growth and Ang Mo Kio at 7.2%, according to Huttons.
The top five most popular HDB towns among buyers in the second quarter of 2025 were Bukit Merah, Toa Payoh, Woodlands, Tampines and Hougang, according to HDB and Huttons Data Analytics as of July 25, 2025. The average price of a four-room resale flat rose by 1.4% q-o-q to reach $674,470. However, a slowdown in the growth of prices was observed for both four- and five-room flats. Executive and multi-generation flats, in contrast, witnessed a q-o-q price increase of 4.1%, supported by strong demand. In the second quarter of 2025, the number of these flats that were sold for at least $1 million rose by 53.2% from the previous quarter, setting a new record of 118 transactions. Sun notes that most of these buyers were HDB upgraders and individuals who have past experience of owning private property.
Four-room flats, which typically command a premium, also garnered significant interest, says Lee. Many of these four-room flats have recently fulfilled their MOP and are located in prime areas such as Queenstown, Kallang/Whampoa, Bukit Merah and Toa Payoh. “Owners of these flats often benchmarked their prices against past transactions which were sold for at least $1 million,” he says.
Despite the sharp rise in prices, Sun stresses that “most HDB flats are still within reach financially”. Based on transactions in the second quarter of 2025, around 78% of resale units were sold for less than $750,000. Out of 24 HDB towns, only 18 had median resale prices of four-room units that were lower than $750,000, an exception being in central or mature estates.
Lim emphasizes that despite the attention-grabbing prices, “most HDB flats remain affordable”. In the second quarter of 2025, a record 415 flats fetched $1 million or more, representing a 19.3% q-o-q increase and surpassing the 348 transactions seen in the same period last year. Mature estates dominated the list, with Toa Payoh recording the most transactions at 80 units, followed by Bukit Merah (56) and Queenstown (49).
The URA Master Plan is committed to enhancing transportation connectivity, particularly in outskirts areas like Sembawang. A significant project in the works is the North-South Corridor (NSC), which will serve as Singapore’s pioneering integrated transportation corridor. This expansive expressway aims to improve travel for residents in Sembawang Road EC by offering dedicated bus lanes, cycling routes, and pedestrian paths, connecting the northern regions of the island directly to the heart of the city. With the NSC, those residing in Sembawang Road EC, such as those in Sembawang Road EC Canberra, can look forward to quicker and more efficient commuting options, reducing travel time for both public and private transportation users.
Since the beginning of 2025, 763 transactions have made headlines as they were priced at $1 million or more. This is higher than the 1,035 units that were recorded in the entire 2024. Since more flats are reaching the MOP in the second half of 2025, Lee anticipates that the number of transactions that exceed $1 million before the year ends could reach 1,300 units. This strong demand is driven by the desire for newer flats that are located in prime areas.
Unlike the past, where larger units in well-located HDB estates could command a steep premium, prices of older HDB flats are converging. However, flats that are located in prime areas or are larger in size still command a premium, according to real estate agents.
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In the second quarter of 2025, the Housing and Development Board (HDB) recorded a 0.9% quarter-on-quarter (q-o-q) increase in resale prices, a slower growth compared to the 1.6% increase in the first quarter. This is the third consecutive quarter of decelerating growth and the slowest increase since the Covid-19 circuit breaker in the second quarter of 2020, according to Christine Sun, chief researcher and strategist at Realion Group.
She notes that this quarter’s growth marks the 21st consecutive quarter of rising prices – the longest stretch on record. This outperforms the previous record of 20 quarters between the fourth quarter of 1991 and the fourth quarter of 1996. Sun adds that while prices have been steadily increasing, it pales in comparison to the remarkable spikes seen in the 1990s.
Between the first quarter of 2020 and the second quarter of 2025, resale prices have risen by 54.3%. This is lower than the 294.4% surge seen between the fourth quarter of 1991 and the fourth quarter of 1996.
The moderate growth in prices in the second quarter of 2025 came as the government released more than 20,000 new flats in the Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises in February and July. Sun says that many of these flats were located in highly sought-after areas and had shorter completion times. In addition, generous grants and deferred income assessments further fuelled demand for these new flats.
Moreover, the absence of a BTO launch in June likely drove some buyers towards the resale market, leading to a temporary spike in transactions, Sun adds.
However, the resale volume for the first half of 2025 witnessed a slight decline on a year-on-year (y-o-y) basis. A total of 13,692 flats were sold during this period, a 5% drop from the 14,420 units sold in the same period last year. Bigger flats saw the most notable decrease, with five-room and executive flats witnessing a drop of 6.1% and 11.5% respectively. This makes it the lowest resale volume for a six-month period, following 13,493 units sold in the first half of 2023.
Despite the slowdown, resale volume rose by 7.8% q-o-q to 7,102 units in the second quarter of 2025, supported by tight supply, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He attributes the slower growth in prices to the lower number of flats reaching their five-year Minimum Occupation Period (MOP) this year. These flats usually command a premium, hence the reduced supply helps to ease upward pressure on prices, he explains.
Since bottoming out in the second quarter of 2019, HDB resale prices have climbed by 55%, including a 53.8% jump since the circuit breaker was introduced in April 2020.
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