Resale Flat Prices 04 Q O Q 3q2025 Smallest Quarterly Growth 2q2020 Hdb Flash Estimates
According to flash estimates published by HDB on October 1, the prices of HDB resale flats saw a 0.4% quarter-on-quarter growth in 3Q2025. This marks the 22nd consecutive quarter of price increases since 2Q2020, although the pace of growth has slowed down. The 3Q2025 figure is also the lowest quarterly growth since 2Q2020, as reported by HDB. The 3Q2025 growth is the fourth consecutive quarter of slower price growth, following the 0.9% and 1.6% increases recorded in 2Q2025 and 1Q2025, respectively.
For the first nine months of 3Q2025, resale flat prices have grown by 2.9%, compared to a rise of 6.9% over the same period last year. This growth is also lower than the 3.8% recorded in the first nine months of 2023.
In terms of resale volume, 7,157 transactions were recorded in 3Q2025, which is slightly higher quarter-on-quarter but represents a 10.9% decrease year-on-year. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, the slower activity can be attributed to the July Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises.
During these exercises, HDB launched 10,209 flats for sale, including those with shorter waiting times (SWT). Lee explains that the availability of these SWT flats and completed SBF flats may have drawn demand away from the resale market.
Eugene Lim, key executive officer at ERA Singapore, also shares a similar view, adding that the flats offered in the July exercises were located in highly sought-after areas such as Toa Payoh and Bukit Merah. He also attributes the lower resale volume to a lower supply of flats reaching their minimum occupation period.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, suggests that some buyers may have chosen to wait for the October BTO sales exercise, as it includes the launch of new flats in Mount Pleasant and the Greater Southern Waterfront, which are expected to be highly in demand.
The prices of resale flats showed mixed movements in 3Q2025, with most flat types experiencing slower growth or even declines in average prices. Four-room and five-room flats saw quarter-on-quarter increases of 0.3% and 0.7%, respectively, in 3Q2025, down from 1.4% and 1.2% recorded in the previous quarter. Meanwhile, three-room and executive or multi-gen flats saw quarter-on-quarter price declines of 0.9% and 1.6%, respectively, reversing from gains in 2Q2025.
According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, there was a divergence in price movements between newer and older flats. Flats with leases commencing from 2013 onwards continued to drive the overall resale market prices, recording an increase of 1.5% in 3Q2025. This is indicative of sustained demand from buyers. In contrast, flats built in 1970 or earlier saw a sharp price decline of 5.7% quarter-on-quarter, highlighting the impact of lease decay and financing challenges on buyer demand.
Newer flats are also accounting for a larger percentage of million-dollar flat transactions. Out of the approximately 480 resale flat deals transacting at $1 million or more, 246 involved flats that were less than 15 years old, according to Lim. He also notes that in 3Q2025, 11 transactions crossed the $1.5 million mark, with 10 of them involving flats under 15 years old. However, the majority of million-dollar resale flat transactions continued to take place in well-located mature estates such as Toa Payoh, Bukit Merah, Kallang-Whampoa, Clementi, and Queenstown.
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Looking ahead, Sun predicts that resale flat prices will remain stable or see a slight decline in the fourth quarter, as demand typically falls during the year-end holiday season. At the same time, with over 9,000 flats being offered in the October BTO exercise, Lim believes it will be the largest launch of the year. Projects to be launched are located in emerging precincts such as Mount Pleasant and the Berlayar estate on the former Keppel Club site in Bukit Merah. He also suggests that some buyers may choose to wait for the ballot results before entering the resale market.
ERA maintains its full-year resale price growth forecast range of 3% to 6% for 2025, with volume expected to reach 26,000 to 27,000 transactions.