Toa Payoh recorded the highest number of million-dollar flats sold in the quarter at 92 units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
HDB resale prices rose just 0.4% q-o-q in 3Q2025, easing from the 0.9% price growth in 2Q2025. It marks the fourth consecutive quarter of slowing growth and the slowest quarterly increase since the sluggish 0.3% rise recorded in 2Q2020.
Nonetheless, Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that HDB resale prices have climbed 55.7% since bottoming out in 2Q2019, and are up 54.4% from the Covid-19 circuit breaker period in 2Q2020.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group echoes this sentiment, adding that the price surge could have widened gaps between seller expectations and buyer affordability. “With more sellers asking for record prices and buyers showing resistance, the rising price disparities have led to slower deal negotiations and a generally more challenging resale market,” she says.
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The third quarter saw 15 out of 26 HDB recording price gains. Clementi saw the highest q-o-q price spike of 7.8%, followed by Central Area (6.3% increase) and Geylang (5.0% increase).
Sun notes that most flat types saw average prices drop or record slower growth. By room type, two-room units saw the highest growth in 3Q2025 with average prices rising 3.1% q-o-q from $363,196 in 2Q2025 to $374,596 in 3Q2025. Five-room units posted modest growth of 0.7% q-o-q, followed by four-room flats which saw average prices rise 0.3% in the quarter.
According to Huttons’ Lee, this marked the first time since 4Q2023 that resale prices of four- and five-room flats have posted quarterly growth of less than 1%.
Meanwhile, multi-gen and executive flats and three-room units saw average prices ease by 1.6% q-o-q and 0.8% q-o-q, respectively, according to HDB caveats.
“The more gradual pace of increase reflects a cooling in demand for resale flats, as buyers turn to new built-to-order (BTO) and sale-of-balance flats (SBF) launches, with around 30,000 new units offered this year,” observes Realion’s Sun.
HDB resale transactions rose by 1.7% from 7,102 units in 2Q2025 to 7,221 units in 3Q2025, according to data released by HDB. On a yearly basis, 20,913 units were transacted, a 7.3% decline from the 22,562 units sold in the corresponding period in 2024.
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Huttons’ Lee attributes the lower y-o-y volume to the launch of over 10,000 flats under the July 2025 BTO and SBF exercise. “More than 3,900 flats were either completed or had a shorter waiting time of 3 years or less, pulling away some demand from the HDB resale market,” he says.
The five-most popular HDB towns among buyers in 3Q2025 were Punggol, Sengkang, Tampinese, Woodlands and Yishun. They accounted for around 36.2% of total transactions during the quarter.
Despite the slowing price growth in 3Q2025, an estimated 480 flats were sold for seven-figure sums, up 15.9% from the previous quarter and marking the highest number of million-dollar transactions ever recorded in a single quarter.
“Flats in mature estates continue to make up the majority of million-dollar transactions, underscoring the strong demand for homes in more centrally located towns and those offering more extensive amenities,” notes Eugene Lim, key executive office of ERA Singapore.
Breakdown of million-dollar flats by price range (Source: HDB, Huttons Data Analytics as of Oct 24, 2025)
According to Huttons’ Data Analytics, around 79 such transactions were units that had just reached their five-year Mandatory Occupation Period (MOP), up by 25.4% than the previous quarter.
In 3Q2025, 90% of the million-dollar transactions were in mature estates with Toa Payoh recording the highest number of million-dollar flats sold in the quarter at 92. This was followed by Bukit Merah with 61 flats and Kallang/Whampoa, which rounded out the top three with 40 flats.
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That said, ERA Singapore’s Lim, notes that million-dollar transactions made up a small segment of the market, accounting for 6.6% of all resale transactions.
“With the school holiday season approaching in 4Q2025, a period that typically sees many families travelling and a dip in resale activity, HDB transactions and prices are expected to moderate slightly,” opines Lim. He adds that the recent conclusion of the October BTO exercise, which offered the largest supply of such flats in 2025 at 9,144 BTO units, could draw prospective buyers away from the resale market.
Huttons’ Lee concurs, noting: “Some buyers may opt to apply for these flats notwithstanding that they may come with strict restrictions on resale.”
Lee anticipates HDB resale prices to rise at a slower pace of 3-4% with 26,000 to 28,000 resale HDB flat transactions by the end of 2025. He estimates at least 1,500 million-dollar transactions, which could make up more than 5% of total market activity.
Realion’s Sun projects a price increase of 3-5% over the year over 28,000 to 29,000 units, while ERA’s Lim forecasts prices rising 3-6% across 26,000 to 27,000 transactions.