Executive and multi-generation flats saw a 4.1% q-o-q increase in prices, buoyed by strong demand (Photo: Samuel Isaac Chua/EdgeProp Singapore)
HDB resale prices rose 0.9% q-o-q in 2Q2025, a moderation from the 1.6% increase in 1Q2025. This marks the third consecutive quarter of slowing growth and the slowest quarterly increase since the Covid-19 circuit breaker in 2Q2020, says Christine Sun, chief researcher and strategist at Realion Group.
“Nevertheless, the increase in 2Q2025 marks the 21st consecutive quarter of growth — the longest streak ever recorded,” she notes. It surpasses the previous record of 20 quarters from 4Q1991 to 4Q1996.
“The recent price increases, while steady, pale in comparison to the dramatic spikes seen in the 1990s,” she adds. From 1Q2020 to 2Q2025, resale prices rose 54.3%, compared to a 294.4% surge from 4Q1991 to 4Q1996.
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Price growth for 1H2025 came in at 2.3%, lower than the 4.2% rise in 1H2024 but close to the 2.5% gain in 1H2023.
Sun attributes the slower price growth in 2Q2025 to the release of over 20,000 new flats in the February and July BTO (Build-To-Order) and SBF (Sale of Balance Flats) exercises. “Many were in desirable locations and had shorter completion times,” she says. “Generous grants and deferred income assessments further boosted demand for new flats.”
The absence of a BTO launch in June — deferred to July to process the high number of February BTO applications — likely nudged some buyers toward the resale market, contributing to a short-term uptick in transactions, she adds.
Source: HDB, Huttons Data Analytics as of 25 Jul 2025
Still, resale volumes declined on a half-year basis. A total of 13,692 flats were sold in 1H2025, a 5% drop from 14,420 in the same period last year. Larger flats bore the brunt, with five-room and executive flats seeing declines of 6.1% and 11.5%, respectively. This marks the lowest half-year resale volume since 1H2023 (13,493 units).
Despite the overall slowdown, resale volume rose 7.8% q-o-q to 7,102 units in 2Q2025, supported by tight supply, says Lee Sze Teck, senior director of data analytics at Huttons Asia. He attributes the slower price growth to the smaller number of flats reaching their five-year Minimum Occupation Period (MOP) this year. “These flats often command a premium, and their reduced supply limits upward price pressure,” he explains.
Since bottoming out in 2Q2019, HDB resale prices have climbed 55%, including a 53.8% gain since the circuit breaker in April 2020.
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Among towns, Bukit Timah saw the largest y-o-y price increase in 2Q2025 at 32.4%, followed by the Central Area (7.8%) and Ang Mo Kio (7.2%), according to Huttons.
Source: HDB, Huttons Data Analytics as of 25 Jul 2025
The average price of a four-room resale flat rose 1.4% q-o-q to $674,470. Still, four- and five-room flats posted the slowest pace of growth in five quarters, likely due to buyer price resistance, notes Lee.
Executive and multi-generation flats saw a 4.1% q-o-q increase in prices, buoyed by strong demand. A record 118 of these flats transacted for at least $1 million in 2Q2025, up 53.2% from the previous quarter. Buyers were mainly HDB upgraders and former private property owners, says Lee.
Four-room flats — the core of BTO supply — also drew strong interest. Many have recently fulfilled their MOP and are in prime locations such as Bukit Merah, Kallang/Whampoa, Queenstown, and Toa Payoh. “Owners often referenced past million-dollar transactions when pricing their units,” says Lee.
Source: HDB, Huttons Data Analytics as of 25 Jul 2025
Overall, a record 415 HDB resale flats changed hands for at least $1 million in 2Q2025, representing a 19.3% increase from the previous quarter and surpassing the 348 transactions recorded in the same period last year. Mature estates dominated, with Toa Payoh topping the list at 80 units, followed by Bukit Merah (56) and Queenstown (49).
In 1H2025, 763 resale flats were sold for $1 million or more, compared to 1,035 units for the whole of 2024. Notably, 165 of the million-dollar flats in 2Q2025 were four-room units, up from 148 in 1Q2025. Eugene Lim, key executive officer of ERA Singapore, projects that the number could surpass 1,300 by year-end, driven by demand for newer, well-located flats.
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Despite headline-grabbing prices, “most HDB flats remain affordable,” Lim stresses. In 2Q2025, 78% of resale transactions were below $750,000. Eighteen out of 24 HDB towns had median four-room resale prices below this threshold, with exceptions in central or mature estates.
ERA estimates that only 6,974 flats will reach MOP this year — the lowest in 11 years since 2014, when just 5,301 flats became eligible.
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