HDB resale price growth slows but million-dollar flats' prices gain 2.3% in 4Q2025
Total HDB resale volume shrank by 9.7% in 2025. The last time this declined was in 2023, when transactions fell by 4.2%. (Photo: EdgeProp Singapore)
A two-speed market was observed in Singapore’s public housing resale market in 2025. While overall prices softened amid quieter transaction activity, the upper end of the market saw prices remaining firm for million-dollar HDB flats — and even continuing to set new benchmarks in the fourth quarter of the year, Huttons noted.
HDB resale price growth eased significantly to a 2.9% in 2025, slower than the 9.7% jump in 2024, according to the Housing & Development Board’s resale price index published on Jan 23. The latest figures are unchanged from the flash estimates released earlier this month.
The 2.9% increase in the broader market for the year are the weakest gains since HDB resale flat prices bottomed in 2019. Overall HDB resale flat prices plateaued in 4Q2025, largely unchanged from the previous quarter, and following four consecutive quarters of slower price increases.
Eugene Lim, key executive officer of ERA Singapore, described this pace as “more stable and sustainable”, and attributed it to the limited supply of flats that reached their minimum occupation period (MOP).
In 2025, there were 6,973 MOP units, which marks the lowest MOP supply in 11 years, since 2014, when only 5,301 units entered the resale market. With fewer newer eligible resale flats available, transaction activity remained constrained, resulting in more measured price movements, Lim said.
Huttons pointed out that the steady supply of flats under the Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises has led to a stabilisation in resale flat prices. Some sellers of resale flats even had to reduce their prices slightly below the last transacted prices to attract buyers.
Much fewer HDB flats resold
Resale transactions in 4Q2025 fell to 5,256 cases, a decrease of 27.2% q-o-q from 7,221 cases in 3Q2025. Compared to a year ago, this was also 18.2% lower than the volume in 4Q2024.
For the full year, total HDB resale volume shrank by 9.7% to 26,169 transactions, down from 28,986 in 2024. The last time annual resale volume declined was in 2023, when it fell by 4.2% — less than half the current rate of decline in 2025, HDB noted. 2025’s total resale flat volume also touched a five-year low.
HDB resale flat volume from 2010:
Source: PropNex Research, HDB
Realion (OrangeTee & ETC) Group chief researcher and strategist, Christine Sun, said that the slowdown in resale activity could similarly be attributed to more buyers being diverted to the BTO and SBF markets.
“Further, the widening gap in price expectations, with many sellers asking for high prices while buyers showing increasing price resistance, resulted in a longer transaction timeline and fewer completed deals. Sales also tend to be slower during the year-end holidays, when many Singaporeans travel abroad,” Sun added.
PropNex Realty head of research and content, Wong Siew Ying, said the moderation in HDB resale price growth and softer transaction volume point to a market that is normalising after several years of healthy gains.
Million-dollar HDB flats
Meanwhile, average prices of million-dollar flats went up by 2.3% quarter-on-quarter to nearly $1.17 million in the October-December period in 2025, according to Huttons’ analysis.
An estimated 351 million-dollar HDB flats changed hands in the fourth quarter, down by 26.9% compared with the July-September period, but 23.2% higher than in 4Q2024.
The lower transaction volume of million-dollar flats during the last quarter could have been due to the October 2025 BTO exercise, which included highly desirable locations such as Bishan, Mount Pleasant, and Telok Blangah, Huttons reckoned. New project launches in Bukit Merah, Clementi, Holland and Queenstown in 4Q2025 were also priced “very competitively” against these HDB resale flats, according to Huttons.
For the whole of 2025, a record number of 1,594 HDB resale flats were sold for a million dollars or more — a surge of 54% from the previous year. Their average price was about $1.14 million in 2025, up by 2.1% from $1.12 million in 2024.
PropNex’s Wong said that this new record number of million-dollar resale flats is not at odds with the slowing trend of overall price growth in the HDB resale segment, but rather continues to reflect segmentation within the resale flat market.
Mohan Sandrasegeran, head of research and data analytics at SRI, pointed to the limited number of newly eligible resale flats entering the market after reaching MOP. This constrained the supply of younger resale flats at a time when underlying housing demand remained resilient, intensifying competition within a narrow subset of the market.
At the same time, the million-dollar transactions were largely concentrated in larger flat types and well-established towns. A significant proportion involved four-room and five-room flats, where buyers were effectively paying for space, layout efficiency and long-term liveability, Sandrasegeran said.
These deals were also clustered in mature estates, where strong transport connectivity, proximity to employment nodes, and access to established amenities continue to underpin buyer preferences.
Roughly nine in 10 of the million-dollar flats sold last year, or 1,455 units, were in mature estates, with Toa Payoh, Bukit Merah, Queenstown being the top three towns with the highest volumes of 302, 216, and 173 respectively.
Meanwhile, in non-mature towns, million-dollar deals were led by Hougang and Woodlands with 45 and 29 such transactions in 2025, respectively.
Number of million-dollar resale flats sold, by town classification, year, and proportion:
Source: PropNex Research, data.gov.sg (retrieved Jan 23, 2026).
PropNex expects million-dollar resale flat transactions to likely remain elevated in 2026 — possibly crossing 1,000 units again — as well-located flats and units with sought-after attributes continue to command healthy demand.
“We expect such sales could concentrate in a narrow segment and may not materially affect pricing for the vast majority of resale flat buyers, who should still be able to find other affordable options in the wider HDB resale market,” Wong said.
More buyers turned to newer flats without the resale restrictions placed on Plus and Prime flats, as many of the transactions were for units less than 10 years old, Huttons highlighted. In 2025, flats below 10 years old made up 35% of the million-dollar transactions — 2.3 percentage points higher than in 2024.
An executive maisonette in Bishan with around 60 years remaining on its lease was sold for a benchmark $1.6 million in November 2025, breaking the previous record of $1.588 million set in July 2025. Due to their large size and rarity, maisonettes could command high prices despite the decaying lease, according to Huttons.
While many of the million-dollar flats were in the price range of $1 million to $1.1 million, there was also a sharp jump in the number of flats that fetched more than $1.4 million. More than a third of these were five-room flats in Bukit Merah, Clementi, and Queenstown that just fulfilled the 5-year MOP.
Million-dollar HDB flats by price range, from 2Q2022 to 4Q2025:
Source: HDB, Huttons Data Analytics as of Jan 23, 2026.
Sandrasegeran from SRI said: “Importantly, the rise in million-dollar transactions should be viewed in context. The bulk of resale activity in 2025 continued to take place at more accessible price points, supported by steady owner occupier demand.”
HDB rental market
From October to December 2025, there were fewer approved applications to rent out HDB flats, with 9,557 cases in the quarter, down 5.6% q-o-q from 10,123 cases in July to September 2025.
On a year-on-year basis, the number of approved applications in the fourth quarter was 11.1% higher than in 4Q2024.
Across 2025, there were 39,408 approved applications to rent out HDB flats, increasing by 7.5% from 36,673 in 2024.
Sun from Realion said that HDB landlords may face more competition in the mid to long term as the public housing stock is poised to increase substantially. The number of resale flats reaching MOP is projected to rise from 6,973 units in 2025 to 13,484 units in 2026, and further increase to 18,939 units in 2027 and 21,393 units in 2028.
This year, HDB leasing volume may reach 36,000 to 39,000 units, similar to or slightly lower than 2025, Sun predicts.
Market outlook for HDB resale flats
In 2026, PropNex projects that HDB resale transactions may hover at around 26,000 to 27,000 units, supported by a higher number of new flats reaching the 5-year MOP, making them eligible to be resold.
PropNex sees HDB resale prices possibly rising by 3% to 4% in 2026, reflecting stabilising demand-supply dynamics and a market that is settling into a more sustainable footing.
It is projected that there may be around 13,500 MOP flats in 2026, up by nearly 69% from the 8,000 units in 2025, offering buyers more options in the resale market.
Huttons noted that about 60% of the flats that will fulfill their MOP are located in mature estates, which may contribute to more million-dollar flats in 2026. The top three towns with the highest number of flats fulfilling the MOP are Punggol, Queenstown and Tampines; Huttons believes Punggol may possibly see more million-dollar flats this year.
SRI’s Sandrasegeran said the increase in flats reaching MOP is expected to improve resale supply depth, particularly in segments that previously experienced tighter availability. “While demand for well-located flats will remain firm, the wider pool of options should help absorb buyer interest more evenly. This supports more sustainable price formation.”
Beyond resale supply, new flat launches will continue to play a stabilising role. The Singapore government has said it is prepared to further ramp up the supply of new BTO flats to meet strong demand.
About 19,600 BTO flats are planned for launch in 2026 across three sales exercises in February, June, and October, covering both mature and non-mature towns. Of these, more than 4,000 units are expected to come with waiting times of less than three years, providing timely alternatives for buyers who value shorter delivery timelines, according to SRI.
The roll-out of new flats, including projects with shorter waiting times, may to some extent draw buyers away from the resale market, Wong said.
Still, PropNex believes there are still pools of demand that may not be catered for in the BTO segment, and these groups of prospective buyers will continue to look to the HDB resale market for options. They include those who are not eligible to buy BTO flats, families with more pressing housing needs and require a move-in ready home, as well as those seeking a specific housing location to be closer to family members, certain schools or their workplace, Wong added.
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