Singapore HDB resale prices to increase by 4-5% in 2025

Prices were previously predicted to grow by 5-7%.

Singapore HDB resale flat prices continued to rise, but at a decidedly slower pace in Q2 2025 which in PropNex’s view is more sustainable and healthier for the HDB resale market. According to Wong Siew Ying, Head of Research and Content, PropNex Realty, taking into account the flash estimates, resale flat prices have risen by a cumulative 2.5% in 1H 2025. 

“We expect the price increase ahead to likely be modest amid the injection of new flat supply and cooling measures working through the market. We now anticipate HDB resale prices could climb by 4% to 5% for the whole of 2025 – a downgrade from an earlier projection for a 5% to 7% increase for the year,” Wong added.

Here’s more from PropNex:

With HDB resale prices possibly rising at the slowest clip in 5 years in Q2 2025 and three back-to-back quarters of softer price increase recently, we think it is timely for the government to seriously consider removing the 15-month wait-out period this year, which will help former private home owners to right-size to an HDB resale flat.

Meanwhile, the HDB resale volume has improved slightly in Q2 2025 (till 29 June) where 6,981 resale flats changed hands – up from 6,590 flats resold in Q1 2025. Still, we note that sales are still substantially below the levels seen in 2H 2020 to 2021, as well as parts of 2024. 

Factors that weighed on sales include tightness in resale supply owing to fewer flats exiting the 5-year minimum occupation period (MOP), existing cooling measures such as the stricter LTV limit for HDB home loan, and a strong supply of new Build-to-Order (BTO) flats likely drawing some demand from the resale flat segment. For the entire 2025, we project that around 27,000 to 28,000 flats may be resold.

According to transaction data (retrieved on 1 July 2025), there were 415 flats that were resold for at least $1 million in Q2 2025 – up by 19% QOQ from 348 units in Q1 2025 – and has once again hit a fresh quarterly high. They made up about 6% of the overall HDB resale flat transactions in the quarter based on sales data. By flat type, the million-dollar flats resold in Q2 2025 comprised 168 units of 4-room flats, 129 units of 5-room flats, 116 units of executive flats, and two multi-gen flats. Specifically, the number of such flats sold in the 4- and 5-room, and executive flat types are all quarterly record high figures.

During the quarter, a 5-room resale flat in Dawson Road in Queenstown achieved an all-time high resale price based on recorded transactions. The 122-sq m premium apartment loft unit – located on floors between the 22nd and 24th storey – fetched nearly $1.659 million in June. 

In 1H 2025, the number of million-dollar resale flats sold has exceeded 100 units every month, taking the total to an estimated 763 units. Of note, Toa Payoh has the highest number of million-dollar resale flats transacted in 1H 2025, at 148 units. Of these, a majority of the flats are found in Bidadari Park Drive, Alkaff Crescent, Lorong 1A Toa Payoh, Lor 1 and 2 Toa Payoh, and Toa Payoh East. PropNex expects there may be more than 1,300 million-dollar flats transacted in the entire 2025 – surpassing the record 1,035 such units in 2024.