In April 2025, the Housing Development Board (HDB) resale market saw a record 141 flats sold for at least $1,000,000 (S$1,000,000), according to the latest 99-SRX Media Flash Report.
This surge in high-value transactions coincided with a 0.7% increase in overall resale prices compared to March, marking a 9.3% rise from April 2024.
The increase in million-dollar flat sales is attributed to a mix of short-term and structural factors. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that potential policy changes and economic uncertainties, such as the upcoming general election, might have prompted buyers to secure purchases sooner. Additionally, high new launch prices are driving some households towards larger, more affordable HDB flats.
Executive flats experienced the most significant month-on-month price growth at 3.5%, whilst 3-room and 4-room flats saw increases of 1% and 0.6%, respectively. The highest resale price recorded was $1,490,000 (S$1,490,000) for a 5-room flat in Lor 1A Toa Payoh.
Despite the strong demand, the year-on-year resale volume decreased by 3.3%, with 2,309 flats transacted in April. Non-Mature Estates accounted for 59.7% of these transactions. The report suggests that the current surge in demand and prices may not be sustainable, as market activity could moderate with future economic stability or policy changes.
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