Singapore’s HDB resale market in 2025 displayed a two-speed dynamic, with overall prices remaining flat in the fourth quarter, whilst million-dollar flats continued to rise, according to Huttons. The average price of these high-end flats increased by 2.3% in Q4 2025, setting new records, despite a 26.9% drop in transaction volume compared to the previous quarter.
Transaction volumes for HDB resale flats fell significantly, with 5,256 units sold in Q4 2025, marking a 27.2% decrease from the previous quarter and an 18.2% decline year-on-year. This represents the steepest quarterly drop since the circuit breaker in Q2 2020. Factors such as the year-end holidays, a major Build-to-Order (BTO) exercise in October, and new private project launches contributed to the slowdown.
Despite the overall market softness, million-dollar flats remained resilient. In 2025, a record 1,594 HDB resale flats were sold for at least a million dollars, a 54% increase from the previous year. The average price for these flats was $1.144m, up 2.1% from 2024. Notably, 35% of these transactions involved flats less than 10 years old, indicating a preference for newer properties.
Looking ahead, HDB plans to increase its BTO flat supply to 19,600 in 2026, potentially meeting rising demand. Additionally, the number of flats reaching their 5-year minimum occupation period is expected to increase, offering more options in the resale market and potentially leading to more million-dollar transactions, particularly in mature estates like Punggol, Queenstown, and Tampines.
