The Housing Development Board (HDB) resale market in Singapore experienced a stable first quarter in 2025, according to Huttons’ latest report.
The resale volume reached 6,590 units, which, although higher than the previous quarter, fell short of the four-year average of 7,141 units for the same period. This indicates a shift in buyer interest towards the Sale of Balance Flats (SBF) exercise in February, which attracted over 20,000 applications for 5,590 flats.
The report highlights that the prices of HDB resale flats increased by 1.6% in Q1 2025, the slowest pace since Q1 2024. This deceleration is attributed to the largest SBF exercise, which provided buyers with more options and eased demand pressure. Since the circuit breaker in April 2020, HDB resale prices have appreciated by 52.4%.
In terms of popularity, Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five HDB towns, accounting for 36.2% of total transactions. Notably, Clementi saw the highest price gains at 15%, followed by Marine Parade and Queenstown.
The market also witnessed a surge in million-dollar flat transactions, with 348 units sold for $1m or more, a 22.1% increase from the previous quarter. Most of these high-value transactions occurred in mature estates like Toa Payoh, Bukit Merah, and Queenstown.
Looking ahead, the HDB resale market is expected to remain tight throughout 2025. With limited supply and no BTO or SBF launches in Q2, prices may rise. HDB plans to increase the allocation quota for second-timer families and expand the Deferred Income Assessment to cover more young couples, potentially influencing future demand. Resale transactions for 2025 are estimated to range between 26,000 and 28,000, with prices projected to grow by 5% to 8%.
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