HDB resale prices in Singapore have experienced their smallest quarterly gain in nearly five years, according to the latest report by Realion Group’s OrangeTee & ETC Research. The third quarter of 2025 saw a modest price increase of 0.4%, marking the fourth consecutive quarter of slowing growth. This trend is attributed to intensified competition among sellers, with nearly 30,000 new flats launched for sale this year.
The report highlights a continued demand for premium flats, with the number of resale flats sold for at least S$800,000 increasing for the third consecutive quarter to 1,506 units. Additionally, the market saw a record 480 million-dollar flat transactions, a 15.7% increase from the previous quarter. Notably, a third flat was sold for at least S$1.6m in August.
Despite the slowdown, the market has recorded 22 consecutive quarters of price increases since Q2 2020. However, the pace of growth has been tempered by the availability of new Build-to-Order (BTO) and Sale of Balance Flats (SBF), which offer more affordable options to buyers. The October BTO sales exercise alone released over 9,000 new flats, including the first in Mount Pleasant and Greater Southern Waterfront.
Looking ahead, OrangeTee predicts that resale prices may grow by 3% to 4.5% for the entire year. The rental market also saw a slight increase, with approved applications to rent out HDB flats rising by 0.6% to 10,123 units in Q3 2025. However, rental demand is expected to soften in the coming months due to economic uncertainties and year-end holidays.
