The Housing Development Board (HDB) resale market in Singapore witnessed a new record in July 2025, with 169 flats sold for at least $1,000,000, according to the latest 99-SRX Media Flash Report. This marks a significant increase from June’s 132 million-dollar transactions, despite a 15.4% year-on-year decline in overall resale volumes.
The report highlights a 13.4% month-on-month increase in resale transactions, attributed to buyers returning to the market after the June school holidays. However, the overall decline compared to last year is linked to affordability concerns and competition from new Build-To-Order (BTO) launches and Sale of Balance exercises. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that demand for larger flats, such as Executive and 5-room units in city-fringe locations, remained robust, driven by upgraders and private property right-sizers.
Despite stable overall HDB resale prices in July, with Mature and Non-Mature Estates seeing slight increases of 0.2% and 0.1% respectively, the number of million-dollar flats sold comprised 6.6% of the total resale volume. The highest transacted price was $1,588,000 for an Executive flat at Bishan Spring, whilst the top price in Non-Mature Estates was $1,288,888 for an Executive flat at Yishun Avenue 4.
As of July 2025, 488 million-dollar flat transactions have been recorded, surpassing the 470 total for 2023, indicating a potential for 2025 to exceed 2024’s figures. The report underscores the ongoing demand for spacious homes amidst evolving market dynamics.
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