A record 172 HDB resale flats were sold for at least S$1m in September 2025, according to the latest 99-SRX Media Flash Report. This surge in high-value transactions coincided with a 0.6% increase in overall HDB resale prices from the previous month, marking a 4.8% rise compared to September 2024.
The increase in million-dollar flat sales is attributed to market timing and buyer behaviour. With no new condo launches in September and only two in August, potential HDB upgraders turned to resale flats, which offer more space at lower prices than nearby condos. Additionally, the Hungry Ghost Month in August, a period when many buyers typically refrain from purchasing property, may have pushed demand into September.
In terms of price changes, Mature Estates saw a 0.4% increase, whilst Non-Mature Estates rose by 0.6%. By room type, 3-room flats experienced a 0.9% decrease, whereas 4-room and 5-room flats each increased by 0.6%. Executive flats saw the highest rise at 1.4%.
The highest transacted price for a resale flat in September was S$1.59m for a 5-room flat in the Central Area. In Non-Mature Estates, the top price was S$1,120,000 for an Executive flat in Woodlands.
Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted the significant shift in buyer preferences, highlighting the impact of external factors on the resale market. The report also indicated a 1.2% decrease in resale volumes from August, with 2,186 flats transacted in September.
