Singapore’s HDB resale market is experiencing a shift, with resale prices continuing to rise but at a slower pace. According to HDB’s flash estimate, the Resale Price Index (RPI) for Q1 2025 increased by 1.5%, a slowdown from 2.6% in Q4 2024 and below last year’s average quarterly growth of 2.3%.
Transaction volumes have also dipped, with 6,392 resale flats sold as of March 27, marking a 7.7% year-on-year decline. The drop in resale transactions is attributed to a larger number of Sales of Balance Flats (SBF) launched in February, offering buyers completed or near-completion flats with shorter waiting times. Additionally, the number of flats reaching the Minimum Occupation Period (MOP) remains at a record low of about 8,000 over the past decade, further tightening resale supply.
Key Trends in the Resale Market
One of the notable trends is the continued growth of million-dollar HDB flats. In Q1 2025, a record 339 resale flats were transacted for at least S$1 million, marking an 18.9% increase from the previous quarter. The highest number of these high-value transactions occurred in Toa Payoh (66 units), Bukit Merah (50 units), and Queenstown (41 units).
Interestingly, more four-room flats are being sold for at least S$1 million compared to five-room flats. Analysts expect this trend to persist due to the limited supply of five-room units in attractive central locations.
Upcoming Supply & Policy Changes
In response to these market trends, HDB is rolling out a stronger supply of flats to support homebuyers. In July 2025, about 5,400 Build-To-Order (BTO) flats will be launched in key estates such as Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. Additionally, the second Sales of Balance Flats (SBF) exercise will take place, offering buyers more opportunities to secure completed flats.
To further enhance housing accessibility, several policy changes will be introduced:
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✅ Increased Quota for Second-Timer Families – Second-timer families purchasing 3-room or larger BTO flats will see their allocation quota increase by 5%.
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✅ Expanded Deferred Income Assessment (DIA) Scheme – Now includes young couples where one party is a full-time student or National Serviceman, helping them secure a home earlier.
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✅ New Family Care Scheme (Proximity) – Families applying for flats near their parents will receive priority allocation.
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✅ Enhanced Fresh Start Housing Scheme – Public rental households with children will receive higher grants to support homeownership.
What This Means for Buyers & Sellers
The increased BTO supply and new policy adjustments signal a shift toward a more balanced market. While resale prices are still rising, the pace of growth is slowing, and buyers may find more options in both the resale and BTO markets in the coming years.
At the same time, as more flats reach MOP (rising to 19,500 by 2028), the resale market will see increased supply, potentially stabilizing prices further.
📊 Infographic: Key Survey Insights
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📈 HDB resale prices up 1.5% in Q1 2025 (vs. 2.6% in Q4 2024)
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📉 Resale transactions fell 7.7% year-on-year
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🏠 339 million-dollar flats sold (+18.9% from previous quarter)
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🏗️ 5,400 BTO flats launching in July 2025
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🎯 Second-timer families get 5% more allocation in BTO
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👨👩👧 New priority scheme for families living near parents
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🔜 Resale supply set to grow as MOP flats increase to 19,500 in 2028
Thinking About Buying or Selling?
With the changing market landscape, understanding your options is key. Whether you're looking for a resale flat, exploring BTO opportunities, or planning to sell your property, reach out today for expert guidance!