HDB resale flat prices up 0.4% in Q3; fourth straight quarter of slowing growth
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Prices of HDB resale flats and private homes inched up in the third quarter of 2025.
ST PHOTO: TARYN NG
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SINGAPORE – Prices of Housing Board resale flats rose at a slower pace of 0.4 per cent in the third quarter, marking the fourth straight quarter of slowing price growth.
In the second quarter of 2025, prices were up 0.9 per cent.
In the private home market, prices rose 1.2 per cent in the third quarter, up from the 1 per cent growth in the previous quarter.
HDB said on Oct 1 that the early estimates showed the lowest quarter-on-quarter price increase since the second quarter of 2020.
Public housing resale prices have been rising continuously on a quarterly basis since the second quarter of 2020 after the Covid-19 pandemic slowed the construction of Build-To-Order (BTO) flats and crimped the supply of public housing.
Fewer resale flats were sold in the third quarter of 2025 than in the same period in 2024, with 7,157 transactions, down 10.9 per cent from 8,035 units.
Ms Wong Siew Ying, head of research and content at property agency PropNex Realty, said the moderation in HDB resale price growth could be a result of measures taken by the authorities to tackle demand and supply.
She said the supply of new flats, including projects in attractive locations, helped to meet public housing demand and drew some buyers away from the HDB resale market.
There were 480 million-dollar flat transactions in the third quarter of 2025, up from 415 such transactions in the previous quarter.
About 90 per cent of them were located in towns such as Toa Payoh, Bukit Merah and Kallang/Whampoa, said Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia.
In particular, more than half of the million-dollar flat transactions in Toa Payoh were located in areas like Bidadari and Lorong 1 Toa Payoh, where flats recently reached their minimum occupation period, he noted.
The latest figures bring the number of million-dollar flats from January to September to 1,243, surpassing the record 1,035 transactions for the whole of 2024.
Ms Wong said that while she expects the HDB resale market to moderate in the last quarter of 2025, prices of well-located resale flats with sought-after attributes – such as being on a high floor and near amenities – will remain elevated due to the firm demand for such flats.
Meanwhile, for private homes, transaction volume surged by about 29 per cent in the third quarter, rising to 6,594 units from 5,128 units in the previous quarter.
The Urban Redevelopment Authority (URA) said this is in line with the increase in the number of units launched for sale.
Across all areas in Singapore, prices of non-landed properties grew 1.1 per cent in the third quarter, a quicker pace than the 0.7 per cent rise in the previous quarter.
But the price movements were mixed across regions, with those in the core central region rising the most at 2.4 per cent, slowing from the 3 per cent increase in the previous quarter.
Prices in the city fringe were up 0.4 per cent, and those in the suburbs rose by 1 per cent.
URA said the average quarterly increase in property prices was around 1 per cent over the past three quarters – similar to the average quarterly increase in 2024.
Mr Leonard Tay, research head of real estate consultancy Knight Frank Singapore, said new launches in the core central region, such as Upperhouse in Orchard Boulevard, The Robertson Opus and River Green, propped up prices in the prime area.
He said local home buyers supported sales in the prime home market segment – largely for their own stay – as the additional buyer’s stamp duty rate of 60 per cent for foreigners continues to deter non-residents.
Dr Lee Nai Jia, head of real estate intelligence at PropertyGuru Group, said that strong demand for larger three-bedroom units pushed up prices in the private resale market, especially in the suburbs.
Prices of 99-year leasehold units between 1,200 sq ft and 1,500 sq ft grew 5.7 per cent in the third quarter, while those between 1,500 sq ft and 2,000 sq ft increased by 5.6 per cent, he noted.
In comparison, prices of studio apartments of 600 sq ft or smaller declined by 1.8 per cent.
“The market continues to show strong preference for larger homes. This may point to households pooling resources or shifting towards multi-generational living arrangements,” he said.
HDB and URA said Singapore’s gross domestic product growth is expected to moderate in the second half of 2025, noting there are also early signs of moderation in labour demand amid slowing economic growth.
“Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans,” the two agencies said.
In October, HDB will roll out about 9,100 BTO flats
An assisted-living project in Sengkang, which will be the fifth of its kind here, will also be available.
As for the private home sector, URA said the Government is sustaining a “high level of private housing supply” in the Government Land Sales programme to meet housing demand and maintain market stability.
