Resale Flat Prices 04 Q O Q 3q2025 Smallest Quarterly Growth 2q2020 Hdb Flash Estimates
According to the latest flash estimates published on Oct 1, HDB resale flat prices have increased by 0.4% in the third quarter of 2025. This marks the 22nd consecutive quarter of price growth since the second quarter of 2020, although the pace of increase has slowed down. This figure is also the lowest quarterly growth since the second quarter of 2020, as reported by HDB.
The 3Q2025 data shows a continuation of slower price growth for the fourth consecutive quarter, following the increases of 0.9% and 1.6% in the second and first quarters of 2025 respectively. This trend indicates a decrease in the pace of price growth.
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For the first nine months of the year, resale flat prices have recorded a growth of 2.9%, which is a decrease from the 6.9% rise in the same period last year. This growth is also lower than the 3.8% seen in the first nine months of 2023.
In the third quarter of 2025, resale volume reached 7,157 transactions, which is slightly higher compared to the previous quarter, but represents a decline of 10.9% compared to the same period last year. Lee Sze Teck, senior director of data analytics at Huttons Asia, attributes this slower activity to the Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises held in July.
HDB launched 10,209 flats for sale during the exercises, including flats with shorter waiting times (SWT). According to Lee, these SWT flats and completed SBF flats may have diverted demand away from the resale market. Eugene Lim, key executive officer at ERA Singapore, agrees with this view and adds that the July exercises also offered flats in highly desirable locations such as Toa Payoh and Bukit Merah. Additionally, a lower supply of flats reaching their minimum occupation period may have contributed to the decline in resale volume, as suggested by Lee.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, suggests that some buyers may have chosen to wait for the October BTO sales exercise, as it marks the launch of new flats in Mount Pleasant and the Greater Southern Waterfront, which are expected to be in high demand.
The average resale prices have seen a mix of growth and decline across different flat types. In the third quarter of 2025, four-room and five-room flats recorded increases of 0.3% and 0.7% respectively, which is a decrease from the previous quarter’s growth of 1.4% and 1.2%. On the other hand, three-room and executive or multi-gen flats saw a decline of 0.9% and 1.6% respectively, reversing the gains seen in the second quarter of 2025.
According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, there is a divergence in price movements between newer and older flats. Flats with leases starting from 2013 have continued to drive the overall resale market prices, recording a 1.5% increase in the third quarter of 2025. This indicates sustained demand from buyers. In contrast, flats built in 1970 or earlier saw a sharp decline of 5.7% in prices, highlighting the impact of lease decay and financing challenges on buyer demand.
Newer flats are also making up a larger number of million-dollar transactions, with 246 of the approximately 480 resale flat deals that transacted for at least $1 million being less than 15 years old, according to ERA’s Lim. The third quarter of 2025 saw 11 transactions crossing the $1.5 million mark, of which 10 involved flats under 15 years old.
The majority of million-dollar resale flats continue to be in mature estates in central locations. In the third quarter of 2025, the highest number of such transactions were recorded in Toa Payoh, followed by Bukit Merah, Kallang-Whampoa, Clementi, and Queenstown.
Looking ahead, Sun predicts that resale flat prices will remain stable or slightly decline in the fourth quarter. This is the period when market activity slows down due to the year-end holidays. Additionally, the October BTO exercise will see the launch of over 9,000 flats for sale, making it the largest launch of the year. Lim notes that these projects are located in emerging precincts such as Mount Pleasant and the Berlayar estate, which was formerly the Keppel Club site in Bukit Merah. This may lead some buyers to wait for the ballot results before considering the resale market.
ERA has maintained its full-year forecast for resale price growth of 3% to 6% in 2025, with an expected volume of 26,000 to 27,000 transactions.
