Singapore HDB Resale Market Q2 2025: Record 21 Consecutive Quarters of Growth Despite Cooling Price Momentum

Singapore HDB resale Q2 2025: 21st consecutive quarter price growth (0.9%), record 415 million-dollar flats, 7,102 transactions. Complete market analysis & town-by-town pricing.

Singapore HDB Resale Market Q2 2025 Overview

The Singapore HDB resale market achieved a historic milestone in Q2 2025, recording 21 consecutive quarters of price growth – the longest streak ever recorded in Singapore’s public housing history. Despite this remarkable achievement, the market showed signs of moderation with the slowest quarterly growth rate since Q2 2020 at just 0.9%.

Key Market Performance Indicators Q2 2025

• HDB Resale Price Index reached 202.9, representing 0.9% quarterly growth (slowest since Q2 2020)
• Total resale transactions increased 7.8% to 7,102 units from 6,590 units in Q1 2025
• Premium flats (≥$800,000) surged 25.3% to 1,481 units, marking the second consecutive quarterly increase
• Million-dollar flats hit record quarterly high with 415 transactions (+19.3% from Q1)
• Most expensive transaction: $1.659 million premium apartment loft at Dawson Road
• HDB rental volume increased 4.2% to 10,066 approved applications

Historic Price Growth Achievement vs Market Cooling

Unprecedented 21-Quarter Growth Streak

Q2 2025 marks the longest price growth streak ever recorded. Prices have grown continuously for 21 consecutive quarters from Q1 2020 to Q2 2025, compared to the 20 consecutive quarters of increase from Q4 1991 to Q4 1996. This historic achievement demonstrates the resilience of Singapore’s public housing market despite global economic uncertainties.

Historical Context:

• Current streak (Q1 2020 – Q2 2025): 21 quarters, 54.3% total growth
• Previous record (Q4 1991 – Q4 1996): 20 quarters, 294.4% total growth
• Growth pace: Current increases are more sustainable compared to the dramatic 1990s surge

Cooling Price Momentum Signals Market Maturation

The 0.9% quarterly growth in Q2 2025 represents the third consecutive slowdown, declining from:

• Q4 2024: Higher growth momentum
• Q1 2025: 1.6% quarterly increase
• Q2 2025: 0.9% quarterly increase (current)

Annual Perspective:

• H1 2025 growth: 2.5% (vs 4.2% in H1 2024, matching 2.5% in H1 2023)
• Year-on-year Q2 comparison: Lower than 2.3% recorded in Q2 2024

Comprehensive Town-by-Town HDB Price Analysis Q2 2025

Central Region Premium Performance

Top-Performing Central Towns:

Bukit Timah – Exceptional Growth Leader

• Average price: $1,159,677 (+32.4% quarterly growth)
• Market dynamics: Limited supply, premium location appeal
• Investment outlook: Continued scarcity-driven appreciation

Central Area – Urban Living Premium

• Average price: $840,256 (+7.8% quarterly growth)
• Key attractions: CBD proximity, integrated lifestyle
• Buyer profile: Professionals, investors, upgraders

Bishan – Mature Estate Stability

• Average price: $857,476 (+1.7% quarterly growth)
• Strengths: Excellent connectivity, established amenities
• Transaction volume: 117 units sold

Eastern Region Market Analysis

Tampines – Volume Leader with Pricing Moderation

• Transaction volume: 554 units (highest island-wide)
• Average price: $710,312 (-0.9% quarterly change)
• Market position: Balanced supply-demand dynamics
• Premium segment: 150 units sold above $800,000

Bedok – Steady Appreciation

• Transaction volume: 326 units
• Average price: $606,631 (+0.7% quarterly growth)
• Market characteristics: Consistent demand, mature infrastructure

Pasir Ris – Family-Oriented Growth

• Transaction volume: 167 units
• Average price: $731,572 (+1.6% quarterly growth)
• Appeal factors: Family amenities, newer developments

Northern Region Affordable Options

Yishun – High Volume, Value Positioning

• Transaction volume: 491 units (second-highest island-wide)
• Average price: $564,821 (+2.2% quarterly growth)
• Market appeal: Affordability, improving connectivity

Woodlands – Growth Potential Area

• Transaction volume: 482 units (third highest island-wide)
• Average price: $607,692 (+1.3% quarterly growth)
• Development prospects: Upcoming Johor-Singapore Special Economic Zone

Sembawang – Emerging Value Area

• Transaction volume: 346 units
• Average price: $626,975 (+2.2% quarterly growth)
• Growth drivers: Transportation improvements, development pipeline

North-Eastern Region Balanced Performance

Sengkang – New Town Maturity

• Transaction volume: 509 units (fourth highest island-wide)
• Average price: $663,824 (+1.0% quarterly growth)
• Market position: Established new town with stable growth

Punggol – Waterfront Premium

• Transaction volume: 409 units
• Average price: $686,878 (+3.7% quarterly growth)
• Unique selling points: Waterfront living, modern infrastructure

Western Region Diverse Dynamics

Jurong West – Volume and Value

• Transaction volume: 433 units (fifth highest island-wide)
• Average price: $561,791 (+2.1% quarterly growth)
• Market characteristics: Affordable options, industrial proximity

Bukit Batok – Steady Growth

• Transaction volume: 378 units
• Average price: $615,361 (+4.2% quarterly growth)
• Investment appeal: Nature proximity, established amenities

Singapore Million-Dollar HDB Flats Analysis Q2 2025

Record-Breaking Million-Dollar Segment

The million-dollar HDB segment achieved unprecedented heights with 415 transactions in Q2 2025, representing a 19.3% quarterly increase from 348 units in Q1 2025. This performance sets a new quarterly record and positions 2025 to potentially exceed the 2024 full-year record of 1,035 units.

2025 Performance Trajectory:

• H1 2025: 763 million-dollar transactions
• Annual projection: On track to exceed 1,035 units (2024 record)
• Growth momentum: Consistent quarterly increases

Premium Transaction Highlights

Record-Setting Sale:

• Address: Dawson Road premium apartment loft
• Size: 122 sqm (1,313 sqft)
• Price: $1,658,888
• Significance: Highest Q2 2025 transaction

Geographic Distribution of Million-Dollar Flats: Million-dollar transactions were concentrated in premium locations with excellent connectivity and established amenities, reflecting buyer preference for prime locations despite premium pricing.

Market Dynamics Supporting Million-Dollar Growth

Supply Constraints:

• Limited large flat availability in prime locations
• Ageing stock creates a scarcity premium
• Replacement cost considerations

Buyer Profile Evolution:

• High-net-worth individuals seeking HDB alternatives
• Private property owners potentially benefiting from a 15-month wait-out period review
• Cash-rich buyers from private property sales

Premium HDB Flats (≥$800,000) Market Surge

Strong Demand Across Price Segments

The number of resale flats sold for at least S$800,000 increased for a second consecutive quarter to 1,481 units in Q2 2025, up from 1,182 units in Q1 2025 and 1,115 units in Q4 2024.

Growth Metrics:

• Quarterly increase: +25.3% (1,481 vs 1,182 units)
• Year-on-year growth: +40.4% (1,481 vs 1,055 units)
• Trend duration: Second consecutive quarterly increase

Top Towns for Premium Transactions (≥$800,000)

Leading Premium Markets:

1. Tampines: 150 units (volume leader)
2. Toa Payoh: 138 units (central location premium)
3. Bukit Merah: 129 units (city fringe appeal)
4. Kallang/Whampoa: 97 units (urban regeneration benefits)
5. Sengkang: 84 units (new town maturity)
6. Queenstown: 83 units (heritage and convenience)

Investment Implications

Market Drivers:

• Rising replacement costs across all segments
• Limited supply of large, well-located units
• Wealth accumulation enabling HDB upgrades
• Strategic portfolio diversification

Table 1: Average price of resale flats by town

Flat Type Performance Analysis

Size-Based Price Growth Moderation

All major flat types experienced slower growth rates in Q2 2025, indicating broad-based market cooling:

4-Room Flats (Most Popular Segment)

• Q2 2025 growth: 1.4% (vs 2.0% in Q1 2025)
• Market significance: Represents the largest transaction volume
• Price accessibility: Balanced affordability and space

5-Room Flats (Premium Family Option)

• Q2 2025 growth: 1.2% (vs 2.1% in Q1 2025)
• Target market: Upgraders, larger families
• Investment characteristics: Higher absolute prices, steady demand

3-Room Flats (Entry-Level Segment)

• Q2 2025 growth: 2.1% (vs 2.2% in Q1 2025)
• Market role: First-time buyer focus
• Affordability: Most accessible pricing tier

2-Room Flats (Compact Living)

• Q2 2025 growth: 1.3% (vs 1.5% in Q1 2025)
• Demographics: Singles, elderly, investors
• Market niche: Specialised demand segment

HDB Rental Market Performance Q2 2025

Rental Volume Growth and Price Stabilisation

The HDB rental market demonstrated healthy fundamentals with 10,066 approved rental applications in Q2 2025, representing a 4.2% increase from 9,662 applications in Q1 2025.

Rental Market Dynamics:

• Seasonal strength: Q2 typically shows higher rental activity
• Price growth: Modest 0.5% increase (vs 0.1% in Q1 2025)
• SRX-99.co HDB Rental Index: 142.9
• Year-on-year outlook: Stable growth trajectory

Competitive Landscape Impact

Private Market Competition:

• Many new condominium completions are increasing the rental supply
• Private landlords are reducing asking rents due to macroeconomic uncertainties
• Tenant migration from HDB to the private rental market
• Result: Moderated HDB rental growth expectations

Annual Projections:

• Rental price growth: 1-2% for the full year 2025
• Rental volume estimate: 37,000-38,500 units annually

BTO and SBF Market Analysis 2025

Near-Record New Flat Supply

HDB is on track to launch almost 30,000 new flats this year, comprising over 19,000 BTO flats and more than 10,000 flats under the Sale of Balance Flats.

Supply Breakdown:

• BTO flats: Over 19,000 units planned
• Sale of Balance Flats: Over 10,000 units
• Total 2025 supply: Nearly 30,000 units
• Historical context: Significant supply increase

July 2025 BTO Launch Analysis

New Project Details:

• Total projects: 8 developments
• Total units: 5,547 flats
• Coverage: 7 towns across Singapore
• Featured locations: Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, Woodlands

Policy Innovation – Deferred Income Assessment:

• New rule: Only one party in a couple needs a student/NS status
• Impact: More couples eligible for deferred assessment
• Expected outcome: Increased applications for larger/premium units

Sale of Balance Flats Record Supply

2025 SBF Performance:

• February 2025: 5,590 units released
• July 2025: 4,662 units offered
• Total H1 2025: 10,252 SBF units
• Historical significance: Highest annual SBF supply on record (previous high: ~10,200 units in 2016)

Application Demand Analysis

High-Demand Projects:

• Tampines: Strategic location, MRT connectivity
• Toa Payoh: Central location, established amenities
• Application volumes: Consistently oversubscribed

Market Impact:

• Increased competition may stabilise resale prices
• Buyers have expanded choice options
• Supply-demand rebalancing in progress

Singapore HDB Market Outlook 2025

Price Growth Projections

Full Year 2025 Forecast:

• Expected price growth: 4-5.5% annually
• Transaction volume: 27,000-28,000 resale flats
• Growth drivers: Economic stability, declining interest rates
• Moderating factors: Increased BTO/SBF supply

Policy Development Impact

Upcoming Policy Reviews:

1. Income ceiling for BTO applications: Potential increase
2. Minimum age for singles: Current 35-year threshold under review
3. 15-month wait-out period: Possible removal for private property owners
4. VERS (Voluntary Early Redevelopment Scheme): Launch in the early 2030s

Expected Market Effects:

• Higher income ceiling: More BTO applications, reduced resale pressure
• Lower age requirement: Expanded buyer base
• Wait-out period removal: Premium segment demand increase
• VERS program: Lease decay concern mitigation

Geographic Growth Areas

Master Plan 2025 Beneficiaries: Areas expected to experience increased interest due to planned developments:

• Bishan: Community hub developments
• Dover: Infrastructure improvements
• Sengkang: Continued expansion
• Woodlands: Northern gateway development
• Yio Chu Kang: Transportation and amenity upgrades

Investment Strategy Implications

Market Positioning Recommendations:

For Value Investors:

• Focus areas: Woodlands, Yishun, Jurong West
• Strategy: Long-term appreciation potential
• Risk profile: Moderate, steady growth expected

For Premium Investors:

• Target locations: Central Area, Bishan, Queenstown
• Strategy: Scarcity play, established demand
• Risk profile: Higher entry cost, established value retention

For Rental Investors:

• Optimal areas: Near MRT stations, established towns
• Strategy: Steady rental yield focus
• Market conditions: Competitive but stable

Risk Factors and Market Considerations

Supply-Side Pressures

Increased Competition:

• Nearly 30,000 new flats are launching in 2025
• Higher BTO and SBF supply creates alternatives
• Potential buyer shifts from resale to new flats

Policy Uncertainties:

• Income ceiling and age requirement reviews
• Wait-out period potential removal
• Market structure changes are possible

Economic Environment

Supporting Factors:

• Declining interest rates are improving affordability
• Stable economic fundamentals
• Continued population growth

Risk Factors:

• Global economic uncertainties
• Geopolitical tensions affecting sentiment
• Macroeconomic policy changes

HDB Resale Market Projection

Frequently Asked Questions Singapore HDB Market

Why did HDB price growth slow to 0.9% in Q2 2025?

The slowdown reflects increased new flat supply (nearly 30,000 units launched in 2025), seasonal factors including June school holidays affecting buyer activity, and market maturation after 21 consecutive quarters of growth.

Are million-dollar HDB flats still a good investment?

With 415 million-dollar transactions in Q2 2025 (record quarterly high), these properties continue showing strong demand. However, buyers should consider location premiums, replacement costs, and long-term demographic trends.

Which HDB towns offer the best value in Q2 2025?

Based on price growth and transaction volumes, Yishun, Woodlands, and Jurong West offer value positioning, while Punggol and Sengkang provide balanced growth with modern amenities.

How will increased BTO supply affect resale prices?

The nearly 30,000 new flats launching in 2025 may moderate resale price growth by providing alternatives to buyers, potentially leading to more sustainable 4-5.5% annual price appreciation rather than double-digit growth.

Should I buy HDB resale now or wait for more BTO launches?

Consider your timeline needs, budget constraints, and location preferences. Resale offers immediate availability but at current market prices, while BTO provides value but requires waiting periods and location limitations.

About PropsBit.com.sg

PropsBit.com.sg delivers comprehensive Singapore HDB market analysis, resale insights, and investment guidance across all towns and flat types. Our experienced OrangeTee & Tie agents provide personalised strategies for HDB buyers, sellers, and investors navigating Singapore’s dynamic public housing market.

Consult our HDB specialists for town-specific insights, investment strategies, and access to exclusive resale opportunities tailored to your housing and investment objectives.

Market Analysis Date: September 2025 | Data Sources: Housing & Development Board (HDB), Data.gov.sg, SRX-99.co, PropsBit Research Team

Disclaimer: Property investments carry risks. HDB eligibility rules apply. Past performance does not guarantee future returns. Consult qualified professionals before making property decisions.