Housing & Development Board (HDB) flats continue to shape the residential landscape of Singapore, providing affordable and sustainable housing options for the majority of citizens. In 2025, the HDB market is experiencing a mix of cooling trends, record-breaking milestones, and major policy updates that are influencing both buyers and sellers. From resale price growth moderation to million-dollar flats setting new records, and from expanded BTO launches to upcoming redevelopment schemes like VERS, Singapore’s public housing sector is undergoing important changes worth watching closely.
Slower Resale Price Growth but Rising Transactions
The HDB resale market is showing signs of cooling. According to the HDB Resale Price Index (RPI), Q2 2025 recorded a modest 0.9% growth quarter-on-quarter, bringing the index to 202.9. This marks the slowest pace of growth since Q2 2020.
Despite this moderation, activity in the resale market has been robust. A total of 7,102 resale flats were transacted in Q2 2025, reflecting a 7.8% increase from the previous quarter, though still slightly lower compared to 2024 figures.
This indicates that while prices are stabilizing, demand remains healthy as buyers continue to see long-term value in HDB flats.
Million-Dollar HDB Flats Hit Record Levels
One of the most striking trends in 2025 has been the surge in million-dollar HDB resale flats. In July 2025 alone, 169 such flats were sold, marking the highest monthly total ever recorded.
By mid-2025, a total of 488 million-dollar flats had already been transacted, surpassing the full-year record of 2023. These transactions are typically concentrated in mature estates such as Queenstown, Bishan, Toa Payoh, and Bukit Merah, where location and larger flat types (like executive apartments and maisonettes) attract premium prices.
This phenomenon reflects both the rising appeal of prime locations and the willingness of certain buyers to invest in HDB flats that offer convenience and space.
Expanded BTO & SBF Supply
To balance the pressure from the resale market, the government has been proactive in increasing the supply of Build-To-Order (BTO) flats. In July 2025, HDB launched 10,209 flats across both BTO and Sale of Balance Flat (SBF) exercises.
Looking ahead, the government has announced plans to release 55,000 flats between 2025 and 2027, which includes 4,500 Shorter Waiting Time (SWT) flats in 2025. These SWT flats are designed to reduce waiting periods for first-time buyers, making homeownership more accessible and timely.
This expanded pipeline of new flats is expected to gradually ease demand in the resale segment while providing more diverse housing options for young families.
VERS: Redevelopment for Aging Flats
Another key focus in 2025 is the Voluntary Early Redevelopment Scheme (VERS), which offers residents of aging flats (around 70 years lease) the option to sell their homes back to the government before leases expire.
The scheme, still under refinement, aims to provide a fair and simple mechanism for rejuvenating older estates while addressing concerns about lease decay. Discussions around compensation, eligibility, and implementation are ongoing, but VERS is anticipated to reshape the long-term outlook of the HDB market by adding certainty and planning flexibility for older estates.
Digital Innovations: HDB Resale Portal
In 2025, HDB also enhanced its Resale Flat Portal, offering more transparency to buyers and sellers. More than 600 resale units are now listed, making it easier for prospective buyers to access verified information and streamline the transaction process.
This digital shift aligns with Singapore’s broader Smart Nation vision, ensuring that public housing transactions are more efficient, transparent, and secure.
New Designs: Open-Concept Pilot Flats
HDB is also exploring innovative housing designs to cater to evolving lifestyle needs. A pilot project for open-concept flats is expected to be launched in late 2025. These units will allow more flexible layouts, catering to young couples and families seeking modern, customizable living spaces.
Such initiatives highlight HDB’s ongoing commitment to adapt housing to changing social trends while maintaining affordability.
What This Means for Buyers & Sellers
- For Buyers:
- BTO launches will expand options and ease pressure on resale prices.
- SWT flats offer a faster pathway to homeownership.
- Resale market remains competitive in mature estates, especially for larger flats.
- For Sellers:
- Million-dollar flat trends benefit those in prime locations.
- Slower resale price growth suggests that expectations may need to be moderated in the medium term.
- Upcoming VERS policies may influence long-term decisions for owners of older flats.
Conclusion
The HDB flats market in Singapore 2025 reflects both resilience and transformation. While resale price growth is slowing, demand remains strong, and million-dollar flats continue to dominate headlines. At the same time, government initiatives—ranging from increased BTO supply to the rollout of VERS—are setting the stage for a more balanced and sustainable housing market.
For Singaporeans, HDB remains the cornerstone of affordable housing, with policies and innovations ensuring that it continues to evolve in line with the nation’s housing aspirations.
