Q2 2025 HDB Resale: Slow Price Rise, Exec Flats Record

Singapore’s HDB resale market in Q2 2025 reflected a shift in momentum. The market, while still active, has started showing signs of cooling with a price growth of only 0.9%—the slowest quarterly rise since mid-2020. Resale volumes also dipped, reflecting changing buyer sentiments and emerging supply dynamics. Despite the overall moderation, certain flat types—especially executive flats—saw record-breaking trends that highlight the dual nature of today’s HDB market.

Slower Price Growth – Signs of a Stabilising Market

According to data from HDB and property analysts:

Resale flat prices rose by 0.9% in Q2 2025.

This marks a significant drop from previous quarterly increases seen in the past two years.

It’s the slowest growth rate since the pandemic-driven demand surge in 2020.

While price growth has slowed, this doesn’t indicate a market crash. Rather, it suggests stabilization as the government releases new BTO and SBF flats, and buyers grow more price-sensitive amid macroeconomic uncertainties.

Flat Type Performance Breakdown

Despite the overall cooling, performance varied across flat types:

3-Room Flats: Saw the strongest growth at +2.1% QoQ.
4-Room Flats: Moderate growth at +1.3%.
5-Room Flats: Up by 1.2%, indicating a shift in family housing preferences.
Executive Flats: Surged +3.8%—the best-performing category in Q2.

This indicates that larger units, particularly executive flats, are in high demand—likely due to their larger layouts and appeal to multi-generational households or those upgrading from smaller units.

Million-Dollar Flat Momentum

One of the most talked-about highlights in Q2 2025 is the rise in million-dollar HDB flat transactions:

A record 414 executive flats were sold.
116 of them (~28%) sold for S$1 million or more.
In total, 384 HDB resale flats crossed the million-dollar mark in Q2, up from 348 in Q1 2025.

While million-dollar flats are still the exception rather than the rule, the steady increase showcases the value attributed to location, size, and renovation quality.

Popular locations for these deals include mature estates like Queenstown, Bishan, and Toa Payoh—areas with strong transport links and proximity to schools and amenities.

Supply Constraints & the Role of MOP

A significant factor behind price behavior is the reduction in flats reaching the Minimum Occupation Period (MOP):

Only 6,974 flats are expected to reach MOP in 2025—the lowest since 2014.
This means fewer units entering the resale pool.
However, from 2026 to 2028, the number of flats reaching MOP is expected to rise sharply, likely easing future supply constraints.

This limited MOP flat release in 2025 adds some upward pressure on prices, especially in high-demand areas.

Upcoming BTO and SBF Launches – A Buyer Alternative

The July 2025 BTO and SBF launches will inject about 8,500 new flats into the market, a move designed to relieve resale demand.

For first-time buyers and families, these launches offer an affordable alternative with long-term value:

BTO flats come with fresh leases and are priced lower than resale.
SBF (Sale of Balance Flats) provides faster occupancy compared to BTO.
Locations are spread across mature and non-mature estates, offering varied choices.

Buyer Strategies in the Current Market

Given current trends, different buyer segments are taking specific approaches:

For Upgrade Buyers

Executive and 5-room flats remain attractive.
Larger layouts accommodate growing family needs.
Appreciation potential is strong, especially for well-renovated or central-area flats.

For First-Time Buyers

Consider applying for July’s BTO or SBF launches for lease security and affordability.
Some resale flats may be negotiable due to the softening growth rate.

For Budget-Conscious Buyers

Look at 3-room or 4-room flats in non-mature estates, where prices are still stable.
With more listings and slower price growth, buyers may negotiate better terms.

Outlook for the Rest of 2025

Analysts project:

3–6% overall price growth for resale flats in 2025.
About 27,000 to 28,000 resale transactions expected across the year.
Buyer demand will be driven by:
- Young families starting out
- Private property owners downgrading
- Upgraders seeking space or location benefits

Market moderation is a healthy sign. The explosive growth phase post-pandemic has evolved into a more balanced, buyer-friendly landscape.

Final Thoughts: Navigating the HDB Market in 2025

As Q2 closes and July’s launches kick off, Singapore’s HDB resale market is not cooling off—it’s recalibrating. Executive flats are showing strong appreciation, while the broader market is benefitting from new supply and cautious optimism.

Whether you’re buying or selling, understanding the nuances—flat type performance, supply cycles, and launch timelines—can help you make smarter property decisions in the months ahead.