3Q 2025 HDB Flash Estimates: Price Growth Flattens Amid Softer Resale Activity

SINGAPORE, 1 October 2025 – According to the Housing and Development Board (HDB)’s flash estimates, the HDB Resale Price Index (RPI) increased to 203.7, marking a 0.4% quarter-on-quarter (q-o-q) rise in 3Q 2025.

The HDB RPI rose 2.9% in the first nine months of 2025 and has now registered its 23^rd consecutive quarter of growth. This is in line with ERA’s forecast of a 3-6% annual price increase by end-2025.

In 3Q 2025, a total of 7,157 HDB resale transactions were recorded, representing a marginal 2.5% increase from the previous quarter and an 17.5% decline compared to the same period last year.

With 20,728 HDB resale transactions recorded in the first nine months of 2025, the total HDB flat transactions is expected to reach the 26,000–27,000 mark by the end of 2025.

Chart 1: HDB RPI vs Number of Transactions

“The marginal decline in resale volume compared to a year ago may be attributed to a lower supply of MOP flats, as well as the July BTO and SBF launches, which diverted buyers from the resale market. Together, the July exercise offered 10,209 units in highly sought-after locations such as Toa Payoh and Bukit Merah,” said Eugene Lim, Key Executive Officer, ERA Singapore.

Million-dollar flats on the rise, yet remains a small share of total transactions  

“Flats in mature estates continue to make up the majority of million-dollar transactions, underscoring the strong demand for homes in more centrally located towns and those offering more extensive amenities.”

“Flats less than 15 years old are starting to make up a larger share of HDB million-dollar transactions. In 3Q 2025, 246 such transactions were recorded, accounting for over half of all million-dollar flat transactions.”

Table 1: Top 10 Towns with the Highest Million-Dollar Flats In 3Q 2025

“This quarter saw 11 transactions crossing the $1.5m mark, of which 10 involved flats under 15 years old. Notably, these included homes in Toa Payoh and Bukit Merah – two estates that consistently attract strong demand in the million-dollar flat segment. Coincidentally, these two residential towns have been selected as project sites for the upcoming October BTO exercise, signalling efforts to temper demand for HDB flats in these popular estates.”

“Coming up in October is the final BTO exercise of the year, which will offer around 9,100 BTO flats across eight housing towns – the largest supply of 2025.”

“The upcoming BTO launches offer prospective buyers the opportunity to be early movers into emerging housing precincts – such as Toa Payoh’s first housing project in Mount Pleasant, and the new Berlayar Estate at the former Keppel Club site in Bukit Merah, which forms part of the Greater Southern Waterfront development.”

“As a result, some buyers may hold off on immediate purchases in the resale market until the ballot results are released. A proportion of unsuccessful applicants are likely to return to the resale market in the months that follow.”

“With a reduced supply of MOP flats in 2025 – previously a key driver of price growth – we expect more moderate price growth and fewer transactions to round off the year. Overall, we project resale HDB prices to rise by 3%–6%, with total HDB flat transactions reaching about 26,000–27,000 by the end of 2025.”

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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