A substantial wave of million-dollar HDB resale transactions characterized Singapore’s public housing market throughout 2025, with the third quarter alone recording 480 flats at or above the $1 million threshold—a new quarterly high that underscored the sustained momentum in the premium segment of the resale market.
The trajectory of million-dollar transactions demonstrated consistent acceleration across the year, with Q2 2025 registering 415 such deals, representing a 19.3% increase from Q1’s 348 units. September 2025 proved particularly notable, with 172 million-dollar HDB resales recorded in a single month—the highest monthly figure documented at that point.
Million-dollar HDB deals surged through 2025, with September’s 172 transactions marking a record-breaking monthly high.
By the close of the first nine months, 1,243 million-dollar transactions had already surpassed the full-year 2024 total of 1,035 units, prompting major agencies to project full-year 2025 sales reaching 1,500 to 1,550 units, approximately 50% higher than the previous year.
The composition of these premium transactions revealed sustained demand across larger flat configurations. Among the 1,243 million-dollar deals in the first three quarters, four-room flats accounted for 520 units, followed by 424 five-room flats, 295 executive flats, three multi-generation units, and one terrace unit.
September’s breakdown included 74 four-room, 61 five-room, and 37 executive flats, reflecting continued appetite for family-sized configurations with strong locational advantages.
Geographic patterns concentrated in central and city-fringe estates, with Toa Payoh frequently leading monthly tallies—recording 27 million-dollar deals in April and 37 in September. Queenstown, Bukit Merah, Kallang/Whampoa, and Ang Mo Kio also featured prominently among leading towns for premium resales. The highest price recorded in April was S$1.49 million for a five-room flat at Lor 1A Toa Payoh. Areas with younger populations tend to yield higher appreciation rates, contributing to the premium valuations observed in these neighborhoods.
Despite record activity in the million-dollar segment, broader market indicators pointed toward moderating conditions. The HDB resale price index rose 2.9% in the first nine months of 2025, compared with 6.9% over the same period in 2024. Q3 2025 reflected the slowest quarterly growth in five years, signaling a cooling trend in the broader resale market.
Full-year price growth was forecast at 3% to 4%, substantially below 2024’s 9.7% appreciation.
Average prices across most flat types in both mature and non-mature towns during Q3 2025 remained flat or showed only marginal growth.
Demand in the mass market segment exhibited price resistance, tempering broad-based increases even as premium transactions continued setting records.
