As Singapore’s public housing resale market continues its upward trajectory, 2025 has witnessed a pronounced surge in million-dollar transactions, with monthly records being broken multiple times throughout the year.
The milestone figures underscore the sustained demand for premium public housing units, particularly in centrally located estates. In April 2025, 141 HDB resale flats transacted at S$1 million or above, representing 6.1% of the 2,309 total resale transactions recorded that month. This marked the highest monthly figure in the preceding year, rising substantially from 108 units in March 2025.
Resale prices correspondingly increased by 0.7% month-on-month during this period, with year-on-year growth reaching 9.3% compared to April 2024. Despite the monthly gains, April 2025’s resale volume was 3.3% lower than the same month in 2024.
The momentum accelerated further into the latter half of the year, with September 2025 establishing a new monthly record of 172 HDB flats resold for at least S$1 million, surpassing July’s previous high of 167 units. These transactions comprised 7.9% of total resale activity for the month, broken down into 74 four-room flats, 61 five-room units, and 37 executive flats. The priciest resale in September was a five-room Pinnacle @ Duxton unit that sold for S$1.59 million on a high floor with 84 years of remaining lease.
September 2025 shattered records with 172 million-dollar HDB resales, as four-room flats dominated the premium market segment.
The HDB resale price index reached 209.7 in September, reflecting a 0.6% month-on-month increase and 4.8% year-on-year growth.
Toa Payoh consistently dominated the million-dollar segment, recording 27 such units in April and 37 in September. The estate also registered the highest individual transaction in April at S$1.49 million for a five-room flat in Lorong 1A Toa Payoh. Bukit Merah and Queenstown maintained strong showings across both periods, while Ang Mo Kio emerged prominently in September with 13 units.
Market analysts attributed the heightened activity to several converging factors, including GE2025 and tariff discussions that prompted buyers to secure purchases ahead of potential policy changes. Economic uncertainty similarly encouraged early market entries.
A discernible shift toward larger resale flats over new launches contributed to transaction volumes. Non-mature estates accounted for 59.7% of April’s resale volume, indicating sustained demand for space-oriented options beyond central locations. Real estate professionals navigating these high-value transactions must maintain robust customer due diligence protocols to ensure compliance with regulatory requirements.
Price appreciation varied across flat types, with three-room units recording the strongest year-on-year increase at 10.2%, followed by four-room flats at 9.5%, five-room at 8.5%, and executive flats at 6.8%.
