Singapore’s HDB resale market rebounded strongly in September 2025, achieving an all-time record of 172 million-dollar transactions, according to data released by the Singapore Real Estate Exchange (SRX) and 99.co on 6 October 2025.
Resale prices rose 0.6% month-on-month, reaching a new peak as the HDB resale price index climbed from 208.5 in August to 209.7, a 4.8% increase year-on-year.
Despite a slight dip in transaction volume, the market remains buoyant, supported by continued demand across both mature and non-mature estates.
Mixed performance across flat types
Prices in mature estates rose 0.4%, while those in non-mature estates gained 0.6%.
By room type, executive flats led with a 1.4% increase, followed by 4-room and 5-room units at 0.6% each.
In contrast, 3-room flats slipped 0.9%, suggesting greater caution among first-time buyers facing financing constraints.
Over the past year, all flat categories recorded gains between 3.7% and 4.9%, reinforcing the strength of the resale segment.
The figures underline a steady market driven by upgrader activity, limited new Build-To-Order (BTO) supply in mature estates, and the widening affordability gap between condominiums and resale flats.
Transaction volume eases but remains steady
In September, 2,186 flats were transacted, marking a 1.2% decline from August and 1.4% lower than September 2024.
Despite the modest slowdown, analysts note this level is healthy for a post–Hungry Ghost Month period, when activity typically softens.
More than 57% of transactions came from non-mature estates such as Sengkang, Woodlands, and Jurong East, which continue to attract buyers seeking larger living spaces at relatively accessible prices.
Mature estates, accounting for 42.5% of total sales, remain constrained by limited supply but retain appeal due to proximity to established amenities and transport links.
Four-room flats dominate transactions
Four-room units made up 45.5% of all sales, followed by five-room (25.1%), three-room (22.8%), and executive flats (6.7%).
This distribution underscores the continued popularity of mid-sized units, balancing affordability with sufficient living space for families.
According to Luqman Hakim, Chief Data and Analytics Officer at 99.co, the subdued pace of private housing launches may have channelled buyers’ attention to the resale market.
He explained, “In August, only two new launches were rolled out — Springleaf Residences and One Holland Village Residences — and September had none, with Skye at Holland only previewing later in the month.”
Surge in million-dollar flat transactions
A key highlight of September was the record-breaking 172 million-dollar resale flats, up sharply from 141 in August.
These transactions represented 7.9% of all sales, the highest monthly proportion ever recorded.
The top transaction was a five-room flat in the Central Area, sold for S$1.59 million, reflecting the enduring appeal of central and rare flat types.
Even non-mature towns such as Woodlands saw million-dollar deals, with one executive flat fetching S$1.12 million, signalling that premium demand is expanding beyond traditional city-centre locations.
Toa Payoh leads the million-dollar club with 37 million-dollar transactions
Among towns, Toa Payoh topped the list with 37 million-dollar transactions, followed by Queenstown and Bukit Merah, each with 18.
These mature estates remain highly sought after for their central locations, well-developed infrastructure, and proximity to MRT stations.
According to Luqman Hakim, “With fewer condo options, some buyers — particularly potential HDB upgraders — may have returned to resale flats instead. Even at S$1 million and above, they still offer more space at lower prices than nearby condominiums.”
Market stability reflects long-term confidence
Despite broader market uncertainties, the HDB resale sector continues to demonstrate resilience. Analysts attribute the stability to genuine owner-occupier demand rather than speculative buying.
Larger and executive flats, in particular, continue to draw steady interest from families seeking more space or homeowners downsizing from private property.
The sustained high-value activity, even amid a minor dip in total transactions, points to a mature, self-regulating market driven by necessity rather than exuberance.
Diverging buyer segments emerge
Industry watchers observe that the resale market is now split between two main buyer groups.
First-time buyers face affordability pressures as financing limits tighten, while upgraders and higher-income households are prioritising location, flat condition, and spacious layouts.
This dynamic has kept prices elevated without triggering excessive speculation.
The result is a market that remains active but increasingly selective, with central locations commanding premiums and peripheral estates absorbing volume demand.
Central estates remain the premium benchmark
The clustering of million-dollar transactions in Toa Payoh, Queenstown, and Bukit Merah underscores an enduring truth in Singapore’s property landscape — location remains the ultimate differentiator.
Older, centrally located estates with well-established amenities continue to outperform, especially as new supply in these areas remains limited.
The combination of convenience, rarity, and accessibility ensures these towns will likely stay at the forefront of high-value HDB transactions.
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