The big news for the HDB resale market? May 2025 hit an all-time high with 143 HDB flats selling for a million dollars or more. That’s an incredible 6.3% of all HDB resale transactions for the month!
This isn’t just a random spike; it’s a clear sign that demand for top-tier HDB homes is incredibly strong, and these properties are holding their value remarkably well. Now that we’re done with the celebrations, let’s dive deeper into this month’s trends.
Table of Contents
- HDB resale prices continued to show steady climb
- HDB sales volume: A slight pause, but still active
- The million-dollar HDB resale market: Why so pricey?
- Final thoughts
HDB resale prices continued to show a steady climb
Overall, HDB resale prices kept inching up in May 2025, showing a small 0.1% increase from April. But if you zoom out, the picture is even clearer: we’ve seen a solid 9.1% year-on-year growth since May 2024. 
When we look closer, both the older, mature estates and the non-mature ones saw price increases, up by 0.5% and 0.1% month-on-month respectively. Over the past year, mature estates have jumped in price by 10%, while non-mature estates weren’t far behind with an 8.5% rise. 
As for flat types, 4-room, 5-room, and Executive flats all saw their prices go up by 0.2%, 0.2%, and 2% (respectively) in May. Only 3-room flats dipped slightly by 0.1%. Year-on-year, every flat type gained ground: 3-room by 9.9%, 4-room by 9.5%, 5-room by 6.9%, and Executive by a robust 10.2%.
This consistent price growth, especially for bigger flats and in popular estates, tells us something important about what buyers are looking for. With private condo prices staying high and not many new ones available, more buyers with healthy budgets are turning to spacious HDB homes in great locations.
These flats offer a high value-for-money and a comfortable lifestyle as they are mostly designed with necessary amenities in mind, and are often available at a more accessible price point than private options.
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HDB sales volume in May: A slight pause, but still active
While prices kept climbing, the number of HDB resale flats sold in May 2025 dipped a little. We saw 2,284 transactions, which is down 1.1% from April and 10% lower than a year ago.
The slight slowdown in volume, despite the strong price growth, might also be linked to the general election on 3rd May. Sometimes, buyers try to wrap up their deals quickly when they anticipate potential policy changes or new cooling measures after an election.
This could have pushed some buyers to secure their homes earlier, contributing to the high number of big-ticket transactions we saw. 
Looking at what’s selling:
- 4-room flats are still the most popular, making up 45% of all transactions
- 3-room flats accounted for 24.8% of resale volume
- 5-room flats accounted for 24.3% of resale volume
- and Executive flats for 5.9% of total resale volume
The high demand for 4-room flats is in keeping with the demographic shifts seen in Singapore in recent years. The country’s average household size has decreased over the years. According to SingStat’s “Key Household Characteristics and Household Income Trends” (2023 report), the average resident household size in Singapore in 2023, was 3.10 persons, down from 3.53 in 2000 and 4.87 in 1980.
A 4-room flat offers the right balance of space for such families without the higher costs and maintenance of a 5-room or executive flat. 
When broken down by estate type, non-mature estates accounted for a significant 58.4% of the resale volume, while mature estates made up the remaining 41.6%. Towns such as Toa Payoh, Bukit Merah, Queenstown, and Kallang Whampoa led in transaction numbers, reflecting continued strong demand in these areas.
Non-mature estates typically offer lower resale prices compared to mature estates. This makes them especially attractive to first-time buyers and upgraders who are more price-sensitive and looking to maximise value for money. Many non-mature estates (such as Punggol, Sengkang, Yishun, and Woodlands) also have a larger supply of newer HDB flats, along with updated amenities.
These flats have longer remaining leases, modern layouts, and updated facilities, which appeal to buyers concerned about lease decay and future resale value.
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The million-dollar HDB resale market: Why so pricey?
The fact that 143 HDB flats sold for a million dollars or more in May is truly the highlight. This is a new record, surpassing April’s 141 units, and it confirms that million-dollar HDBs are here to stay.
The highest price paid in May was an astonishing S$1,568,380 for a 5-room flat at Pinnacle@Duxton. This iconic development in the Central Area consistently attracts top prices, and it’s easy to see why.
Pinnacle@Duxton isn’t just an HDB block; it’s a landmark. As the first 50-storey public housing project, its unique design, born from a worldwide competition, sets it apart.
Residents enjoy breath-taking panoramic city views from its two sky bridges on the 26th and 50th storeys, with the latter even open to the public. These sky gardens aren’t just for show, though! They feature jogging tracks, playgrounds, and fitness corners, offering amenities typically found in private condominiums.
The Pinnacle’s location is unbeatable: a short walk to multiple MRT lines (Outram Park, Tanjong Pagar, Maxwell) giving residents seamless access to the CBD and beyond.
Plus, with a number of hawker centres, supermarkets, and schools like Cantonment Primary right on its doorstep, Pinnacle@Duxton truly offers a lifestyle that justifies its premium.
But it’s not just the usual suspects.
An Executive flat in Hougang Central also sold for S$1,150,000, proving that desirable homes and significant value can be found beyond the traditional, older neighbourhoods.
Executive flats in Hougang are often known for their generous sizes and distinctive large, semi-circular balconies.
This particular unit’s high price likely reflects its proximity to the Hougang MRT interchange (connecting to the North East and Cross Island Lines), well-established amenities including Hougang Mall and various schools, and the overall appeal of a mature “heartland” estate that offers a strong sense of community and convenience.
These high-value transactions are notably concentrated in specific towns. Toa Payoh led the charge with 25 million-dollar flats sold, a testament to its strong appeal and well-established infrastructure.
Bukit Merah and Queenstown followed closely, each recording 16 units, highlighting their enduring popularity and strategic locations. Kallang/Whampoa also saw significant activity with 13 such units.
Beyond these frontrunners, million-dollar transactions were also recorded in Ang Mo Kio, Bishan, Tampines, Central Area, Clementi, Serangoon, Bukit Timah, Jurong East, Bedok, Hougang, Geylang, Marine Parade, Woodlands, Pasir Ris, Punggol, and Yishun.
This broad geographical spread shows that buyers are finding exceptional value across diverse estates in Singapore.
Final thoughts
It’s clear that HDBs, especially those in prime spots or with larger layouts (like Executive flats), are increasingly becoming a serious alternative to private condominiums.
For a growing segment of buyers, particularly those who might find private property prices a stretch or who simply desire more space and a strong community feel, the HDB resale market offers an incredibly compelling proposition.
It’s not just about affordability anymore. It’s about HDBs evolving into a highly desirable asset class that provides both a great lifestyle and solid investment potential. This market is maturing, and buyers are making smart choices based on value, space, and location, which certain HDBs are now delivering in spades.
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