Singapore’s HDB resale market set a new milestone in February 2025, as the number of million-dollar flats sold in a month hit an all-time high, surpassing the previous record from July 2024. Even though overall resale transactions declined, demand for high-value flats remained strong.
Fewer resale transactions this month stemmed partly from the Sale of Balance Flats (SBF) and new Build-To-Order (BTO) launches in February. However, steady resale price growth indicates that the ongoing ready-to-move-in supply constraints and shifting buyer preferences continue to shape the market.
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HDB resale prices grew almost 10% over the past year
HDB resale prices rose by 0.9% from January 2025, bringing the year-on-year increase to 9.8%. Both mature and non-mature estates recorded price growth in February, with increases of 1.5% and 0.4%, respectively. 3-room, 5-room, and Executive flats drove this price rise, gaining 2.2%, 1%, and 3.1%, respectively. Meanwhile, 4-room flats saw a slight dip of 0.2%.
Compared to a year ago, all flat types recorded significant price appreciation. 3-room flats led with an 11.4% increase, followed by 4-room (9.5%), 5-room (9.2%), and Executive flats (7.7%). The strong annual growth reflects a tight supply of resale flats, as fewer units reached their Minimum Occupation Period (MOP) over the past year, allowing sellers to set higher prices.
HDB median resale price in February 2025
The overall median resale price for HDB flats recorded in February was S$630,000. The median price represents the middle value of all transactions, meaning half of the resale flats sold for more than this amount, while the other half transacted for less. This figure provides a useful benchmark for understanding overall market affordability and pricing trends, as it is less affected by outliers compared to average prices.
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Expected decrease in HDB resale activity
The number of resale transactions declined to 2,104 units in February, down from 2,329 in January. This 9.7% decrease was expected, given that the month saw the launch of 10,622 flats through the February 2025 BTO and SBF exercises.
The SBF exercise alone offered over 5,500 units, with around 40% of the flats ready for immediate occupancy. This might take some attention away from the resale market for the month. Additionally, lower interest rates also might encourage some to opt for private property instead.
This month’s overall resale volumes were 1.4% lower compared to February 2024.
Breaking it down by flat type, 4-room flats continued to dominate resale activity, accounting for 42.9% of transactions. 3-room, 5-room, and Executive flats made up 26.8%, 23.8%, and 6.5% of sales, respectively.
By estate type, non-mature estates accounted for 58.5% of all resale transactions, while mature estates made up the remaining 41.5%. The distribution trend recorded for the past year suggests that affordability continues to be a key factor for buyers, with many opting for flats in suburban areas where prices are relatively lower.
Record number of million-dollar HDB flats sold
February 2025 marked a historic moment for the resale market, with 121 million-dollar flats changing hands — the highest number ever recorded in a single month. This new peak surpassed the previous record of 120 units set in July 2024. These high-value transactions made up 5.8% of total resale sales in February.
Toa Payoh and Bukit Merah led the million-dollar market in February, with 21 such transactions each. Queenstown and Kallang/Whampoa followed closely, recording 14 sales each. Other estates that saw million-dollar deals included Clementi, Ang Mo Kio, and Tampines, among others.
The most expensive resale flat sold in February was a 5-room unit at The Peak @ Toa Payoh, which changed hands for S$1.558 million. The development has contributed to numerous million-dollar flat transactions over the past year.
In non-mature estates, the priciest transaction was an Executive flat at Yishun Street 81, which fetched S$1.1 million. The continued demand for million-dollar flats suggests that buyers remain willing to pay a premium for larger or well-located units, even as overall transaction volumes softened.
What’s next for the HDB resale market?
Looking ahead, the resale market is expected to remain steady, with prices maintaining an upward trend. While the resale market faces competition from the upcoming July BTO launch, the limited supply of flats reaching MOP could keep resale prices stable or even higher in 2025.
Additionally, the newly implemented BTO classification system, which categorises flats as Standard, Plus, or Prime with different resale and subsidy conditions, may have pushed more buyers toward the resale market for greater flexibility.
If the current momentum persists, overall HDB resale prices may see further gains, with transaction volumes stabilising in the months ahead. Buyers and sellers should closely monitor market trends to navigate the evolving landscape effectively.
Planning to purchase a resale flat? Run it by 99.co’s affordability calculator to see if it aligns with your financial planning.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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