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|April 03,2025HDB Resale Market Activity Slowed in March 2025
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For a second consecutive month, the HDB resale flat market saw slower sales in March 2025, with resale prices coming in relatively flat. The lower sales volume could have influenced pricing during the month, but it could also be indicative of some price resistance setting in, since HDB resale flat prices have risen unabated for several years now.
Based on the flash estimates released recently, the HDB resale price index rose by 1.5% in Q1 2025 from Q4 2024 - clocking 20 straight quarters of growth. In fact, the HDB resale flat segment has been the top performer in the residential property market since the Covid-19 pandemic, posting a 52.8% price growth between Q1 2020 and Q1 2025.
In March, there were 1,910 flats resold according to sales data - down by 9% from the 2,097 units transacted in the previous month. When compared with the previous year, the transaction volume fell by about 7% from March 2024. Meanwhile, the average resale price remained relatively unchanged month-on-month (MOM) in March at $644,605, but it was up by 8% on a year-on-year basis (see Chart 1). The top three towns that saw the highest number of resale transactions during the month were Tampines, Jurong West, and Sengkang.
Chart 1: HDB resale volume and average resale price
Source: PropNex Research, data.gov.sg (retrieved on 1 April 2025)
In a potential sign that buyers may be getting more averse to paying ever higher prices for resale flats in mature towns, the average resale price of various flat types fell in March from February. The larger units saw a bigger fall as the average resale price of 5-room flats and executive flats declined by 3.8% MOM and 2.7% MOM, respectively (see Table 1). The average price of 3-room resale flats dropped by 1.5% MOM, but that of 4-room flats inched up by 0.2% MOM in March.
In non-mature estates, the average resale price of executive flats saw the steepest MOM decline in March at 1.3%, followed by 3-room flats where the average resale price eased by 0.3% MOM. Meanwhile, 4-room resale flats and 5-room units in non-mature towns saw average price gains of 1.4% and 0.6%, respectively (see Table 1).
Table 1: Average HDB resale flat prices by flat type, by town classification
Mature towns | Non-mature towns | |||||
Feb-25 | Mar-25 | % change MOM | Feb-25 | Mar-25 | % change MOM | |
| 3 ROOM | $486,972 | $479,803 | -1.5% | $445,989 | $444,728 | -0.3% |
| 4 ROOM | $764,762 | $766,437 | 0.2% | $600,456 | $608,880 | 1.4% |
| 5 ROOM | $926,547 | $891,473 | -3.8% | $704,881 | $709,408 | 0.6% |
| EXECUTIVE | $1,016,682 | $989,142 | -2.7% | $854,613 | $843,269 | -1.3% |
Based on the sales data, the proportion of HDB flats resold for under $500,000 in March was 24.2% compared with 24.5% in February, while the portion of resale flats sold at prices ranging from $500,000 to just under $1 million came in at 70.1% in March, up slightly from 69.7% in the previous month. Meanwhile, the proportion of million-dollar resale flats dipped from 5.8% in February to 5.7% in March (see Chart 2).
Chart 2: HDB resale flat transactions by price range
Chart 3: Number of HDB flats resold for at least $1 million by month
In March, there were 108 resale flats that were sold for at least $1 million, about 11% lower than the record 121 units resold in the previous month (see Chart 3). This takes the number of million-dollar resale flats transacted in Q1 2025 to a quarterly record-high of 348 units. It is also higher than the 285 such sales in Q4 2024. PropNex anticipates that the number of such flats resold in 2025 could likely breached 1,000 units again. In 2024, there were 1,035 flats that fetched at least $1 million on the resale market.
The million-dollar resale flat sales in March were led by Toa Payoh with 25 units, followed by Bukit Merah with 18 transactions, and 10 in Kallang Whampoa, amongst others. Of the 108 units, six are located in non-mature towns in Woodlands, Jurong East, Hougang and Bukit Batok. Overall, the million-dollar flats resold in March comprised 48 units of 4-room flats, 37 units of 5-room flats, and 23 units of executive flats.
The top resale flat deal by price in March was for a 4-room flat at Pinnacle @ Duxton in Cantonment Road. The 94-sq m flat is located on a high floor between the 49th and 51st storey, and it was sold for $1.518 million (see Table 2). This is a record high transaction price for a 4-room resale flat, based on sales data.
Table 2: Top 10 HDB resale flats sold in March 2025 by Transacted Price
Town | Type | Street | Storey range | Floor area (SQ M) | Lease start date | Resale price | PSF ($) |
CENTRAL AREA | 4 ROOM | CANTONMENT RD | 49 TO 51 | 94 | 2011 | $1,518,000 | $1,500 |
BISHAN | EXECUTIVE | BISHAN ST 12 | 22 TO 24 | 163 | 1987 | $1,500,000 | $855 |
BISHAN | 5 ROOM | BISHAN ST 24 | 19 TO 21 | 120 | 2011 | $1,480,000 | $1,146 |
QUEENSTOWN | 5 ROOM | DAWSON RD | 28 TO 30 | 107 | 2020 | $1,468,888 | $1,275 |
CENTRAL AREA | 5 ROOM | CANTONMENT RD | 10 TO 12 | 106 | 2011 | $1,430,000 | $1,253 |
BISHAN | 5 ROOM | BISHAN ST 24 | 07 TO 09 | 120 | 2011 | $1,400,000 | $1,084 |
QUEENSTOWN | 5 ROOM | DAWSON RD | 10 TO 12 | 108 | 2016 | $1,350,000 | $1,161 |
TOA PAYOH | 5 ROOM | BIDADARI PK DR | 16 TO 18 | 114 | 2020 | $1,340,000 | $1,092 |
BUKIT MERAH | 5 ROOM | HAVELOCK RD | 07 TO 09 | 114 | 2013 | $1,338,888 | $1,091 |
TOA PAYOH | 5 ROOM | BIDADARI PK DR | 13 TO 15 | 113 | 2020 | $1,330,000 | $1,093 |
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