In Q3, HDB resale price growth slowed to 0.4%, the lowest level in five years

In Q3, HDB resale price growth slowed to 0.4%, the lowest level in five years

According to analysts, prices seem to be stabilising and may continue to consolidate in Q4.

October 24, 2025

In the third quarter of 2025, the resale prices of Singapore's public housing apartments increased at the slowest rate in five years due to a significant influx of new housing supply that took demand away from the resale market.

Resale apartment prices increased by 0.4% in Q3, according to data released by the Housing & Development Board on Friday, October 24. This was a slight increase from the 0.9% increase in Q2 and the 1.6% gain in Q1.

According to analysts, HDB resale prices seem to be stabilising following rapid growth in the previous year and may further consolidate in the final quarter. Prices increased by 9.7% in 2024, nearly twice as much as they had in 2023.

According to Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, "the growing price disparities have led to slower deal negotiations and a generally more challenging resale market, with more sellers asking for record prices and buyers showing resistance."

The senior director for data analytics at Huttons Asia, Lee Sze Teck, stated that since prices bottomed out in Q2 2019, they have increased by 55.7%. Prices have increased by 54.4% since "circuit-breaker" measures were implemented in April 2020.

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The 0.4% increase in Q3 was consistent with the previous flash estimates that were made public on October 1.

Additionally, it is the lowest quarterly increase in resale prices since Q2 2020, when growth of 0.3% was noted. The quarterly price increases since then have varied between 0.9% and 3.4%.

Resale flat prices increased by 2.9% in the first nine months of the year, which was less than the 6.9% increase in 9M 2024 and the 3.8% increase in 9M 2023, according to Realion's Sun.

More than 10,000 new apartments were launched in July, with over 5,500 Build-To-Order (BTO) apartments and 4,600 sales of remaining apartments, according to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. (SRI).

According to Lee of Huttons Asia, this took demand away from the HDB resale market because more than 3,900 of these apartments were either finished or had shorter waiting times of less than three years.

As a result, resale volume decreased 11.3% year over year (yoy). Volume increased by 1.7% to 7,221 units on a quarter-over-quarter (qoq) basis from 7,102 units in Q2.

Homebuyers with larger budgets who might have been considering million-dollar apartments costing up to S$1.5 million may have also been lured to the private market, according to Eugene Lim, ERA's chief executive officer.

"Upgraders were presented with compelling alternatives, as approximately 29% of all private non-landed home sales transacted within this price range," Lim stated. "This might have lessened the demand for more expensive resale apartments."

However, Lee reasoned that the slowing rate of price growth might indicate that buyers are resisting the price increase.

While 15 of the 26 HDB towns saw price increases of between 0.3 and 7.8% in Q3, he noted that this was the first time since 2019 that more than ten towns had experienced a quarterly price decrease. The average cost of executive and three-room apartments also decreased.

Clementi's resale apartments saw the biggest gains at 7.8%, followed by Central Area apartments at 6.3% and Geylang apartments at 5%.

The HDB towns with the highest median resale prices, according to HDB's Q3 data, were Sengkang for three-room apartments at S$550,000, the central region for four-room apartments at S$1.35 million, and Hougang for executive and five-room apartments at S$997,000.

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PropNex's head of research and content, Wong Siew Ying, reported that 480 million-dollar resale transactions were sold in Q3, setting a new record.

According to Lim of ERA, all but one of these were under 15 years old, and 11 of them sold for more than S$1.5 million.

According to Lim, some of them were in Toa Payoh and Bukit Merah, two estates that frequently see million-dollar apartments. In an attempt to reduce demand for HDB apartments in these well-liked estates, these two residential towns have coincidentally been chosen as project locations for the October BTO exercise.

This increased the number of million-dollar apartments for 9M 2025 to 1,243 units, which Wong pointed out is more than the 1,035 transactions recorded for the entire year 2024.

According to Wong, the number of million-dollar apartments sold could reach 1,500 by 2025 if the current trend continues.

As of the end of Q3, 59,001 HDB apartments were rented out in the rental market, a slight increase of 0.5% from Q2.

10,123 applications to rent out these apartments were approved by HDB, representing an 11% year-over-year increase and a 0.6% quarterly increase.

Considering the future

According to Lee of Huttons Asia, prices may further consolidate in Q4, bringing the full-year growth to 3–4%. It is anticipated that between 26,000 and 28,000 units will be resold.

According to Sandrasegeran of SRI, 13,500 apartments are anticipated to reach their minimum occupation period in 2026, which will "refresh the supply pool and keep the market dynamic."

Leasing demand might also decline, according to Realion's Sun, as businesses continue to be burdened by persistent economic uncertainty. This might lead to a "modest" annual rent increase of 2%.