Key Highlights
- In September 2025, Singapore’s HDB resale market saw 172 flats sold at S$1 million or more - a new record high, accounting for 7.9% of all resale transactions.
- The HDB resale price index rose to 209.7, up 0.6% month-on-month and 4.8% year-on-year.
- Though the transaction volume dipped slightly to 2,186 flats (down ~1.2% from August) - potentially influenced by seasonal or market factors - demand held up overall.
Trends & Patterns
Larger flats led price gains:
- Executive flats: +1.4% month-on-month
- 4-room and 5-room flats: +0.6%
- 3-room flats: –0.9%
This suggests buyers are favoring more space.
- Over the past year, all flat types appreciated by between 3.7% and 4.9%.
- Mature estates such as Toa Payoh, Queenstown, and Bukit Merah dominated the million-dollar flat sales - Toa Payoh alone recorded 37 such deals.
- The month’s top-priced resale was a 5-room flat in the Central Area that fetched S$1.59 million.
- Even non-mature towns registered high-value transactions; for example, Woodlands saw an Executive flat sold for S$1.12 million.
Interpretation & Insights
- The surge in million-dollar HDB sales signals strong buyer confidence in the resale market, especially for premium flats and prime locations.
- With fewer new condominium launches in September, some buyers may have turned their attention back to HDB resale flats — particularly those offering more space at relatively lower cost than new condos.
- The market seems to be diverging: 1) First-time buyers are feeling pressure from rising prices and financing constraints. 2) Affluent buyers or upgraders are focusing more on location, condition and space, tolerating high prices for flats in mature estates.
- Mature estates with strong amenities and connectivity continue to command premiums — reinforcing their appeal as stable, long-term investments.
Source: 99.co