Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
In May, Minister for National Development Chee Hong Tat specified that the federal government might eliminate the 15-month wait-out period for private home proprietors getting a non-subsidised HDB resale flat if resale prices in the HDB market continue to regulate. The wait-out duration was presented by the state back in September 2022 as part of a collection of property cooling steps.
On the other hand, the standard price of exec apartments climbed up 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat deals following two successive quarters of decrease, claims Sun. “Moreover, approximately a 3rd or 116 units of the 414 executive apartments were negotiated at high prices of at least a million bills in 2Q2025,” she adds.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, in addition to an increase in the allowance quota for second-timer families buying three-room or larger BTO units, could attract more buyers to the BTO launch, easing supply pressure in the resale market. In addition, private property owners wanting to downgrade may hold back from getting a resale flat while the government evaluates the 15-month wait-out period, he believes.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity normally viewed in the 2nd and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further added to the 2Q2025 quantity.
Huttons estimates full-year HDB resale flat volume to clock in between 26,000 and 28,000, while resale flat rates could expand in between 4% and 6%.
Looking up front, resale flat rates are going to carry on expanding decently for the remainder of the year, backed by stable economic basics and declining interest rates, predicts Realion’s Sun. At the same time, an increase in total flat supply will supply more alternatives for buyers, tempering any type of considerable rate increases, she says.
Resale rates have now expanded 2.5% since the start of the year, less than the 4.2% boost registered in the first half of 2024, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “With the ongoing easing of HDB resale costs, there is growing anticipation that the authorities might examine or lift the current 15-month wait-out period for private property owners,” he notes.
Huttons’ Lee highlights that million-dollar flat bargains remained to expand in 2Q2025, with 408 such deals taped. This is 17.2% more than the previous quarter, and represents regarding 6% of overall resale amount. “The average cost of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
The weaker resale price growth last quarter was shown across most flat kinds, states Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat information, Sun emphasize that average costs for four- and five-room condos enhanced by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the initial quarter. Additionally, two- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the last quarters.
HDB resale flat rates laid out their 21st continuous quarter of progress in 2Q2025, climbing 0.9% q-o-q, flash assessments suggest. However, the rate growth is weaker matched up to the 1.6% and 2.6% growth recorded in the previous 2 quarters. It is also the lowest q-o-q rise from 2Q2020, mentions HDB in a July 1 release.
Resale flat volume completed 6,981 purchases last quarter, based upon HDB data up to June 29. This is 5% less than the 7,352 deals registered over the very same period last year. The smaller volume is most likely due to limited resale flat stock, says Lee Sze Teck, elderly supervisor of information analytics at Huttons Asia.
Wong Siew Ying, head of research study and content at PropNex Realty, mirrors the view. “With HDB resale prices possibly climbing at the slowest clip in 5 years in 2Q2025 and three back-to-back quarters of softer price increases lately, we think it is timely for the government to seriously consider getting rid of the 15-month wait-out duration this year, which will help former private property owner to right-size to an HDB resale flat,” she says.
