Singapore HDB Resale Market 2025: Record-Breaking Year with 1,594 Million-Dollar Flats

Market Overview

The Singapore HDB resale market recorded 25,113 transactions in 2025, with a total transaction value of S$16.38 billion. The median resale price reached S$628,000, while the average price stood at approximately S$652,000. Price density averaged around S$604 per square foot (psf) across all transactions.

July 2025 emerged as the peak activity month with 2,562 transactions and the highest total value, while September 2025 recorded the highest median price of approximately S$645,000.

The Million-Dollar Phenomenon

Growing Premium Segment

A total of 1,594 flats sold for S$1 million or above in 2025, representing approximately 6.35% of all transactions. This marks a significant milestone in the HDB resale market's evolution.

Flat types crossing the million-dollar mark:

• 4-room flats: 664 transactions
• 5-room flats: 557 transactions
• Executive flats: 368 transactions
• Only a handful of 3-room and multi-generation flats reached this threshold

Million-Dollar Hotspots

By transaction count, the top towns for million-dollar flats were:

1. Toa Payoh - 302 transactions
2. Bukit Merah - 216 transactions
3. Queenstown - 173 transactions
4. Kallang/Whampoa - 147 transactions
5. Clementi - 106 transactions
6. Bishan - 98 transactions

By proportion (among towns with at least 200 transactions):

• Queenstown leads at 28.5% of all transactions
• Toa Payoh follows closely at 28.4%
• Bishan at 26.1%
• Bukit Merah at 23.1%
• Clementi at 19.2%
• Kallang/Whampoa at 18.5%

Premium Streets

The streets with the highest concentration of million-dollar transactions were:

• Bidadari Park Drive (Toa Payoh) - 88 transactions
• Dawson Road (Queenstown) - 64 transactions
• Clementi Avenue 3 (Clementi) - 53 transactions
• Cantonment Road (Central Area) - 52 transactions
• Lorong 1A Toa Payoh - 47 transactions
• Alkaff Crescent (Toa Payoh) - 43 transactions
• Boon Tiong Road (Bukit Merah) - 38 transactions

Most Active Towns

By Transaction Volume

The towns with the highest number of resale transactions in 2025 were:

1. Tampines - 1,921 transactions
2. Sengkang - 1,909 transactions
3. Woodlands - 1,751 transactions
4. Yishun - 1,706 transactions
5. Jurong West - 1,592 transactions
6. Punggol - 1,538 transactions

By Total Value Traded

The highest transaction values were recorded in:

1. Tampines - approximately S$1.37 billion
2. Sengkang - approximately S$1.28 billion
3. Woodlands - approximately S$1.07 billion
4. Punggol - approximately S$1.04 billion
5. Yishun - approximately S$0.96 billion

Premium Pricing Analysis

Highest Median Prices by Town

• Bukit Timah - approximately S$963,000 (limited volume)
• Bishan - approximately S$849,000
• Queenstown - approximately S$815,000
• Bukit Merah/Toa Payoh - approximately S$785,000
• Central and Kallang areas also commanded premium pricing

Price Density Leaders

Towns with the highest median price per square foot:

• Queenstown - approximately 914 psf
• Central Area - approximately 831 psf
• Bukit Timah - approximately 824 psf
• Bukit Merah - approximately 810 psf
• Bishan - approximately 756 psf

Most Transacted Streets

The streets with the highest transaction volumes indicate strong buyer preference and supply availability:

• Canberra Street (Sembawang) - 413 transactions
• Yishun Ring Road (Yishun) - 333 transactions
• Tampines North Drive 1 (Tampines) - 313 transactions
• Bukit Batok West Avenue 8 (Bukit Batok) - 274 transactions
• Bedok Reservoir Road (Bedok) - 226 transactions
• Ang Mo Kio Avenue 10 - 216 transactions
• Punggol Drive - 193 transactions

Price Ranges by Flat Type

Median prices and typical range (middle 50%):

• 2-room: S$368,000 median (S$347,000 - S$388,000)
• 3-room: S$445,000 median (S$405,000 - S$510,000)
• 4-room: S$630,000 median (S$560,000 - S$728,000)
• 5-room: S$736,000 median (S$665,000 - S$840,000)
• Executive: S$901,000 median (S$828,000 - S$999,000)

Key Market Insight: Lease Duration Matters

Analysis of 2025 data reveals that remaining lease duration significantly impacts pricing:

• Remaining lease durations ranged from approximately 40 to 95 years, with a median of 72 years
• The correlation between remaining lease and price per square foot is approximately 0.51, indicating a moderate to strong relationship
• Longer remaining leases generally commanded higher prices per square foot

This finding underscores the importance of considering lease duration when evaluating HDB resale options.

Record-Breaking Transaction

The highest single transaction in 2025 reached S$1,658,888 for a 5-room flat on Dawson Road in Queenstown. The unit was located on a high floor (22-24 storey range), featured a premium model, and had approximately 90 years of remaining lease.