Singapore HDB resale transactions edge up 0.8% in Q3

Propnex said it was the slimmest increase since Q2 2020.

Singapore’s public-housing resale market showed mixed momentum in the third quarter, with 7,157 HDB resale transactions—up 0.8% from the second quarter but 10.9% below a year earlier.

According to Huttons’ Lee Sze Teck, demand was diverted by concurrent BTO and Sale of Balance Flats launches and a July policy change, flagging 1,396 Shorter Waiting Time BTO units and over 4,600 SBF flats (including 1,733 completed units) that likely drew buyers away from resale.

He added that some buyers may be waiting for the October BTO in Bishan, the Greater Southern Waterfront, and Toa Payoh.

Huttons expects 4Q activity to slow on the large October BTO exercise and year-end seasonality, projecting 26,000–28,000 resale transactions in 2025 with prices up 3%–4%.

Separately, Christine Sun of OrangeTee-Realion said HDB resale prices rose 0.4% QoQ in Q3 2025, the fourth consecutive slowdown and smallest quarterly gain since Q2 2020, bringing YoY growth to 5.6% and year-to-date gains to 2.9%.

She attributed the cooling to competition from over 20,000 BTO/SBF units launched in February and July, with more than 9,000 flats slated for October, including Mount Pleasant and Greater Southern Waterfront sites.

By flat type, Sun noted QoQ gains for five-room (+0.7%) and four-room (+0.3%) units, alongside declines in one-room (–0.4%), three-room (–0.9%), executive (–1.5%) and multi-generation (–6.2%); two-room prices rose 3.1%.

On the million-dollar segment, Sun said transactions hit a new quarterly high of 480 (up 15.7% from 415 in Q2), with the two priciest deals at Pinnacle@Duxton (five-room units at $1.6m and $1.59m).

PropNex echoed a 0.4% QoQ price rise, calling it the slimmest increase since Q2 2020, and said more than 7,100 resale flats were transacted in Q3.

It forecasts 27,000–28,000 resale deals in 2025 and 3%–4% price growth, citing ample BTO/SBF supply—including attractive locations and shorter waiting times—as drawing some buyers from the resale market. PropNex also highlighted a low MOP cohort (~8,000 units in 2025), which may keep resale stock tight.

The agency noted another record quarter for million-dollar flats: 480 in Q3 and 1,243 year-to-date, already surpassing 2024’s record of 1,035; Toa Payoh (92) led by town, followed by Bukit Merah (61) and Kallang/Whampoa (40).

It added that possible easing of the 15-month wait-out period and a review of the BTO income ceiling could further moderate resale demand.

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