HDB resale prices rose 1.5% in Q1 2025 – the 20th straight quarter of growth – hitting a new RPI high of 200.9. While transactions dipped 7.7% YoY to 6,392 units amid cooling measures and BTO competition, million-dollar flats hit a record 348 (5.5% of sales). With BTO rejections and returning buyers, PropNex expects stronger H2 demand and 5-7% full-year price growth.
Price Movement
- HDB resale prices rose 1.5% QOQ, slowing from 2.6% QOQ in Q4 2024.
- This marks the 20th consecutive quarter of HDB price increases.
- Resale Price Index reached a new high at 200.9.
Transaction Volume
- 6,392 flats resold (↓7.7% YOY from 6,928 units in Q1 2024).
- Contributing factors:
- Cooling measures still working through the market.
- Feb 2025 launch of 10,622 new BTO and SBF flats diverted some demand.
Million-Dollar Flats
- 348 resale flats ≥$1M – a new quarterly high.
- Breakdown: 148 (4-room), 123 (5-room), 77 (executive).
- 22% increase from 285 units in Q4 2024.
- Represents 5.5% of total transactions.
- More 4-room million-dollar transactions, especially in newer MOP flats in Bidadari, Dawson, Toa Payoh, etc.
- 2025 on track to surpass 1,000 million-dollar flat transactions again (2024: 1,035).
Outlook
- Q1 2025 among weaker resale quarters in recent years.
- Buyers drawn to BTOs/SBFs with shorter wait times and ready-to-move-in options.
- PropNex expects resale demand to pick up in Q2–Q3, due to:
- BTO rejection fallback.
- PRs, families, and former private owners re-entering market after 15-month wait-out.
- Resale prices expected to rise by 5%–7% in 2025.
- Resale volume forecast: 28,000–29,000 units for 2025.
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