143 Million Dollar HDB Flats Sold in May 2025. A New Resale Record.

May 2025 set a new record in Singapore’s HDB resale market — 143 flats sold for $1 million or more, making up 6.3% of all resale transactions that month. This isn’t just a headline-grabbing number—it reflects a strong and sustained demand for spacious, well-located HDB flats, even as prices and borrowing rates remain elevated.

Let’s explore the full picture of Singapore’s HDB resale market in May 2025.

HDB Resale Prices Continued Their Steady Climb

HDB resale prices edged up by 0.1% from April to May 2025. On a year-on-year basis, prices have grown by 9.1% since May 2024 — a clear sign of consistent upward momentum.

Price Growth by Estate Type (May 2025):

• Mature estates: +0.5% (MoM), +10% (YoY)

• Non-mature estates: +0.1% (MoM), +8.5% (YoY)

Price Growth by Flat Type:

Buyers are clearly valuing larger flats in prime locations, as they offer more space and better amenities at a more affordable price than private condominiums.

HDB Resale Volume Dipped Slightly in May

In May 2025, 2,284 resale transactions were recorded — down 1.1% from April and 10% lower compared to the same month in 2024.

This dip in volume may be linked to the general election on May 3, which could have accelerated purchase decisions in April due to fears of possible cooling measures or policy shifts.

Resale Volume by Flat Type:

• 4-Room: 45% of all transactions

• 3-Room: 24.8%

• 5-Room: 24.3%

• Executive: 5.9%

4-room flats remain the top choice for most households, aligning with Singapore’s average household size of 3.10 persons, according to the 2023 SingStat report.

Why Are Million-Dollar HDB Flats on the Rise?

With 143 million-dollar flats sold, May 2025 broke records for luxury HDB transactions. These flats often feature:

• Prime locations (e.g., Toa Payoh, Queenstown, Bukit Merah)

• High-floor units with views

• Renovated interiors and proximity to MRT, schools, and malls

This trend shows that high-net-worth buyers are willing to pay a premium for space, convenience, and quality, even within the public housing market.

Estate Breakdown: Mature vs Non-Mature Areas

• Non-mature estates accounted for 58.4% of total resale volume

• Mature estates made up 41.6%

Non-mature towns like Punggol, Yishun, Sengkang, and Woodlands attract younger families and first-time buyers with:

• More new flats (longer leases)

• Modern layouts and smart home features

• Lower average prices 
  
  

  Conclusion

  May 2025 marked a turning point for Singapore’s HDB resale market. With strong price growth, record-breaking million-dollar transactions, and a shift toward spacious flats, it’s clear that buyer demand remains high—especially in mature estates and among upgraders. However, the slight dip in overall transactions suggests buyers remain cautious amid potential policy changes and macroeconomic factors.

  Whether you’re buying or selling, timing and strategy are key.
  
  

  Frequently Asked Questions (FAQ)

  Q1: Why are so many HDB flats selling for over $1 million?
  A: These flats are often located in central, mature estates, are on high floors, and offer exceptional views and amenities. Buyers value them as affordable alternatives to private condos.

  Q2: Are HDB resale prices expected to keep rising?
  A: As of now, prices have shown consistent growth. However, potential policy changes or economic headwinds could impact this trend.

  Q3: Should I buy in a mature or non-mature estate?
  A: Mature estates offer convenience and prestige, while non-mature estates offer newer flats with longer leases and more affordable prices.

  Q4: When is the best time to sell my HDB flat after MOP?
  A: Now could be a good time, especially if your unit is in a high-demand area. Consult with a property advisor to assess the market and your goals.

  Q5: How can I find out how much my HDB flat is worth?
  A: Use free online tools or consult a professional advisor. You can also check resale prices in your estate for comparison.