The HDB resale market activity was somewhat flat in May, with sales volume marginally lower than that of April. Nonetheless, the average resale price still saw a slight uptick in the month, contributed by a higher proportion of flats resold at higher prices. In particular, the number of million-dollar resale flats sold has set a new monthly record in May 2025.

In May 2025, there were 2,281 HDB flats resold - down by 0.9% month-on-month from the 2,302 flats transacted in the previous month (see Chart 1). On a year-on-year basis, the HDB resale transactions in May was down by 8.4% from the 2,490 units sold in the corresponding month in 2024.

Still, the average resale price crept up by 0.8% to almost $658,000 in May from about $652,000 in April. When compared with the previous year, the average resale price rose by 9.6% from May 2024. The towns that saw the highest number of resale transactions during the month were Tampines, Sengkang, and Yishun.

Chart 1: HDB resale volume and average resale price

Chart 2: HDB resale flat transactions by price range

Notably, there was a slightly higher proportion of flats resold at higher price bands, based on PropNex's analysis of the transaction data. In May 2025, about 43% of the flats were resold at between $500,000 and $700,000, compared with 42% in April. Meanwhile, around 29% of the flats sold in May was priced at $700,000 to just under $1 million, up from 28% in the previous month. Additionally, 6.3% of the resale flat transactions in May fetched at least $1 million, compared with 6.1% in April (see Chart 2). In contrast, the proportion of flats resold for below $500,000 came in at 22% in May, slightly lower than the 23% in April.

Table 1: Average HDB resale flat prices by flat type, by town classification

By estate classification and flat type, sales data showed that executive flats in mature town posted a steeper price increase of 5.6% MOM (see Table 1), helped partly by million-dollar resale flat transactions. There were 54 executive flats transacted in mature towns, of which 34 units were resold for at least $1 million in May. Meanwhile, 5-room resale flats in mature estates saw a 1.0% MOM increase in the average resale price in May. The average resale prices in non-mature towns were mostly muted during the month.

During the month, there were a record 143 HDB resale flats that fetched at least $1 million (see Chart 3), accounting for 6.3% of the monthly transactions based on sales data. This is the second straight month that the proportion of such flats sold tipped over the 6% mark. In addition, it is also the highest monthly tally of such flats sold, surpassing the previous record of 141 units in April 2025. All in, there were a total of 632 units of million-dollar resale flats transacted in the first five months of 2025 - looking on track to surpass the 1,035 such flats resold in the entire 2024.

Chart 3: Number of HDB flats resold for at least $1 million by month

The 143 units of million-dollar flats resold in May comprised 52 units of 4-room flats, 45 units of 5-room flats, 45 executive flats, and a multi-gen flat. The towns with the highest number of such sales in May were Toa Payoh with 25 units, Bukit Merah and Queenstown with 16 such deals each, 13 flats in Kallang Whampoa, and 12 units in Ang Mo Kio.

Notably, the number of million-dollar flats resold hit the highest on record in three towns in May 2025 - being Ang Mo Kio (12 units), Jurong East (4 units), and Tampines (7 units).

Of the 143 units, 12 of them are located in non-mature towns Hougang, Jurong East, Woodlands, Yishun, and Punggol. The priciest flat resold in May was a 5-room unit at Pinnacle @ Duxton in Cantonment Road in the Central Area. The 107-sq m unit - located on floors between the 37th and 39th storey - fetched nearly $1.57 million (see Table 2).

Table 2: Top 10 HDB resale flats sold in May 2025 by Transacted Price

Outlook

With the school holidays in June, it is possible that resale activity could slow slightly as many families may be traveling abroad. Meanwhile, in July, the HDB is expected to launch about 5,400 Build-To-Order (BTO) flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands.

Given the attractive location of several BTO projects in July, there is a chance that some prospective buyers may be drawn to apply for a BTO flat, potentially siphoning demand from the resale flat segment. The well-located BTO projects include two sites near to the Redhill MRT station in Bukit Merah area which can collectively offer about 1,080 new flats, as well as a 750-unit project in Clementi Close which is near to the Clementi MRT station, which will be an interchange station for the Cross Island Line in the future. The two Bukit Merah projects could be sold as Prime Flats, while the one in Clementi may possibly be a Plus project, as it is close to the Clementi town centre and MRT station. Two other BTO projects may also be appealing, namely one in Simei near to the Upper Changi MRT station, and another in Toa Payoh Rise which is close to the Caldecott MRT interchange station (CCL/TEL).

Contact a PropNex salesperson to find out more about resale HDB market trends.