HDB resale prices dip 0.1% in August, transactions fall 14.3% amid ‘seasonal’ slowdown, analyst says

SINGAPORE: The Housing & Development Board’s (HDB’s) flash report showed resale prices slipped 0.1% in August 2025 as transactions fell 14.3% from July to 2,211 flats, a slowdown that 99.co’s Chief Data and Analytics Officer Mr Luqman Hakim said was seasonal, as the Hungry Ghost Festival tends to make buyers more cautious about major financial commitments. Compared to last year, transactions were also 15.2% lower.

Despite the monthly dip, which Mr Hakim said was not “unusual”—a sign that the market is plateauing rather than showing weakness—he noted that prices were still 6% higher than a year ago, suggesting steady demand for HDB resale flats.

According to 99.co, prices in mature estates dropped 0.3% in August, while non-mature estates dipped 0.1%. By flat type, three-room flats eased 0.1%, four-room flats stayed unchanged, five-room flats climbed 0.8%, and executive flats rose 0.2%.

Compared to last year, all flat types saw price increases. Three-room flats climbed 7.2%, four-room flats gained 6.3%, five-room flats rose 5.7%, and executive flats increased 3.3%. Prices in mature estates were up 6.7%, while non-mature estates grew 5.3%.

Four-room flats remained the most sold flat type in August, making up 45.3% of sales, followed by three-room flats (26.1%), five-room flats (22.9%), and executive flats (5.7%). Non-mature estates saw 58.2% of transactions, while mature estates took 41.8%, suggesting that while demand in mature estates remains, buyers prefer the more affordable units in non-mature areas.

In terms of high-value deals, only 141 were sold for at least S$1 million in August, down from 169 in July, which made up about 6.4% of total sales in August. Bukit Merah recorded 25 million-dollar deals, followed by Toa Payoh (22) and Clementi (15).

Before August ended, a five-room flat in Clementi Crest at Block 445B Clementi Avenue 3 was sold for S$1,458,888, setting a new record in Clementi, with the owner likely walking away with more than double the purchase price.

Other towns with million-dollar transactions included Ang Mo Kio, Bedok, Bishan, Bukit Batok, Bukit Panjang, Bukit Timah, Central Area, Geylang, Hougang, Jurong East, Kallang/Whampoa, Queenstown, Sengkang, Serangoon, Tampines, and Yishun.

The most expensive unit sold in August was an executive flat at The Pinnacle@Duxton for S$1.6 million. In Yishun, an executive flat along Avenue 4 fetched S$1.26 million, showing strong demand for larger units even outside central areas. /TISG

Read also: HDB resale prices to moderately rise by 4% to 6% in 2025 as supply falls to an anticipated 11-year low