Singapore’s HDB resale activity expected to slow in Q4, analyst says

SINGAPORE: Resale activity in Singapore is expected to slow in the next quarter, with analysts projecting up to 28,000 transactions this year and resale prices rising 3% to 4%.

The Housing & Development Board (HDB) resale market recorded 7,157 transactions in the third quarter (Q3) of 2025, edging up 0.8% from the previous quarter but falling 10.9% year-on-year (YoY) as demand was diverted to Build-to-Order (BTO) and Sale of Balance Flats (SBF) launches, alongside a policy change in July, which likely drew buyers away from resale transactions, Huttons’ Lee Sze Teck said, as reported by Singapore Business Review.

In July, HDB launched 5,547 BTO flats, including 1,396 with shorter waiting times of less than three years, along with 4,662 balance flats, of which more than a third were already completed.

Mr Lee added that some may also be waiting for the BTO launch in Bishan, the Greater Southern Waterfront, and Toa Payoh this month.

Huttons said resale activity may slow further in the fourth quarter because of the October BTO launch and the year-end seasonality, with 26,000 to 28,000 transactions expected this year and prices rising 3% to 4%.

Meanwhile, both OrangeTee-Realion and PropNex noted resale prices saw the smallest increase since mid-2020.

Like Huttons, PropNex expects prices to rise 3% to 4% this year, with about 27,000 to 28,000 resale deals amid ample BTO and SBF launches, as some in well-located estates with shorter waits could draw demand away from resale.

PropNex added that only about 8,000 flats will reach their minimum occupation period (MOP) in 2025, which could limit the number of resale units available. In addition, the firm said resale demand could moderate further with the possible easing of the 15-month wait-out period and the review of the BTO income ceiling. /TISG

Read also: About 10,000 HDB units set for former Keppel Club golf course site, with first BTO launch in October

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