Although the idea of a million-dollar public housing flat once seemed like a rare anomaly, these high-value transactions have become startlingly common throughout 2025. By the third quarter alone, the market witnessed 480 resale flats changing hands for at least a million dollars, setting a new quarterly record that surely raised a few eyebrows across the island. In fact, the accumulated total for the first nine months hit 1,243 units, casually blowing past the entire full-year count of 1,035 recorded in 2024.
Million-dollar flats have become startlingly common, casually blowing past the entire full-year count of 2024.
Data covering January to October reveals a staggering 55.9% year-on-year jump to 1,330 transactions, led surprisingly by 4-room flats, which saw a 90.2% surge in deals. With projections inching near 1,500 sales by year-end, high-value homes in towns like Toa Payoh and Bukit Merah are clearly in vogue.
While header-grabbing deals like the $1,658,888 Queenstown 5-room flat grab attention, the broader market tells a decidedly calmer story regarding overall growth. The HDB resale price index reached 203.7 by the third quarter, rising just 2.9% in the first nine months of 2025, a sluggish pace compared to the intense 6.9% spike seen during the same period in 2024. This contrasts sharply with the luxury segment where a prestigious Good Class Bungalow in Oei Tiong Ham Park was recently listed for $42.8 million. Consequently, the third quarter marked the slowest quarterly growth in five years, signaling that strong price resistance is finally kicking in as buyers hesitate at peak valuations.
Full-year projections now estimate a moderate 3% to 4% increase, which is a significant cool-down from the blistering 9.7% growth experienced previously.
Transaction volumes are shifting gears too, as resale applications from January to October dipped by 11.1% to 21,412. This decline stems partly from stiff competition from the massive February Sale of Balance Flats launch, which distracted buyers with 5,590 new units. Looking at the year as a whole, analysts expect total resale transactions to settle between 27,000 and 28,000 units.
With a limited supply of flats reaching their Minimum Occupation Period in 2025, sellers retain some leverage, largely supported by resilient economic demand. This supply dynamic is expected to shift considerably in the coming year, as a larger pipeline of 13,840 flats is scheduled to complete the 5-year MOP in 2026.
As mature estate 5-room flats average $931,550 compared to $715,799 in non-mature areas, that distinct 30% price gap remains a critical consideration for families maneuvering this slowly stabilizing, yet still expensive, housing landscape.
