HDB Resale Market

HDB's Resale Price Index for 2nd Quarter 2025 is 202.9, representing an increase of 0.9% over the 1st Quarter of 2025 (see Annexes A1 and A2). Price growth has moderated for the third consecutive quarter, and this is the lowest quarter-on-quarter growth since 2Q2020.

2 Resale transactions for 2nd Quarter 2025 rose by 7.8%, from 6,590 cases in 1st Quarter 2025 to 7,102 cases (see Annex B). Compared to 2nd Quarter 2024, resale transactions in 2nd Quarter 2025 were 3.4% lower.

3 The median resale prices in the various towns in 2nd Quarter 2025 are tabulated in Annex C.

HDB Rental Market

4 The median rents in the various towns in 2nd Quarter 2025 are tabulated in Annex D.

5 The number of approved applications to rent out HDB flats rose by 4.2% from 9,662 cases in 1st Quarter 2025 to 10,066 cases (see Annex E). Compared to 2nd Quarter 2024, the number of approved applications in 2nd Quarter 2025 was 5.4% higher. As at the end of 2nd Quarter 2025, 58,720 HDB flats were rented out, a decrease of 1.4% over the previous quarter (59,567 units).

Upcoming Flat Supply

6 In October 2025, HDB will launch its final sales exercise for the year, offering about 9,100 Build-To-Order (BTO) flats in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun. HDB will also launch its fifth Community Care Apartment (CCA) in Sengkang in this sales exercise. This reaffirms HDB’s commitment to providing a wide range of housing options to meet the diverse needs and budgets of home buyers. More details on the projects will be shared during the October 2025 sales exercise.

7 Flat buyers interested in applying for a flat must have a valid HDB Flat Eligibility (HFE) letter¹. We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 September 2025 if they wish to participate in the October 2025 sales exercise.

8 Singapore’s GDP growth for 2025 is expected to moderate from last year. Against this backdrop of slowing economic growth and continuing headwinds arising from global trade conflicts, there are also early signs of moderating labour demand. Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans.

9 The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market.

¹The HFE letter will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts.

2nd Quarter 2025 Public Housing Data and Upcoming Flat Supply