HDB Resale Market

HDB’s flash estimate of the 2nd Quarter 2025 Resale Price Index (RPI) is 202.8, an increase of 0.9% over that in the 1st Quarter 2025 (see Annexes A1 and A2). This marks the third consecutive quarter of slowdown in price growth, and is the lowest quarter-on-quarter growth since 2Q2020.

2 The resale volume in 2nd Quarter 2025 (up to 29 Jun) is 6,981. This is 5.0% lower than that in the same period last year (7,352 cases).

3 Singapore’s GDP growth for 2025 is expected to moderate from last year. Against this backdrop of slowing economic growth and increasing headwinds arising from escalating 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.

Upcoming Flat Supply

4 In July 2025, HDB will launch about 5,500 BTO flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. In addition, HDB will conduct a concurrent Sale of Balance Flats (SBF) exercise offering about 3,000 flats. Together with the 5,590 SBF flats launched in February 2025, the total SBF supply this year will exceed 8,500 flats. More details on the new flats to be offered will be shared at the July 2025 BTO and SBF exercises.

5 Flat buyers who wish to participate in the July 2025 BTO and SBF exercises must have a valid HDB Flat Eligibility (HFE)¹ letter when they submit their flat application. We have announced earlier that flat applicants who wish to participate in this sales exercise should apply for an HFE letter and submit all required documents by 15 May 2025. As the number of HFE letter applications tends to peak closer to sales exercise leading to longer processing time, those who did not do so by 15 May 2025 may not receive their HFE letters in time to apply for a flat in the BTO and SBF exercises.

6 From July 2025, the HFE letter application e-Service will be temporarily unavailable during the sales exercise to enable HDB to channel our resources to provide a smoother flat application experience for flat applicants. This is part of our continuous efforts to improve our service delivery. New and resale flat buyers with a valid HFE letter as well as those who have already submitted an HFE letter application prior to the July 2025 sales exercises will not be affected.

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.

Flash Estimate of 2nd Quarter 2025 Resale Price Index and Upcoming Flat Supply