Upcoming Flat Supply

Come July 2025, HDB will launch about 5,400 Build-To-Order (BTO) flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. HDB will also be conducting a concurrent Sale of Balance Flats (SBF) exercise offering about 3,000 flats. This brings the total SBF supply this year to about 8,500 flats (including 5,500 SBF flats already launched in Feb 2025), which is the largest since 2017. More details on the new flats to be offered will be shared at the July 2025 BTO and SBF sales exercises.

2 Flat buyers who wish to participate in the July 2025 BTO and SBF exercises must have a valid HDB Flat Eligibility (HFE) letter¹ when they submit their flat application. As HFE letter applications tend to peak closer to the sales exercises, interested flat applicants are encouraged to apply for an HFE letter early and submit all the required documents by 15 May 2025. More information on the HFE letter is available on the HDB InfoWEB.

3 HDB will continue to roll out a strong supply of flats, with more than 50,000 BTO flats to be launched from 2025 to 2027, including about 19,600 BTO flats in 2025. In total, HDB will launch about 130,000 flats from 2021 to 2027, increasing the public housing stock by 11%. At the same time, more resale flats will enter the market, as the number of new flats reaching the Minimum Occupation Period will increase, from about 8,000 this year to 13,500 in 2026, and 19,500 in 2028.

HDB Resale Market

4 HDB’s Resale Price Index for 1st Quarter 2025 is 201.0, representing an increase of 1.6% over the 4th Quarter of 2024 (see Annexes A1 and A2). This is lower than the 2.6% increase observed in 4th Quarter 2024 and the average quarterly growth of 2.3% in 2024.

5 Resale transactions for 1st Quarter 2025 rose by 2.6%, from 6,424 cases in 4th Quarter 2024 to 6,590 cases (see Annex B). Compared to 1st Quarter 2024, resale transactions in 1st Quarter 2025 were 6.8% lower.

6 The median resale prices in the various towns in 1st Quarter 2025 are tabulated in Annex C.

7 Against the backdrop of slowing global and regional trade as well as heightened economic policy uncertainty, Singapore’s GDP growth for 2025 is expected to slow to 0.0–2.0%, down from 4.4% last year. While domestic interest rates have eased from its peak at end-2023, they are expected to remain higher than the low levels seen over the past decade. Given the evolving economic landscape and interest rate environment, households are strongly advised to exercise prudence in their property purchases and borrowing, especially since the property market moves in cycles and those who buy high will be hit harder if prices weaken. The Government will continue to monitor the property market closely and adjust its policies as necessary so as to promote a stable and sustainable property market.

HDB Rental Market

8 The median rents in the various towns in 1st Quarter 2025 are tabulated in Annex D.

9 The number of approved applications to rent out HDB flats rose by 12.3% from 8,603 cases in 4th Quarter 2024 to 9,662 cases (see Annex E). Compared to 1st Quarter 2024, the number of approved applications in 1st Quarter 2025 was 2.8% higher. As at the end of 1st Quarter 2025, 59,567 HDB flats were rented out, an increase of 0.9% over the previous quarter (59,043 units).

¹ The HFE letter informs 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.

Upcoming Flat Supply and 1st Quarter 2025 Public Housing Data