HDB Resale Market

HDB’s flash estimate of the 1st Quarter 2025 Resale Price Index (RPI) is 200.9, an increase of 1.5% over that in the 4th Quarter 2024 (see Annexes A1 and A2). This reflects slower price growth compared to the 2.6% increase in 4th Quarter 2024 and the average quarterly growth of 2.3% in 2024.

2 In tandem with the slower market conditions, the resale volume in 1st Quarter 2025 (up to 27 March) is 6,392. This is 7.7% lower than that in the same period last year (6,928 cases).

3 The RPI provides information on the general price movements in the resale public housing market. The transacted prices of individual flats (by block and flat type) can be found via the e-services on HDB InfoWEB.

Upcoming Flat Supply

4 In 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. As announced earlier at Budget 2025, HDB will also conduct a second Sale of Balance Flats (SBF) exercise this year. More details on the new flats to be offered during the July 2025 BTO sales exercise as well as the second SBF exercise this year will be announced when ready.

5 Flat buyers who wish to participate in HDB’s sales exercises must have a valid HDB Flat Eligibility (HFE) letter¹ when they submit their flat application. As the number of HFE letter applications tend to peak closer to the sales exercises, we encourage all interested flat applicants to apply for an HFE letter early and submit all the required documents by 15 May 2025 so as to be able to apply for a flat in July 2025. More information on the HFE letter is available on the HDB InfoWEB.

6 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 19,600 BTO flats to be launched in 2025. In total, HDB will launch about 130,000 flats from 2021 to 2027, increasing the public housing stock by 11%. More resale flats will also be entering the market, as the number of new flats reaching the Minimum Occupation Period will increase, from about 8,000 this year to 13,500 next year, to 19,500 in 2028.

Supporting Singaporeans’ Housing Aspirations

7 To help more Singaporeans fulfil their home ownership aspirations, prospective home buyers can look forward to several upcoming changes from the July 2025 BTO sales exercise:

With the higher supply of BTO flats and lower application rates of first-timer (FT) families, the allocation quota for second-timer (ST) families buying 3-room and bigger flats will be increased by 5% points. This will benefit more ST families, including families who have grown and need more space.
To help more young couples settle down earlier, the Deferred Income Assessment (DIA) scheme will be expanded to cover young couples where only one party is a full-time student or National Serviceman.
To encourage familial care and support between parents and their children (married or single), the new Family Care Scheme (Proximity) will be rolled out for them to have priority access if they are applying for a flat to live with or near each other.
To enable more public rental households with children to attain home ownership, the Fresh Start Housing Scheme will be enhanced, with an increased Fresh Start Housing Grant.

8 The Government is committed to supporting every Singaporean’s home ownership aspirations and keeping public housing affordable, accessible and inclusive.

¹The HFE letter 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.

Upcoming Flat Supply and Flash Estimate of 1st Quarter 2025 Resale Price Index