Another month, another record-breaking transaction volume of million-dollar resale flats. There were 172 HDB flats resold for at least $1 million in September, the highest number of such flats sold in a month - smashing the previous high of 167 units in July (see Chart 1).

While there is a general sense that the broader HDB resale market is gradually moderating, a small pocket of strength still remains in certain areas, which had pushed up the number of million-dollar resale transactions. Choice units with sought-after attributes and are located close to the city continue to appeal to buyers.

Chart 1: Number of HDB flats resold for at least $1 million by month

In September, the 172 units of million-dollar flats resold comprised 74 units of 4-room flats, 61 units of 5-room flats, and 37 executive flats. Meanwhile, the top three towns that led such sales in the month were: Toa Payoh (37 units); Queenstown and Bukit Merah (18 units each); and Ang Mo Kio (13 units).

Of the 37 million-dollar resale flats in Toa Payoh in September, 12 units are flats in Bidadari Park Drive and Alkaff Crescent that have recently exited the 5-year minimum occupation period (MOP). The Peak @ Toa Payoh, a project offered under the Design, Build, and Sell Scheme (DBSS) continues to see units sold for $1 million or more, with 10 such sales in September. Million-dollar resale flat transactions are expected to remain elevated in Toa Payoh, owing to its popularity with buyers, as well as healthy demand for newer units in the Bidadari estate.

During the month, the priciest resale flat sold was a 5-room unit at Pinnacle @ Duxton in Cantonment Road which fetched $1.59 million (see Table 1). The unit spans 107 sq m, and is located on a high storey ranging between the 40th and 42nd floor. It has a remaining lease of about 84 years at the time of sale, according to HDB's transaction data.

Table 1: Top 10 HDB resale flats sold in September 2025 by Transacted Price

Taken together, the proportion of flats resold for at least $1 million accounted for about 7.9% of the total resale transactions in September - up from 6.4% in the previous month (see Chart 2). Meanwhile, about 20.2% of the resale flats sold were priced at below $500,000 in September 2025, compared with 23.5% in the previous month. The proportion of units that fetched between $500,000 and $700,000 each fell to 41.7% in September from 43.2% in August. In contrast, 30.2% of the sales were priced at $900,000 to just under $1 million - higher than 26.9% in the previous month.

Chart 2: HDB resale flat transactions by price range

Overall, the average transacted resale price of HDB flats ticked up by about 3% to $671,281 in September from $650,820 in August (see Chart 3). The increase could be due to the slightly greater proportion of higher priced resale transactions in September, including the million-dollar resale deals. On a year-on-year basis, the average HDB resale price was up by 6.7% from September 2024, based on sales data.

In terms of resale volume, transactions fell by 1% to 2,184 units in September - down from 2,205 units in the previous month. This is the second straight month of weaker sale, perhaps affected by the roll-out of attractive Build-to-Order (BTO) and Sale of Balance Flats (SBF) by the HDB in July. The most popular towns which led sales in September were Tampines, Sengkang, Woodlands and Punggol.

Chart 3: HDB resale volume and average resale price

By flat type and town classification, the average resale prices mostly rose in non-mature estates, with executive flats posting a 2.9% month-on-month increase to $887,461 in September (see Table 2). Over in the mature towns, 4-room flats bucked the down trend with the average resale price climbing by 3% MOM to $794,636 in September.

Table 2: Average HDB resale flat prices by flat type, by town classification

Based on flash estimates released by the HDB on 1 October 2025, HDB resale flat prices rose at a slower pace of 0.4% QOQ in Q3 2025, decelerating further from the 0.9% QOQ increase in the previous quarter. This is the fourth straight quarter of slower growth in the HDB resale price index, and the price increase in Q3 2025 is also the slowest quarterly growth in over 5 years since the 0.3% QOQ increase in Q2 2020.

The continued deceleration in quarterly price growth in Q3 2025 as per the flash estimates suggests that the run-up in HDB resale prices in prior years is giving way to a more measured climb, following both demand- and supply-side measures from the government in recent years. PropNex projects that HDB resale prices could climb by 3% to 4% in 2025 - slowing significantly from the 9.7% increase in 2024.

Contact a PropNex salesperson to find out more about resale HDB market trends.