All-time high of 141 million-dollar flats sold in April 2025 as HDB resale prices, volume continue to rise

If you've been keeping an eye on the HDB resale April 2025 scene, you'd know things have been heating up.

Prices have gone up again, more flats are changing hands, and the number of million-dollar homes is now at an all-time high (ATH). So, if you're looking to buy or sell, this is definitely a time to pay attention.

What you need to know at a glance

In April 2025, the HDB resale Singapore market continued its upward trend. Overall prices rose by 0.7 per cent from March 2025. Meanwhile, 2,309 flats were sold — that's a significant jump of 20.8 per cent in one month.

But here's the headline-grabber: 141 flats crossed the million-dollar mark — it's the highest monthly number ever recorded.

HDB resale prices are climbing across the board

Compared to March 2025, resale prices in mature estates rose by one per cent, while those in non-mature estates increased by 0.4 per cent. Across flat types, you'll find price growth in most categories too.

3-room flats were up by one per cent, and 4-room units went up by 0.6 per cent. Executive flats saw the sharpest climb at 3.5 per cent. However, 5-room flats saw no change in prices this time.

Looking at the bigger picture, the SRX Property Price Index shows that prices in April 2025 were 9.3 per cent higher than in April 2024. All room types posted gains year-on-year — 3-room prices surged by 10.2 per cent, 4-room by 9.5 per cent, 5-room by 8.5 per cent, and Executive flats by 6.8 per cent.

In terms of location, resale flat prices in mature estates were 9.1 per cent higher than the same month last year. Non-mature estates weren't far behind, showing a 9.6 per cent year-on-year growth.

Demand picked up - but Year-on-Year volumes still lag

A total of 2,309 resale flats were sold in April 2025 — a 20.8 per cent rise from March. However, if you compare it to a year ago, April 2024, volumes were actually down by 3.3 per cent. So while recent activity looks strong, there's still a drop from the previous year.

Breaking the numbers down by flat type:

• 3-room flats made up 25.8 per cent of all April sales,
• 4-room units took the lion's share at 44.9 per cent,
• 5-room flats made up 22.9 per cent, and
• Executive flats accounted for 6.3 per cent of all transactions.

As for the location of these flats, 59.7 per cent of them were in non-mature estates, while the remaining 40.3 per cent came from mature estates.

Record-breaking 141 million-dollar flat sales

As mentioned previously, an all-time high of 141 million-dollar flats were sold in April. That's a big leap from March's 108 units. These high-value flats made up 6.1 per cent of all resale transactions for the month.

Toa Payoh stood out again with 27 of these transactions, followed closely by:

• Bukit Merah: 23 flats
• Kallang/Whampoa and Queenstown: 14 flats each

Other areas where buyers closed million-dollar deals include Bishan, Serangoon, Ang Mo Kio, Central Area, Clementi, Hougang, Bedok, Woodlands, Tampines, Punggol, Jurong East, Pasir Ris, Marine Parade, Geylang, Sengkang, Bukit Timah, and Bukit Panjang.

Highest sale prices in April 2025

The highest resale price in the month was for a $1,490,000 5-room flat located at Lor 1A Toa Payoh. In non-matured estates the top transaction there was for an Executive flat at Hougang St 21, which sold for $1,250,000.

What's fueling the heat in April's HDB resale market?

Many things seem to be driving the current ath HDB resale spike. On one hand, there's growing urgency.

With talks of potential policy changes and the upcoming general election, some buyers may have rushed to secure homes before possible new rules and cooling measures kick in. Possible concerns over added property taxes or other costs may have pushed them to act now.

At the same time, new condo prices are still quite high. Because of this, larger HDB flats — especially Executive ones — are now seen as attractive alternatives. That's likely one reason Executive flat prices saw a 3.5 per cent monthly rise, and why so many buyers turned to non-mature estates in April.

Still, while overall demand was strong, the year-on-year drop in resale volumes suggests that this surge might not be sustained.

The higher prices and rise in million-dollar flat sales could simply be a temporary spike, driven by near-term caution and opportunistic moves. As economic uncertainty settles or new policies are introduced, activity in the resale market could moderate in the months ahead.

This article was first published in 99.co.