141 HDB flats sold in April 2025 for S$1 million or more, highest in past year

A total of 141 Housing and Development Board (HDB) resale flats changed hands for S$1 million or more in April 2025, hitting a yearly high, based on resale statistics.

The 99-SRX flash report for April 2025 also showed that year-on-year, resale prices went up 9.3 per cent from April 2024.

141 million-dollar HDB flats

A total of 2,309 HDB resale flats were transacted in April, with 141 of them sold for more than S$1 million —  6.1 percent of the total resale volume.

This was up from the 108 million-dollar HDB flats sold in March.

As a whole, resale prices increased by 0.7 per cent from March, with an increase of 20.8 per cent in the number of resale transactions.

The bulk of the resale volumes (59.7 per cent) came from non-mature estates.

Toa Payoh accounted for the largest number of million-dollar resale flats in April, with 27 of such units sold.

The next highest were Bukit Merah, which sold 23 units, and Kallang/Whampoa and Queenstown, which sold 14 units each.

The highest transacted price for a resale flat in April was S$1.49 million for a five-room flat at Lor 1A Toa Payoh.

Year-on-year, resale prices went up 9.3 per cent as a whole, with all room types becoming pricier.

Three-room flats saw the highest price increase of 10.2 per cent from April 2024, followed by four-room flats (9.5 per cent), five-room flats (8.5 per cent) and executive (6.8 per cent) flats.

However, resale volumes were 3.3 per cent lower than April 2024.

Demand could be driven by GE2025, tariff talks

Luqman Hakim, chief data and analytics officer at 99.co, said the sharp spike in million-dollar HDB resale transactions and rise in resale prices could have been influenced by short-term drivers and ongoing structural shifts in buyers' preferences.

For instance, some buyers may have been eager to lock in their purchases ahead of potential policy changes, particularly with the general election looming at the time.

Also, discussions of possible property-related tariffs and other economic uncertainties could have nudged cautious upgraders and first-time buyers to enter the market earlier, Luqman added.

Luqman also noted that with the prices of new launches trending high, households could be turning to larger HDB flats as an affordable alternative.

He said this could explain the strong 3.5 per cent month-on-month price growth for executive flats and the demand for resale flats in non-mature estates, which usually offer more space for less.

While overall demand was strong, Luqman suggested that based on the drop in resale volumes year-on-year, the current surge could be temporary.

"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," Luqman said.

Top image from Canva