The rise in HDB resale flat prices finally appear to be slowing down. According to HDB, flash estimates of the resale price index (RPI) in the 3rd quarter of 2025 represent just a 0.4% change from the previous quarter. This will be the fourth consecutive quarter where RPI changes are trending down.
| Period | Index | % Change From Previous Quarter |
| 3Q2025 (Flash Estimate) | 203.7 | 0.4% |
| 2Q2025 | 202.9 | 0.9% |
| 1Q2025 | 201.0 | 1.6% |
| 4Q2024 | 197.9 | 2.6% |
| 3Q2024 | 192.9 | 2.7% |
| 2Q2024 | 187.9 | 2.3% |
| 1Q2024 | 183.7 | 1.8% |
This moderation of HDB resale prices coincides with the highest median HDB resale prices ever recorded. In the 2nd quarter of 2025, median resale prices for four-room flats crossed the million-dollar mark for the first time in three HDB estates – Central Area, Queenstown, and Toa Payoh. We look at these three estates, as well as two estates on the other end of the price spectrum.
#1 Most Expensive – Central Area
The median resale price data for the Central Area over the past 4 quarters is relatively limited. An asterisk (*) means there are fewer than 20 resale transactions in that quarter for that flat type.
| 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | |
| 3-room | $466,000 | * | $524,000 | * |
| 4-room | $774,000 | * | * | $1,200,000 |
| 5-room | * | * | * | * |
| Executive | – | – | – | – |
Obtaining median resale price data for the Central Area is difficult for two reasons. Firstly, HDB does not provide numerical values where there are fewer than 20 resale transactions in the quarter for the particular town. This is to ensure that the median resale prices are representative. Secondly, there is a limited number of units being sold in the Central Area – only making up 0.8% of transactions over the past 8 years.
More than half of 4-room flat transactions in 2025 in the Central Area are found at Pinnacle @ Duxton. Among the most expensive transactions in 2025 were a top floor 5-room unit that went for $1.6 million in August, and a top floor 4-room unit that went for $1.518 million in March.
Read Also: Where Are The Most Million-Dollar 4-Room HDB Flats Found In Singapore
#2 Most Expensive – Queenstown
The median resale price data for Queenstown over the past 4 quarters demonstrates the consistent demand for flats in this town. An asterisk (*) means there are fewer than 20 resale transactions in that quarter for that flat type.
| 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | |
| 3-room | $415,500 | $424,000 | $508,000 | $508,000 |
| 4-room | $957,000 | $939,000 | $989,000 | $1,000,400 |
| 5-room | * | * | * | * |
| Executive | * | * | * | * |
Notably, the median prices for 3-room flats increased almost 20% between 2024 and 2025. This was mainly due to the SERS replacement flats in Forfar Heights, SkyParc @ Dawson, and Dawson Vista reaching their Minimum Occupation Period at the start of 2025. The high demand for 4-room flats at SkyTerrace @ Dawson and SkyVille @ Dawson resulted in over 80 million-dollar flat sales.
Among the most expensive transactions in 2025 include a high floor 5-room unit at Dawson Vista for $1.47 million in March, and a 4-room unit at Skyville @ Dawson for $1.239 million in June.
#3 Most Expensive – Toa Payoh
The median resale price data for Toa Payoh over the past 4 quarters paints an interesting picture. An asterisk (*) means there are fewer than 20 resale transactions in that quarter for that flat type.
| 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | |
| 3-room | $380,000 | $380,000 | $398,000 | $410,000 |
| 4-room | $850,000 | $950,000 | $948,000 | $1,004,400 |
| 5-room | $898,000 | * | * | $985,000 |
| Executive | * | * | * | * |
HDB resale prices in Toa Payoh saw a particularly steep increase in 4-room flat prices over the past 4 quarters, compared to 3-room and 5-room flats. This was due to the BTO projects Alkaff Vista, Alkaff LakeView, Alkaff CourtView all reaching their Minimum Occupation Periods at the end of 2024 and early 2025, respectively.
Among the most expensive transactions in 2025 include a 5-room unit at The Peak @ Toa Payoh (which was built under the Design, Build and Sell Scheme, or DBSS) for $1.6 million, and a 4-room unit at Alkaff Lakeview for $1.26 million.
#4 Least Expensive – Choa Chu Kang
The median resale price data for Choa Chu Kang over the past 4 quarters show a steady rise in HDB prices in pace with the rest of Singapore. An asterisk (*) means there are fewer than 20 resale transactions in that quarter for that flat type.
| 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | |
| 3-room | $441,800 | $430,900 | * | * |
| 4-room | $535,000 | $540,000 | $548,000 | $568,000 |
| 5-room | $628,000 | $650,400 | $655,900 | $670,000 |
| Executive | $807,500 | $821,500 | $785,000 | $824,400 |
The lack of a steep price increase over the past 4 quarters in Choa Chu Kang is not news to anyone familiar with the town. While a relatively popular HDB town, with about 4.5% of all HDB resale transactions over the past 8 years, it is mostly known for its larger flats and attracting buyers who put a premium on price per square foot over location.
Among the most expensive transactions in 2025 include an executive flat on Choa Chu Kang Street 64 that sold for $980,000, while a 5-room unit at Keat Hong Mirage sold for $810,000. Both transactions occurred in April this year.
Read Also: Neighbourhood Estate Guide: Is Choa Chu Kang The Most Underloved Neighbourhood In Singapore?
#5 Least Expensive – Jurong East
The median resale price data for Jurong East over the past 4 quarters show a stagnation in HDB prices. An asterisk (*) means there are fewer than 20 resale transactions in that quarter for that flat type.
| 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | |
| 3-room | $395,000 | $410,000 | $402,000 | $420,000 |
| 4-room | $510,000 | $530,000 | $530,000 | $557,000 |
| 5-room | $700,000 | $705,000 | $668,000 | $698,500 |
| Executive | * | * | * | * |
A cursory glance at the data seems to suggest that HDB resale prices in Jurong East have not only bucked the rising trend over the past 4 quarters, but they seem to be falling when it comes to 5-room flats. Perhaps the reason for this is the lower demand for HDB flats in this estate, making up only 2.0% of all HDB resale transactions over the past 8 years.
The upcoming redevelopment works to turn Jurong into Singapore’s Western Gateway should turn things around. With ambitious plans for the Jurong Lake District to become the country’s largest commercial node outside of the Central Business District, these affordable HDB flats could go from “value for money” to “very expensive” within the next decade.
Among the most expensive transactions in 2025 include an executive flat on Toh Guan Road that sold for $1.12 million in May, while a 5-room unit at Jurong East Street 21 sold for $888,000 in February.
Read Also: HDB Price Guide: 5 Cheapest HDB Estates For 2025
