In 2025, HDB resale flat prices continue to rise and show no signs of stopping. HDB’s Resale Price Index helps us visualise the upward trend of HDB resale flat prices, especially since the end of 2020.
Source: HDB
Another aspect of the HDB Resale Price Index is how it compares changes in HDB resale prices from one period to another. The index uses the first quarter of 2009 as the base period and assigns an index of 100 to that quarter. In the fourth quarter of 2009, the index rose to 109, which means HDB resale flat prices increased by 9% over this period.
In the first quarter of 2025, the index reached 201, crossing the 200 mark for the first time. This means that HDB resale flat prices have essentially doubled since the first quarter of 2009, 16 years ago.
Is this shocking? Not particularly. With how steadily HDB resale prices have been increasing, especially over the past 5 years, the index crossing the 200 mark was simply a matter of when.
That said, as we can see from the HDB Resale Price Index, prices between 2020 and 2025 have risen less steeply (52.9%) compared to the period between 2007 and 2012 (82.7%), and between 1992 and 1996 (226.5%). It is important to note that HDB changed its methodology for determining the Resale Price Index at the end of 2014. Previously, not every town and flat model was included in the calculation.
Since the HDB Resale Price Index tracks overall price movement across HDB towns and flat types, it is valuable to see which towns contributed the most to HDB resale flat prices doubling since 2009, using HDB’s resale statistics to compare the median prices for resale transactions between the first quarter of 2009 and the first quarter of 2025.
If there are less than 20 resale transactions in the quarter in a town, the median price for that town is not published and will be represented by an asterisk.
#1 Clementi
| 3-room | 4-room | 5-room | |
| Q1 2009 | $260,000 | $326,000 | * |
| Q1 2025 | $428,000 | $917,400 | * |
| Change | +64.62% | +181.41% | N/A |
Clementi tops this list with median resale prices of 4-room flats in 2025 almost three times that of 2009. This reflects the significant development in the neighbourhood in the past decade, including a mixed-use development complex in 2011 that integrates public transport (Clementi Bus Interchange), public housing (Clementi Towers) and a retail shopping centre (The Clementi Mall), the first of its kind in Singapore.
4-room HDB units in Clementi Towers and the neighbouring Clementi Cascadia have sold for $990,000 and above in the past year, especially after news that Clementi MRT station will be linked to the upcoming Cross Island Line by 2032.
#2 Toa Payoh
| 3-room | 4-room | 5-room | |
| Q1 2009 | $247,500 | $350,000 | $500,000 |
| Q1 2025 | $398,000 | $948,400 | * |
| Change | +60.81% | +170.86% | N/A |
As one of the oldest housing estates in Singapore, Toa Payoh has consistently been a benchmark for the price of housing in what is considered a mature estate, due to its proximity to the Pan Island Expressway and being served by the Toa Payoh and Braddell MRT stations. It is therefore not surprising that 4-room flats in Toa Payoh in 2025 have also increased to three times their value in 2009.
4-room units at The Peak @ Toa Payoh, a DBSS project, have sold around the $1 million mark in the past year, and even units in neighbouring older HDB estates Toa Payoh Towers and Toa Payoh Sapphire have crossed the $1 million milestone, due to their proximity to Toa Payoh MRT station.
Read Also: Neighbourhood Estate Guide: Rejuvenating Toa Payoh Town – How This Old Dame Is Getting A Facelift
#3 Geylang
| 3-room | 4-room | 5-room | |
| Q1 2009 | $218,000 | $325,000 | * |
| Q1 2025 | $379,500 | $825,000 | * |
| Change | +74.08% | +153.85% | N/A |
HDB flats in Geylang have seen prices rise significantly from 2009 to 2025. The median price of 4-room flats in Geylang now cost 1.5 times more than they did 16 years ago. A major contributor to this is the rejuvenation of the MacPherson neighbourhood with the arrival of both the Circle Line and the Downtown Line at MacPherson MRT interchange over the past 15 years.
Units at BTO project MacPherson Spring reached their MOP in 2024. There were almost 30 4-room resale transactions at MacPherson Spring in the past 6 months alone, and more than half sold for $1 million and above.
Read Also: BTO MOP Flat VS Old Resale Flat: Which Makes More Financial Sense For A Single To Buy?
#4 Yishun
| 3-room | 4-room | 5-room | |
| Q1 2009 | $217,000 | $248,900 | $340,000 |
| Q1 2025 | $429,400 | $565,000 | $702,500 |
| Change | +97.88% | +127.00% | +106.62% |
While this neighbourhood may have taken on a certain reputation in recent years, it is nonetheless one of the HDB towns that has seen resale prices double over the past 16 years. It is also the only town on this list where the price has doubled across all three types of HDB units.
Yishun’s rapid development since 2009 can be attributed to the opening of Khoo Teck Puat Hospital in 2010. This was followed by the massive expansion of Northpoint Shopping Centre into Northpoint City in 2017. Despite being almost 40 years old, a 4-room unit in Yishun went for $650,000 in April 2025. Its proximity to Khoo Teck Puat Hospital may have played a factor. Rental rates in that neighbourhood have reached $3,000 a month possibly due to the demand of migrant workers in the healthcare field.
Read Also: Guide To HDB Rental Yields In Singapore
#5 Woodlands
| 3-room | 4-room | 5-room | |
| Q1 2009 | $200,000 | $285,000 | $336,000 |
| Q1 2025 | $441,000 | $552,000 | $658,300 |
| Change | +120.50% | +93.68% | +95.92% |
Woodlands is the only HDB town where resale prices for 3-room HDB flats have more than doubled between 2009 and 2025. While Woodlands has evolved as a transport hub over the past 16 years, especially with the recent launch of the Thomson-East Coast Line, it is the proximity to the Johor Causeway that is still what makes Woodlands and the neighbouring suburb of Marsiling so attractive to homeowners and renters.
When it comes to 3-room flats in Woodlands, the BTO project perhaps most responsible for the higher prices is Marsiling Greenview. Over the past 6 months, there have been 10 resale transactions, and all but one has transacted at $500,000 or more.
Read Also: Neighbourhood Estate Guide: Why Woodlands Can Be The Star Destination Of The North
