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HDB Resale Market Trends in 4Q2025 Signal Stable Prices

The HDB resale market in 4Q2025 continued its transition into a more stable and balanced phase, supported by expanded public housing supply and a gradual recalibration of buyer expectations. Price growth eased further in the final quarter, with the HDB resale price index recording no quarter on quarter change. On a full year basis, HDB resale prices rose by 2.9% in 2025, significantly lower than the 6.9% increase recorded in 2024. This moderation coincided with a sustained ramp up in Build To Order flats and an expanded Sale of Balance Flats programme, which broadened housing options and reduced pressure on the resale market. As a result, buyer behaviour has increasingly shifted towards choice and planning rather than urgency, supporting a healthier public housing ecosystem. Resale activity in 2025 remained firmly anchored by genuine housing needs. Larger suburban towns such as Tampines, Sengkang, Woodlands, and Yishun recorded the highest number of resale transactions, reflecting the role of well-established estates in supporting market depth. Newer towns also benefitted from a growing pool of relatively younger flats, offering buyers longer remaining leases and more affordable price points compared to mature estates. Family sized flats continued to form the backbone of the resale market. Four room flats accounted for 43.2% of transactions in 2025, followed by three room flats at 24.5% and five room flats at 23.0%. Together, these segments made up more than 90% of total resale transactions, reinforcing the needs driven nature of the market and the importance of practical layouts and liveability. Looking ahead, the resale market in 2026 is expected to be supported by a meaningful uplift in supply.

Private Property Market Trends 4Q2025 Signal Stable Prices and Broad-Based Recovery

The private residential market closed 2025 on a firmer and more stable footing, supported by recovering resale activity, moderating price growth, and a strong rebound in new home sales. Overall market conditions point to a transition from the sharp post pandemic rebound toward a more balanced and sustainable growth phase. Private resale transactions rose to 14,622 units in 2025, marking a 4.0% increase from 2024 and the highest level of resale activity since 2021. This recovery took place in an orderly manner, supported by stabilising financing conditions and improved alignment in price expectations between buyers and sellers. Large scale and recently completed developments such as Treasure at Tampines, Parc Esta, and Stirling Residences recorded the highest resale volumes, reflecting how project scale, location, and modern layouts continue to support healthy transaction turnover. Private residential price growth moderated further in 4Q2025, with prices rising by 0.6% quarter on quarter. For the full year, prices increased by 3.3%, easing from the 3.9% growth recorded in 2024. This represents the lowest annual price growth since 2020. Importantly, this moderation occurred alongside an expansion in land supply rather than a tightening of availability, reinforcing the view that price stabilisation has been structurally driven by supply planning rather than weakening demand. The sustained ramp up in Government Land Sales since 2022 has strengthened future supply visibility and helped anchor pricing expectations across the market. New private home sales staged a strong rebound in 2025, with total transactions rising to 10,815 units, up from 6,469 units in 2024. This 67.2% year on year increase reflects a broad-based recovery across the Core Central Region, Rest of Central Region, and Outside Central Region. Looking ahead, the outlook for 2026 remains stable. While sales volumes are expected to ease from the exceptionally active levels seen in 2025, underlying demand is likely to remain resilient.

$962 psf ppr Bid Submitted for Dairy Farm Walk GLS

The tender results for the Dairy Farm Walk residential site provide a timely snapshot of current developer sentiment within the Outside Central Region, highlighting a market that remains healthy, competitive, and increasingly disciplined. The site attracted a total of 5 bidders, with the top bid of $427.0 million submitted by a consortium led by ABR Holdings Limited, translating to about $962 psf ppr. This outcome reinforces continued developer interest in well located suburban sites that offer differentiated attributes, particularly those integrated with nature and established residential surroundings. Notably, bidder participation increased meaningfully compared to the January 2025 Dairy Farm Walk tender, which drew only 2 bidders. The presence of 5 bidders in the latest tender indicates that developer interest in the Dairy Farm enclave remains broad based. At the same time, the narrower spread between the top few bids suggests that developers share similar views on land value and pricing feasibility, pointing to a more aligned and rational bidding environment. Demand fundamentals within the precinct remain supported by genuine owner occupier interest, as evidenced by healthy sales momentum at earlier projects. Buyers continue to be drawn to the area for its balance of tranquillity and accessibility, proximity to nature parks and walking trails, and the presence of amenities such as Dairy Farm Mall with a FairPrice Finest supermarket. The location is also attractive to families due to its proximity to reputable schools and MRT stations including Hillview and Cashew.