Singapore Property Market, September 2025: New Home Sales Dip to 255 While 172 HDB Flats Top $1 Million
September 2025 was quiet on the surface but firm underneath. New home sales fell to 255 units because almost nothing was launched during the seventh lunar month, and condo resale prices eased 1.0%. HDB resale prices climbed 0.6% to a fresh high, and a record 172 flats sold for $1,000,000 or more. Here are the key numbers from the November 2025 issue of our monthly market brief.
New Homes Sold, September 2025
Condo Resale Prices, Month on Month
HDB Resale Prices, Month on Month
Million-Dollar HDB Flats, a Record
Market at a Glance
| Segment | September 2025 | Change on August | Change on a year ago |
|---|---|---|---|
| New private homes sold (excluding Executive Condominiums) | 255 units | -88.1% | -36.4% |
| Condo resale price index | 270.3 | -1.0% | +3.4% |
| Condo resale volume | 1,109 units | +1.6% | +3.6% |
| Condo rental index | 143.8 | -0.1% | +3.0% |
| Condo rental volume | 6,446 units | -18.9% | +4.4% |
| HDB resale price index | 209.7 | +0.6% | +4.8% |
| HDB resale volume | 2,186 flats | -1.2% | -1.4% |
| HDB rental index | 144.0 | -0.1% | +2.7% |
Sources: URA developer sales; HDB; 99-SRX condo resale, rental and HDB flash reports for September 2025. September volumes are flash estimates and may be revised.
New Homes: A Supply Gap, Not a Demand Problem
Developers sold 255 new homes in September, a nine-month low and well down from 2,142 units in August. The reason was supply: no new project came to market during the seventh lunar month, which ran from 23 August to 21 September, and only 20 units were released from existing launches, against 2,496 in August.
Buyers still moved on well-placed projects, and the city fringe took 49% of sales (125 units), ahead of the suburbs at 84 units and the prime districts at 46.
| Project | Region | Units sold in September | Median psf | Sold to date |
|---|---|---|---|---|
| Canberra Crescent Residences | Outside Central Region | 28 | $2,001 | 63.3% |
| Grand Dunman | Rest of Central Region | 24 | $2,508 | 85.7% |
| River Green | Core Central Region | 16 | $3,201 | 88.7% |
Source: URA. Best-selling projects in September 2025.
Launches resumed after the lunar month: Skye at Holland (666 units, average $2,953 psf) was 99% sold and Penrith 97% sold at $2,800 psf. See our new home sales tracker for the full monthly series.
Condo Resale and Rental: A Pause After Two Strong Years
About 1,109 condos were resold, slightly more than August. Prices slipped 1.0%, led by the Core Central Region, down 2.7%, as many buyers turned to the October launches. The top resale was $19.18 million at The Marq on Paterson Hill, and the median unlevered return on resale condos was 28.5%.
Condo rents were essentially flat on the month and 3.0% higher than a year earlier. Leasing fell 18.9% to 6,446 units in a seasonal lull after mid-year renewals, yet stayed 4.4% above September 2024.
HDB: Record Prices on Slightly Fewer Deals
About 2,186 HDB flats were resold, 1.2% fewer than August, as some buyers waited for the October BTO exercise. Prices still rose 0.6% to a new high, with Executive flats up 1.4% and 3-room flats down 0.9%.
A record 172 flats sold for $1,000,000 or more, 7.9% of all resale deals, up from 141 in August. The top price was $1.59 million for a 5-room flat on Cantonment Road, and an Executive flat in Woodlands set a record for non-mature estates at $1.12 million. Some 1,246 such flats have sold so far in 2025, already above the 1,003 of all of 2024. Our million-dollar HDB flats tracker follows the count each month.
HDB rents eased 0.1% after a run of gains, while 2,615 flats were rented, 11.9% more than a year ago.
Read the full issue, including the third-quarter 2025 report and the launch pipeline: download the November 2025 brief (PDF), or browse every issue since January 2024 on our market insights page.
Frequently Asked Questions
How many new private homes were sold in September 2025?
255 units, excluding Executive Condominiums, down from 2,142 in August. No new project was launched during the seventh lunar month.
Did condo resale prices fall in September 2025?
Yes, by 1.0% on August, led by a 2.7% drop in the Core Central Region. Prices were still 3.4% higher than a year earlier.
How many HDB flats sold for $1 million or more in September 2025?
A record 172 flats, up from 141 in August. The highest price was $1.59 million for a 5-room flat on Cantonment Road.
Are HDB rents still rising?
HDB rents eased 0.1% in September 2025 but were 2.7% higher than a year earlier. Rents for 3-room flats still rose 0.6% on the month.
Thinking of selling your HDB flat?
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