New Property Launches Slow as HDB Resale Prices Hit New Highs: Over 50% of Flats Now Exceed S$600,000

Singapore, May 2025 – As new property launches remain limited in supply and increasingly pricey, HDB resale prices have continued to climb, with over 50% of resale flats now transacting above S$600,000, according to the latest data from the Housing and Development Board (HDB).

This record-breaking trend reflects strong demand in the public housing market amid rising interest rates, longer Build-To-Order (BTO) waiting times, and the surge in prices for new condominiums and Executive Condominiums (ECs).

Key Highlights:

• Median resale flat price exceeds S$600,000 in mature estates like Queenstown, Bishan, and Toa Payoh.
• 5-room and larger flats in non-mature estates like Punggol and Sengkang also surpass S$650,000.
• HDB resale prices have risen over 31% since 2020, outpacing private residential increases in some districts.

Why Are Resale Prices So High?

1. Delay in New Property Launches and BTO Projects

Although new property launches continue across Singapore, demand still outweighs supply. Many buyers are turning to resale flats due to delays in BTO completion and the limited availability of affordable ECs.

2. Increased Demand from Upgraders and Young Couples

The growing middle-income population and loosening of CPF housing grants have empowered more young buyers to enter the resale market, especially in central locations.

3. Desire for Ready-to-Move-In Homes

Unlike new launches or BTO flats, resale units offer immediate occupancy. This appeals to buyers unwilling to wait 3–5 years for a new flat to be completed.

Impact on New Property Launches

With resale prices climbing, new property developers are facing pressure to price units competitively. However, many new launches—particularly in the OCR (Outside Central Region)—still hover above S$2,200 psf, making resale flats an increasingly attractive option for budget-conscious buyers.

The government has responded with new supply under the Prime Location Public Housing (PLH) and Shorter Waiting Time (SWT) BTO schemes, with more new property launches expected in areas like Tengah, Queenstown, and Woodlands later in 2025.

What Buyers Should Know

• Compare options: Weigh the pros and cons of resale flats vs new launches.
• Check eligibility for grants: Many still qualify for CPF Housing Grants even at current prices.
• Monitor launch timings: Popular new BTO or EC projects are expected to see overwhelming demand.
• Looking for the latest updates on new property launches and market movements?
• Visit Launches.sg for expert insights, pricing trends, and upcoming launch previews.

If you are interested in this new condo project, discover more about new property launches here!