OUTLOOK
Analysts expect resale prices to remain stable for the fourth quarter of 2025, and believe the October Build-to-Order (BTO) exercise would play a role in diverting demand away from the resale market.
HDB will launch the final BTO exercise in October, offering more than 9,000 flats in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun.
“The upcoming BTO launches offer prospective buyers the opportunity to be early movers into emerging housing precincts – such as Toa Payoh’s first housing project in Mount Pleasant, and the new Berlayar Estate at the former Keppel Club site in Bukit Merah,” said Mr Eugene Lim, key executive officer at ERA Singapore.
“As a result, some buyers may hold off on immediate purchases in the resale market until the ballot results are released.”
However, a proportion of unsuccessful applicants are likely to return to the resale market in the months that follow, he added.
“With a reduced supply of minimum occupation period flats in 2025 – previously a key driver of price growth – we expect more moderate price growth and fewer transactions to round off the year,” he said.
Ms Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, said HDB resale prices may remain stable or experience “a slight decline” in the fourth quarter.
“Demand typically falls during the final quarter of the year, as market activity slows down during the year-end holidays,” she added.
“Sales will also be affected by the increase in BTO supply, with over 9,000 new flats released in October.”
Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, believes demand for larger flats in mature estates will likely remain resilient due to limited stock.
However, as the public housing ecosystem becomes increasingly responsive, supply-side measures, together with policy flexibility, are reinforcing affordability and access, he said.
“The overall resale price trajectory is expected to stabilise,” he said.
