HDB Resale Price Growth Slows to 1.6% as Buyer Caution Rises: Report
HDB Resale Price Growth Slows to 1.6% as Buyer Caution Rises: Report
This is the slowest quarterly increase since Q4 2023 and falls short of the 1.8% rise recorded in the same period last year. Whilst the market remains resilient — with prices rising for the 20th straight quarter — signs of caution are emerging, particularly among buyers in the mid-tier and lower-end segments.Resale prices rose by 1.6%, marking the second consecutive quarter of deceleration following 2.6% growth in Q4 2024.
轉售價格上漲了1.6%，標誌着在2024年第四季度增長2.6%後，連續第二個季度放緩。
Singapore's HDB resale market continued its upward trajectory in the first quarter of 2025, but at a noticeably slower pace, signaling growing price resistance among buyers.
新加坡的HDB二手房市場在2025年第一季度繼續上升，但增速明顯放緩，表明買方的價格支撐位正在增強。
According to the latest report by OrangeTee & Tie, resale prices rose by 1.6%, marking the second consecutive quarter of deceleration following 2.6% growth in Q4 2024.
根據OrangeTee & Tie的最新報告，二手房價格上漲了1.6%，這是繼2024年第四季度2.6%增長後的第二個連續季度放緩。
This is the slowest quarterly increase since Q4 2023 and falls short of the 1.8% rise recorded in the same period last year. Whilst the market remains resilient — with prices rising for the 20th straight quarter — signs of caution are emerging, particularly among buyers in the mid-tier and lower-end segments.
這是自2023年第四季度以來最慢的季度增長，低於去年同期記錄的1.8%的漲幅。儘管市場依然強勁——價格連續第20個季度上漲——但謹慎的跡象正在出現，尤其是在中高端和低端市場的買家中。
The price slowdown was most evident among 4-room and 5-room flats, which saw QoQ growth of 1.9% and 2.1% respectively, both below previous levels. 2-room flats also experienced weaker growth at 1.5%, down from 2.3%.
價格放緩在4房和5房公寓中最爲明顯，季度環比增長分別爲1.9%和2.1%，均低於之前的水平。2房公寓的增長也減弱至1.5%，低於2.3%。
In contrast, 3-room flats saw an uptick to 2.2%, whilst executive flats registered modest improvement at 1.4%, up from just 0.1%.
相比之下，3房公寓的增長回升至2.2%，而行政公寓的增幅溫和改善至1.4%，高於僅爲0.1%。
At the town level, fewer areas experienced price growth — 19 towns compared to 20 in the previous quarter. Meanwhile, the number of towns posting price declines increased to seven. The Central Area led the downturn with an 18.5% drop, followed by Geylang at 7%.
在鎮級別，經歷價格增長的區域數量減少——19個鎮，相較於上個季度的20個。同時，價格下降的鎮數量增加至七個。中央地區的下滑幅度最大，下降了18.5%，其次是蓋蘭，下降了7%。
A total of 6,590 resale flats changed hands in Q1 2025, a 2.6% increase from Q4 2024. However, this figure represents a 6.8% YoY decline, making it the lowest Q1 transaction volume since the pandemic-hit first quarter of 2020.
在2025年第一季度，共有6,590套二手公寓易手，比2024年第四季度增長了2.6%。然而，這一數字代表着同比下降6.8%，成爲自2020年疫情初期的第一季度以來最低的交易量。
The softer demand is partly attributed to intense competition from new public housing launches. In February 2025 alone, more than 10,000 new flats were released under HDB's BTO and SBF exercises.
需求減弱部分歸因於新公共住房推出的激烈競爭。僅在2025年2月，就有超過10,000個新公寓在HDB的BTO和SBF項目中投放市場。
Despite the overall cooling, demand for premium flats remained robust. A record 348 million-dollar flats were sold in Q1 — up from 285 in the previous quarter. The most expensive transaction reached $1.6m for a DBSS flat in Toa Payoh Lorong 1A.
儘管整體市場降溫，優質公寓的需求仍然強勁。第一季度創紀錄地售出34800萬的公寓，較前一季度的285增加。最昂貴的交易是Toa Payoh Lorong 1A的一套DBSS公寓，成交價達到160萬。
The number of flats sold at or above $800,000 also rose to 1,183 units, with Tampines, Toa Payoh, Bukit Merah, Kallang/Whampoa, and Queenstown among the top-performing areas for big-ticket deals. Analysts noted that many of these transactions were likely driven by cash-rich private home downgraders.
以或超過80萬的公寓銷售數量也上升至1,183套，淡濱尼、陶百川、實落勿洛、加冷/黃埔和女皇鎮是重大交易的主要地區。分析師指出，這些交易很可能是由有現金的私人住宅降級者推動。
Looking ahead, OrangeTee projects resale price growth of 4% to 6% and sales volume of 25,000 to 27,000 units for the full year — a dip from 2024's 28,986 transactions.
展望未來，OrangeTee預計全年轉售價格將增長4%到6%，銷售量將在25,000到27,000套之間，較2024年的28,986宗交易有所下降。
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