ERA Singapore key executive officer Eugene Lim said fewer flats will fulfil their minimum occupation period (MOP) in 2025, leading to upwards pressure on resale prices due to the limited supply.

“Of the 6,974 flats reaching their MOP in 2025, 30 per cent of them are in popular, centrally located housing estates such as Toa Payoh and Queenstown, which tend to command higher resale prices,” he added.

Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, noted that many of these flats were located in Dawson and Strathmore in Queenstown, and Bidadari in Toa Payoh.

“These newer flats, with their favourable locations and long remaining leases, contributed to the higher median resale prices observed in these towns,” he said.

According to HDB data, four-room flats in the central area – which covers The Pinnacle@Duxton – were the most expensive in the second quarter of 2025, with a median price of $1.2 million. Data was not available for the previous quarter, as there were fewer than 20 transactions in the central area.

The second-most expensive four-room flats in the second quarter were in Toa Payoh, which had a median price of $1,004,400, up from $948,000 in the first quarter.

There were 415 million-dollar flat transactions in the second quarter of 2025.

These transactions made up about 5.8 per cent of total transactions in the second quarter, said Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia.

Most of them were located in towns such as Bishan, Bukit Merah, Bukit Timah, Queenstown, Toa Payoh and the central area.

In the first half of 2025, 763 flats were sold for at least $1 million, compared with 1,035 transactions for the whole of 2024.

Mr Lim noted that more four-room flats changed hands for at least $1 million, rising to 165 transactions in the second quarter, from 148 in the first quarter.

“Well-located resale flats with sought-after attributes and larger resale flats that are limited in supply may continue to see healthy demand and firm resale prices,” she said.

However, Mr Lim said most HDB flats remained affordable, as 78 per cent of HDB transactions in the second quarter fell below $750,000.

HDB said Singapore’s gross domestic product growth for 2025 is expected to moderate from 2024.

There are also early signs of moderation in labour demand amid slowing economic growth and continued headwinds arising from global trade conflicts, it said.

“Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans,” HDB added.