For digest readers, the four numbers that matter for District 23 (Hillview / Dairy Farm / Bukit Panjang) in year 2025 are: (a) transacted volume relative to trailing-12-month averages, (b) median PSF for the comparable-quality sample, (c) gross rental yield (where applicable), and (d) the segment-mix composition that influenced the headline aggregate. Cross-reference the chart in this digest against URA REALIS for verified caveat-level detail, and against the URA Property Price Index for the quarterly cycle-level benchmark.
The private residential activity reading for District 23 (Hillview / Dairy Farm / Bukit Panjang) reflects the interplay between (1) the policy environment (IRAS ABSD rates for buyer-side cooling, IRAS BSD rates for the standard upfront stamp), (2) the financing cost environment (MAS SORA dashboard for the floating-rate benchmark plus typical 0.6–0.85% bank spread = ~4.0% all-in), and (3) the MAS TDSR / cooling measures explainer that caps debt-servicing at 55% of gross income. Each of these levers can shift period-to-period readings independently.
The year 2025 yearly review digest for District 23 (Hillview / Dairy Farm / Bukit Panjang) sits within a defined cycle context. The 2025 District 23 private residential market reflected both the broader Singapore cycle and district-specific demand-supply dynamics. This digest reads the period’s data alongside the structural framework set by Singapore’s post-April-2023 cooling-measure regime — foreigner ABSD at 60%, Singapore Citizen second-property ABSD at 20%, 3M SORA in the 3.0–3.5% band — that shapes how the raw figures translate into actionable buyer or seller decisions (as of 2025).
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- Sales volume: 1257 (↓ 42.8% YoY)
- Average PSF: $1,541 psf (↓ 3.1% YoY)
- Total transaction value: $2,183,392,650
- Rentals: 3593 at avg $3,907/mo
2025 Overview
District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang) recorded 1257 private condo sales in 2025, totalling $2,183,392,650 in transaction value at an average PSF of $1,541 psf.
Monthly Breakdown
| Month | Transactions | Avg PSF |
|---|---|---|
| Jan | 107 | $1,551 psf |
| Feb | 99 | $1,634 psf |
| Mar | 147 | $1,535 psf |
| Apr | 118 | $1,515 psf |
| May | 114 | $1,517 psf |
| Jun | 90 | $1,525 psf |
| Jul | 124 | $1,516 psf |
| Aug | 106 | $1,529 psf |
| Sep | 103 | $1,536 psf |
| Oct | 83 | $1,540 psf |
| Nov | 81 | $1,550 psf |
| Dec | 85 | $1,559 psf |
Top Condos by Volume
| Condo | Transactions | Avg PSF |
|---|---|---|
| SOL ACRES | 76 | $1,498 psf |
| HILLHAVEN | 74 | $2,190 psf |
| LUMINA GRAND | 70 | $1,515 psf |
| INZ RESIDENCE | 56 | $1,439 psf |
| MIDWOOD | 53 | $1,928 psf |
Top Condos by PSF
| Condo | Avg PSF | Transactions | Avg Price |
|---|---|---|---|
| PAVILION PARK | $2,389 psf | 16 | $4,300,375 |
| CASHEW VILLAS | $2,295 psf | 3 | $4,346,000 |
| HILLHAVEN | $2,190 psf | 74 | $2,238,976 |
| THE MYST | $2,082 psf | 51 | $2,414,667 |
| THE BOTANY AT DAIRY FARM | $2,077 psf | 4 | $2,501,750 |
Bedroom Distribution
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| Studio | 47 | $1,707 psf | $819,584 |
| 1 BR | 153 | $1,699 psf | $1,075,282 |
| 2 BR | 239 | $1,640 psf | $1,381,243 |
| 3 BR | 553 | $1,428 psf | $1,625,414 |
| 4 BR | 206 | $1,609 psf | $2,448,123 |
| 5+ BR | 59 | $1,409 psf | $4,187,620 |
Notable Transactions
The highest-value transactions in District 23 during 2025:
| Condo | Price | PSF | Type | Floor |
|---|---|---|---|---|
| GREEN HILL ESTATE | $15,650,000 | $1,463 psf | 5 BR | - |
| GREEN HILL ESTATE | $13,000,000 | $1,448 psf | 5 BR | - |
| CHESTNUT GARDENS | $7,800,000 | $1,458 psf | 5 BR | - |
| HILLVIEW GARDEN ESTATE | $7,600,000 | $1,477 psf | 5 BR | - |
| HILLVIEW VILLAS | $6,860,000 | $1,248 psf | 5 BR | - |
Year-over-Year Comparison
Compared to 2024:
- Sales volume decreased by 42.8% (2197 → 1257)
- Average PSF fell by 3.1% ($1,590 psf → $1,541 psf)
The year 2025 period’s private residential activity for District 23 (Hillview / Dairy Farm / Bukit Panjang) reflects specific micro-level drivers. Within the aggregate figure, individual sub-segments (different unit types, floor bands, tenure types) typically move at different rates — the period’s ‘top movers’ are units or sub-cohorts whose performance deviated meaningfully from the mean. For investors and sellers, identifying these movers is more useful than the headline average because the mean smooths out the dispersion that creates actual buying or selling opportunities.
Typical top-mover categories in any digest period include: (a) freehold units in 99-year-dominated districts that command a meaningful tenure premium, (b) high-floor units in projects with strong views or panoramic orientation (5–15% PSF premium vs low-floor in same project), (c) recently-renovated stock that commands ~5–10% premium over comparable un-renovated transacted PSF, and (d) units close to recently-opened MRT lines or new developments that create proximity-premium uplift. For District 23 (Hillview / Dairy Farm / Bukit Panjang) in year 2025, the dispersion across these categories is the more informative reading than the headline median. Use District 23 for cross-reference.
Conversely, soft-mover categories typically include 99-year leasehold stock approaching financing-window thresholds (lease <30 years), units with unfavourable orientation or noise exposure, and developments where MCST management quality has degraded. Cross-reference URA REALIS for the per-project caveats and assess which projects in District 23 (Hillview / Dairy Farm / Bukit Panjang) fall into which category.
The embedded chart for this yearly review digest of District 23 (Hillview / Dairy Farm / Bukit Panjang) in year 2025 visualises the private residential activity trajectory. The two readings to focus on are (1) the absolute level versus the trailing-12-month mean, and (2) the direction of change across the most recent 3–4 periods. A single-period spike or trough is rarely informative; sustained directional movement across multiple periods signals a structural shift worth acting on.
For comparative context, place District 23 (Hillview / Dairy Farm / Bukit Panjang)’s year 2025 reading against (a) the corresponding national-level URA Property Price Index figure for the segment, and (b) the equivalent reading in adjacent districts or towns. The relative positioning — whether District 23 (Hillview / Dairy Farm / Bukit Panjang) is leading or lagging the national segment — informs whether the period’s reading is geography-specific or part of a broader cycle move. Use price heatmap for district-level visual comparison and district comparison for direct numeric benchmarking.
Looking ahead from year 2025, the forward variables for District 23 (Hillview / Dairy Farm / Bukit Panjang) private residential activity are (a) the URA Government Land Sales pipeline within a 1km radius, which determines new-supply pressure, (b) the SORA trajectory over the next 2–4 quarters, which shapes mortgage-driven affordability, and (c) any local infrastructure changes (new MRT stations, school openings, redevelopment of neighbouring plots) that could shift relative attractiveness. Track these via URA REALIS and the MAS SORA dashboard (as of 2025).
FAQ
How did District 23 perform in 2025?
What does the year 2025 yearly review reading for District 23 (Hillview / Dairy Farm / Bukit Panjang) indicate?
The reading is a snapshot of transacted activity in year 2025 for District 23 (Hillview / Dairy Farm / Bukit Panjang) on the private residential activity dimension. Single-period readings are most informative when read against trailing-12-month and same-period-prior-year benchmarks. Pull verified caveats from URA REALIS for transaction-level detail (as of 2025).
How was this private residential activity figure computed?
The figure is derived from URA REALIS caveats for District 23 (Hillview / Dairy Farm / Bukit Panjang) filed during year 2025. private residential activity computations follow standard methodologies: gross yield = annual rent / purchase price for the same unit cohort; transacted PSF = price / floor area; volume = caveat count for the segment. For HDB digests the equivalent source is the HDB resale portal.
How does this period compare to the same period a year ago?
Year-over-year comparison strips out seasonality. The most informative read is whether year 2025’s private residential activity reading is materially above or below the equivalent period one year earlier, controlling for the broader Singapore property cycle. Use the URA Property Price Index for cycle-level context.
What policy environment shaped this reading?
The reading sits within the post-April-2023 cooling-measure regime: foreigner ABSD 60%, SC second-property ABSD 20%, TDSR 55% per the MAS TDSR / cooling measures explainer. SORA-linked mortgage rates near 4.0% effective shape the affordability ceiling. These structural variables affect demand-side composition across all digest periods since 2023.
Should I act on this digest?
Honest answer: depends on holding horizon and buyer profile. For owner-occupiers with 10+ year horizons, single-period digest readings rarely trigger action. For sellers or short-horizon investors, sustained directional moves across 3–4 periods may indicate timing windows. Cross-reference your specific buyer profile via the IRAS BSD rates and CPF home ownership rules alongside the digest data.
Methodology & Sources
Figures below are drawn from full-year 2025 data and revised annually.
Transaction data sourced from URA REALIS.
- Data from URA REALIS.
We report medians (not means) so a single outlier transaction cannot skew district-level figures. PSF = price per square foot.