Condo resale activity rebound in April 2026 following earlier wait-and-see period

Singapore’s condo resale market regained momentum in April 2026, with transaction volumes rebounding after a relatively subdued March. While overall resale prices continued to soften, the latest figures suggest that buyer demand remains resilient, particularly among those looking for more affordable alternatives to increasingly expensive new launches.

Buyers may be shifting back amid increasing new launch prices

According to the latest 99-SRX flash report, an estimated 1,125 condo units were resold in April 2026, marking a significant 20.9% month-on-month increase from the 931 units transacted in March.

This is the first time condo resale transactions have reached above 1,000 units since November last year, suggesting that buyers may have returned to the market following a wait-and-see period earlier in the year and Q4 2025.

Commenting on the latest market performance, Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that activity in the new launch market may have indirectly contributed to the recovery in resale demand seen in April.

“With several launches in April achieving strong sales at elevated price points, such as Tengah Garden Residences reportedly moving about 99% of its units at a median price of around S$2,120 psf, and Vela Bay selling more than 72% of its units at close to S$2,886 psf, some buyers may have shifted their attention back to the resale market in search of better value.”

This trend appears particularly relevant in the Outside Central Region (OCR), where the pricing gap between brand-new launches and older resale condos has widened considerably over the past few years.

While recent new OCR launches are now averaging more than S$2,200 psf, buyers can still find older resale developments at noticeably lower quantum prices, often with larger floor areas. This becomes especially attractive for upgrader families who prioritise space and immediate move-in options over brand-new facilities.

Despite the strong recovery in April 2026, overall resale volumes still remained 6.8% lower compared to April 2025 and 9.5% below the five-year average for the month.

Nearly half of all resale transactions come from the OCR

The OCR continued to dominate resale activity in April 2026.

Of all condo resale transactions recorded during the month:

• 48.5% came from the OCR
• 32.2% came from the RCR
• 19.4% came from the CCR

This reinforces the growing importance of suburban housing demand in Singapore’s private property market. Many upgrader households continue to prioritise practical considerations such as affordability, unit size, and proximity to schools over central luxury locations.

In recent years, suburban developments have also benefited from major infrastructure upgrades, integrated transport hubs, and decentralisation efforts, making OCR living increasingly attractive even for higher-income households.

Condo sub-sale transactions continue to decline

In the sub-sale market, the proportion of transactions relative to the overall volumes continued to decline in April. Sub-sales accounted for 4.3% of all secondary sale transactions, down from 4.5% in March. Sub-sale transactions refer to units sold before a project receives a TOP (Temporary Occupation Permit).

The relatively low level of sub-sale activity suggests that speculative flipping remains fairly contained despite healthy demand in the new launch market. This differs significantly from previous property cycles, where sub-sale activity surged aggressively during periods of rapid price appreciation.

In other words, current market conditions appear more driven by genuine owner-occupier demand and longer-term investment holding strategies rather than short-term speculation. Since February this year, the percentage for each month has remained under 5%.

Resale prices are moderating amid heightened activity in April

As resale volumes rebounded, resale prices continued to edge downwards in April. According to the SRX Price Index for Condo Resale, overall resale condo prices fell by 0.4% month-on-month, with the resale index declining from 278.9 in March to 277.8 in April.

However, the broader trend still points to a relatively stable market rather than a major correction. Year-on-year, overall resale condo prices remained 2.7% higher compared to April 2025.

Mr Luqman explained that the slight decline in the month may actually indicate a healthier balance between buyers and sellers, as it suggests that “sellers are becoming more aligned with current market conditions, allowing more transactions to take place.”

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CCR resale condos see the biggest price decline

Performance across the different market segments remained uneven in April.

The Core Central Region (CCR) recorded the sharpest decline, with resale prices falling 2.6% month-on-month. Meanwhile, the Rest of Central Region (RCR) continued to outperform, posting a 0.9% increase. Prices in the OCR slipped marginally by 0.1%.

On a year-on-year basis, however, all three regions still recorded price growth:

• CCR prices rose 0.3%
• RCR prices increased 3.7%
• OCR prices climbed 3.5%

The weaker CCR performance may partly reflect softer foreign buyer activity and growing resistance to ultra-luxury pricing seen in recent years. Meanwhile, RCR projects continue to attract strong demand due to their relative balance between accessibility, city-fringe convenience, and more manageable pricing compared to prime district developments.

OCR projects also remain popular among HDB upgraders and family buyers, although affordability pressures appear to be increasing as OCR prices steadily trend upwards over time.

Sellers are still walking away with healthy gains overall

Despite moderating price growth, most resale condo sellers in Singapore continue to record substantial profits. The overall median capital gain for resale condos rose slightly to S$408,000 in April 2026, up from S$400,000 in March.

District 10 (Tanglin, Holland, Bukit Timah) recorded the highest median capital gain at S$806,000, while District 1 (Boat Quay, Raffles Place, Marina) posted the lowest median capital gain at a loss of S$110,000.

The stronger gains in District 10 likely reflect the long-term resilience of landed-adjacent prime residential areas, where limited supply and strong local demand continue to support values.

Meanwhile, weaker performance in District 1 may reflect softer luxury market conditions and the challenges facing older CBD-area projects amid evolving work and lifestyle trends.

Condo owners also continued to see healthy returns on their investments overall. The median unlevered return for resale condos stood at 29.2% in April 2026. District 20 (Ang Mo Kio, Bishan, Thomson) achieved the highest median unlevered returns at 52.8%, while District 1 recorded the lowest at -6.4%.

District 20’s strong performance highlights the enduring popularity of city-fringe suburban estates with strong MRT connectivity, established amenities, and family-friendly environments.

Areas such as Bishan and Thomson have also benefited significantly from infrastructure developments like the Thomson-East Coast Line, which may have contributed to stronger resale demand and price appreciation over time.

Highest condo resale transactions in April 2026

CCR: S$12.8 million at Sage

The highest condo resale transaction in April came from Sage (TOP 2012), where a freehold unit spanning 4,682 sqft changed hands for S$12.8 million (S$2,734 psf). Located within the Core Central Region (CCR), the transaction highlights how ultra-prime properties in Singapore’s most prestigious districts can still command strong prices despite softer conditions in parts of the luxury market.

RCR: S$6.8 million at The Sovereign

In the Rest of Central Region (RCR), the highest resale transaction was recorded at The Sovereign, where a unit was sold for S$6.8 million. The unit spans 2,637 sqft, so the price per square foot works out to about S$2,578. The property is carrying a freehold tenure and is around 30 years old.

The RCR continues to benefit from its positioning as the “middle ground” between the prime CCR and more affordable OCR. Buyers in this segment often seek city-fringe convenience without paying full prime district prices, which has helped sustain demand across many RCR developments over the past few years.

OCR: S$4.35 million at Ocean Park

Meanwhile, the highest resale transaction in the Outside Central Region (OCR) came from Ocean Park. A 2,110 sqft freehold home was resold for S$4.35 million (S$2,061 psf). Ocean Park is notably older than the two previous developments, having received its TOP in 1983.

Despite its age, the transaction reflects how certain older freehold developments in Singapore’s suburban areas continue to command strong demand, particularly when they offer attributes that are increasingly difficult to replicate in newer projects.

The project’s freehold tenure likely also contributed to its pricing resilience. In today’s market, genuinely large freehold homes within suburban locations have become relatively limited in supply, especially in established east-side neighbourhoods where new development opportunities are scarce.

Market outlook

Looking ahead, Singapore’s condo resale market may continue to benefit from the widening affordability gap between resale and new launch properties.

As new launches continue entering the market at elevated price points, more buyers could turn towards resale condos for better value, larger layouts, and immediate occupancy. At the same time, price growth in the resale segment may remain relatively moderate as buyers become increasingly price-sensitive amid economic uncertainty.

Still, the latest figures suggest that the market remains fundamentally healthy. Transaction activity has recovered meaningfully, most sellers continue to record gains, and overall demand appears driven largely by genuine housing needs rather than speculative behaviour.