The condo resale market started 2025 on a slightly shaky note, with January seeing buyers gravitating towards new launches. However, momentum picked up in February 2025 with a strong rise in resale activity.
Notably, resale volumes climbed significantly, surpassing both last year’s figures and historical trends. Meanwhile, price movements varied across regions, with some areas experience a marginal decline.
This report delves into the key trends shaping the market and what they signal for the months ahead.
Table of Contents
- Resale market trends and price movements
- Factors influencing demand and supply
- Resale volume and regional performance
- Notable high-value resale transactions by region
- Capital gains and investment returns
- Outlook for the resale market
Resale market trends and price movements
The latest data for February 2025 highlights contrasting trends across Singapore’s condo resale market. While overall resale prices dipped by 0.4% month-on-month, they remained 5.8% higher compared to February 2024.
Pcrice movements across different regions were as follows:
- Core Central Region (CCR): Prices increased by 0.3% month-on-month and 4.3% year-on-year.
- Rest of Central Region (RCR): Prices declined by 0.5% month-on-month but grew by 5.5% year-on-year.
- Outside Central Region (OCR): Prices dipped by 0.4% month-on-month but remained 5.7% higher year-on-year.
Despite the marginal month-on-month decline in RCR and OCR, demand remained robust, particularly in suburban estates.
Factors influencing demand and supply
Several key factors influenced resale market trends in February. With new private home prices remaining high and resale properties offering immediate move-in options, many buyers turned to the secondary market.
The successful launches of Parktown Residence in Tampines and ELTA in Clementi attracted strong buyer interest, due to pent up demand. As mortgage rates have eased, more buyers have entered the property market, contributing to a 13-year high in new home sales.
These two factors together could have in turn put pressure on resale sellers to adjust their pricing to remain competitive.
Resale volume and regional performance
A total of 1,024 resale units were sold in February, reflecting a 16.1% increase from January and a 31.8% rise from the same period in 2024. This volume also exceeded the five-year average by 29.6%.
When looking the transactions across different regions, we see that OCR accounted for 48.2% of all transactions. RCR contributed 33.3% of transactions, while CCR made up the rest18.5%.
Sub-sale transactions, which refer to the resale of units before project completion, formed 7.3% of total secondary sales in February, marking a slight dip from January.
Notable high-value resale transactions by region
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CCR: Yong An Park
Highest recorded transaction: S$15,000,000
Located in River Valley, Yong An Park is a freehold luxury condominium known for its spacious units and prime location near Orchard Road and Robertson Quay. It offers large-format apartments and penthouses, attracting high-net-worth individuals. The high resale value reflects its exclusivity and proximity to top-tier amenities.
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RCR: The Interlace
Highest recorded transaction: S$5,468,888
A landmark project in Depot Road, The Interlace is known for its unique stacked-block architectural design. The development offers extensive green spaces and communal facilities, appealing to families and professionals. Its strong resale demand stems from its distinctive design, spacious units, and proximity to key business hubs like One-North and Mapletree Business City.
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OCR: Mandarin Gardens
Highest recorded transaction: S$4,880,000
A large-scale leasehold development in Siglap, Mandarin Gardens is prized for its expansive sea views and resort-style facilities. Its appeal is boosted by its proximity to East Coast Park, reputable schools, and the upcoming Thomson-East Coast MRT Line.
Capital gains and investment returns
The median capital gain for resale condos in February 2025 was S$377,000, a decrease of S$30,000 from January.
District 10 posted the highest median capital gain at S$790,000. District 1 recorded the lowest median capital gain at S$35,000.
In terms of unlevered return, the overall median return was 30.6%. District 22 posted the highest unlevered return at 46.1%. District 1 had the lowest at 2.6%.
Please note: The condo resale unit’s capital gain and return are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with less than 10 matching transactions are excluded from the ranking.
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Outlook for the resale market
Looking ahead, the resale market will likely face mixed dynamics. While demand remains strong, particularly in well-located projects, the steady pipeline of new launches could continue to divert buyers towards the primary market. Additionally, with mortgage rates stabilising, new home sales may sustain their momentum, potentially influencing resale price movements in the coming months.
However, resale properties continue to appeal to buyers seeking affordability and immediate occupancy, ensuring sustained activity in this segment. The market will also be shaped by broader economic trends, government policies, and the performance of the private property sector. If new home prices remain elevated and interest rates hold steady, the resale market could maintain a healthy level of demand, especially in established suburban and central districts.
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