The condo resale market started the year with prices climbing by 1.6% month-on-month in January. However, transaction volumes dipped by 9.2% from December as new launch projects captured some of the market’s attention. While this decline in resale activity follows the seasonal trend seen in previous years, demand remains strong, with transaction volumes still significantly higher than in January 2024 and the five-year average for the month.
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Resale condo price trends in January 2025
With the 1.6% month-on-month increase, condo resale prices continued their upward trajectory, driven by strong demand and a tight supply of available units. The Core Central Region (CCR) led price growth with a 2.8% increase, while the Rest of Central Region (RCR) and Outside Central Region (OCR) recorded gains of 1.7% and 1.2%, respectively.
Year-on-year, prices were up 6.1%, with CCR, RCR, and OCR seeing annual increases of 4.1%, 5.8%, and 6.5%, respectively. The growing price gap between new launches and resale condos kept demand steady, particularly for move-in-ready properties that offer immediate occupancy without construction waiting time.
Condo resale transactions in January 2025
While prices edged up, transaction volumes declined to 884 units in January, marking a 9.2% drop from December’s 974 units. This decrease was largely attributed to competition from new launches, where developers moved a combined 1,083 units in the month. The highly anticipated launches, The Orie and Bagnall Haus, accounted for nearly 70% of these new sales.
Despite the month-on-month decline, demand for resale condos remained strong. Transactions were still up 14.3% compared to January 2024 and exceeded the five-year January average by 12.1%.
Breaking it down by region, OCR remained the most active segment, accounting for 51.2% of total transactions, followed by RCR at 30.8% and CCR at 17.9%. The sustained interest in suburban properties highlights continued buyer demand for affordability and space.
Sub-sale transactions, which involve the resale of uncompleted units, accounted for 8% of total secondary market transactions, a slight decrease from December. The low percentage of sub-sales suggests that most buyers are choosing to hold onto their units rather than flip them before completion.
Notable high-value condo resale transactions
Luxury properties continued to command top prices, with the highest resale transaction in January recorded at The Ritz-Carlton Residences Singapore, Cairnhill, where a unit sold for S$13.8 million. In RCR, the most expensive resale transaction was a S$7.2 million unit at Reflections at Keppel Bay, while in OCR, a unit at Skies Miltonia fetched S$3.38 million.
Capital gains and investment returns
Resale condos continued to deliver strong capital appreciation, with the median capital gain rising to S$404,000 in January, an increase of S$36,000 compared to December 2024. District 12 (Balestier / Toa Payoh) recorded the highest median capital gain at S$734,000, while District 1 (Boat Quay / Raffles Place / Marina) saw the lowest at -S$33,000.
The median unlevered return on investment stood at 32.2%, with District 12 leading at 76%. In contrast, District 1 posted a negative return of -2.7%. These figures indicate that city-fringe properties outperformed prime district condos in capital appreciation.
What’s next for the resale market?
Looking ahead, condo resale prices are expected to maintain their upward trajectory in 2025, supported by stable demand and a limited pipeline of new resale listings. The widening price gap between new launches and resale condos, alongside a preference for larger living spaces, will likely keep resale demand strong.
If current trends persist, prices could rise by 4% to 7% over the year. However, with more new launches set to launch in 2025, competition between new and resale units may continue to influence buyer decisions. Investors and homebuyers should stay informed on upcoming project launches and broader economic conditions to navigate the market shifts effectively.
Thinking about buying a resale condo yourself? Take a look at your options here and run it by with 99.co’s affordability calculator!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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