Singapore’s private condo resale market saw a significant cooldown in May 2025, with resale volumes dropping 17.5% month-on-month. Yet, this slowdown in activity didn’t translate into falling prices. In fact, certain segments like the Core Central Region (CCR) and Outside Central Region (OCR) saw modest gains, reflecting the market’s ongoing resilience amid rising macroeconomic uncertainties.
Let’s unpack the data, uncover the trends behind the numbers, and understand what it could mean for buyers, sellers, and investors alike.
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Price trends show stability amid global volatility
In May 2025, resale condo prices moved slightly but not uniformly. The Core Central Region (CCR) rose by 0.2%, the Outside Central Region (OCR) saw a 0.3% increase, while the Rest of Central Region (RCR) experienced a 0.5% dip.
This unevenness signals a market that’s steadying itself rather than correcting. Buyers are still willing to pay a premium for prime and suburban homes, while mid-tier areas seem more price-sensitive.
On a broader scale, the year-on-year numbers suggest continued resilience: condo resale prices grew by 5.3% overall compared to May 2024. CCR led with a 5.9% increase, OCR matched the overall trend at 5.3%, and RCR saw a 4.6% rise.
Transaction volume sees a noticeable pullback
Resale activity saw a considerable slowdown. Just 968 units were resold in May 2025, marking a 17.5% drop from April’s 1,173 units. The figure is also 20.3% lower year-on-year and 3.4% below the five-year average for May.
Buyers appear to be stepping back amid rising geopolitical tensions, resumed US tariffs set for July, and general economic unease. Many are holding off on high-value decisions in favour of clarity.
Regionally, the Outside Central Region (OCR) dominated with 49.4% of transactions, followed by the Rest of Central Region (RCR) at 33.2%, and the Core Central Region (CCR) at 17.4%.
Sub-sales slow as early sellers hold back
Sub-sale transactions, which refer to sales of uncompleted properties, made up 6.7% of all secondary sales in May; slightly down from 6.8% in April. The drop suggests that early buyers are increasingly inclined to hold, potentially waiting for better market conditions post-completion.
Capital gains and returns vary widely across districts
The median capital gain in May stood at S$365,000, down from S$400,000 in April. This suggests that while owners are still profiting, gains are moderating in tandem with buyer caution.
District 22 (Boon Lay / Jurong / Tuas) topped the charts with a capital gain of S$861,000 and an unlevered return of 112.9%, highlighting the long-term value seen in Singapore’s upcoming second CBD, Jurong Lake District.
District 4 (Sentosa / Harbourfront), by contrast, recorded the lowest capital gain at S$100,000 and a muted return of 5%, underscoring how lifestyle appeal doesn’t always equate to strong returns.
More illuminating, however, was the breakdown of median unlevered return, which stood at 30.6% across all resale transactions in May. This metric reflects the raw return from resale, excluding financing and leverage, and is a reliable indicator of long-term asset appreciation.
Zooming into district-level performance reveals a dramatic spread.
District 22 posted the highest median unlevered return at 112.9%. This means that on average, sellers more than doubled their initial purchase prices. The area has benefitted immensely from the government’s sustained investment in transforming Jurong into Singapore’s second CBD, now translating into outsized returns for property owners.
At the opposite end of the spectrum, District 4 (Sentosa / Harbourfront) saw a median unlevered return of just 5%.
The broad range of returns also reflects how important entry timing, location fundamentals, and macro sentiment are in influencing property profitability. While central and luxury locations still command aspirational appeal, the real money, at least in May, was made in districts backed by major public investments and long-term master planning.
Top transactions highlight value at both ends
Despite a general slowdown in overall transaction volume, the top end of the market remained active, with several eye-catching resale deals crossing the million-dollar mark.
The most expensive resale in May 2025 was a unit at Wing on Life Garden, which changed hands for an impressive S$9,000,888.
Located in the ultra-exclusive Anderson Road enclave of District 10, this development is freehold property completed in the early 1980s. Wing on Life Garden is known for its larger units. The high resale price reflects not just the rarity of such spacious, legacy freehold units in a central location, but also a broader trend of ultra-high-net-worth buyers favouring older, low-density projects in prime districts.
In the RCR, a resale unit at Pebble Bay in Tanjong Rhu fetched S$5.5 million. This waterfront condominium combines resort-style living with city convenience. Its appeal lies in its expansive layouts, unobstructed sea views, and proximity to top schools and the upcoming Katong Park MRT station.
The neighbourhood’s transformation into a lifestyle and leisure hub, especially with the Kallang Alive! sports and entertainment district taking shape nearby, has further bolstered its desirability.
Meanwhile, in the OCR, a unit at Kovan Residences commanded S$4.399 million, an exceptionally high price for a suburban condo. Situated directly above Kovan MRT station, this project has become a standout in the northeast due to its enviable transport connectivity, spacious units, and mature amenities in the area.
The development offers a mix of large-format family units and penthouses, which are especially attractive to multi-generational households and upgraders looking for space without sacrificing location.
These top condo resale transactions demonstrate that while the mass market may be hesitating, buyers at the top end remain active, selective, and willing to pay a premium for properties that offer scarcity, quality, and long-term value.
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What lies ahead: New launches may reshape the landscape
Looking ahead, a fresh wave of new developments is expected to invigorate the market. In River Valley, The Robertson Opus is likely to attract luxury buyers with its upscale offerings and central location. Meanwhile, The Sen in Upper Bukit Timah will appeal to families and nature lovers who want both serenity and connectivity.
Over in Upper Thomson, Springleaf Residence is being positioned as a tranquil, low-density enclave for buyers seeking proximity to nature without sacrificing accessibility. And for buyers priced out of the private resale segment, the launch of executive condominium Otto Place in Tengah presents an attractive option. Tengah’s transformation into a smart and green township is already well under way, making it a hotspot for young families and HDB upgraders.
These launches are likely to offer competitive alternatives to condo resale options, particularly if they are attractively priced or feature compelling lifestyle offerings. Whether that leads to softer resale pricing remains to be seen, but it certainly adds more variables to an already shifting market.
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