Just last week, we covered how a 3-bedroom condo in Woodlands raked in S$1.181 million profit. In this edition of Condo Cash or Crash, however, we’ll cover sellers’ less fortunate deals — one ended with nearly a S$1.8 million loss, making it the most unprofitable condo transaction in April 2025.
Table of contents
Top 10 loss-making condo sales in April 2025
| Project | Area (sqft) | Selling Price (S$) | Capital Loss (S$) | Years Held | Annualised Loss (S$) |
| The Ritz-Carlton Residences | 2,831 | 8,600,000 | 1,798,000 | 6.31 | 284,867 |
| The Orchard Residences | 1,808 | 5,399,900 | 1,199,300 | 14.51 | 82,676 |
| Marina Bay Suites | 2,067 | 4,208,000 | 842,000 | 10.01 | 84,115 |
| Gramercy Park | 1,980 | 5,650,000 | 437,150 | 7.19 | 60,775 |
| OUE Twin Peaks | 1,055 | 2,380,000 | 340,000 | 8.88 | 38,285 |
| The Sail @ Marina Bay | 667 | 1,300,000 | 300,000 | 14.96 | 20,053 |
| Marina One Residences | 753 | 1,500,888 | 289,362 | 10.42 | 27,756 |
| OUE Twin Peaks | 1,055 | 2,360,000 | 224,750 | 8.90 | 25,243 |
| The Crest | 1,313 | 2,538,000 | 190,000 | 6.25 | 30,400 |
| Marina One Residences | 1,281 | 2,608,000 | 176,000 | 6.78 | 25,948 |
The Ritz-Carlton Residences in Newton, a freehold development within the prestigious District 9, would usually tick all the boxes for strong capital gains. Freehold status? Check. Prime location? Check. But despite these advantages, it’s here that April’s most unprofitable condo transaction was recorded.
A 3-bedroom, 2,831 sqft unit at Block 65 changed hands for S$8.6 million on 7 April 2025. That works out to about S$3,037 psf. When compared to the original purchase price of S$10.398 million back in December 2018, the seller took a hit of around S$1.798 million. Stretching over a holding period of nearly six and a half years, that’s an annual value loss of roughly S$284,867.
This case might be a friendly reminder to investors that while “freehold in a prime district” is often seen as a golden formula, market timing, entry price, and buyer demand ultimately play massive roles in resale outcomes.
Resale price growth in the past 5 years
Curious to see if this was just an isolated case, we put the top 3 loss-making projects — The Ritz-Carlton Residences, The Orchard Residences, and Marina Bay Suites — under the microscope using 99.co Researcher. Among them, only Marina Bay Suites showed a positive resale price trend over the last 5 years.
While a 2.58% increase in price psf is a relatively modest growth, it is highly in contrast with the other two projects, which show similar reds. The Ritz-Carlton Residences saw a price dip of nearly 6%, leading the downward pack. The Orchard Residences didn’t fare much better either.
What’s interesting here is that among these 3 projects, The Ritz-Carlton Residences is the only one with a freehold tenure. The Orchard Residences and Marina Bay Suites are both 99-year leasehold, with leases that started in 2006 and 2007, respectively. Yet, leasehold properties are showing relatively better short-term price stability in this group.
Overall price trend in the last 15 years
Stretching the term to the last 15 years, The Orchard Residences and Marina Bay Suites have certainly decreased in value, as expected of ageing leasehold developments.
Across new sales, sub-sales, and resale transactions, the 221-unit Marina Bay Suites recorded the highest volumes yet the most price depreciation — over 25%, compared to the more exclusive 175-unit Orchard Residences, which has been down by only around 9%.
The ultra-luxury, 58-unit The Ritz-Carlton Residences, on the other hand, showed a modest increase of 3.06% over the same period. Freehold properties tend to offer stronger long-term value. However, as evident in the S$1.798M loss this month, it does not mean they are automatically shielded from short-term price corrections.
What’s behind the S$1.798M loss at The Ritz-Carlton Residences?
Diving deeper into the numbers, only 2 resale transactions were recorded at The Ritz-Carlton Residences in 2025 so far. Interestingly, the other sale — a 4-bedroom, 3,057 sqft unit sold in January 2025 — turned out to be a major success story, fetching S$13.8 million (or S$4,514 psf) and delivering the seller an impressive profit of around S$3.2 million.
This contrast further suggests that the S$1.798 million loss-making deal might be more of an exception rather than the start of a worrying trend.
However, there’s still reason for caution.
Sharp drop in price psf
The average price psf at The Ritz-Carlton Residences in 2025, based on the 2 transactions, stands at S$3,776. This is a sharp 30% drop compared to 2024. Last year, there were 2 recorded sales of 4-bedroom units, averaging S$5,397 psf.
Looking even further back in 2022, a 3-bedroom unit, similar to the one sold this month, fetched S$12 million. Despite the same unit type, this sale translated to S$4,238 psf — a significant difference compared to the S$3,037 psf achieved in April’s unprofitable condo resale.
Long-term price appreciation
However, when zooming out to a 10-year perspective, prices at The Ritz-Carlton Residences have actually risen by 34.86%. This growth outpaced the 30.57% average for freehold condos across District 9.
Again, the long-term price trend of the project offers some reassurance that the S$1.798 million loss might not be a sign of a bigger problem. Still, future resale deals in The Ritz-Carlton Residences will be crucial indicators — will prices stabilise, continue sliding, or rebound?
Especially in the luxury segment, buyer pools are more niche and sentiment-driven. For instance, while there have been 2 transactions at The Ritz-Carlton Residences in 2025 so far, there are currently a total of 56 active listings for the project on 99.co, with the lowest price tag of S$10.9M for a 4-bedroom unit. Most are priced from S$30 to S$40 million.
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Central, prime, and under pressure
Looking beyond just The Ritz-Carlton Residences, almost all transactions on the most unprofitable condo list this month came from District 1 and District 9. These districts, which offer central locations, are among the most coveted areas for investors.
The numbers, though, tell a more complicated story.
Over the past 5 years, District 1 condo prices have risen by just 5.91%, while District 9 recorded slightly more growth at 11.83%. In contrast, Singapore’s overall condo market has surged by 36.85%.
Median unlevered returns by district
Despite their reputation as prime locations with high psf values, these central districts are significantly underperforming compared to the overall market, especially city-fringe and suburban areas.
Note: Grey fields contain figures derived from fewer than 10 matching transactions.
District 1, in particular, has been struggling. According to 99.co’s condo resale flash report, District 1 has posted the lowest median unlevered returns since November 2024. Just last month, sellers here earned a median return of only 2.7%, compared to the overall market’s median of 31.1%.
This data suggests that high psf price alone does not guarantee good investment returns, especially when demand dynamics shift. Buyers are becoming more price-sensitive, with many looking outside the Core Central Region (CCR) for better value, larger unit sizes, and lifestyle-driven options.
Why luxury condos face a unique set of risks
Luxury condos, like The Ritz-Carlton Residences, cater to a very specific pool of buyers — typically high-net-worth individuals (HNWIs), foreign investors, and corporate entities. When external factors like Additional Buyer’s Stamp Duty (ABSD) hikes, economic uncertainty, or tightening credit conditions come into play, this pool can shrink quickly.
Moreover, transaction volumes for luxury condos tend to be low, which means price swings can be sharp when they happen. Unlike typical condos with a broad pool of buyers, a handful of fire sales or distressed transactions within a luxury condo can dramatically pull down the overall project averages.
Newer luxury launches in the CCR — offering brand-new facilities, modern layouts, and sometimes better branding — also create competition, putting downward pressure on resale units even in prestigious older developments.
Enjoying this in-depth analysis? 99.co Condo Cash or Crash covers monthly notable transactions in Singapore’s private property market.
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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