June 2025 was a rough time for some private property sellers, especially at Marina Bay Suites. One owner sold their unit at a loss of S$2.057 million, making it the most unprofitable condo transaction of the month. While it might be expected due to the leasehold tenure, several freehold condos in prime districts also ended up being sold at considerable losses.
This edition of Condo Cash or Crash takes a closer look at these transactions and what they reveal about the current market.
Table of contents
Most unprofitable condo sales in June 2025
| Project | Tenure | Selling Price (S$) | Area (sqft) | PSF (S$) | Loss (S$) | Years Held |
| Marina Bay Suites (D1) | 99 year | 4,080,000 | 2,055 | 1,985 | 2,057,200 | 12.8 |
| Gramercy Park (D10) | Freehold | 7,500,000 | 2,680 | 2,799 | 1,550,000 | 3.2 |
| Marina Bay Suites (D1) | 99 year | 3,200,000 | 1,604 | 1,995 | 1,268,000 | 15.4 |
| TwentyOne Angullia Park (D9) | Freehold | 6,250,000 | 1,895 | 3,298 | 1,248,289 | 13.4 |
| Scotts Square (D9) | Freehold | 1,900,000 | 635 | 2,992 | 716,200 | 18.2 |
| The Orchard Residences (D9) | 99 year | 5,300,000 | 1,808 | 2,931 | 666,000 | 16.4 |
| The Berth By The Cove (D4) | 99 year | 3,250,000 | 2,993 | 1,086 | 639,600 | 18.3 |
| Belle Vue Residences (D9) | Freehold | 3,088,000 | 1,378 | 2,241 | 592,000 | 14.9 |
| Duo Residences (D7) | 99 year | 3,500,000 | 1,528 | 2,291 | 309,520 | 7.6 |
| Stratum (D18) | 99 year | 2,090,000 | 2,444 | 855 | 223,800 | 6.8 |
There were a total of four transactions with losses above the million-dollar mark this month. Marina Bay Suites in District 1 recorded the single biggest loss, but the rest of the list was largely dominated by District 9 properties. This followed a trend observed in recent months, particularly in April 2025, when the loss-making sales occurred mostly in both District 1 (Boat Quay/Raffles Place/Marina) and District 9 (Orchard/River Valley).
It’s also worth noticing that four of the ten most unprofitable condo transactions recorded in June came from freehold developments, which goes to show that even prime, perpetually-held assets are not always immune from downside risks.
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Two loss-making sales within a month at Marina Bay Suites
Early in the month, on June 2, a 4-bedroom unit at Marina Bay Suites was sold at a loss of S$2.057 million. The 2,056-sqft luxury unit featured an en-suite master bedroom, three additional bedrooms, two common bathrooms, and a private lift. A balcony stretched across the width of the unit. It changed hands for S$4.08 million or S$1,985 psf. The seller had bought it from the developer in December 2012 for S$6.137 million.
The original purchase price worked out to S$2,985 psf, which was significantly above the project’s average of S$2,786 psf at the time. This could be one of the reasons behind the heavy loss resulting from the recent resale transaction. On top of that, unfortunately for the seller, they entered just before the project’s average price peaked at S$2,838 psf in 2013. Since then, Marina Bay Suites has seen prices fall by about 31%.
The second loss-making sale at Marina Bay Suites this month occurred just 10 days later. On June 12, a 1,604-sqft, 3-bedroom unit changed hands at S$3.2 million (S$1,995 psf), resulting in a S$1.268 million loss. The seller had held onto the property for more than 15 years, having bought it in 2010 for S$4.468 million at S$2,786 psf from the developer. Again, that purchase price was also slightly above the project’s average during the time, which was recorded at S$2,632 psf.
Despite these sellers incurring million-dollar losses, the respective transacted prices were actually above the current market average. Prices at Marina Bay Suites are currently averaging S$1,959 psf, while leasehold condos in District 1 stand at about S$1,937 psf. If either unit had been sold below these levels, the capital losses would have been even larger.
Six unprofitable condo transactions in 2025
So far in 2025, six resale transactions have taken place at Marina Bay Suites. Unfortunately, every one of them ended in a loss. The recorded losses range from around S$220,000 to over S$2 million. The latest two transactions that occurred in June 2025 were the most significant throughout the year.
Since its launch in 2009, Marina Bay Suites has seen a total of 48 unprofitable transactions, with the largest loss being S$3.25 million. However, the development has also recorded 10 profitable resale deals, with gains ranging from S$27,000 to over S$1 million.
Zooming out, Marina Bay Suites has actually held up better than the broader District 1 leasehold market. Since 2020, the condo’s average resale prices have inched up by nearly 2%, whereas the wider leasehold segment in the district saw a decline of more than 10% over the same period.
Marina Bay Suites sits on Central Boulevard within the Downtown Core. The 99-year leasehold condo obtained its Temporary Occupation Permit (TOP) in 2013 and features 221 units, mostly three- and four-bedders. There are also two five-bedroom units that each exceed 5,000 sqft. The development is well-connected, with Marina Bay, Downtown, Telok Ayer, and Shenton Way MRT stations all within a short walking distance. One key limitation is the lack of schools nearby. Cantonment Primary is the only school within a 2 km radius.
Notable freehold condos’ unprofitable sales
Freehold condos usually show more resilience in resale value. However, in recent months, we have seen significant losses involving freeholds in prime locations. In April, a luxury condo at The Ritz-Carlton Residences was sold at a loss of S$1.798 million, after a holding period of just 6 years. June 2025 also saw similar million-dollar losses from freehold units, but something more complex might be behind these unprofitable transactions.
Gramercy Park unit lost over S$1.5 million in 3 years
A 4-bedroom unit at Gramercy Park sold for S$7.5 million (S$2,799 psf) on June 13, resulting in a S$1.5 million loss in just over three years. What makes this deal more notable is the property’s connection to the S$3 billion money laundering case that surfaced in 2024. Records show that one of the individuals linked to the case bought this 2,680-sqft unit in 2022 for S$9.05 million (S$2,680 psf).
Coupled with the controversy, the S$1.5 million loss is the largest ever seen at the 174-unit Gramercy Park. Gramercy Park is a luxury freehold development completed in 2016. It is located in District 10, near the Orchard shopping belt, Great World City, and Tanglin Mall, with Orchard Boulevard MRT station just a short walk away.
The biggest loss ever recorded in TwentyOne Angullia Park
Another major loss came from TwentyOne Angullia Park, where a low-floor, 1,895-sqft unit sold for S$6.25 million. The price worked out to S$3,298 psf. This was the project’s only resale transaction in 2025 and turned out to be its most unprofitable ever, with a loss of about S$1.248 million. However, the transacted price of S$3,298 psf was still above the recent District 9‘s average of S$2,552 psf for freehold developments.
The seller bought the unit from the developer in May 2012 for S$7.498 million or S$3,959 psf. That purchase price was already below the project’s average of S$4,143 psf at the time. Nonetheless, the unit was still relatively overpriced if you take into account that it was sold almost twice the district average of S$2,140 psf in 2012.
Over the past 13 years, the average psf price for TwentyOne Angullia Park has dropped by more than 20%. Meanwhile, freehold condos in District 9 have seen average prices rise by more than 19% over the same period. The project’s price peak was in 2013, following the S$42.91 million penthouse sale (S$5,560 psf) to Malaysian businessman Low Taek Jho, who was later linked to the 1MDB scandal.
Completed in 2014, TwentyOne Angullia Park is a 54-unit freehold development by CS Land, formerly known as China Sonangol. The luxury condo is located just a 4-minute walk from Orchard MRT station.
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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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