In past editions of Condo Cash or Crash, we’ve always focused on the winners — those who walked away with hefty profits. But this March, it’s time to talk about the not-so-pretty side of the market. Some condos face challenges despite providing luxury living, with sellers taking staggering losses — one as high as S$2.67 million in a single transaction.
Let’s dive deep into those condo that have seen a downward trend in March 2025, and uncover what might have gone wrong.
Table of contents
Crash! 5 condos that saw a downward trend in March 2025
| Project | Area (sqft) | PSF Price (S$) | Capital Loss (S$) | Annualised |
| Seascape | 2,681 | 1,716 | 2,668,000 | 2.5% |
| St. Regis Residences | 2,142 | 2,502 | 1,601,500 | 1.3% |
| One Shenton | 1,593 | 1,808 | 667,320 | 1.0% |
| The Sail @ Marina Bay | 1,616 | 1,994 | 656,000 | 1.2% |
| Draycott Eight | 2,864 | 2,130 | 600,000 | 0.6% |
The sale of a 4-bedroom unit at Seascape was the most unprofitable condo transaction of the month. The 2,681 sqft unit changed hands for S$4.6 million (S$1,716 psf) on March 10, a steep drop from its S$7.28 million (S$2,712 psf) purchase price in August 2010. This capital loss of 37% translates to an annualised decline of around 2.5% over 14.5 years.
Coming in second is St. Regis Residences, where another 4-bedder, spanning 2,142 sqft, was sold for S$5.36 million (S$2,502 psf) on March 13. The seller had originally purchased it for S$6.96 million (S$3,250 psf) in September 2007. Over 17.5 years, the S$1.6 million loss (23%) translates to an annualised depreciation of approximately 1.3%.
Other than these million-dollar losses, the remaining loss-making transactions still pack a punch, though they aren’t as devastating. Note that all 5 condos are leasehold developments within the Core Central Region (CCR). Was this just a bad month for leasehold properties in central locations, or are we witnessing a larger market trend unfolding?
Resale transaction trend in the past 5 years
To understand whether this is just a one-off or part of a larger trend, we looked at the resale transaction history of these developments using 99.co Researcher. Over the past 5 years, Seascape’s price psf has dropped by more than 17%. The unit which lost S$2.67 million in March was not shocking news, as it turned out. We’ll cover this later in the article.
Despite the unprofitable condo transactions recorded this month, most of these developments have followed a positive resale trend over the past 5 years. To add more context, the overall resale price growth for leasehold condominiums in the CCR is 12.06% over the same period.
This means that One Shenton, The Sail @ Marina Bay, and Draycott Eight have performed above average in terms of price appreciation. St. Regis Residences, however, has struggled the most, with resale prices creeping up by only around 3% since 2021.
Here’s the detailed resale price trend breakdown for the 5 condos against the overall CCR’s leasehold property landscape:
| Project | Age | Price PSF in 2020 (S$) | Price PSF in 2025 (S$) | Change (%) |
| Seascape | 14 years | 2,085 | 1,716 | -17.72 |
| St. Regis Residences* | 17 years | 2,484 | 2,570 | +3.44 |
| One Shenton | 14 years | 1,605 | 1,864 | +16.16 |
| The Sail @ Marina Bay | 17 years | 1,852 | 2,112 | +14.00 |
| Draycott Eight | 20 years | 1,899 | 2,165 | +13.99 |
| Core Central Region | 1,898 | 2,127 | +12.06 | |
How is St. Regis Residences keeping up with new launches?
Unlike the other condos on this list, which have 99-year leases, St. Regis Residences comes with a 999-year leasehold — basically as good as freehold. You’d think that would make it more desirable, but its price growth hasn’t quite lived up to expectations compared to the 99-year lease counterparts.
Located on Tanglin Road in prime District 10, St. Regis Residences was the talk of the town when it launched in 2006 as Singapore’s first hotel-branded luxury residence. Back then, its butler service, housekeeping, and room service were considered next-level perks.
But fast forward to today, the luxury condo market has changed. Newer high-end developments in the CCR now offer even flashier features, taking attention away from older projects like St. Regis Residences.
The development comprises 173 units, primarily 3- and 4-bedroom apartments ranging from 1,500 sqft to 4,000 sqft. The penthouses even span up to 7,200 sqft. These cater to ultra-high-net-worth individuals, a much smaller buyer pool. With fewer resale transactions over the years, prices haven’t had much momentum to climb.
For instance, in the past 5 years, St. Regis Residences saw just 47 resale transactions, while The Sail @ Marina Bay had a whopping 279 deals — a clear sign of how much more active the resale market is for some condos compared to others.
While it’s still a prestigious address, the S$1.6 million loss on the St. Regis Residences unit this March is proof that even branded luxury doesn’t guarantee strong resale performance.
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Why is Seascape seeing a downward sales trend?
Things have been way more harder for Seascape in terms of resale performance. This month’s S$2.67 million loss wasn’t just the highest among all condo transactions — it’s also part of a much bigger trend. Unlike other condos on the list that have at least shown some price appreciation over the years, Seascape has been on the lower end of the curve.
At first glance, it’s easy to blame lease decay. After all, it’s a 99-year leasehold property. However, keen property investors would know that this downward trend started almost immediately after launch. Over the last 15 years, Seascape’s resale price psf has plunged by nearly 35%.
Recapping to 2017 when Seascape made headlines
This isn’t the first time Seascape has made headlines for facing financial struggles. Back in 2017, a 4-bedroom unit was sold for S$6.2 million — down from its original S$12.8 million purchase price in 2010. That’s a staggering S$6.6 million loss, wiping out more than half of the original investment after a 7-year holding period.
At S$3,146 psf, the original purchase price was already a hefty premium. It was about 16% above the market average at the time. When the market started shifting, Seascape’s high price point worked against it. With the S$6.6 million loss, this resale transaction marked one of the most significant capital losses in Singapore’s high-end property market.
Overvaluation at launch is one of the common signs of condo bad investment. The fact that early buyers paid a premium means they had little room for capital appreciation. When market prices softened, it quickly became clear that the launch prices were too optimistic.
Seascape vs. other Sentosa Cove condos
What makes this even more puzzling is that other Sentosa Cove condos haven’t suffered the same fate. While price appreciation has been modest compared to the overall CCR market, similar developments like The Coast at Sentosa Cove, The Oceanfront @ Sentosa Cove, and Turquoise have still managed to hold or increase their value.
See the resale transaction trend for each project below.
Despite the downward trend, Seascape consistently has the highest average price psf among the 4 developments. In 2024, where all projects recorded resale transactions, Seascape’s average price psf was at S$1,866, while The Coast, The Oceanfront, and Turquoise were at S$1,604, S$1,651, and S$1,480, respectively.
Seascape’s high pricing puts it in a category where fewer transactions happen, making it vulnerable to unprofitable condo resale whenever one needs to exit. While The Coast, The Oceanfront, and Turquoise are all considered high-end, they sit at slightly more accessible price points, which helps sustain demand over time.
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Understanding Seascape’s continued challenges
In the luxury market, a higher price psf reflects prestige and exclusivity, but it doesn’t always mean stronger demand. In fact, it can mean the opposite — a smaller buyer pool, longer holding periods, and unprofitable condo resale transactions.
One of Seascape’s biggest selling points is also its biggest weakness: massive unit sizes. The condo exclusively offers 3- and 4-bedroom units, as well as penthouses, with sizes starting at 2,164 sqft and going up to 9,655 sqft. Only the ultra-wealthy would even consider the property.
Sentosa Cove’s overall market has also struggled with weaker rental demand and a slow resale market over the past years. The government’s cooling measures, such as the Additional Buyer’s Stamp Duty (ABSD), have dampened demand, particularly among foreign buyers, who constitute a significant portion of the Sentosa Cove market.
For many buyers, Sentosa’s appeal as a home is limited, especially combined with the typical leasehold tenure. Unlike condos on the mainland, where residents enjoy seamless MRT access and a thriving urban environment, Sentosa is more isolated.
Yes, it’s a luxury waterfront enclave, but it also means needing a car for everyday convenience. This goes against the rising trend of sustainable, car-lite living that has become a key feature in many new condominiums across Singapore.
A silver lining for opportunistic buyers
While Seascape’s price decline may be unprofitable for past investors, it could present a unique cash opportunity for those looking to enter the luxury property market at a lower price point. With the latest ABSD rules making it more costly for foreigners to invest in Singapore properties, local buyers now have a better chance to pick up high-end homes in prime locations without as much competition.
For those who believe in the long-term potential of Sentosa Cove, Seascape’s current price correction could be an attractive entry point. The development still boasts an unparalleled waterfront lifestyle, spacious units, and a serene environment that’s hard to find elsewhere in Singapore. If market conditions shift or Sentosa Cove sees renewed demand, today’s buyers could end up on the right side of the trend.
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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