Last month, a luxury condo in Newton made headlines when it changed hands at a staggering loss of nearly S$1.8 million. May 2025 saw that trend continue. This time, multiple units in Newton were sold below their original purchase prices, including one that chalked up close to a million dollars in losses after just over 7 years.
In this edition of Condo Cash or Crash, we highlight the 10 most unprofitable condo sales in May 2025 and take a closer look at what’s going on beneath the surface of these transactions.
Table of contents
Top 10 loss-making condos in May 2025
| Project | Selling Price (S$) | PSF Price (S$) | Capital Loss (S$) | Years Held | Annualised Loss (S$) |
| The Scotts Tower | 1.9M | 2,178 | 950K | 7.5 | 127K |
| Sui Generis | 3.9M | 2,223 | 868K | 17 | 51K |
| OUE Twin Peaks | 3.74M | 2,332 | 827K | 11.6 | 71K |
| Marina One Residences | 6.4M | 2,844 | 703K | 8 | 89K |
| Marina Bay Suites | 3.83M | 1,863 | 609K | 15.3 | 40K |
| Marina One Residences | 2.2M | 2,064 | 336K | 4.7 | 71K |
| Cairnhill Nine | 2.53M | 2,449 | 204K | 8.9 | 23K |
| One Shenton | 1.2M | 1,990 | 157K | 13.9 | 11K |
| Farrer Park Suites | 1.07M | 1,291 | 132K | 13.2 | 10K |
| Skysuites@Anson | 930K | 2,337 | 121K | 12.5 | 10K |
While the overall loss figures in May are less dramatic than the previous month, the spotlight once again turns to Newton. The top two loss-making transactions occurred within The Scotts Tower by Far East Organization, located at 38 Scotts Road, and Sui Generis, situated in Balmoral Crescent, just off Bukit Timah Road. Both condos enjoy prime accessibility with Newton MRT station within walking distance.
The Scotts Tower’s 2-bedder lost nearly S$1M within 7 years
The most unprofitable condo sale of the month was a 2-bedroom unit at The Scotts Tower. Measuring 872 square feet (sqft), it was sold on 5 May for S$1.9 million, or S$2,178 per square foot (psf). This same unit had been bought in October 2017 for S$2.85 million, which means the seller took a hit of S$950,000 over a holding period of seven and a half years. Annually, that’s a loss of roughly S$127,000.
On the surface, The Scotts Tower has the hallmarks of a high-value property by a renowned developer. And with a 103-year lease starting in 2010, this Newton condo has about 88 years left to it. This is a relatively good balance in the resale market, so it shouldn’t trigger alarm bells around lease decay. However, there’s more at play.
A leasehold among freeholds
The broader context may offer some clues. The Scotts Tower sits in a neighbourhood filled with freehold alternatives, such as Suites @ Cairnhill, Klimt Cairnhill, and The Ritz-Carlton Residences. Lease decay might not be as relevant when most projects in the area don’t even have a lease to worry about in the first place.
While new luxury condos in Newton command a higher price psf, older freehold projects such as Cavenagh Gardens offer literal forever homes more affordable than The Scotts Tower.
Case in point: A 1,163-sqft unit at Cavenagh Gardens changed hands in May for S$1.799 million or just S$1,546 psf. That’s lower than The Scotts Tower’s sale, yet it comes with freehold tenure and a similar central location. For value-conscious buyers, this creates a tougher competitive landscape for leasehold condos in Newton.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
1
1
1
1
1
1
1
1
1
1
2
2
2
2
1
1
2
2
1
1
1
1
2
2
2
2
2
2
1
1
1
1
2
2
1
1
2
1
2
2
1
1
2
1
2
2
1
1
2
1
1
1
The Scotts Tower’s resale price trend
TOP in 2016, the Scotts Tower recorded its first resale transaction in 2018. There have been a total of 20 resales up until now, and the average psf of these transactions has been dropping over the years. Statistically, the resale price psf of The Scotts Tower has been down by 38.19% since 2018. As a comparison, the resale price of leasehold condos in Newton has been up by over 8% on average.
Despite that, The Scotts Tower still commands a premium over the leasehold market in Newton, with its current average of S$2,160 psf compared to the area’s S$2,037 psf. The recent losses could therefore reflect ongoing price adjustments following an initially ambitious launch price.
Behind the S$868K loss at the freehold Sui Generis
Talking about freehold condos in Newton, the second-biggest loss actually came from a boutique freehold development in the area. Completed in 2010, Sui Generis comprises of just 40 residential units surrounded by lush greenery, an attractive choice for those seeking privacy and tranquillity near the city centre.
The unit in question was a 1,754 square foot, 3-bedroom apartment on the fifth floor. It was sold in May for S$3.9 million, or S$2,223 psf. Back in April 2008, it had been purchased for S$4.8 million. After 17 years, the owner exited with a capital loss of S$868,000. On an annualised basis, that works out to about S$51,000 a year.
While this unprofitable condo deal is far less significant compared to last month’s loss at The Ritz-Carlton Residences (S$284,000 per year), we found that it’s not an isolated case for Sui Generis.
Sui Generis resale transactions
There was one sub-sale transaction recorded in 2010 before the project was completed. However, the first resale transaction within Sui Generis was in 2013. Interestingly, this unit, fetching S$3.02 million, was sold at a loss of around S$438,000 after just 5 years.
Multiple units were sold at a loss over the years, with one sold in 2020 taking the biggest hit of minus S$1.12 million after 12 years. Despite that, Sui Generis’ resale price is actually showing a positive trend compared to freehold condos in Newton.
Over the last 5 years, the resale price psf has been growing by 18% while the overall freehold resale market in Newton has only appreciated by around 10%. The stronger growth may imply that the resale prices will continue to climb, offering more potential gain in the future.
Attractive price point for homebuyers
On the other end of the market, potential buyers might find this resale trend for Sui Generis very appealing. Right now, Sui Generis is selling below the town’s average. Based on recent transactions, its resale price stands at around S$2,356 psf, compared to the Newton freehold average of S$2,957 psf. For buyers planning to settle long-term, the price could be justified, as buying freehold offers the assurance of permanence without the concern of reselling.
A 3-bedroom condo at Sui Generis is currently listed for S$2,695 psf. You can also find a larger 4-bedroom with a lower price tag of S$2,470 psf on 99.co. These are still far below the average resale price for freehold developments in Newton, opening the door to potential capital appreciation down the line.
The unprofitable condo sales in May are a reminder that even prime properties aren’t immune to market dynamics. The losses at Sui Generis and The Scotts Tower reflect individual circumstances and timing, rather than a decline in the appeal of Newton as a whole.
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".
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment