Recovery in resale condo activity in July with pickup in new launches

Sales momentum in the overall property market picked up in July, including the resale condo market. About 965 condo units worth $1.88 billion was resold during the month - compared with the 930 resale transactions valued at $1.8 billion transacted in June.

The pick-up in resale home market activity could have been due to the improvement in market sentiment after the seasonal lull during the July school holidays. In July, new sales accounted for nearly 48% of non-landed transactions, while resale deals accounted for nearly half of transactions (49.3%, see Chart 1).

Chart 1: Proportion of private non-landed transactions (excl. EC) by sale type by month

Due to the surge in new launch activity during the month, the average unit price of new non-landed homes saw an improvement. The average new sales price grew by 6% month-on-month (MOM) to $2,815 psf in July, while the average resale unit price grew marginally by 1.2% MOM. As such, the new sale and resale price gap grew to 58% in July (see Chart 2), the highest since September 2023 when the new sale-resale price gap reached 61%.

Chart 2: New sale and Resale Price gap of non-landed homes (overall) by month

Uptick in profitability and winners

In terms of profitability, resale condo units transacted in July saw a pickup in gains compared with the previous month. Analysing the profits reaped by resale non-landed private homes in June and July 2025, it was found that resale condo deals garnered higher profits. That said, the proportion of loss-making transactions grew slightly in July 2025 over the previous month. The resale profit analysis involves computing gains achieved for the units by matching the condo resale transactions in June against their respective previous purchase price, according to caveats lodged.

The study showed that 13.2% of resale condo transactions (119 deals) in July made more than $1 million in profits, a similar proportion to June (12.8%). Of these million-dollar profit-making deals, the deals are evenly distributed amongst the three market segments , 40.3% in the city fringe or Rest of Central Region (RCR) homes, followed by Core Central Region (CCR) (30.3%) and Outside Central Region (OCR) (29.4%) homes. Loss-making deals in July accounted for 5.7% of transactions, up from 5.2% in June (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (June 2025 vs July 2025)

The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than three transactions during the month are excluded from the study. Based on URA Realis caveat data analysed by PropNex Research, the most profitable condo in the CCR, was Park Infinia at Wee Nam in District 11, which pulled in an average profit of nearly $1.9 million across three transactions in July. Park Infinia at Wee Nam was also the overall best performing project in terms of average profit quantum in July.

In the RCR, the most profitable condo development in July was The Belvedere, a project located in District 15, which achieved an average profit of $1.67 million, across three transactions. In the heartlands or Outside Central Region (OCR), the most profitable project was Parc Palais in District 21 which garnered an average profit of $1.43 million across three transactions.

Top Resale Condo projects^ in terms of average gross profit* by region (July 2025)

Going by districts, resale homes in District 11 (Novena, Newton) raked in the highest profits on quantum basis, with transactions reaping average gains of over $930,000 per deal. In terms of annualised gains, resale homes in District 20 (Ang Mo Kio, Bishan) enjoyed an average annualised profit of 5% per deal.

Top 10 Resale Condo districts^ in terms of average gross profit* (July 2025)

Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.67 million to $5.7 million. The units which chalked up bigger gains were mostly sizeable large format condos that are more than 1,300 sq ft in size, and consisted mostly of older projects built in the 1980s to early 2000s. The respective holding periods for the most profitable resale properties were mostly beyond 15 years - the oldest being a unit held for nearly 27 years.

Top 5 Resale Condo transactions in July 2025 by gross profit by region

It was found that the overall most profitable transaction and top gainer in the CCR was for a 13th floor unit at Grange Residences. It was resold for an estimated profit of nearly $5.8 million, reflecting an annualised profit of 4.5%. Based on URA Realis caveat data, the 2,852-sq ft unit was first bought in October 2004 and subsequently resold for $9.74 million in July 2025, with a holding period of 21 years. The freehold project in Tanglin was built in 2004, and it is situated within the Tanglin locality. The project is situated at the doorstep of Orchard Boulevard MRT station on the Thomson East-Coast Line (TEL).

The top gainer in the RCR in terms of gross profit was for unit transacted at The Sovereign in District 15, which fetched a gross profit of $4.3 million (annualised profit of 6.1%), based on caveats lodged. The 2,637-sq ft 4th floor apartment was sold for $6.15 million, with a holding period of more than 20 years. The freehold project in Marine Parade was built in 1993, and it is near to the Tanjong Katong MRT station on the Thomson East-Coast Line (TEL).

Over in the OCR, the top gainer in July was a 16th floor unit located in Ocean Park in District 15. The 2,110-sq ft unit was sold for $4.1 million, achieving an estimated profit of nearly $2.88 million - which reflects an annualised profit of 6.3% over a holding period of about 20 years. The freehold project was built in 1984 and situated within walking distance to the Marine Terrace MRT station on the Thomson East-Coast Line (TEL). The project is also near several reputable schools in the area including CHIJ Katong Primary School, Tao Nan School, CHIJ Katong Convent School, St Patrick's School and Ngee Ann Primary School.

With rising new launch prices, condo resellers may stand to benefit as some homebuyers June find themselves priced out of the new launch market and could consider options in the resale segment. That said, resale gains may potentially see some moderation, particularly amidst the economic volatilities and uncertainties around how interest rates will move in the near-term.