Moderation in resale condo market activity in May

Sales activity in the overall property market was fairly tepid, including the resale condo market. About 847 condo units worth $1.8 billion was resold during the month - compared with the 1,069 resale transactions valued at $2.15 billion transacted in April.

The slowdown in market activity could have been due to the escalation in economic uncertainties arising from the Middle East Conflict, which may have dampened overall buying interest. In May, resales transactions accounted for 63% of non-landed transactions, while new sale transactions accounted for 33.2% of transactions, the highest resale proportions since February 2026 (see Chart 1). .

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

Despite the slower new launch activity during the month, the average unit price of new non-landed homes picked up from the previous month. The average new sales price grew 6.5% month-on-month (MOM) to $2,558 psf in May, while the average resale unit price edged up by 1.7% MOM. As such, the new sale and resale price gap crept up from 31.7% in April (see Chart 2), to 37.8% in May.

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

Improving gains amongst resale transactions

In terms of profitability, resale condo units transacted in May saw smaller gains compared with the previous month. Analysing the profits reaped by resale non-landed private homes in April 2026 and May 2026, it was found that resale condo deals in May garnered more profits. The proportion of loss-making transactions was higher in May 2026 over the previous month. The resale profit analysis involves computing gains achieved for the units by matching the condo resale transactions in April against their respective previous purchase price, according to caveats lodged.

The study showed that 15% of resale condo transactions (118 deals) in May made more than $1 million in profits, a similar proportion compared with April (17.5%). Of these million-dollar profit-making deals, the deals was well spread amongst the three market segments, 32% in the Outside Central Region (OCR), 36% in the Core Central Region (CCR) homes and 31% in the Rest of Central Region (RCR). Loss-making deals in May accounted for 7.2% of transactions, edging higher compared with the proportion of loss-making deals (5.8%) in April (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (April 2026 vs May 2026)

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 D'leedon in District 10, which pulled in an average profit of $631,000 across three transactions in May.

In the RCR, the most profitable condo development in May was Butterworth 8, a project located in District 15, which achieved an average profit of over $1.46 million, across three transactions. Butterworth 8 was also the overall best performing project in terms of average profit quantum in May. In the heartlands or Outside Central Region (OCR), the most profitable project was Costa Del Sol in District 16 which garnered an average profit of $1.36 million across three transactions.

Top Resale Condo projects^ in terms of average gross profit* by region (May 2026)

Going by districts, resale homes in District 10 (Bukit Timah, Holland, Tanglin) raked in the highest profits on quantum basis, with transactions reaping average gains of more than $1.3 million per deal. In terms of annualised gains, resale homes in District 20 (Ang Mo Kio, Bishan, Thomson) enjoyed an average annualised profit of 4.9% per deal.

Top 10 Resale Condo districts^ in terms of average gross profit* (May 2026)

Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.7 million to $7.2 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 16 years - the oldest being a unit held for more than 30 years.

Top 5 Resale Condo transactions in May 2026 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 Honolulu Tower. It was resold for an estimated profit of $7.2 million, reflecting an annualised profit of 4.4%. Based on URA Realis caveat data, the 5,823-sq ft unit was first bought in November 2009 and subsequently resold for $14.2 million in May 2026, with a holding period of more than 16 years. Completed in 1985, Honolulu Tower is a freehold residential development along Bukit Timah Road in District 10. The development is located about 600 metres from Stevens MRT Station and is within close proximity to several established schools, including Singapore Chinese Girls' School, Singapore Chinese Girls' Primary School, Anglo-Chinese School (Primary) and Anglo-Chinese School (Barker Road).

The top gainer in the RCR in terms of gross profit was for unit transacted at Pebble Bay in District 15, which fetched a gross profit of $2.6 million (annualised profit of 3.2%), based on caveats lodged. The 2,336-sq ft 12th floor unit was sold for $4.3 million, with a holding period of 30 years. Pebble Bay is a waterfront condominium in District 15, set along Tanjong Rhu overlooking the Kallang Basin, with many units enjoying open water and skyline views. Completed in 1997, the project is within walking distance to the Thomson-East Coast Line's Tanjong Rhu MRT station and a short distance from Stadium MRT on the Circle Line. The development is also well connected to the Singapore Sports Hub precinct, offering convenient access to lifestyle and recreational amenities along the Kallang waterfront.

Over in the OCR, the top gainer in May was a 9th floor unit located in The Dairy Farm in District 23. The 1,948-sq ft unit was sold for $3.5 million, achieving an estimated profit of $2.4 million - which reflects an annualised profit of 3.8% over a holding period of more than 30 years. The Dairy Farm Condo is a low-rise residential development completed in 1985, set within a quiet, greenery-rich enclave in District 23. It is about a 10-15 minute walk to Hillview MRT station, providing access to the Downtown Line, and is within close proximity to nature spaces such as Dairy Farm Nature Park, Bukit Timah Nature Reserve, and Chestnut Nature Park.

Amid a low interest rate environment and rising new launch prices, condo resellers may stand to benefit as some homebuyers may find themselves priced out of the new launch market and could consider options in the resale segment.