Resilient resale condo market activity in March

Sales momentum in the overall property market picked up in March, including the resale condo market. About 804 condo units worth $1.69 billion was resold during the month - compared with the 898 resale transactions valued at $1.87 billion transacted in February.

The pick-up in market activity could have been spurred by a flurry of new launches, which may have helped to stoke overall buying interest. In March, new sales transactions accounted for 61% of non-landed transactions, while resale transactions accounted for 37.6% of transactions, one of the lowest resale proportions since October 2025 (see Chart 1).

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

With new launch activity picking up during the month, the average unit price of new non-landed homes also trended up. The average new sales price grew by 3% month-on-month (MOM) to $2,796 psf in March, while the average resale unit price inched up by 0.7% MOM. As such, the new sale and resale price gap grew from 49.4% in February (see Chart 2), to 52.9% in March.

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

The study showed that 17.6% of resale condo transactions (132 deals) in March made more than $1 million in profits, a higher proportion compared with February (14.9%). Of these million-dollar profit-making deals, the deals was well spread amongst the three market segments, 38% in the Outside Central Region (OCR), 32% in the Core Central Region (CCR) homes and 30% in the Rest of Central Region (RCR). Loss-making deals in March accounted for 5.7% of transactions, edging higher compared with the proportion of loss-making deals (3.9%) in February (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (February 2026 vs March 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 Duchess Crest in District 10, which pulled in an average profit of $1.51 million across three transactions in March. Duchess Crest was also the overall best performing project in terms of average profit quantum in March.

In the RCR, the most profitable condo development in March was The Interlace, a project located in District 4, which achieved an average profit of nearly $927,000, across three transactions. In the heartlands or Outside Central Region (OCR), the most profitable project was Hillview Heights in District 23 which garnered an average profit of nearly $1.28 million across three transactions.

Top Resale Condo projects^ in terms of average gross profit* by region (March 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 million per deal. In terms of annualised gains, resale homes in District 26 (Upper Thomson, Springleaf) enjoyed an average annualised profit of 6.4% per deal.

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

Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.85 million to $3.51 million. The units which chalked up bigger gains were mostly sizeable large format condos that are more than 1,500 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 30 years.

Top 5 Resale Condo transactions in March 2026 by gross profit by region

It was found that the overall most profitable transaction and top gainer in the CCR was for a 14th floor unit at Le Nouvel Ardmore. It was resold for an estimated profit of $3.51 million, reflecting an annualised profit of 4%. Based on URA Realis caveat data, the 3,843-sq ft unit was first bought in February 2021 and subsequently resold for $19.5 million in March 2026, with a relatively short holding period of 5 years. The luxury freehold condo project within the Ardmore, Draycott areawas built in 2014. The project is situated just a 5-minute drive to Orchard Road shopping belt.

The top gainer in the RCR in terms of gross profit was for unit transacted at The Waterside in District 15, which fetched a gross profit of $3.38 million (annualised profit of 3.1%), based on caveats lodged. The 2,433-sq ft 23rd floor unit was sold for $5.78 million, with a holding period of nearly 28 years. The freehold project located in Tanjong Rhu was built in 1992 and situated within close proximity to Katong Park MRT station.

Over in the OCR, the top gainer in March was a 15th floor unit located in Cashew Heights Condominium in District 23. The 1,658-sq ft unit was sold for $2.77 million, achieving an estimated profit of $2.05 million - which reflects an annualised profit of 5% over a holding period of more than 28 years. The sprawling condo development in Bukit Panjang was built in 1992, and it is situated within short walking distance to Cashew MRT station along the Downtown Line (TEL).

Amid lowering interest rates 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.