Rebound in resale condo market activity in July

Sales activity in the overall property market bounced in July after the seasonal lull in June, including the resale condo market. About 961 condo units worth $1.94 billion was resold during the month - just slightly under the 996 resale transactions valued at $2.07 billion transacted in June. In July, resales transactions accounted for 55.8% of non-landed transactions, while new sale transactions accounted for 42.2% of transactions, as new sale activities resume during the month (see Chart 1).

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

With the pickup in new launch activity during the month, the average unit price of new non-landed homes saw an increase from the previous month. The average new sales price grew 1.1% month-on-month (MOM) to $2,558 psf in July, while the average resale unit price slipped by 0.8% MOM. As such, the new sale and resale price gap crept up to 45.7% in June (see Chart 2), to 48.5 % in July.

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

Modest gains amongst resale transactions

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

The study showed that 15.7% of resale condo transactions (146 deals) in July made more than $1 million in profits, a smaller proportion compared with June (17.1%). Of these million-dollar profit-making deals, the deals was well spread amongst the three market segments, 38.1% in the Core Central Region (CCR), 31.3% in the Rest of Central Region (RCR) and 30.6% in the Outside Central Region (OCR) . Loss-making deals in July accounted for 5.4% of transactions, lower compared with the proportion of loss-making deals (6.5%) in June (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (June 2026 vs July 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 for the month, was A Treasure Trove, within District 19, which pulled in an average profit of more than $860,000 across six transactions in July. It was also the most profitable condo project in the OCR for the month..

Top Resale Condo projects^ in terms of average gross profit* (July 2026)

Source: PropNex Research, URA Realis

^projects with fewer than 5 transactions in the month are excluded from this analysis

*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.

#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1

Analysis was done based on available data from URA Realis

Going by districts, resale homes in District 10 (Tanglin, Holland, and Bukit Timah) raked in the highest profits on quantum basis, with transactions reaping average gains of more than $1.32 million per deal. In terms of annualised gains, resale homes in District 13 (MacPherson, Potong Pasir, and Braddell) enjoyed an average annualised profit of 4.7% per deal.

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

Source: PropNex Research, URA Realis

^Districts with fewer than 10 transactions during the month were excluded from this analysis

*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.

#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1

Analysis was done based on available data from URA Realis

**Resale units with no available last caveated transaction data are excluded from this analysis

Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.77 million to $7.26 million. The units which chalked up bigger gains were mostly sizeable large format condos that are more than 1,400 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 more than 30 years.

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

Source: PropNex Research, URA Realis

*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.

#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1

Analysis was done based on available data from URA Realis

**Resale units with no available last caveated transaction data are excluded from this analysis

It was found that the overall most profitable transaction and top gainer in the CCR was for a 5th floor unit at Ardmore Park. It was resold for an estimated profit of $7.26 million, reflecting an annualised profit of 3.2%. Based on URA Realis caveat data, the 2,885-sq ft unit was first bought in December 1996 and subsequently resold for $12 million in July 2026, with a holding period of about 30 years. Ardmore Park is a luxury condominium in District 10, completed in 2001 and situated within the prestigious Ardmore residential enclave, with convenient access to Orchard Road's extensive retail, dining and lifestyle amenities. It is within close proximity to Orchard MRT station and reputable schools such as Anglo-Chinese School (Primary) and Singapore Chinese Girls' School, while nearby green spaces including the Singapore Botanic Gardens provide residents opportunities for recreation.

The top gainer in the RCR in terms of gross profit was for unit transacted at The Peak, which fetched a gross profit of $5.4 million (annualised profit of 4.8%), based on caveats lodged. The 5,522-sq ft 2nd floor unit was sold for $8.5 million, with a holding period of 21 years. The Peak is a freehold condominium in District 5, completed in 1981 and situated in the sought-after Pasir Panjang-West Coast area, offering convenient access to educational institutions and everyday amenities. It is located near Pasir Pajang MRT station on the Circle Line, with schools such as National University of Singapore, Anglo-Chinese School (Independent) and Fairfield Methodist Primary School within the wider vicinity. The development also benefits from its proximity to employment hubs such as Pasir Panjang Terminal, Mapletree Business City and Science Park.

Over in the OCR, the top gainer in July was a 9th floor unit located in Windy Heights in District 14. The 2,476-sq ft unit was sold for $3.58 million, achieving an estimated profit of $2.84 million - which reflects an annualised profit of 7.7% over a holding period of 21 years. Windy Heights is a sprawling freehold condominium in District 14, completed in 1983 and located along Jalan Daud in the established Kembangan residential enclave. It is within walking distance of Kembangan MRT station on the East-West Line, while nearby schools include Telok Kurau Primary School, Eunos Primary School and Maha Bodhi School.

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