Stable resale condo market in November amid slowing new launch activities

Sales momentum in the overall property market cooled down in November, including the resale condo market. About 824 condo units worth $1.67 billion was resold during the month - compared with the 1,048 resale transactions valued at $2.1 billion transacted in October.

The resale home market simmered slightly as new launch activity resurged during the month. Momentum in the new sale market also slowed down with less than 400 units transacted, coming down from a high of over 2,400 new units transacted in the previous month, amidst a flurry of new launches. In November, resales accounted for nearly 70% of non-landed transactions, while new sale deals accounted for the minority of transactions (27.6%, see Chart 1).

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

With the drop in new launch activity during the month, the average unit price of new non-landed homes declined. The average new sales price slipped by 7.4% month-on-month (MOM) to $2,578 psf in November, while the average resale unit price grew by 2.1% MOM. As such, the new sale and resale price gap declined from 55.7% in October (see Chart 2), to 41.1% in November.

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 November saw slightly better gains compared with the previous month. Analysing the profits reaped by resale non-landed private homes in October and November 2025, it was found that resale condo deals garnered slightly higher profits. The proportion of loss-making transactions slightly declined in November 2025 over the previous month. The resale profit analysis involves computing gains achieved for the units by matching the condo resale transactions in October against their respective previous purchase price, according to caveats lodged.

The study showed that 15.3% of resale condo transactions (112 deals) in November made more than $1 million in profits, a higher proportion to October (13.4%). Of these million-dollar profit-making deals, the deals are evenly distributed amongst the three market segments, in the Rest of Central Region (RCR) (37.5%), 32.1% in the Core Central Region (CCR) homes and 30.4% in the Outside Central Region (OCR). Loss-making deals in November accounted for 4.2% of transactions, similar to the proportion of loss-making deals (4.7%) in October (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (October 2025 vs November 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 Valley Park in District 10, which pulled in an average profit of $961,000 across three transactions in November.

In the RCR, the most profitable condo development in November was Sanctuary Green, a project located in District 15, which achieved an average profit of $1.3 million, across three transactions. Sanctuary Green was also the overall best performing project in terms of average profit quantum in November. In the heartlands or Outside Central Region (OCR), the most profitable project was Kovan Residences in District 19 which garnered an average profit of $933,000 across four transactions.

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

Going by districts, resale homes in District 10 (Bukit Timah, Holland) raked in the highest profits on quantum basis, with transactions reaping average gains of over $1.02 million per deal. In terms of annualised gains, resale homes in District 20 (Bishan, Ang Mo Kio) enjoyed an average annualised profit of 4.7% per deal.

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

Analysing individual transactions by gross profit quantum, it was found that the top five gainers from each region ranged from $1.5 million to $5.4 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 18 years - the oldest being a unit held for over 30 years.

Top 5 Resale Condo transactions in November 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 The Imperial. It was resold for an estimated profit of $5.4 million, reflecting an annualised profit of 5.1%. Based on URA Realis caveat data, the 3,498-sq ft unit was first bought in September 2003 and subsequently resold for $8.15 million in November 2025, with a holding period of 22 years. The freehold project within the River Valley area and was built in 2006. The project is situated within walking distance to the Singapore River and a 5-minute walk to Fort Canning MRT station.

The top gainer in the RCR in terms of gross profit was for unit transacted at Maple Woods in District 21, which fetched a gross profit of nearly $2.4 million (annualised profit of 3.8%), based on caveats lodged. The 1,507-sq ft 8th floor unit was sold for $3.5 million, with a holding period of 30 years. The freehold project located in Bukit Timah was built in 1997 and situated within close proximity to King Albert Park MRT station.

Over in the OCR, the top gainer in November was a 4th floor unit located in The Dairy Farm in District 23. The 2,131-sq ft unit was sold for $3.35 million, achieving an estimated profit of $2.12 million - which reflects an annualised profit of 3.5% over a holding period of nearly 30 years. The sprawling condo development along Dairy Farm Road was built in 1985, and it is a stone throw away from the Hillview MRT station along the Downtown Line (DTL).

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.