Due to economic uncertainty, Q3 saw an increase in private home resale deals that res

Due to economic uncertainty, Q3 saw an increase in private home resale deals that resulted in losses

A 2,379-square-foot apartment in Marina Bay Residences that sold for S$3.2 million was the quarter's biggest loser.

October 22, 2025

CONDOsingapore.com

In the third quarter of 2025, the percentage and quantity of private residential properties that were sold at a loss increased for the second consecutive quarter.

In Q3 2025, 3.8% of all resale transactions were made at a loss, up from 3.2% in Q2, according to data compiled by real estate consulting firm Cushman & Wakefield.

In addition to being the second consecutive quarter with more loss-making deals, this quarter's 108 deals were the highest quarterly total since Q3 2022, according to Wong Xian Yang, research head at Cushman & Wakefield.

The percentage of exits that resulted in a loss, at 3.8%, was also the highest since Q2 2023, when 4.1% of such transactions occurred.

Nevertheless, the data indicated that Q3 of this year's loss-making transactions were less than 5% of the Q2 2020 level, when 21.8% of resale transactions experienced a loss. Early in the Covid-19 pandemic, when "circuit-breaker" measures were implemented and market uncertainty was at its highest, losses peaked.

Since then, sentiment and volume have improved, reducing the percentage of deals that resulted in losses.

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Wong ascribed the recent rise in resales that resulted in losses to economic uncertainty and homeowners "choosing to divest assets to recycle capital."

Even though there were more of these transactions in Q3, he noted that they still made up a small percentage of all resale transactions.

The percentage of these transactions varied from 2.6% to 4.5% over the previous three years. Approximately 3.5% of all resale transactions ended in a loss each quarter on average.

Wong believes that, absent new cooling measures and unanticipated economic shocks, which could result in a sharp drop in demand and inevitably cause a price correction, overall levels of loss-making deals will continue to be low.

According to official flash estimates, prices for private real estate in Singapore have risen 3.1% so far this year as of Q3 2025, demonstrating the market's resilience.

He went on to say that the market is also bolstered by the demand for private housing from upgraders, particularly in light of the steadily rising resale prices of public housing, the low unemployment rate, and the sound financial standing of households.

"However, with real estate prices at all-time highs and setting new standards, it is more crucial than ever for purchasers to practice financial restraint and keep a backup plan in case the market conditions change without warning."

The largest losers

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Residential properties in Singapore's upscale Core Central Region (CCR) and city outskirts suffered the largest losses in Q3, losing between S$535,500 and S$3.2 million, according to data compiled by Cushman & Wakefield.

A 2,379-square-foot apartment on the 17th floor of the Marina Bay Residences in District 1, which were under a 99-year leasehold, was the deal that caused the most controversy for Quantum. In mid-August, it sold for S$5.1 million, or S$2,144 per square foot, which was S$3.2 million less than the S$8.3 million, or S$3,500 psf, purchase price in June 2022.

The seller experienced annualised losses of 14.2% based on a holding period of 3.2 years.

An 872-square-foot apartment at the 103-year leasehold The Scotts Tower in District 9 was the transaction that resulted in the largest loss by percentage. In mid-September, it was sold for S$1.8 million, or S$2,099 per square foot, which was nearly half of the original purchase price of S$3.5 million, or S$4,035 per square foot, in May 2013. Based on a holding period of 12.4 years, this amounted to annualised losses of 5.1%.

Both landed and non-landed private home caveat data revealed that prime CCR properties accounted for 62% of loss-making transactions. Of these transactions, 31% came from the Rest of Central Region and 6% from the Outside Central Region (OCR).

A 2,777 square foot apartment at the upscale Boulevard 88 condominium in District 10 was the most profitable resale transaction in Q3. The seller made a cool S$3.1 million profit over the initial purchase price of S$9.9 million in June 2019 when the fourth-floor unit sold for S$13 million, or S$4,681 psf, in early July. Based on the six-year holding period, the seller's annualised profit was 4.6%.

With gains of 130 to 134 percent, executive condominium (EC) transactions were once again the most profitable during the quarter. This keeps up a pattern that started in the first quarter of 2023.

Hundred Palms Residences EC in Yio Chu Kang, which attained its five-year minimum occupation period in December 2024, was home to all five of the top-five percentage gainers in Q3.

As of October 14, 91 units at the 531-unit EC development in District 19 had been sold, according to Wong, with most of them experiencing capital gains of more than 100%.

A 1,270-square-foot EC unit that sold for S$2.5 million, or S$1,999 per square foot, in late September topped the list in Q3. In July 2017, the seller made a profit of S$1.5 million, which is 134% of the original price of slightly over S$1 million, or S$853 per square foot. Over an 8.2-year holding period, this translates to an annualised profit of 11%.

Four of the top five percentage gainers, excluding ECs, were for suburban OCR units, while one was for city fringe units.

The 1,270 square foot freehold unit at Parc Palais condominium in Bukit Batok, District 21, was the group's top deal by percentage gain. In mid-July, it sold for S$2.2 million, or S$1,701 per square foot, and the seller made S$1.1 million.

Its initial August 2016 price of S$1 million was slightly more than doubled. This corresponds to an annualised profit of 8.7% based on a holding period of nearly nine years.

Caveats for non-landed private homes that were purchased in Q3 and had previous purchase history between January 2012 and September 2025 were the focus of Cushman & Wakefield's investigation. Transaction fees and taxes, such as buyer's and seller's stamp duties, are not included in the analysis.

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