Some Lose Over S$1 Million, Others Gain S$3.75 Million: Why Do Core-Region Resale Outcomes Differ?

Nearly one in five analysed CCR resales records a loss as Singapore’s private housing market diverges

Most sellers in Singapore’s private residential resale market still recorded paper profits, but outcomes are becoming markedly different across regions and projects.

In the third quarter of 2026, loss-making transactions accounted for 4.6% of the islandwide transactions analysed, up from 3.7% in the previous quarter and 3.3% a year earlier.

In the Core Central Region (CCR), the loss-making share reached 19.5%—close to one in five transactions selling below the original purchase price.

This does not mean core-region homes generally lose money. Three of the quarter’s five most profitable transactions by dollar gain were also in the CCR.

Islandwide loss-making share reaches 4.6%, the highest in four years

The analysis does not cover every resale home. It examines private residential transactions completed in Q3 2026 that could be matched to a previous purchase within the preceding ten years.

Of the 2,021 matched transactions:

• 93 recorded paper losses;
• The loss-making share was approximately 4.6%, or about one in 22;
• The remaining approximately 95.4% did not record paper losses.

This was the highest loss-making proportion since the 6.9% recorded in Q2 2022.

The study measures the difference between purchase and sale prices. It excludes stamp duties and other transaction costs, as well as rental income during ownership. Paper profits therefore do not equal final net returns.

The CCR has the highest loss-making share; suburban levels remain lower

Loss-making shares increased in all three regions compared with the previous quarter, but the differences were substantial.

Of all loss-making transactions islandwide, the CCR accounted for about 49%, the city fringe for about 30%, and the suburbs for about 20%. Rounding means these shares may not total exactly 100%.

These are two different concepts: 19.5% is the loss-making proportion within the CCR, while 49% is the region’s share of all islandwide loss-making transactions.

The figures indicate that losses were more concentrated in the CCR, while a relatively small proportion of analysed suburban transactions sold below their original purchase prices.

Largest percentage loss: a Marina One Residences unit falls about 32%

By percentage loss, the weakest transaction in the third quarter was at Marina One Residences.

A 710 sq ft unit sold for about S$1.25 million in August 2026, compared with the seller’s purchase price of approximately S$1.83 million in July 2018.

Even after years of ownership, an individual home can sell below its purchase price. Holding time alone does not guarantee a profit.

Largest dollar loss: an OUE Twin Peaks unit loses about S$1 million

The largest loss by dollar amount was at OUE Twin Peaks.

A 1,604 sq ft unit sold for approximately S$3.88 million in August 2026. The seller bought it for about S$4.9 million in March 2017.

After roughly 9.4 years, the paper loss was about S$1.02 million, representing a decline of around 20% and an annualised price return of approximately minus 2.4%.

The quarter’s five largest non-landed residential losses, ranked by dollar amount and percentage, were all in 99-year leasehold CCR projects.

These are characteristics of individual top-ranked losses for that quarter, not evidence that all 99-year leasehold homes in the core region will have the same outcome.

Profitable transactions remain the majority, but margins narrow

Alongside an increase in losses, gains on profitable transactions became smaller.

Among profitable resale and sub-sale transactions, the median gain fell to 24.8%, below the Q2 2025 peak of 30.4%.

Even sellers achieving prices above their purchase costs may therefore have less generous paper-profit margins than before.

With overall private residential prices at historical highs and uncertainty surrounding the economic outlook, analysts expect buyers to become more selective and resale performance to diverge further across projects.

A Leedon Residence unit gains S$3.75 million in the core region

The CCR is not solely associated with losses.

Three of the five highest dollar-gain transactions in the third quarter were in the CCR. All five involved freehold projects.

The largest dollar profit came from a 4,704 sq ft unit at Leedon Residence.

It sold for S$14.3 million in July 2026, S$3.75 million above its 2017 purchase price of S$10.55 million.

Large profits and significant losses in the same region show that location is only one factor. The specific project, unit characteristics and purchase price are equally important.

Freehold tenure does not guarantee profits either; actual transactions must still be assessed.

ECs continue to lead percentage gains

Executive condominiums (ECs) continued to deliver outstanding individual resale results this quarter.

The top five transactions by percentage gain were all at the suburban Hundred Palms Residences. Holding periods were around nine years, with gains ranging from 138.9% to 163.9%.

These were the quarter’s standout individual cases, not typical returns for every EC, and should not be applied directly to units purchased today.

Excluding ECs, The Sea View records a gain of about 88.1%

Excluding ECs, the quarter’s top five percentage gains ranged from 83.9% to 88.1%. Four involved freehold projects.

The highest-ranked transaction was at The Sea View, a freehold condominium in the city fringe.

A 1,410 sq ft unit sold for approximately S$4.1 million in September 2026, compared with its October 2016 purchase price of about S$2.18 million.

After nearly ten years, its paper gain was approximately S$1.92 million, or 88.1%, with an annualised price return of around 6.5%.

What should buyers take away from the data?

The key message is that market outcomes are diverging. A prime location does not make a property worth buying at any price.

The core region contains both large profits and losses. Entry price affects future exit options. Long-term ownership extends the observation period but does not guarantee gains.

Some loss-making units this quarter had been held for eight to nine years and still sold below their original prices.

Total gains differ from annualised returns, while paper profits differ from net gains after costs.

Rather than relying solely on regional labels or past record profits, buyers should compare the specific unit’s total entry price, layout, nearby supply and the potential buyers who may eventually purchase it.