Resurgence in resale condo market activity in April

Sales activity in the overall property market picked up in April, including the resale condo market. About 1,000 condo units worth $2 billion was resold during the month - compared with the 898 resale transactions valued at $1.93 billion transacted in March.

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 April, new sales transactions accounted for 60% of non-landed transactions, while resale transactions accounted for 38.7% 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

Despite new launch activity picking up during the month, the average unit price of new non-landed homes dipped significantly. The average new sales price fell by 14.1% month-on-month (MOM) to $2,400 psf in April, while the average resale unit price inched up by 0.2% MOM. As such, the new sale and resale price gap fell to a near 2-year low from 53.4% in March (see Chart 2), to 31.5% in April.

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

The study showed that 17.6% of resale condo transactions (132 deals) in April made more than $1 million in profits, a similar proportion compared with March (17.5%). 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 April accounted for 5.7% of transactions, edging higher compared with the proportion of loss-making deals (5.8%) in March (see Chart 3).

Chart 3: Proportion of profit quantum of resale non-landed transactions (March 2026 vs April 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 D'leedon in District 10, which pulled in an average profit of $813,000 across three transactions in April.

In the RCR, the most profitable condo development in April was Pandan Valley, a project located in District 21, which achieved an average profit of over $1.9 million, across three transactions. Pandan Valley was also the overall best performing project in terms of average profit quantum in April. In the heartlands or Outside Central Region (OCR), the most profitable project was The Minton in District 19 which garnered an average profit of $862,000 across six transactions.

Top Resale Condo projects^ in terms of average gross profit* by region (April 2026)

Source: PropNex Research, URA Realis

^projects with fewer than 3 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 (Bukit Timah, Holland, Tanglin) raked in the highest profits on quantum basis, with transactions reaping average gains of slightly more than $1 million per deal. In terms of annualised gains, resale homes in District 22 (Jurong, Boon Lay, Lakeside) enjoyed an average annualised profit of 4.9% per deal.

Top 10 Resale Condo districts^ in terms of average gross profit* (April 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 $1.7 million to $7.6 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 nearly 30 years.

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

It was found that the overall most profitable transaction and top gainer in the CCR was for a 15th floor unit at Ardmore Park. It was resold for an estimated profit of $7.6 million, reflecting an annualised profit of 3.1%. Based on URA Realis caveat data, the 2,885-sq ft unit was first bought in July 1996 and subsequently resold for $12.68 million in April 2026, with a long holding period of nearly 30 years. Tucked away in a quiet residential pocket just off Orchard Road, the luxury residential project balances exclusivity and tranquillity with close proximity to Singapore's premier shopping belt and the city centre.

The top gainer in the RCR in terms of gross profit was for unit transacted at Pandan Valley in District 21, which fetched a gross profit of $4.1 million (annualised profit of 7.3%), based on caveats lodged. The 6,114-sq ft 16th floor unit was sold for $5.2 million, with a holding period of 22 years. Completed in the late 1970s, the development features a mix of stepped, slab and tower blocks, with cascading forms that follow the contours of the landscape rather than flattening the site's natural hilly terrain. Warm-toned brick faades, split-level layouts and lush greenery further give Pandan Valley a timeless, resort-like character, making it one of Singapore's most recognisable examples of early modern residential architecture.

Over in the OCR, the top gainer in April was a 22nd floor unit located in The Chuan in District 23. The 1,367-sq ft unit was sold for $3.33 million, achieving an estimated profit of $2.34 million - which reflects an annualised profit of 6.4% over a holding period of nearly 20 years. Situated close to Lorong Chuan MRT station and within easy reach of Bishan, Serangoon and the Central Expressway (CTE), the development enjoys convenient access to key commercial hubs, schools and lifestyle amenities.

Amid a low interest rate environment 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.