Singapore's condo resale market regained momentum in September 2026, with transaction volumes rising 10.8 per cent month-on-month to an estimated 1,093 units. Resale prices also edged up, although the increase was largely driven by stronger performance in the Core Central Region (CCR).

Luqman Hakim, 99.co's Chief Data & Analytics Officer, suggested that the rebound "could reflect the return of buyers who had held off on purchases during the Hungry Ghost Month".

According to the latest 99-SRX flash report, the number of resale transactions increased from 987 units in August. However, September's volume remained 5.1 per cent lower than a year ago and 1.3 per cent below the five-year average for the month.

"With transactions recovering to levels broadly in line with the five-year September average, buying interest appears to remain relatively healthy," he added.

CCR leads condo resale price growth in September

The price index for resale condos rose 0.7 per cent month on month, bringing the year-on-year increase to 3.5 per cent. Resale prices increased across all three market regions in September, but the CCR recorded a considerably stronger gain than the Rest of Central Region (RCR) and Outside Central Region (OCR).

Prices in the CCR rose two per cent month on month, compared with a 0.3 per cent increase in the RCR and a 0.2 per cent rise in the OCR. "This suggests that price growth was uneven across market segments, with the luxury segment providing much of the momentum," Luqman explained.

On a year-on-year basis, resale prices rose 2.5 per cent in the CCR, 4.3 per cent in the RCR and 2.4 per cent in the OCR. The RCR therefore recorded the strongest annual price growth, even though the CCR led the monthly increase.

OCR accounts for half of all condo resale transactions

Despite recording the smallest monthly price increase, the OCR remained the largest contributor to resale activity in September.

The OCR accounted for 50.3 per cent of all resale transactions, followed by the RCR at 32.1 per cent and the CCR at 17.6 per cent. In other words, around half of all resale condos sold during the month were located outside the central region.

The figures suggest that mass-market condos continued to account for a substantial share of resale demand, even as the CCR led price growth.

Lower subsale transactions within the month

Meanwhile, sub-sale transactions made up 3.2 per cent of total secondary-market transactions in September, down from 4.2 per cent in August. Sub-sales refer to transactions involving properties that have yet to be completed.

The figure alone does not establish whether buyers were shifting away from newly launched projects or whether the change reflected normal month-to-month fluctuations. However, September recorded the lowest subsale percentage in the last 12 months.

Sculptura Ardmore records highest resale price at $20 million

At the upper end of the market, a unit at Sculptura Ardmore changed hands for $20 million in September, recording the highest resale price among condos that month. The freehold luxury development at Ardmore Park in District 10 comprises just 34 units, positioning it within Singapore's exclusive prime residential market.

The transaction involved a 3,272 sq ft unit on a high floor, translating to about $6,112 psf. The price is in line with the development's previous $20 million resale transactions in June and November 2025, when units changed hands at $6,013 psf and $6,193 psf respectively.

In the RCR, the highest-priced resale transaction in September was a unit at Tembusu Grand, which sold for $5.9 million. Meanwhile, Seaside Residences recorded the highest resale price in the OCR at $4.3 million.

The contrast highlights the wide price range across Singapore's condo resale market, with prime freehold developments commanding significantly higher absolute prices than properties in other regions.

Median resale capital gains rise to $398,000

Condo resale sellers also recorded higher median capital gains in September.

The overall median capital gain for resale condos reached $398,000, up $13,000 from $385,000 in August. This measure compares the current transacted price of a unit with its previous transacted price, rather than simply tracking the difference between market-wide price indices.

District 22, covering Boon Lay, Jurong and Tuas, recorded the highest median capital gain at $905,000. At the other end of the scale, District 1, covering Boat Quay, Raffles Place and Marina, recorded a median capital loss of $6,000.

The results show that resale gains can vary considerably by location. While the overall median points to substantial gains among units with matching transaction histories, individual outcomes depend on factors such as the property's purchase price, subsequent sale price and holding period.

The report also put the overall median unlevered return for resale condos at 30.5 per cent in September. District 22 recorded the highest median unlevered return at 70.9 per cent, while District 1 posted the lowest at -0.3 per cent.

These returns are calculated by comparing the current transacted price of each unit with its previous transacted price. They do not represent annualised returns, and the figures do not account for financing costs or other ownership expenses.

The district rankings also exclude locations with fewer than 10 matching transactions. As a result, the reported figures should be interpreted as indicators of observed resale performance rather than a guarantee of returns for future sellers.

Quieter new-launch calendar could direct more attention to resale condos

Looking ahead, the resale market could receive more attention as the year draws to a close. With Thomson Reserve expected to be the last major new launch of 2026, a quieter launch calendar may encourage some buyers to consider completed condos instead.

Commenting on this, Luqman suggested that "buyers are likely to remain discerning, weighing resale prices against new-launch alternatives and prioritising properties that offer good value for money". Therefore, an increase in buyer attention does not necessarily translate into stronger transaction volumes or faster price growth.

Sellers may benefit from a more active resale market, but properties priced too far above comparable transactions could still face resistance. Pricing will remain an important consideration as buyers assess their options.

[[nid:748936]]

This article was first published in 99.co.