Singapore’s condominium resale market remained relatively subdued in August, with transaction volumes holding close to July levels while overall resale prices edged lower.
An estimated 1,040 resale condominium units changed hands in August, only 0.4 per cent fewer than the 1,044 units recorded in July. However, transactions were 7.2 per cent below August 2025 and 9.4 per cent below the five-year average for the month.
The softer activity came during the Hungry Ghost Month, a period when some buyers traditionally postpone property purchases. At the same time, fewer major new-project launches may have encouraged some buyers to continue considering resale properties rather than waiting for newly launched developments.
Market data also points to a gap between buyers and sellers. Some buyers have been taking longer to make decisions, while sellers have remained firm on asking prices, making negotiations more important in completing transactions.
Overall condo resale prices declined 0.3 per cent month on month in August. The movement varied considerably across Singapore’s three market regions.
Prices in the Core Central Region fell 4.3 per cent, while the Rest of Central Region recorded a 0.5 per cent increase. The Outside Central Region posted a 0.8 per cent rise.
Compared with August 2025, overall resale prices were still 2.2 per cent higher. The CCR was down 2.6 per cent year on year, while prices in the RCR and OCR increased 3.3 per cent and 3 per cent respectively.
The Outside Central Region remained the busiest part of the resale market, accounting for 48.6 per cent of August transactions. The RCR represented 33.5 per cent, while the CCR accounted for 17.9 per cent.
The distribution shows that demand continued to be concentrated outside the central districts, where a larger share of resale activity takes place.
High-value transactions nevertheless remained active. A unit at Four Seasons Park changed hands for S$7.883 million, the highest recorded condo resale price for August.
In the RCR, the most expensive transaction was a S$5.3 million unit at Reflections at Keppel Bay, while The Hillside recorded the highest-priced OCR resale at S$5.18 million.
Despite the monthly decline in the overall price index, resale homeowners continued to record substantial gains on completed transactions. The median capital gain increased to S$382,000 in August, up from S$378,000 in July.
The median unlevered return for resale condos stood at 30.1 per cent, although performance varied significantly depending on location and individual property.
The August figures therefore present a market that is neither experiencing a broad price decline nor a strong acceleration in transaction activity. Prices remain higher than a year earlier, but buyers appear more selective and transaction volumes remain below historical August levels.
The pattern also reflects the increasingly divergent performance between Singapore’s property regions. While central-area resale prices declined sharply in August, properties in the RCR and OCR continued to record monthly and annual price increases.
With new launches and buyer activity expected to influence the coming months, the key issue for Singapore’s condo market will be whether transaction volumes can recover from their below-average levels while sellers continue to hold relatively firm price expectations.
