Five Core Central Region (CCR) condos led the list of unprofitable resale transactions in July 2025, each incurring losses of over S$1 million. Among these loss-making sales, a luxury unit in Sentosa Cove recorded the most significant Crash, minus S$3.675 million from its initial purchase price.
In this edition of Condo Cash or Crash, we take a closer look at the latest unprofitable resale figures and what they reveal about buyer behaviour and market risks.
Table of contents
- Most unprofitable condo sales in July 2025
- S$3.675M capital loss at Marina Collection in Sentosa
- River Valley freehold condo unit lost S$2.55M
- Reflections at Keppel Bay unit sold at a S$1.38M loss
- This year’s biggest loss at the freehold Scotts Square
- OUE Twin Peaks unit lost S$1M in just 8 years
Most unprofitable condo sales in July 2025
| Project | Tenure | Selling Price (S$) | Area (sqft) | PSF (S$) | Loss (S$) | Years Held |
| Marina Collection (D4) | 99 years | 4,950,000 | 3,272 | 1,513 | 3,675,000 | 17.5 |
| Belle Vue Residences (D9) | Freehold | 7,950,000 | 5,427 | 1,465 | 2,550,000 | 12.2 |
| Reflections At Keppel Bay (D4) | 99 years | 2,800,000 | 1,733 | 1,616 | 1,380,000 | 11.9 |
| Scotts Square (D9) | Freehold | 2,560,000 | 947 | 2,703 | 1,156,975 | 18.0 |
| OUE Twin Peaks (D9) | 99 years | 3,680,000 | 1,604 | 2,294 | 1,002,076 | 8.7 |
In July 2025, there were 32 private resale transactions that ended in losses, with the top five each exceeding S$1 million. All five originated from developments in the CCR, underscoring an ongoing trend where high-end properties in central locations continue to see the deepest markdowns. These cases often involve luxury units bought during peak market periods.
Beyond the million-dollar losses, the rest of the month’s unprofitable resale transactions saw more moderate declines. Sixteen transactions registered capital losses between S$100K and S$796K, while the remainder were minor, under S$100K.
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S$3.675M capital loss at Marina Collection in Sentosa
The single resale transaction recorded at Marina Collection in 2025 turned out to be the most unprofitable condo sale in July. Early in the month, a spacious ground-floor unit spanning 3,272 sqft changed hands for S$4.95 million or S$1,513 psf. This transaction resulted in a S$3.675 million loss for the seller.
The 5-bedroom unit had been held for 17.5 years since it was purchased in 2008 for S$8.625 million (S$2,636 psf). At the time, Marina Collection was seeing brisk activity, with around 50 new sales recorded in that year alone, transacting at an average of S$2,742 psf. Ironically, even though the seller had bought below the project’s average psf, they still entered the market just before values began to slide.
From 2008 to 2009, the project’s average psf plummeted by more than 20%, hitting its lowest point before Marina Collection eventually obtained its Temporary Occupation Permit (TOP) in 2011. While the price did recover and peaked in 2013 at S$2,921 psf (see the graph below), the rebound was short-lived. As of July 2025, prices have declined by over 48% since 2013.
Did you know?
Adding to the project’s turbulent history was a scandal between 2011 and 2013. During this period, the developer, Lippo Marina Collection (LMC), quietly offered undisclosed discounts of up to 34% off the official sale prices to push sales post-TOP. These hidden incentives were not reported to the banks, which resulted in inflated mortgage approvals. Buyers benefited handsomely, gaining access to large loans and walking away with substantial cash gains after purchase.
However, the aftermath was severe. In 2014, United Overseas Bank (UOB) filed a lawsuit against LMC after 37 out of 38 such loans defaulted, triggering losses on mortgages amounting to around S$182 million. The case dragged on for over a decade but finally concluded in July 2025. As reported by The Straits Times, UOB has been awarded S$17.7 million in claims against developer LMC, among other compensations.
Set within the exclusive enclave of Sentosa Cove, Marina Collection is a low-rise, 99-year leasehold waterfront development comprising 124 ultra-luxurious units. Despite its prime location and premium positioning, the project’s chequered history and long-term value erosion have made it one of the more cautionary tales in Singapore’s private residential market.
River Valley freehold condo unit lost S$2.55M
A River Valley condo ranks number two among the most unprofitable sales in July. A spacious 5-bedroom unit on the fifth floor of Belle Vue Residences changed hands for S$7.95 million, or S$1,465 psf. This translated to a loss of S$2.55 million for the seller.
So, how did such a large loss occur in a freehold development in the CCR?
Bought high, sold low
The unit spans 5,427 sqft and was originally purchased in 2013 for S$10.5 million (S$1,935 psf). At the time, the unit fetched a premium for being the largest layout and located on the top floor. Back then, Belle Vue’s average psf was just around S$1,754, meaning this unit was priced about 10% higher than the project average.
Unfortunately, the recent resale of S$1,465 psf happened well below the project’s average, which currently stood at S$2,059 psf. Within the broader market, the gap is even more significant as freehold condos in the district now have surpassed S$2,500 psf on average.
This S$2.55 million loss is also notable considering that the project has been on a general recovery trend. After reaching a peak of S$2,437 psf in 2011, average prices at Belle Vue Residences fell by over 28% as of 2013, but have since rebounded.
Today, the S$2,059 psf average of the project is even higher than what this unit was purchased for back in 2013. Belle Vue Residences’ average psf has climbed by more than 17% since then. Yet, despite this upward movement, the unit sold at a much lower rate, possibly due to its large size and the niche appeal of such layouts in the resale market.
Located at 25 Oxley Walk, Belle Vue Residences is a 176-unit freehold condo in District 9 (Orchard/River Valley). It offers a mix of 3- to 5-bedroom units, with lush landscaping and a resort-like environment. However, its older age and unique configurations (such as the irregular floor plans) may have impacted resale performance, particularly for larger units like this one.
Reflections at Keppel Bay unit sold at a S$1.38M loss
At the other end of the water from Marina Collection, a 3-bedroom unit within Reflections at Keppel Bay changed hands for S$2.8 million, or about S$1,616 psf. Unfortunately for the seller, this translated to a steep loss of S$1.38 million.
The 1,733 sqft unit was originally purchased in August 2013 for S$4.18 million (S$2,412 psf). At the time, the price paid was significantly above the average for the development.
Price gap between entry and exit points
In 2013, the unit was acquired at S$2,412 psf, which was well above the average of S$2,037 psf for Reflections at Keppel Bay that year. In 2025, the property was sold at S$1,616 psf. This is not only lower than the S$1,766 psf average for the condo this year, but also below what similar condos in the area are currently transacting at.
To put it in context, units at the neighbouring Foresta @ Mount Faber have averaged S$1,954 psf, while Caribbean at Keppel Bay is seeing prices around S$1,855 psf. This shows that the unprofitable condo unit at Reflections at Keppel Bay underperformed not just within its own development, but also relative to other condos in District 4 (Telok Blangah/Harbourfront).
Biggest capital loss at Reflections at Keppel Bay in 2025
The S$1.38 million loss is currently the largest one recorded at Reflections at Keppel Bay in 2025. So far, only one other unit has suffered a seven-figure loss this year. That transaction involved a fifth-storey unit sold in January for S$7.2 million (S$2,193 psf), resulting in a S$1.365 million loss. The seller had bought it back in 2007 for S$8.565 million (S$2,609 psf).
Looking at the overall numbers, Reflections at Keppel Bay has had 18 unprofitable transactions and 22 profitable ones so far in 2025. Losses have ranged from around S$13,600 to the recent S$1.38 million. On the other hand, profits have varied from about S$5,000 to as much as S$1.18 million.
Reflections at Keppel Bay is a large project with 1,129 units across a wide range of layouts, from 1-bedroom units to spacious 4-bedroom units and penthouses. The development received its TOP in 2011, which means it is now about 14 years old. However, the 99-year lease began in 2006, leaving roughly 80 years remaining.
While its waterfront setting and iconic architecture remain appealing, the latest unprofitable resale figures show that prices may not always hold, especially for units that were bought at a premium.
This year’s biggest loss at the freehold Scotts Square
Another CCR condo in this month’s spotlight is Scotts Square, located in the heart of Orchard. A 2-bedroom unit measuring 947 sqft was recently sold for S$2.56 million, translating to S$2,703 psf. This marks the first time a resale unit in Scotts Square has transacted below the S$2,800 psf threshold, setting a new record low on a psf basis for the project.
This deal also represents the most unprofitable transaction recorded at Scotts Square so far in 2025. The resale price of S$2,703 psf was significantly below the project’s current average of S$3,092 psf.
The seller incurred a loss of S$1.157 million after holding onto the unit for over 18 years. They had purchased it from the developer in 2007 for S$3.717 million, or S$3,925 psf. Interestingly, even at the time of purchase, the unit was already priced slightly below the project’s average of around S$4,000 psf.
So far this year, five residential resale transactions have taken place at Scotts Square. Three ended in the red. Prior to this month’s record-setting loss, a 1-bedroom unit was sold in June with a loss of S$716,000, making it one of the most unprofitable deals that month.
Scotts Square is a freehold mixed-use development along Scotts Road in District 9, situated between Grand Hyatt Singapore and Singapore Marriott Tang Plaza. Completed in 2011, it comprises two residential towers standing at 43 and 34 storeys, with a total of 338 units sitting above a four-storey retail podium.
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OUE Twin Peaks unit lost S$1M in just 8 years
Just a short distance from Scotts Square, another million-dollar resale loss surfaced at OUE Twin Peaks, a luxury project along Leonie Hill. This month, a 3-bedroom unit spanning 1,604 sqft on the 30th floor was sold for S$3.68 million, or S$2,294 psf. The seller booked a loss of S$1 million after holding the unit for slightly under nine years.
Interestingly, the unit still managed to sell above the current project average of S$2,280 psf, likely due to its high floor positioning on the 36-storey tower. But the sale was not enough to avoid a loss, as the seller had entered the market at a premium.
The unit was bought from the developer in 2016 for S$4.682 million, or S$2,919 psf, a steep entry price that significantly exceeded that year’s average of S$2,649 psf. However, 2016 was a unique year for the development.
What happened in 2016?
OUE Twin Peaks obtained its TOP in 2015, but by then, its take-up rate stood at only around 17%. To boost sluggish sales, the developer introduced a Qualifying Certificate (QC) related discount and allowed the Deferred Payment Scheme (DPS) in April 2016. This allowed buyers to secure units at a lower price and with a smaller upfront outlay, attracting more interest.
Sales volume surged following this discount and payment scheme. In 2016, more than 200 new units were sold, a dramatic jump from previous years. Naturally, these deals were struck at lower prices, which dragged average psf figures down by over 10% compared to 2015 (see the graph below). At the same time, the resale market had begun to gain traction just a year post-TOP, with more secondary transactions entering the mix.
Altogether, the influx of DPS-fuelled deals and resale listings made 2016 the most active year ever for OUE Twin Peaks, recording a total of 280 transactions. While it helped the developer reduce QC pressure, it also reshaped the project’s pricing landscape. Subsequent sellers, especially those who bought before discounts kicked in, found themselves exposed to weaker capital upside. Over the past decade, the condo has seen its average psf price fall by around 23%.
OUE Twin Peaks is a 99-year leasehold development in prime District 9, located near Orchard Road. Launched with a luxury positioning, it initially drew attention for its design but faced strong competition from newer projects and freehold peers in the area. The development consists of 462 units, with sizes ranging from 549 to 1,895 sqft.
Wrapping up
The sharp losses seen in long-held CCR properties serve as a reminder that location alone doesn’t guarantee price resilience. Factors like entry timing, project positioning, and evolving buyer preferences continue to shape outcomes in the resale market.
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