Flipping Volume Shrinks — But Profitability Remains Strong

Singapore’s condominium sub-sale market has entered a new phase: fewer flippers, but higher-quality profits.

Q1 data shows a drop in the number of short-term speculators selling units before completion or shortly after TOP. Higher interest rates, tighter financing rules and holding costs have filtered out casual flippers.

Yet, despite the drop in volume, the flippers who remain are recording strong, sometimes double-digit percentage gains.

Why profits remain strong

• Earlier purchase at pre-inflation prices (2018–2021).
• Low developer prices vs today’s record-high new launch benchmarks.
• Limited supply in city fringe & OCR areas during key launch years.
• Strong upgrader demand pushing resale and sub-sale prices up.

The New Type of Flipper: Strategic, Not Opportunistic

Unlike the “volume-based” flipping activity seen in past cycles, today’s sellers are:

• More financially capable.
• Less reliant on maximum leverage.
• Willing to wait out the market for the right buyer.

This results in fewer transactions — but each sub-sale that does occur is more intentional and more profitable.

Which Projects Are Seeing the Biggest Gains?

Projects near MRT stations, with strong rental demand and early entry pricing, are still delivering the highest profits. Examples include city-fringe launches from 2019–2021 and selected OCR EC-to-condo transitions.

What This Means for Buyers and Owners

For owners thinking about selling:

• You may still capture strong gains even if flipping volume is lower.
• Sub-sale demand remains healthy for well-located projects.
• Holding capacity gives you pricing power.

For buyers:

• Expect premium pricing for sub-sale units with strong attributes.
• Competition remains strong for rare layouts and high-floor units.
• Comparing sub-sale vs resale vs new launch is now more important than ever.

Buying or Selling Sub-Sale Units?

Sub-sale properties move fast and require accurate valuation, timing and negotiation strategy. If you’re planning to enter or exit the market: