It’s no secret that part of the Singapore dream is moving from an HDB flat to a private property. Some may opt for a new launch condo, but an increasing number of home seekers are going for resale condos instead.
New launch condo sales by buyers with existing HDB addresses dipped from 1,636 units in 2023 to 1,363 units in 2024. Meanwhile, resale private property transactions from the same group increased from 3,347 to 4,013 units over the same period.
While more HDB upgraders moved to private homes in 2024 compared to 2023, there was notably stronger interest in resale private properties in the Outside Central Region (OCR). These properties tend to hit the sweet spot between space and affordability.
If you’re an HDB flat owner considering a move to a resale condo instead of a new launch, here are some things to consider before making the leap.
New launch condo vs resale condo
Mandarin Gardens is a resale condo in the East known for its large units that can go up to 3,800sqft in size.
Image credit: BuildBuilt
Here are some pros and cons of choosing a resale condo:
| Pros of a resale condo | Cons of a resale condo |
| Immediate move in, good for a family with urgent housing needs | Shorter remaining lease, could potentially affect home financing costs and resale value |
| Tends to have larger layouts. Good for growing families or multi-generational living | Have to pay for your property purchase up front |
| Usually in choice locations if condo sits in mature estates with established amenities (as compared to new launch OCR condos) | Older condos may have higher maintenance fees |
| Generally, lower price per square foot (PSF) than new launch condos | May require extensive renovation (older condos likely have more wear and tear; new launch condos come equipped with new fixtures and the latest technology) |
1. Pricing for resale vs new launch condo
With new launch condos in 2025 regularly crossing $2,200 psf, even in the OCR, resale condos look increasingly attractive as a value play. Developers currently tend to compress unit sizes, so you may end up paying more psf for less space, especially in two-bedroom units.
Image adapted from: PropertyGuru
For a 1,001sqft condo in Mandarin Gardens unit, you’ll find units available for sale within the range of $1.5M to $1.68M. But of course, the trade off here is that you’re settling for a remaining lease of just 60 years, given Mandarin Gardens TOPed in 1986.
Whereas in the resale market, the price increase is more manageable without such a steep premium placed on additional rooms. For those who value space over the age of the condo, purchasing a larger resale two-bedder may not cost much more than a new launch one-bedder in the same district.
But the resale-versus-new condo decision isn’t always so clear-cut. Price gaps between new launch condos and resale units can vary greatly, depending on their location and bedroom types. Recently, a narrowing price difference between new and resale condos has been observed.
Image credit: Edgerop Market Trends (as of 26th March 2025)
It’s true that older pricing models and larger base unit sizes make for well-priced resale condo units in today’s market. However, this isn’t always the case. Larger resale condo units are favoured, especially in areas with a tight supply of spacious private homes. Consequently, prices for some resale four-bedders have surged.
2. Financing resale vs new launch condo
For most new launch condos, you’ll pay using the Progressive Payment Scheme (PPS). This means buyers of new launch condo units will make smaller mortgage payments during the initial construction phase.
Once you’ve settled on your desired home loan, the bank will disburse the loan per the construction progress of the development. Any payable interest is pegged to the amount disbursed. And until the foundation is completed, the only payment you would have to make is the deposit.
But when buying a resale condo, banks will disburse the full home loan amount upfront. How much you can borrow will depend on your age, the remaining lease on the condo, and the Total Debt Servicing Ratio (TDSR) limits. Check out this list of CCR condo launches in 2025.
3. Amenities & public transport connectivity for resale vs new launch condo
Resale condos like City Square Residences which is right next to City Square mall.
Image credit: 99.co
Aside from offering more space, resale condos are often situated in more established locations with comprehensive amenities. When buying a resale condo, you’ll also have more developments to choose from. Certain older resale condos may even be located in undervalued areas or benefit from upside potential when new MRT lines are completed.
One thing’s for sure: whether you’re buying a resale or new launch condo, private homes located in the OCR districts are more affordable than those in prime areas. HDB upgraders are likely required to sacrifice location and proximity to amenities in favour of cost and space.
When buying an own-stay property, it should ideally fulfil all your lifestyle needs. Proximity to MRT stations, your parents, amenities, schools (if you have or plan to have kids), and your workplace should be your main considerations. You want to enjoy living in your home, which means the criteria for buying an own-stay property will likely differ from those for an investment property.
4. Selling a resale condo vs new launch condo
New launch condos have a longer remaining lease than resale condos. For 99-year leasehold developments, the age of the condo will have an impact on pricing; freehold condos are less impacted because of their tenure.
The resale private property market sees less competition than the new private home market, as it is based on a more organic supply. In turn, buyers typically have more negotiating power and time to consider the units they view.
If you’re trying to decide whether a resale or new launch condo will give you a better return on investment, it’s also important to ask yourself: is making bank the only reason you’re buying a condo?
Why do you want private property in the first place?
For many in Singapore, upgrading to a private property is not only seen as a flex, but also as a vehicle to build wealth.
Common layman’s advice is that you should purchase the most expensive property you can reasonably finance because your property can serve as your “insurance”—to buffer against bad times. If you lose your job or run into financial troubles, you can sell the property and “downgrade” back to an HDB flat with a huge portion of the cash proceeds left over.
But is this true?
Buying a private home can indeed help build wealth. It is also less risky to buy property in Singapore due to our political stability and economic growth. However, there is no such thing as an asset that only ever increases in value.
When buying a private home—new launch condo, resale condo, or otherwise—you are effectively taking a calculated gamble that private housing prices will continue on an upward trajectory.
Buying a resale condo in Singapore
Image credit: BuildBuilt
Ultimately, upgrading from an HDB flat to a resale condo can present a pragmatic and potentially value-driven path towards building your financial nest egg. But it is not a must for growing your net worth.
Should accumulating assets be the key driver for considering a private home, it’s good to run through these questions first:
- What is your risk tolerance, and how does it affect your wealth-building and investment plans?
- Can you channel the funds that would have gone into buying a private home into other investments instead?
- Do you value or need liquidity (property is a largely illiquid asset)?
- How are you going to finance your new property? Will this be a financial stretch? Do you have enough money for the down payment?
- Are you financially prepared for the hidden costs of living in a condo (i.e. increased property tax, less subsidies, condo maintenance fees, moving and renovation costs, lifestyle inflation)?
- If you downgrade, will you actually make money after selling and moving into your new home? Is the hassle worth it?
As with any financial decision you make, speak to experts and consider your potential purchase thoroughly before sealing the deal in ink. In the meantime, you can read up on our other articles about buying a condo in Singapore:
Read more of our other guides here:
- 8 hottest CCR condo launches in H2 2025
- Condos under $1.66M—private property you can get for the most expensive HDB flat ever sold
- Should you buy a dual-key condo in Singapore?
Cover image adapted from: @sightsinflight
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