Should You Buy a New Launch Condo or a Resale Unit?

In Singapore’s thriving property market, private condominiums are a top choice for homebuyers and investors alike. But one major question often arises: Should you buy a new launch condo or a resale unit? Each option offers distinct advantages and trade-offs, depending on your financial goals, lifestyle preferences, and timing.

In this guide, we’ll break down the pros and cons of new launch condos versus resale condos to help you make the right decision.

What Is a New Launch Condo?

A new launch refers to a condominium that is still under construction or in its early sales phase. Buyers usually purchase the unit off-plan (based on floor plans, brochures, or showrooms) and take possession 3 to 5 years later upon completion.

What Is a Resale Condo?

A resale condo is a completed unit that is available on the secondary market. Buyers can view the actual unit, assess the physical condition, and move in shortly after completing the sale process.

Pros of Buying a New Launch Condo

1. Lower Entry Price (Early Bird Discounts)

Developers often offer early bird discounts and promotions during launch phases, which can result in significant cost savings.

2. Modern Layouts and Facilities

New launches typically feature:

Smart home features
Open layouts
Energy-efficient appliances
Contemporary designs

3. Longer Lease Tenure

Since it’s brand new, you enjoy the full 99-year (or freehold) tenure, maximising long-term value.

4. Progressive Payment Scheme

You only pay a portion of the total price at each construction milestone, reducing your immediate financial burden.

5. Higher Potential for Capital Appreciation

New condos in emerging locations or during low market cycles often experience price appreciation upon completion or TOP (Temporary Occupation Permit).

Cons of New Launch Condos

Waiting Time: You may need to wait 3 to 5 years before moving in.
Uncertainty: Buying off-plan means you cannot inspect the actual unit.
Potential for Oversupply: Some launches may face competition from nearby projects, affecting future resale value.

Pros of Buying a Resale Condo

1. Immediate Occupation

Perfect for buyers who need a home urgently or prefer to avoid renting while waiting for completion.

2. What You See Is What You Get

You can physically inspect the unit’s condition, facing, lighting, and layout before making a decision.

3. Location Choices

Resale condos are often located in mature estates with established amenities, transport links, and schools.

4. Price Negotiation

There’s often room to negotiate with sellers—especially in a buyer’s market.

Cons of Resale Condos

Shorter Lease Remaining: Older units may have 60 years or fewer left, affecting loan and CPF usage.
Renovation Needed: Resale condos might require extensive repairs or upgrades.
Higher Upfront Payment: Unlike new launches, full payment is due sooner (within 8–10 weeks).

New Launch vs Resale: At a Glance

Feature	New Launch Condo	Resale Condo
Move-In Time	3–5 years	Immediate
Price	Generally lower at launch	Higher, but negotiable
Viewing	Floor plan/showflat	Actual unit
Lease Remaining	Full 99 years	May be less
Facilities	Brand new	May be older
Payment Scheme	Progressive	Immediate (within 8–10 weeks)
Capital Appreciation	Higher potential	More stable

Who Should Buy a New Launch Condo?

First-time buyers who don’t mind waiting
Investors looking for appreciation potential
Buyers who prefer the latest designs and features
Those with a tight monthly cash flow (due to progressive payments)

Who Should Buy a Resale Condo?

Families or individuals who need a home now
Buyers who value established neighborhoods
Investors looking for rental yield immediately
Buyers who want to avoid the risks of off-plan purchases

Additional Factors to Consider

1. Financing

Both new and resale condos are eligible for bank loans.
TDSR (Total Debt Servicing Ratio) applies in both cases.
Progressive payment scheme eases cash flow in new launches.

2. Stamp Duties

BSD and ABSD apply to both types equally.
Be mindful of Seller’s Stamp Duty (SSD) if flipping resale units quickly.

3. Resale Restrictions

Some new launch units are subject to minimum holding periods or delayed sale conditions (especially ECs).

Conclusion

There is no one-size-fits-all answer when it comes to choosing between a new launch condo and a resale unit in Singapore. New launches offer future value and modern living, while resale units provide speed, certainty, and established surroundings. Your decision should be based on your financial readiness, urgency, and long-term goals. With proper research and guidance, both options can lead to smart, satisfying property ownership.