What is a Resale Property?
✅ Immediate Availability – Unlike new launches that take years to complete, resale properties are ready for immediate occupancy.
✅ Established Locations – Resale homes are often found in mature estates with well-developed infrastructure, amenities, and public transport.
✅ Negotiation Power – There may be room for price negotiation, especially if the seller is looking for a quick sale.
✅ What You See is What You Get – You can inspect the actual unit, ensuring there are no surprises regarding layout, quality, or surroundings.
❌ Higher Maintenance Costs – Older homes may require more upkeep or renovations.
❌ Limited Customization – You might need to renovate or make adjustments to fit your preferences.
❌ Potentially Higher Price per Square Foot – Depending on location, some resale properties may be priced higher than new launches due to their prime locations.
What is a New Launch Property?
A new launch property is a brand-new development sold directly by the developer. These homes are typically under construction or in the planning phase, and buyers purchase based on floor plans, showrooms, and developer information.
Pros of Buying a New Launch Property
✅ Brand-New Condition – You’ll be the first owner, with modern designs, the latest facilities, and up-to-date building standards.
✅ Lower Maintenance Costs – Since everything is brand new, repairs and replacements are minimal in the initial years.
✅ Progressive Payment Scheme – Payments are staggered based on the construction timeline, making it easier on your cash flow.
✅ Developer Discounts & Incentives – Many developers offer early-bird discounts, flexible payment plans, or perks like free legal fees.
Cons of Buying a New Launch Property
❌ Longer Wait Time – You may have to wait several years before moving in, depending on the construction timeline.
❌ Uncertain Market Conditions – The final value of the property is unknown until completion, making it harder to predict returns.
❌ Potential Construction Delays – Unexpected delays may push back the move-in date.
Which Property Type is Right for You?
- You need a home immediately.
- You want to live in an established area.
- You prefer to see the actual unit before purchasing.
- You’re not in a rush to move in.
- You want a modern home with the latest features.
- You’re looking for a long-term investment with potential appreciation.
FAQs
Buying a new launch condo is ideal if you’re looking for a brand-new property with modern features and flexible payment schemes. It can also offer better long-term appreciation, but you’ll need to wait for construction to be completed before moving in.
Newer condos often come with modern designs, better amenities, and energy-efficient systems. However, they may come at a higher price and could be smaller compared to older developments.
Condos generally have good resale value, especially those in prime locations or near key amenities. However, factors like age, market demand, and maintenance can affect the final resale price.
Buying a pre-selling condo can be a smart investment as it usually comes with lower prices and flexible payment terms. However, it’s important to choose a reputable developer to avoid risks of project delays or cancellations.
Upgrading a condo can improve your living experience and boost the property’s resale value. It’s worth considering if the renovation cost aligns with your long-term goals and the property’s market potential.
To buy a new private property, research your preferred locations, set a budget, and secure financing. Engage a trusted real estate agent to guide you through viewing, paperwork, and negotiations.
Buying a condo in Singapore can be a good investment due to its high rental demand, limited land supply, and stable market. However, factors like location, market timing, and regulations should be carefully considered.
Condo maintenance fees vary depending on the property’s size, location, and facilities, typically ranging from $200 to $600 per month in Singapore. Premium condos with more amenities may have higher fees.
Investing in a condo can be practical if you’re looking for rental income or long-term capital appreciation. Choose properties in high-demand areas and ensure the rental yield justifies the initial investment.
People upgrade to condos for better facilities, enhanced security, and convenient locations. Condos often offer a more modern lifestyle compared to HDB flats or landed homes.