Condo pricing in Singapore follows two logics. Developers price new launches from land cost, construction cost and the breakeven level of the project. Buyers and owners price resale units from recent comparable transactions, adjusted for tenure, location, size and condition. A sound pricing strategy, on either side, starts by knowing which of the two logics applies and then testing the figure against transaction data.
This article sets out how developers arrive at launch prices, how price per square foot (PSF) should and should not be used, what the 2025–2026 data shows for new launches and resales, which costs sit on top of the headline price, and how a homeowner can estimate a condo's value from recent transactions.
TL;DR
- New-launch prices are anchored on land cost and construction cost: higher Government Land Sales (GLS) bids raise project breakevens and push launch benchmarks upward.
- PSF is a normalising tool, not a verdict. It is reliable only when tenure, remaining lease, size, floor and location are comparable.
- Private home prices rose 3.4% in 2025, with analysts expecting 2%–5% growth in 2026, but new launches and resales trade at different price levels in the same district.
- The headline price is not the cash requirement: Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), legal fees and the minimum 5% cash downpayment all apply.
- A condo's value can be estimated from caveat-based transaction records for the same project, adjusted for the specific unit.
Table of Contents
- How developers set the launch price of a new condo
- What moves the price of a condo: tenure, location and build quality
- Using PSF without being misled by it
- New launch versus resale: what the 2025–2026 data shows
- Costs on top of the headline price
- Pricing from the investor's side: yield and holding cost
- Estimating a condo's value from recent transactions
- Applying the data in haio
- FAQ
- Sources
How developers set the launch price of a new condo
A new-launch price begins with the land. Business Times reported on 1 June 2026 that higher GLS bids and construction costs were raising project breakeven levels and pushing new-launch price benchmarks upward. The developer's floor is therefore set well before any marketing begins: the tender price for the site, plus construction, financing and selling costs, defines the lowest psf at which the project breaks even.
Narra Residences illustrates the sequence. Business Times reported that its January 2025 state-land tender bid was S$504.5 million, or S$1,020 psf per plot ratio (ppr), and that its January 2026 launch prices started at about S$1,930 psf for one-bedroom units and S$2,100 psf for two-bedroom units. The gap between land price per plot ratio and selling price per square foot of saleable area is what funds construction, financing and margin.
Three further levers shape the final figure:
- Unit mix. Smaller units carry a higher psf, so a project weighted toward one- and two-bedroom units opens at a higher psf than a family-sized project in the same location.
- Stacking and floor premiums. Higher floors, unblocked views and units facing away from noise are priced above the base psf.
- Sales phasing. Developers typically release units in tranches, so early pricing is also a signal to the market about demand.
One industry blog estimates that new launches typically carry a developer premium of 10% to 20% over similar resale units in the same area. This is a rule of thumb rather than a fixed rate, and the real gap depends on the project's age, tenure and surroundings.
What moves the price of a condo: tenure, location and build quality
The Straits Times reported on 31 March 2025 that 2024 median condo prices were S$1,903 psf for freehold and S$1,973 psf for leasehold units. The same report noted that proximity to MRT stations and amenities increasingly influences value more than tenure alone, and that shorter remaining leases can reduce appeal and price growth.
The practical reading is that tenure remains relevant, but it is one input among several. A leasehold condo near an MRT interchange can price above a freehold unit that is a long walk from transport. For the freehold-versus-leasehold question in more detail, including how CPF rules and MAS financing limits alter the comparison, see haio's analysis of freehold versus leasehold in Singapore.
Build quality also enters pricing over the long term, because it affects maintenance burden and the resale appeal of an ageing development. Background on how BCA construction standards relate to property values is useful when comparing projects of different ages.
Using PSF without being misled by it
PSF divides price by floor area so that units of different sizes can be compared. The limits are well documented: larger units tend to have lower PSF, and PSF can mislead across different unit types or property types. A 450 sq ft studio at S$2,300 psf and a 1,100 sq ft three-bedroom at S$2,000 psf are not comparable on psf alone, since the studio's total price is far lower and its buyer pool is different.
A disciplined comparison holds the following constant before looking at psf:
- Location and distance to the nearest MRT station
- Tenure and remaining lease
- Age of the development
- Unit size and bedroom count
- Floor level, facing and noise exposure
- Condition and renovation status
Singapore Property News advises comparing new-launch or resale PSF only with genuinely similar homes across these attributes. Review Homes SG adds that psf should be read together with total purchase price and a realistic cross-shopping set, since a low PSF can conceal an unattractive layout, weak buyer pool or poor exit liquidity.
A worked example of the same error at a larger scale is available in haio's explainer on PSF in Singapore.
New launch versus resale: what the 2025–2026 data shows
The two segments trade at visibly different levels, even within one district. Business Times reported that 2025 District 23 median prices were S$2,095 psf for new non-landed private homes and S$1,459 psf for resales, excluding executive condominiums. That is a difference of S$636 psf, or roughly 44% of the resale median.
| Segment or project | Reported figure | Period |
|---|---|---|
| District 23 new non-landed private homes | S$2,095 psf median | 2025 |
| District 23 resale non-landed private homes | S$1,459 psf median | 2025 |
| Tengah Garden Residences | S$2,113 psf median | 2026 launch |
| Pinery Residences | S$2,548 psf median | 2026 launch |
| River Modern | S$3,229 psf median | 2026 launch |
The three project medians come from Asian Prime Properties' H2 2026 launch summary, published on 8 June 2026, which also reported that seven 2026 private projects had launched 3,534 units and sold 2,810, an average 79.5% take-up. The spread between S$2,113 psf in Tengah and S$3,229 psf at River Modern shows how strongly location sets the pricing band.
Market direction
Business Times reported on 2 January 2026 that private residential prices rose 0.7% in Q4 2025 and 3.4% for 2025, while Core Central Region (CCR) condominium prices fell 3.2% in Q4. The same report noted analyst expectations of 2%–5% private-home price growth in 2026, with more than half of 2026 launches expected in suburban areas.
On demand, ERA Singapore reported that developers sold 1,548 new private homes excluding ECs in April 2026, up 19.1% month on month, with Tengah Garden Residences selling 853 of 863 units at a median of S$2,111 psf. Strong take-up at suburban price points suggests that buyers respond to entry price and connectivity, not only to prestige.
For haio's own reading of recent index movements, see its coverage of condo price trends and the H1 2026 property market data.
Costs on top of the headline price
The sticker price understates what a buyer must fund. MoneySense lists the option fee, downpayment, stamp duty, legal costs, agent's commission, renovation and miscellaneous costs as upfront items, with property tax, fire and mortgage insurance and management fees as ongoing expenses. For a bank loan with a 75% loan-to-value limit, the minimum cash downpayment is 5%, and CPF use is subject to limits.
Stamp duties form the largest variable. Propseller's 10 June 2026 guide gives the BSD schedule as 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, 5% on the next S$1.5 million and 6% above S$3 million, calculated on the higher of price or valuation. The same guide lists ABSD at 0%, 20% and 30% for Singapore citizens buying a first, second and third or later residential property, 5%, 30% and 35% for Singapore PRs, and 60% for foreigners.
Applying the schedule to a S$1.6 million purchase (a figure readers often search for) gives the following BSD, computed from the tiers above:
| Tier | Amount taxed | Rate | BSD |
|---|---|---|---|
| First S$180,000 | S$180,000 | 1% | S$1,800 |
| Next S$180,000 | S$180,000 | 2% | S$3,600 |
| Next S$640,000 | S$640,000 | 3% | S$19,200 |
| Next S$500,000 | S$500,000 | 4% | S$20,000 |
| Remaining S$100,000 | S$100,000 | 5% | S$5,000 |
| Total | S$1,600,000 | S$49,600 |
A citizen buying a first home pays no ABSD, so the cash and CPF requirement beyond the loan is the 5% minimum cash downpayment (S$80,000 on S$1.6 million), plus BSD, legal and valuation fees. A buyer already owning a property faces ABSD of 20% or more, which can outweigh any negotiated discount. The checks for that scenario are set out in haio's guide to ABSD and TDSR when buying a second property, and the tiers are illustrated further in its BSD rates article.
Pricing from the investor's side: yield and holding cost
DollarsAndSense defines gross rental yield as annualised rent divided by purchase price, multiplied by 100, and notes that gross yields exclude costs such as property tax and other expenses. PropertyNet reported that private-home gross rental yields averaged around 3.1% in early 2026, with the URA private residential rental index up 0.3% quarter on quarter in Q1 2026 and vacancy rising from 6.0% to 6.2%.
The gap between gross and net matters when judging whether an asking price is supportable. LovelyHomes' 4 June 2026 example shows a S$54,000 annual gross rent on a S$1.5 million property producing a 3.6% gross yield, while S$32,700 net operating income produces 2.18% before financing and income tax. Including BSD and ABSD in the denominator lowers the illustrative yield to about 1.77%.
An investor pricing a unit should therefore work backwards: estimate achievable rent from comparable leases, deduct vacancy and holding costs, and test what purchase price delivers the required net return. haio's article on turning rental yields into cashflow follows the same method.
Estimating a condo's value from recent transactions
Homeowners and buyers can ground an estimate in the official record. URA's property market information service covers private residential transactions with caveats lodged or Options to Purchase issued within the last 60 months. New sale transactions are based on developers' Options to Purchase, while resale and subsale transactions rely on caveats lodged with the Singapore Land Authority. Because lodging a caveat is not mandatory, some transactions may be absent from the record.
A practical sequence for estimating value:
- Pull the project's own transactions from the last 12 to 24 months, filtered by bedroom count and floor-area band.
- Adjust for the unit. Move the benchmark psf up or down for floor level, facing, view, renovation and remaining lease.
- Cross-check with neighbouring projects of similar age, tenure and distance to the MRT station, using the comparison discipline described in the PSF section.
- Weigh timing. A sale recorded eighteen months ago reflects the market of that date, so compare it with the direction of the latest quarterly index.
- Treat the result as a range. Asking prices, bank valuations and transacted prices can differ, and a range is more defensible than a single figure.
Project-level pages that collate this history are available on haio, for example for Seletar Park Residence and Farrer Park Suites, each showing price history and transactions.
Our view: price from data, not from the headline
We built haio on the position that a condo price is only meaningful when set against the full transaction record. Launch brochures, agent opinions and asking prices each carry a perspective. Transactions carry the fact of what was paid.
Our approach is to combine Singapore residential property data sources in one place, so that valuation, market analysis and affordability sit on the same dataset. A first-time buyer can see what comparable units sold for, what the monthly commitment would be, and whether the budget supports the purchase. An investor can test a price against rental data. A homeowner can value a unit before deciding to sell or refinance. An agent can show a client unbiased figures.
We design haio's tools so that the same numbers are visible to everyone in the transaction, which is where we believe transparency in pricing begins.
HAIO
Applying the data in haio
haio provides free access to transaction data and analysis up to a point, with advanced features under haio+ at S$49 per month or S$499 per year. The Valuation Analysis tool estimates a property's value from transaction data, Affordability checks a purchase against a personal budget, and Property Analysis gives project-level market analysis. Details of the plans are on the haio+ page.
FAQ
How much cash is needed for a S$1.6 million condo in Singapore?
For a bank loan with a 75% loan-to-value limit, MoneySense gives the minimum cash downpayment as 5%, which is S$80,000 on S$1.6 million. BSD of S$49,600 under the current schedule, legal and valuation fees, and any ABSD come on top. A buyer's CPF balance and loan eligibility determine how the rest is funded.
Is a lower PSF always better value?
No. PSF is useful only between genuinely comparable homes. A lower figure can reflect a larger unit, a shorter remaining lease, a weaker location or a less liquid buyer pool, so total price, layout and exit liquidity should be read alongside it.
Why are new launches priced higher than resale condos nearby?
New-launch prices reflect current land and construction costs, which have been rising with higher GLS bids. In District 23, the 2025 new-sale median of S$2,095 psf compared with S$1,459 psf for resales. Resale units are priced from older land and build costs, and by the age and remaining lease of the building.
Where can a homeowner find recent condo transaction prices?
URA's Property Market Information service lists private residential transactions from the last 60 months. haio also collates price history and transactions by project, which allows a quick comparison of units within the same development.
Sources
- Rising land bids push new condo prices up (Business Times)
- Narra Residences kicks off 2026's new launches (Business Times)
- Singapore private home prices up 3.4% in 2025 (Business Times)
- Leasehold condos gain ground (The Straits Times)
- How Much Does a Condo Cost in Singapore
- 7 common mistakes made when comparing properties
- New Launch vs Resale Condo: Are You Overpaying?
- QPE Framework: How We Review Singapore Condos
- H2 2026 New Launch Condos
- April 2026 Monthly Developers' Sales Report (ERA)
- Buying a property: How much can you afford? (MoneySense)
- Buying Condo in Singapore: Full Process & Timeline (Propseller)
- Guide To Condo Rental Yields In Singapore (DollarsAndSense)
- Singapore Property Investment: Cash Flow Guide (LovelyHomes)
- Shoebox Apartment Investment Strategy 2026 (PropertyNet)
- Private Residential Property Transactions (URA)
- The CONQUAS Advantage: How BCA Construction Standards Boost Singapore Property Values