We sell your home at
better prices
record speed
only 1% commission

65% of HDBs and condos sold in a month.

The top 1% of agents in Singapore to help you find your home

That’s why we sold HDBs and condos above market price.

 
 
Maximize the sale of your home

Get expert advice with 1% commission, more profit.

No fees until we sell your home*
*Terms & Condition apply.

Buying New Launch vs Resale Condo Costs: What You Need to Know

Maelyn Lagman

Follow us on

Join our Telegram channel and follow our Facebook page for the latest property updates.

Buying a condo in Singapore is a significant investment, and it’s crucial to be aware of all the associated costs to ensure a smooth transaction. Whether you’re a first-time buyer or looking to expand your property portfolio, understanding these expenses can help you budget effectively and avoid any surprises.

Jump to each section:

What is a new launch condo?

A modern condominium complex, Lumina Grand EC, showcasing its contemporary architecture with multiple high-rise buildings surrounded by lush greenery and well-lit pathways during dusk.

A new launch condo refers to a property that is being sold by the developer for the first time, usually before or during its construction phase. Buyers of new launch condos often benefit from early-bird prices, promotional discounts, and the latest designs and facilities.

What is a resale condo?

A scenic view of modern condominium buildings flanking a serene canal, adorned with vibrant flowering plants on both sides.

A resale condo is a property that has previously been owned and is now being sold by the current owner. Resale condos are typically ready for immediate occupancy, though they may require renovation or updates depending on their condition.

What are the costs involved when buying a new launch vs resale condo?

1. Purchase Price

The most obvious cost is the purchase price of the condo itself. This will vary widely depending on the location, size, and age of the property. New launch condos may also come with promotional discounts or early-bird pricing. 

Based on past transactions, this is the difference in purchase price between a new launch and a resale condo. 

Cost New Launch Condo
The Hill @ One-North
99-year leasehold
Resale Condo
One-North Residences
99-year leasehold
Purchase Price742 sq ft: $1.97 million ($2,568 PSF)818 sq ft: $1.038 million ($1,269 PSF)

Stay updated on your resale condo’s current value and recent transactions with Homer AI

Do you know your current home value?

2. Option Fee and Exercise Fee

When you decide on a condo, you’ll need to pay an option fee to secure it. This is usually 1% of the purchase price. If you decide to proceed, you’ll pay an exercise fee, typically 4% of the purchase price, bringing the total to 5%. 

CostsNew Launch Condo
The Hill @ One-North
99-year leasehold
Resale Condo
One-North Residences
99-year leasehold
Purchase Price742 sq ft: $1.97 million ($2,568 PSF)818 sq ft: $1.038 million ($1,269 PSF)
Option Fee/ Exercise Fee$98,500$51,900

3. Stamp Duty

Stamp duty is a significant expense. The Buyer’s Stamp Duty (BSD) is calculated as follows:

  • 1% on the first $180,000
  • 2% on the next $180,000
  • 3% on the next $640,000
  • 4% on the remainder
Costs New Launch Condo
The Hill @ One-North
99-year leasehold
Resale Condo
One-North Residences
99-year leasehold
Purchase Price742 sq ft: $1.97 million ($2,568 PSF)818 sq ft: $1.038 million ($1,269 PSF)
Option Fee/ Exercise Fee$98,500$51,900
Buyers’ Stamp Duty$58,800$27,340

Additionally, if this is not your first property purchase, you’ll need to pay the Additional Buyer’s Stamp Duty (ABSD):

  • 17% for Singapore citizens on the second property
  • 25% for Singapore citizens on the third and subsequent properties
  • 25% for Singapore Permanent Residents on the first property
  • 30% for foreigners

Engaging a lawyer is essential for handling the legal aspects of the purchase, including title searches and preparing the Sales & Purchase Agreement. Legal fees typically range from $2,500 to $3,500.

If you’re looking for legal conveyancing assistance, reach out to Ohmyhome. We are partnered with the most trusted law firms and Singapore and offer competitive rates starting from $1,850 nett.

5. Home Loan Processing Fees

If you’re taking a mortgage, the bank will charge processing fees, which can range from $200 to $1,000. Additionally, you might incur valuation fees, which usually cost between $200 and $500.

With Ohmyhome, you can also discover the best home loan rates across all the banks. Once you reach out to us, we’ll draw the comparisons for you and find the best loan tailored to your needs.

6. Condo Maintenance Fees

Condo owners are required to pay monthly maintenance fees for the upkeep of common areas and facilities. These fees vary based on the size of your unit and the condo’s amenities, ranging from $200 to over $1,000 per month.

As a one-stop-shop property solution that brings speed, ease, and reliability to property-related services, our team at Ohmyhome Property Management has found the secret to reducing monthly maintenance costs for condo residents all over Singapore.

7. Renovation and Furnishing Costs

The renovation costs for a new launch are typically lower as new units are often ready for move-in. Renovating a resale condo unit, on the other hand, may vary depending on the extent of the work. Don’t forget to factor in the cost of furnishing your new home. To get a better idea of what renovation work your house does and does not need, speak to our team at DreamR today and get a quote while you’re at it.

8. Insurance

While not mandatory, it’s wise to invest in home insurance to protect your property and belongings. Annual premiums can vary, typically costing a few hundred dollars.

9. Miscellaneous Costs

Other potential costs include moving expenses, utility deposits, and property tax. Property tax rates for owner-occupied residential properties range from 0% to 16%, depending on the annual value of the property.

Note: You do not need to pay an agent’s fee when buying a condo in Singapore, be it a new launch or a resale condo. Developers often cover the cost of an agent’s commission for the purchase of new launches, and for resale condos it is covered by the seller.

Breaking down the costs: New Launch vs Resale Condo

CostNew Launch (The Hill @ One-North)Resale (One North Residences)
Purchase Price$1.97 million ($2,568 psf)$1.038 million ($1,269 psf)
Option/Exercise Fee$98,500$51,900
Stamp Duty (BSD)$58,800$27,340
Legal Fees$2,500 – $3,500$2,500 – $3,500
Loan Fees$200 – $1,000$200 – $1,000
Renovation CostsMinimal (interior design/furnishing)$50,000

Get your dream condo with the help of an Ohmyhome Super Agent

Drop us a message on WhatsApp to get in touch with our Relationship Managers and book a non-obligatory meeting with one of our agents.

FAQs about the hidden costs of owning a condo in Singapore

1. What are the additional costs when purchasing a condo?

Beyond the purchase price, you’ll need to pay for stamp duty, legal fees, and agent fees.

2. Are there maintenance fees for condos?

Yes, monthly maintenance fees range from a few hundred to over a thousand dollars, depending on the condo’s facilities.

3. Do I need to pay property taxes on my condo?

Yes, property taxes are based on the annual value of your property and can vary.

4. What are the costs associated with new launch condos?

For new launches, you may encounter progressive payment schemes, as well as higher initial costs for furnishings and fittings.

5. Are there costs for resale condos that I should be aware of?

For resale condos, additional costs may include renovation expenses, potential repair work, and higher stamp duties if the property is above a certain price threshold.

Follow us on

Join our Telegram channel and follow our Facebook page for the latest property updates.

Subscribe to the property newsletter read by 200,000 homies
Get our finest insights sent straight to your inbox. Enter your best email.
Unsubscribe anytime.

Consult an expert for free!

Send us your details and we’ll be in touch within 15 min (daily 9am to 9pm GMT +8).

Our finest insights you'll be looking forward to receive.

Read by 200,000 Homies. Enter your best email below to join in.

Unsubscribe anytime.

SHARE WITH YOUR FRIENDS!

Related Blogs

Highlighting unique property views for every Singaporean