Whether a new launch or a resale condo costs more depends mainly on where you live during construction. In our illustrative example (S$2.4M new launch vs S$1.72M resale, 4-year wait, mortgage rate 1.93%), a buyer who must rent at S$4,200 a month pays about S$178,000 more over 4 years with the new launch. A buyer who can stay in their current home while it is built avoids most of that gap.
Figures as at 10 October 2026. Check the official source before acting.
The prices below are illustrative assumptions, not market averages. Check recent transacted prices for the specific projects you are comparing on URA's public property data or data.gov.sg.
How much stamp duty do you pay on each?
| Item | New launch (illustrative) | Resale condo (illustrative) |
|---|---|---|
| Price | S$2,400,000 (1,000 sq ft at S$2,400 psf) | S$1,720,000 (1,000 sq ft at S$1,720 psf) |
| Buyer's Stamp Duty | S$89,600 | S$55,600 |
| 75% bank loan | S$1,800,000 | S$1,290,000 |
BSD for a Singapore Citizen's first home: 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.
How does the Progressive Payment Scheme affect interest?
For an uncompleted private property, you pay in stages as construction progresses: 20% at booking and the S&P, then 10% at foundation, 10% at the reinforced concrete frame, 5% each at partition walls, roof, door and window frames/wiring/plumbing, and car park/roads/drains, 25% at TOP and 15% at CSC.
With a 75% loan, your 25% downpayment covers the first 20% plus half of the foundation stage. Only after that does the bank start drawing the loan. That keeps interest low during construction.
Assumptions: mortgage rate 1.93% (3M compounded SORA of 1.23% on 8 Oct 2026, plus an assumed 0.70% spread), 30-year tenure, TOP at month 48.
| Over 48 months | New launch | Resale condo |
|---|---|---|
| Mortgage interest paid | About S$37,500 (drawn progressively) | About S$94,700 (full loan from day one) |
| Loan principal repaid | About S$47,800 | About S$132,000 |
Banks still assess your loan at the 4% stress rate under the 55% TDSR limit, whatever the actual rate.
How much does renting during construction cost?
If you have to rent while the new launch is being built, rent at S$4,200 a month for 48 months is S$201,600.
| Cost over 48 months | New launch, renting meanwhile | Resale condo, moving in now |
|---|---|---|
| Buyer's Stamp Duty | S$89,600 | S$55,600 |
| Mortgage interest | S$37,500 | S$94,700 |
| Rent | S$201,600 | S$0 |
| Total | S$328,700 | S$150,300 |
| Loan principal repaid | S$47,800 | S$132,000 |
The difference is about S$178,400, before maintenance fees, legal costs and moving costs.
When the rent cost does not apply
A married couple buying jointly, with at least one Singapore Citizen spouse, does not have to sell their HDB flat or current home before buying the new launch. They pay 20% ABSD upfront and get it refunded if they sell the first home within 6 months of the new launch's TOP or CSC, whichever is earlier. They can live in their current home during construction, which removes the rent line. They still need enough cash for the ABSD upfront, and their loan-to-value limit falls to 45% if a housing loan is still outstanding.
What price must the new launch reach to break even?
Adding the new-launch buyer's costs (price S$2,400,000, BSD S$89,600, legal fees about S$3,500, rent S$201,600, interest S$37,500) gives about S$2,732,000, or S$2,732 psf on 1,000 sq ft.
If prices grew at an assumed 2.5% a year for 4 years, S$2,400 psf would reach about S$2,649 psf. That is below the breakeven in this example. Growth rates are an assumption, not a forecast.
When does a new launch make more sense?
| Situation | Leans towards new launch | Leans towards resale |
|---|---|---|
| Where you live during construction | You can stay in your current home (e.g. using the married-couple ABSD refund) | You would have to rent |
| Cash flow | You want lower payments during construction | You want to move in or rent out now |
| Inspection | You accept buying off-plan | You want to inspect the actual unit |
| Holding plan | Long-term hold. Selling within 4 years of purchase triggers SSD (16%/12%/8%/4%) | Long-term hold. The same SSD rules apply |
Related reading
- Condo downpayment: 5% cash, 20% CPF, 75% loan
- HDB to condo upgrade: ABSD refund and timing
- How SORA sets your home loan cost
- Stamp duty calculator
Sources
- IRAS: Buyer's Stamp Duty)
- IRAS: Remission of ABSD for a married couple
- IRAS: Seller's Stamp Duty for residential property-for-residential-property)
- MAS: SORA
- MAS: Loan tenure and loan-to-value limits
Frequently asked questions
Is a new launch or resale condo cheaper in Singapore?
It depends on the price gap and on where you live during construction. In our illustrative example, a S$2.4M new launch bought by someone who must rent for 4 years costs about S$178,000 more in stamp duty, interest and rent than a S$1.72M resale condo over the same period.
How much interest do you pay on a new launch before TOP?
Under the Progressive Payment Scheme, you only pay interest on the amount the bank has drawn down. In our example of a S$1.8M loan at 1.93% (3M SORA of 1.23% plus a 0.70% spread), interest in the 48 months before TOP is about S$37,500, against about S$94,700 on a S$1.29M resale loan.
Do HDB upgraders have to rent while waiting for a new launch?
Not necessarily. A married couple buying jointly, with at least one Singapore Citizen spouse, can pay 20% ABSD upfront and get it refunded if they sell their HDB flat within 6 months of the new launch's TOP or CSC. They can keep living in the flat until then.
What is the BSD on a S$2.4 million condo?
BSD on S$2,400,000 is S$89,600. On S$1,720,000 it is S$55,600.