New launch vs resale property: what are the key differences for buyers?
Should you buy from a developer or from an existing owner? Both routes can lead to a good home. They differ in how you pay, when you move in, and what you can see before you commit.
The key differences
| New launch | Resale | |
|---|---|---|
| Move-in | After TOP, usually a few years away | Usually within about 2 to 3 months of the deal |
| How you pay | Progressive payments as construction goes on | Full price at completion |
| Upfront | 5% on booking, 15% more within about 8 weeks | A small option fee, then the rest of the deposit within a short period |
| Interest while waiting | Only on the loan drawn so far | On the full loan from day one |
| What you see | Showflat, floor plans and artist's impressions | The actual unit, view and neighbours |
| Choice | Pick the stack, floor and layout | Limited to units on the market |
| Rental income | None until completion | Possible immediately |
| Agent fees for the buyer | None when buying through the developer's appointed agencies | May involve paying your own agent |
Why buyers choose new launches
- Time to plan. The progressive payment scheme spreads your costs over the construction period. Interest is only charged on what the bank has paid out.
- A fresh product. Modern layouts and new facilities, with a defects liability period after handover.
- Getting in early. In areas being transformed, the first projects may launch before the new amenities are in place.
Why buyers choose resale
- What you see is what you get. You can check the actual view, noise, light and upkeep of the building.
- Move in or rent out now. No waiting for construction to finish, which helps if you need a home soon.
- Sometimes a lower price per square foot, especially for older units with bigger layouts.
Risks to keep in mind
With a new launch, you're buying something that doesn't exist yet. The market could shift before completion, and what's finally built may differ in details from the showflat. With a resale unit, older buildings can have higher maintenance costs and a shorter remaining lease. Either way, Seller's Stamp Duty applies if you sell within 4 years of buying.
Which suits you?
If you need a home soon or want rental income straight away, resale is usually the better fit. If you're planning a few years ahead, want to spread your payments, or want to get in early on an area that's changing, a new launch is worth a close look.
See the full new launch payment schedule, or read How much can you afford?.
General information only. Payment terms for any specific project are set out in its option to purchase and sale and purchase agreement.
Interested in Dunearn House?
Dunearn House is the first private condominium in the Bukit Timah Turf City transformation. Get the latest price list, balance units and floor plans on WhatsApp, or work out your cash outlay with our calculator.