Same Location, But Over $700k Cheaper: We Compare New Launch Vs Resale Condos In District 7

District 7’s new versus resale two-bedders: is a 52.8 per cent premium worth paying?

District 7 has taken centre stage in Singapore’s property urban landscape: it’s a rare convergence of heritage, commerce, and high-density city-fringe living, for which there are few close equivalents. This district holds landmarks like Bugis Junction, the National Library, South Beach, and the upcoming Ophir-Rochor Corridor; but that prominence comes at a cost.

In 2024, D7 recorded the largest price gap between new and resale two-bedroom condos in the country: a jaw-dropping 52.8 per cent difference. With new launches averaging $2.54 million and resale counterparts at just $1.66 million, buyers face a critical question: Is the district’s new launch premium still worth paying for?

A general look at the price gap in District 7

Average price

Average size

Between 2014 and 2017, the price gap between new and resale two-bedders in District 7 was modest, often under 25 per cent. In 2019, resale prices even exceeded new launches by 24 per cent, largely due to large-unit sales in projects like DUO Residences and Concourse Skyline. These two projects help to push resale averages past the $2.9 million mark. 

But since 2021, the trend has flipped dramatically: the gap has widened year after year, hitting a record 52.8 per cent in 2024, even though the size differences fell to just 79 sq ft. One of the reasons, however, is the significant price spikes caused by two particular projects:

New launches sold

In 2024, only six new two-bedder units changed hands at Midtown Bay and The M; and yet, these had an outsized impact on average new launch prices in District 7. While Midtown Bay’s five transactions involved compact units averaging 743 sq ft, The M saw only a single two-bedder sold; but it happened to be a much larger 980 sq ft unit, which naturally carried a higher overall price tag. 

Both projects launched back in 2020. However, given how long they’ve been on the market, these 2024 sales may reflect later-phase pricing, where discounts are rarer and developer inventory is more limited. Let’s break them down individually.

Midtown Bay

While Midtown Bay has seen a steady 10.55 per cent increase in average two-bedroom prices from 2019 to 2024, what stands out is the surge in transaction volume in 2022 and 2023. With 26 units sold in 2023 alone, the highest since launch. This spike likely correlates with the launch of Midtown Modern in 2021, which brought attention to the Guoco Midtown project (the two sister developments are across the road from each other).

It’s likely that some prospective buyers for Midtown Modern may have turned to Midtown Bay, once the former’s prices began climbing or unit availability narrowed.

Let’s now take a closer look at how Midtown Modern’s two-bedroom transactions unfolded, and how its launch timing and pricing may have influenced Midtown Bay’s performance:

Midtown Modern launched in 2021 with a much larger sales volume: 137 two-bedroom transactions in its first year alone. Its average price of $1.77 million was significantly lower than Midtown Bay’s, due to the smaller unit sizes (averaging just 661 sq ft, versus Midtown Bay’s 743–811 sq ft). Its launch year PSF of $2,686 was slightly below Midtown Bay’s, making it an attractive option. 

But interestingly, in 2022, Midtown Modern’s PSF jumped to $3,205, overtaking Midtown Bay’s $3,065. Although only two two-bedders were sold that year, this price surge may have had a ripple effect: as Midtown Modern’s affordability diminished, buyers began to turn back to Midtown Bay, driving a notable pickup in volume. Midtown Bay saw sales go from 10 transactions in 2022 to 26 in 2023. This suggests a spillover effect between the two projects: rising prices in one redirected buyer demand to the other, even if the unit sizes and buyer segments differed.

Now let’s look at The M:

The M was officially sold out by May 2024, and prices rose fast: between 2020 and 2023, average two-bedroom prices jumped nearly 33 per cent, from $1.64 million to $2.18 million. That’s a surprisingly steep climb in just three years, especially for a project known mainly for its affordable shoebox and smaller units (these types of small units usually perform better for rental yields than resale gains). 

There was also a “stray” transaction in 2024, a larger 980 sq ft unit, that pushed the average up to $2.59 million. But with just a single transaction, we can’t put too much weight on this; and we can see how such incidents can skew price perceptions. 

In any case, back in 2019 and 2020, we can see resale buyers could still stretch for a new launch in District 7. Today, that gap has blown wide open. So, how do resale and sub sale two-bedders stack up in 2024? Let’s take a look:

Sub sale and resale projects in District 7

In contrast to the compact and pricier new launches, resale and sub sale two-bedroom units in District 7 offer more space, at much lower prices. 

All are on 99-year leases, but several – like Textile Centre and The Plaza – are over 45 years old, which lowers their average prices. But if you can overlook the age issue, most units here clock in at 850 to 950 sq ft, much larger than the sub-800 sq ft norm of newer launches.

A few projects stand out. Concourse Skyline tops the list with an average price of $2.96 million, thanks to its massive 1,400+ sq ft two-bedders, but that’s the exception. More typical resale options like City Gate, Southbank, and DUO Residences are transacting between $1.4 million and $2 million, offering central locations and larger layouts for far less.

So this is the situation now: the going rate for a new launch two-bedder is around $2.5 million in District 7. But for that price, buyers can afford almost any resale unit in the district, save Concourse Skyline. So the choice facing them is space versus age; and whether the prestige of a new address justifies the shrinking square footage.

Now let’s look at the price jump between one and two-bedders

New sales

Subsale/resale

Price gap

Over the past decade, the price gap between new one- and two-bedroom units in District 7 has widened: from just $156,000 in 2014 to a hefty $919,000 in 2024. That’s a 36 per cent difference.

In contrast, the resale market has remained more stable. The gap between resale one- and two-bedders was only $167,000 in 2014, and stands at $197,000 in 2024: a far more modest increase. What surprises us, however, is that the gap between resale one and two-bedders is now just $41,000! 

For buyers with a $1.6 million budget, we would seriously question a decision to opt for a resale one-bedder instead of a two-bedder!

New 1-bedroom units sold in 2024

Let’s look at the prices of new one-bedders in District 7

In 2024, the average price of a new one-bedroom unit in District 7 hit $1.62 million,  driven by high-PSF sales at Midtown Bay, Midtown Modern, and The M. These are compact units ranging from 409 to 527 sq ft, with PSFs soaring as high as $3,745. All three projects were launched between 2019 and 2021, and their prices have appreciated since then.

But here’s the big question: if you have a $1.62 million budget, what can you get on the resale or sub sale market for a two-bedroom unit instead? The answer: quite a lot more space, and in many cases, a better layout and location.

Let’s look at which resale and sub sale two-bedders changed hands in 2024 at or below that $1.62 million mark:

In 2024, projects like Textile Centre, The Plaza, Burlington Square, The Bencoolen, City Gate, and Sunshine Plaza all recorded two-bedroom transactions below the $1.62 million mark. Most of these units offer over 850 sq ft, with Sunshine Plaza topping out at 931 sq ft, and even newer options like City Gate averaging 705 sq ft; still more generous than a typical new one-bedder.

While some of these developments are older, some of them offer more space, and locations that are surprisingly strong for the price. Sunshine Plaza, for instance, is within walking distance to Bugis, and the lesser-known Burlington Square is just across from Sim Lim (close to Fu Lu Shou Complex and Bugis +). 

For those priced out of new launches, but who need to be within this part of Singapore, these resale options are budget-friendly and larger to boot.

Next, let’s look at the jump between three and four-bedders in District 7

The price gap between three and four-bedders has also widened over the past decade. By 2024, the average resale four-bedder transacted at $7.68 million, compared to just $2.21 million for a resale three-bedder. That’s a $5.47 million gap, or over 71 per cent more; this is one of the largest price gaps we’ve seen across 10 years. 

In the new launch segment, the gap between three and four-bedders has frequently exceeded 40 per cent in recent years, with new four-bedders averaging above $5.7 million when available.

This is, however, with the caveat that transaction volumes for three and four-bedders are lower (unsurprising as these are high quantum units, far outside the purchasing power of the average Singaporean). 

That said, the price gap between new three-bedders and resale four-bedders has actually narrowed. 

In several years, such as 2021 to 2023, the difference fell below the $2 million mark. This is likely in part due to buyers priced out of larger new units, who then turn to older resale four-bedders; and it’s not hard to understand why, given the price gap among new launches. 

As there were no new 3-bedroom transactions in 2024, let’s look at those in 2023:

New 3-bedroom units sold in 2023

In 2023, only eight new three-bedroom units were sold in District 7, all from Midtown Modern and The M. Although all units were exactly 904 sq ft, pricing differed due to PSF variation: Midtown Modern’s units averaged $2.77 million, while The M’s came in slightly lower at $2.53 million.

If we take 2.74 million as the benchmark budget for a new three-bedder, it becomes tempting to look at the resale options. Could you potentially buy a four-bedder instead? Let’s take a look at the resale and sub sale four-bedroom transactions recorded in 2023 and 2024:

Subsale/resale 4-bedroom units sold in 2023

Subsale/resale 4-bedroom units sold in 2024

Unfortunately, the numbers prove it’s too much of a stretch even now.

Between 2023 and 2024, only four resale four-bedroom units changed hands in District 7, and the price was steep. Units at City Gate and Concourse Skyline in 2023 ranged from $3.26 million to $5.54 million, while the sole 2024 transaction at South Beach Residences hit a staggering $7.68 million. That puts these units well out of reach for our $2.74 million budget – the average price for a new three-bedder.

To be fair, four transactions are limited, and that may mean the data is a bit skewed by high-end, atypical sales. Nonetheless, from what data is available, the jump from a three- to four-bedder is one of the steepest across unit types, regardless of whether you’re buying new or resale.

Does rental yield make a difference?

It’s plausible that rental yield could affect the demand or price movement for certain projects; so to add this to the picture, let’s look at how rental is performing:

1-bedders

2-bedders

3-bedders

4-bedders (for the 4-bedders, since there was only 1 resale tnx in 2024, we have also included subsale and resale tnx from 2023)

The results are unsurprising: rental yields tend to get higher, as the project gets older. This is because gross rental yield is (annual rental income / total unit price), so the older – and hence cheaper – projects tend to show higher yields. 

For example, for one-bedders, M and Concourse Skyline command higher absolute rents due to their modern amenities and location; but their high prices pull yields down below 3.5 per cent. The Plaza tops the charts with a 5.22 per cent yield, but this is because it dates back to 1979 and is much cheaper. 

This is repeated for two-bedders, where M and City Gate are below three per cent yield, whereas the much older Textile Centre is the highest yielding for two-bedders (4.66 per cent.) 

You’ll also see that smaller units, like the one-bedders in M and DUO Residences, show strong rental volume. This is simply because larger units are more frequently bought by families intending on own-stay use; and many landlords prefer smaller units for the lower cash outlay and higher yield. 

Overall, there’s nothing too surprising about the rental numbers. They do lean toward buying cheaper, smaller, resale units for landlords – but that’s generally true anywhere, not just in District 7. 

Conclusion:

Buyers are paying very high premiums for District 7 new launches, and often getting much less space in return for it. A 52.8 per cent gap between new and resale two-bedders is eye-watering, especially when the resale units often have nearly comparable locations and more spaciousness. 

For the price of a 409 sq ft new one-bedder, you could get a resale two-bedder nearly twice the size. Stretching for a four-bedder, however, is too much for most buyers; unless you’re prepared to pay $3 million or more, even on the resale market.

So we’d say that, for smaller units, it may be more cost-effective to lean toward resale options. For larger units, this may not be true, as a four-bedder resale unit may still be priced much higher than a new launch three-bedder. 

At Stacked, we’ve helped dozens of buyers navigate this exact trade-off — balancing size, location, and price to find units that make financial and lifestyle sense.

Curious how this applies to your own search? Let’s talk.

Join us next on our Stacked Pro case study of the new launch/resale divide in District 5, to see which specific projects might give you the better deal.