Similar Layout, Same District—But Over $500K Cheaper? We Compare New Launch Vs Resale Condos In District 5

For many homebuyers, upgrading from a one to two-bedder in the same area is already a financial stretch. But in District 5, the gap between new and resale condos has grown so large, it’s now time for buyers to pause and perhaps consider alternatives. Based on 2024 transactions, the average new two-bedroom condo in District 5 now costs around $2 million, compared to just $1.4 million for resale units: that’s a $607,000 difference, or a 43.45 per cent premium. That’s the third-highest gap across all districts, and it begs the question: Should upgraders here seriously consider resale instead, where they’d be able to get a larger home?

A quick look at the price gap between new and resale projects, starting with the two-bedders:

From 2014 to 2019, District 5 was a whole different beast for two-bedders. During these five years, the average resale two-bedder prices were on par with (and sometimes higher than) new launch prices in the district.

In fact, between 2016 and 2019, resale two-bedders consistently outpaced new ones:

• In 2016, resale units averaged $1.05 million, while new ones averaged just $959,263;  a difference of $88,803, or 8.47 per cent higher for resale.
  
• In 2017, the gap widened to $132,365, with resale units averaging $1.08 million versus $948,998 for new launches.
  
• Even in 2019, resale prices remained slightly ahead, averaging $1.15 million compared to $1.12 million for new units.

This anomaly was due to larger unit sizes in resale condos, often 200 to 275 sq ft bigger, which skewed their average prices upward.

But in a twist that coincides with the onset of the COVID-19 pandemic in 2020, the tide began to shift. From that point onward, new launches began pulling ahead, with the gap widening in recent years. By:

• 2023, new two-bedders averaged $1.81 million, while resale counterparts averaged $1.33 million; a 35.5 per cent difference, or nearly $474,000.
  
• 2024 took it even further, with new sales reaching an average of $2 million, against $1.40 million for resale; a 43.5 per cent premium, or a gap of $607,154.

The formerly slim gap is now becoming a chasm.

What’s Causing the Gap?

At first glance, it may seem like a simple case of rising land and construction costs. But let’s take a look at the transactions in 2024, particularly among these new launches:

New launches sold

When we examine the new launches sold in District 5, most are concentrated in the One-North and Pasir Panjang areas. Notably, two out of the four new launches in 2024 –  Terra Hill and The Hillshore –  are freehold developments, which will command higher prices than their leasehold counterparts. 

Looking at the individual project data above, we see that all four new launches transacted at significantly higher average prices than resale and sub sale counterparts in the same district (but with the caveat that both Blossoms by the Park and The Hillshore recorded only one unit sold each in 2024, so we can’t consider them representative of their broader pricing trends.) 

Note that the average unit size across these new launches is smaller. The Hill @ One-North averages just 752 sq ft. The other three projects, Blossoms by the Park, Terra Hill, and The Hillshore, all had two-bedroom units averaging more than 800 sq ft, in the shown transactions.

With that in mind, let’s take a closer look at each project individually.

*We’ll leave out The Hillshore, as they only have one transaction each.

Blossoms by the Park

Blossoms by the Park was launched in 2023, and almost all of its two-bedroom units were snapped up that year. Notably, the units sold in 2023 included several smaller two-bedders, down to 678 sq ft, which contributed to a higher $PSF and a lower average price compared to 2024.

Incidentally, 2024 can be misleading as only a single two-bedroom unit was sold, and it was a larger 872 sq ft unit, which explains the higher average price despite a lower $PSF. This highlights how averages can sometimes be misleading without context. 

The Hill @ One North

The Hill @ One-North was launched in 2024, and all recorded two-bedroom transactions took place within the same year; so we’re a bit lucky as it provides a more accurate and up-to-date snapshot of its pricing.

The project’s two-bedders are relatively compact, with unit sizes ranging from 710 to 786 sq ft, which helps explain its elevated $PSF of $2,614. We know that not everyone believes in One-North as a future hub, but perhaps enough buyers are convinced by the tech and media transformation in this area (e.g., Fusionopolis, Biopolis, the JTC Launchpad, and so forth).

Terra Hill

Terra Hill was launched in 2023, with the majority of its two-bedroom units sold during the initial launch phase. That year’s transactions included several smaller units as compact as 624 sq ft, which brought the average price down despite a relatively high $PSF.

In contrast, the six units sold in 2024 were all larger 807 sq ft layouts, resulting in a notable price increase of nearly $193,000 year-on-year. This is why the $PSF rose only slightly, but the jump in the overall average price is so high. 

Terra Hill is also a freehold project within walking distance of Pasir Panjang MRT. This would add a premium, even if some might consider the location a bit underdeveloped.

Now, Let’s Talk About Resale: What Are You Really Getting?

While new launches in District 5 clearly come at a premium, the resale and sub sale market offers far greater diversity, both in price points and unit types. In 2024 alone, there were dozens of transactions spread across a broad mix of projects, ranging from older leasehold developments to recently completed mass-market condos and even a few freehold boutique offerings:

Subsale and resale projects sold

What stands out immediately is the price ceiling: Few of the resale two-bedroom transactions crossed the $1.5 million mark, even among newer projects like Clavon, Normanton Park, and Kent Ridge Hill Residences. These were the projects which were completed between 2022 and 2024. For example:

• Clavon (2024): $1.48 million average price for 747 sq ft ($1,986 PSF)
  
• Normanton Park (2023): $1.49 million average price for 708 sq ft  ($2,104 PSF)
  
• Kent Ridge Hill Residences (2023): $1.43 million average price for 718 sq ft  ($1,987 PSF)
  

If we compare this to The Hill @ One-North, where the average two-bedder was priced at nearly $1.97 million, that’s a difference of about half a million dollars; and it’s for comparable unit sizes and locations.

Even when we look at slightly older but still modern projects like Parc Clematis (2023) or Whistler Grand (2022), the average prices stay well below $1.5 million, with respectable sizes of 705 to 740 sq ft (about $1,800 to $2,000 psf). 

But isn’t this just because the resale condos are older? 

Age does contribute a bit to it, but let’s put it in sharper perspective: Many resale projects in District 5 – particularly those completed in the last five to seven years – offer layouts and amenities on par with new launches. It’s not as if these condos have decades between them, but they continue to be priced 20 to 30 per cent lower than their newly launched peers.

Take Clavon, for example. It received its TOP in 2024, has full-suite condo facilities, and is located near Clementi MRT. The average two-bedroom unit transacted at about $1.48 million, for a unit size of 747 square feet. That’s roughly $480,000 less than a similarly sized unit at The Hill @ One-North, which averaged $1.97 million. That’s a price gap of around 24 per cent, for projects with barely any age difference.

Or look at Kent Ridge Hill Residences, which was completed in 2023 and is within walking distance of Pasir Panjang MRT. It’s very comparable to Terra Hill, a newer launch. Despite this, Kent Ridge Hill’s average two-bedroom resale price was just $1.43 million, compared to $2.17 million for Terra Hill; a striking 34 per cent difference.

Even Parc Clematis, another recent completion from 2023, shows the same trend. Its average resale price for a two-bedroom unit was around $1.43 million, for an average size of 714 square feet. That’s nearly $600,000 less than The Hillshore, a 2024 launch with similarly sized units, which averaged $2.03 million.

So while the resale projects nearby are older, they aren’t so old that it justifies such a huge ballooning price gap. And for many homebuyers and upgraders, that’s a value proposition you should really consider. 

Now let’s address another common question: Is the one to two-bedroom price jump still worth it? 

New Sale

Subsale/resale

Price Gap

Related to the new-versus-resale debate, there’s another hurdle for upgraders to consider: the leap from a one-bedroom to a two-bedroom unit, in either the resale or new launch market. 

Between 2014 and 2022, the price gap between new one- and two-bedroom units in District 5 hovered between 20 and 30 per cent. In 2022, for example, a new one-bedder averaged around $1.02 million, while a new two-bedder came in at $1.46 million; a gap of about 29.8 per cent.

But by 2023, even though both unit types saw a sharp increase in price, the gap narrowed to 22.6 per cent. But more importantly, we begin to see that new one-bedders were now more expensive than resale two-bedders.

In 2023, the average price of a new one-bedroom unit hit $1.4 million, while resale two-bedroom units averaged just $1.33 million; that’s a $66,000 premium for a unit that’s smaller and has one fewer room. 

This trend continued into 2024. While we don’t yet have full pricing data for new one-bedroom units this year, the average resale two-bedroom unit costs about $1.40 million. The latest average for resale one-bedders stood at $989,779, meaning the gap between resale one- and two-bedroom units remained significant, just under 30 per cent.

This shift highlights the growing affordability challenge for younger buyers and upgraders looking in District 5. The cost of climbing the property ladder – from one to two bedrooms – has become steeper, even as alternatives in the resale market offer better value. 

And with new one-bedders increasingly priced to match resale two-bedder territory, buyers may need to reconsider if District 5’s new launches are value for money, in these size configurations. 

(Tangentially, this also reminds us of a question we’ve asked before: why a new two-bedder and not a resale two bedder?) 

So, what if you just bought a resale two-bedder instead? 

Let’s consider the numbers:

In 2023, there were 25 new one-bedroom units sold in District 5, all of them at Blossoms by the Park. These units averaged around $1.40 million, with a median size of 555 sq ft and an average price of $2,527 per square foot. We can compare that to resale and sub sale transactions here in 2023. There were 24 other projects where units transacted below the $1.4 million mark, all of them two-bedders:

In 2023, there were 25 new 1-bedders sold in D05, all of them were in Blossoms by the Park

Among the resale two-bedders, we see:

• Freehold and 956-year leasehold condos, such as Whitehaven, Hundred Trees, and Botannia.
  
• Relatively new 99-year developments like Whistler Grand (TOP 2022), The Clement Canopy (TOP 2019), and Twin VEW (TOP 2021).
  
• Even large, more spacious two-bedders like Regent Park or Faber Crest, where two-bedroom units ranged from 800 to over 1,100 sq ft.

For the $1.4 million you’d pay for a one-bedder at Blossoms by the Park, for instance, you could potentially get a two-bedder at:

• Whistler Grand (TOP 2022) averaged $1.28 million for a 677 sq ft unit.
  
• The Clement Canopy (TOP 2019) saw units averaging $1.27 million at 671 sq ft.
  
• Twin VEW (TOP 2021) averaged $1.29 million for 733 sq ft.
  

So here in District 5, we see one of the biggest trade-offs in today’s new launch market: most of us have a psychological preference for new, but resale offers a lot more room for your dollar.

Now let’s look at three and four-bedder new launch/resale price gaps

New sales

Subsale/resale

Price gap

Between 2014 and 2021, the price difference between new three and four-bedroom units typically hovered between 10 to 25 per cent. However, from 2022 onwards, the gap widened and by 2023, a new four-bedder cost an average of $1.08 million more than a new three-bedder.

Does this mean it’s similar to the one versus two-bedder situation, where you could buy a resale four-bedder for the price of a new launch three-bedder?

The answer seems to be not yet, but it may be getting there. While resale four-bedders still cost more than new three-bedders on average, the difference is shrinking. 

In 2024, for instance, a new three-bedroom unit averaged about $2.59 million, while resale four-bedders averaged $2.77 million – a difference of just $173,878. 

Compare that to 2021, when the gap was over $408,000: if this trajectory continues, it may not be long before a resale four-bedder becomes a serious alternative to a new three-bedder. 

So, what if you just buy a resale four-bedder instead, then?

If you’re shopping for a new three-bedroom condo in District 5 this year, be prepared to spend around $2.59 million. That’s the average transaction price across 2024’s new launches, including Blossoms by the Park, Terra Hill, The Hill @ One-North, and The Hillshore.

But here’s a thought: what if you took that same budget and looked at the resale market instead?

You might be surprised by what you can afford:

New 3-bedroom transactions

There were nine projects that saw transactions in 2024, and these were below the $2.59 million threshold. Some of these units were significantly larger, and several came from freehold or relatively new 99-year leasehold projects.

Let’s look at a few examples:

• Whistler Grand (2022): Four-bedders here averaged just $2.36 million for a 1,279 sq ft unit, almost $230,000 less than a new 3-bedder at The Hillshore, which averaged $2.95 million.
  
• Parc Riviera (2019): At an average of $1.97 million for a 1,171 sq ft four-bedder, this is over $600,000 cheaper than most new three-bedroom options today.
  
• The Verandah Residences (2021): A freehold four-bedder here went for $2.42 million, still below the average price for a new three-bedder, despite its tenure premium.

Even older 99-year projects like The Clement Canopy (2019) had four-bedroom transactions at $2.55 million, just under the new launch average, and that’s with 1,346 sq ft of space.

Again, we’re not talking about serious age issues for the resale condos either. Many of our examples are around five to six years old, with layouts, amenities, and locations that are still competitive with newer launches.

Conclusion:

All things considered, the widening price gap in District 5 – whether between new and resale two-bedders or between three and four-bedroom units – means it’s time to ask a serious question: Are you paying for true value by opting for a newer and smaller home?

With some resale options barely a few years old, the premium for new launches in this district may no longer make financial sense, unless you’re getting a truly substantial early-bird discount or seeing an absolutely unique condo feature. 

Otherwise, for budget-conscious upgraders or value-seekers, resale could be the smarter move for now.

If you’re not sure what is a fair premium to pay for new or how to benchmark resale units, now’s a good time to speak with someone who can help you weigh the options clearly. Let’s chat.

Follow us on Stacked Pro for our next case study, investigating districts where the gaps between new and resale condos have grown especially wide, and follow us for in-depth reviews/comparisons of new and existing projects alike.