Why We Bought An Older Resale Condo Instead Of A New Launch With A $2.5 Million Budget: A Buyer’s Case Study

This case study is based on a recent consultation conducted by Grady (R047131G), a property agent and partner property consultant with Stacked. This write-up walks through the key decisions, trade-offs, and market considerations involved, with insights that buyers and sellers may find useful.

When this couple first reached out to the Stacked consultancy team in August 2025, there were signs that the HDB resale market was heading towards a period of moderation, especially in terms of softening price growth.

This was cause for concern for this family, who were living in a five-room Build-To-Order (BTO) flat at Skyline II @ Bukit Batok. This development was launched as part of the March 2012 BTO sales exercise.

The BTO development was completed in 2018, and the family’s flat reached its Minimum Occupation Period (MOP) in 2023. Rather than pursuing a unit at a new launch project or a relatively younger resale property, the family chose to take a different approach in their upgrading journey.

Prioritising housing and lifestyle priorities over capital appreciation

During their first meeting with Grady, a property agent with the Stacked consultancy team, the couple shared that they were laser focused on their housing objective, namely, they wanted to buy a bigger home that could accommodate their lifestyle which included frequently hosting large gatherings.

At the same time, they had also noticed that some of their neighbours at Skyline II had started to sell their flats after it had reached its MOP in 2024. This made them wonder if it was time to consider upgrading their property as well.

Within their block at Skyline II, there had been five-room transactions starting from $865,000 since July 2024. Resale prices for flats in this category reached their peak in March 2025, when a flat there changed hands for $1.02 million. Thereafter, most five-room sales stayed within in the range of about $900,000, before dropping back to an average of $892,000 in May 2026. 

At the time, the valuation of the family’s flat was $928,000, a figure that affected the maximum amount of housing loan and CPF funds which a prospective buyer could use. 

The couple shared with Grady that they wanted a new home that could hold its value over the long term. In that sense, reaping substantial capital appreciation – while on their list of priorities – was not at the very top of their list.

 Apart from their preference for a West-side location, the family was looking for the following attributes in their new home:

• Spacious living and dining spaces
• A sizeable outdoor patio to host family and friends
• Enough room for a growing household
• Ample storage to accommodate their active lifestyle, including bicycles since they enjoy cycling on the weekend
• Proximity to Keming Primary School and their in-laws, who stayed in the Bukit Batok area

Armed with this list of priorities, Grady shortlisted several older freehold and 999-year leasehold developments in D21 and D23 that generally catered to their location and space requirements.

The list of projects included Hume Park I, Symphony Heights, Parc Palais, Southaven II, Summerhill, Glendale Park, Hillington Green, Hillview Green, Hillview Heights, Hume Park II, and The Hillside.

Since the family came prepared with a sense of what they were looking for, they quickly ruled out the options that they found were too small. For some units, it was a restrictive layout which made the rooms feel closed in despite the actual square footage. For other units, they felt that the layout was not to their preference.

Whether it was the location, surroundings or pricing, their foremost consideration centred on the project’s liveability and its immediate surroundings. 

Homing in on their choice at Hillington Green

In general, when it comes to purchasing units in older projects, most buyers are concerned about stricter financing rules and the development’s less-than-new infrastructure.

However, although Hillington Green was more than 20 years old, the development stood out for this family due to reasons that most of the newer projects they viewed struggled to match.

First, the development’s 999-year leasehold tenure helped to allay any concerns of future lease decay. Moreover, the 1,927 sq ft three-bedroom layout that they were considering offered significantly more usable space than most of the newer alternatives on the shortlist. This is closely aligned with the family’s expected lifestyle needs over the next decade.

After spending two months viewing different units over several developments, the family decided on a ground floor corner unit at Hillington Green, despite their initial preference for a higher floor unit.

The couple said that they liked the spacious layout and pool-facing outdoor patio, which was ideal to accommodate the frequent gatherings that they would host.

Moreover, in terms of capital appreciation, the average resale price at Hillington Green has recorded a steady and consistent upward trajectory over the past 10 years. While price growth moderated in 2021, it has started to pick up pace.

Resale transactions from 2015-2025

Compared to other private residential properties in D23 over the same 10 year period, Hillington Green’s price growth of 4.22% was under the average price growth recorded in D23, but kept pace with the broader private non-landed home market.

The launch of government land sales (GLS) sites at nearby Dairy Farm Walk add to the pipeline of upcoming private residential developments in the area, which would play a part in the price uplift that the area could see in the coming years.

While the introduction of new developments add to the competition for private residential units in the area, other factors such as the unit layout and larger unit sizes at older resale developments – such as Hillington Green – would appeal to buyers who prize such attributes.

The buyer was keen to make the purchase, which brings them to the next challenge of disposing their current five-room flat.

In a typical HDB resale flat transaction, a buyer needs to apply for the HDB Flat Eligibility (HFE) letter before embarking on their house hunt. When the resale price is agreed, the seller then grants the buyer an Option To Purchase (OTP), and there are 21 days to exercise the Option. For private resale residential transactions, the process is similar except buyers usually have 14 days negotiable to exercise the option.

This was the process that the prospective buyers would need to go through, before Grady’s client would receive the needed sale proceeds.

However, the family had not even begun to market the flat, which would add more time on top of this process in order to find a buyer. Thus, a longer period of time was needed, and the client needed more time to complete the transaction of their five-room flat first.

“Fortunately, the seller of the unit at Hillington Green was willing to extend the timeline for exercising the Option, which took the pressure off to quickly sell off the flat. And we managed to negotiate for six months to complete the private purchase, which buys us more time to sell the Bukit Batok flat,” Grady says.

When Grady listed the Bukit Batok flat for sale, six enquiries came through in the first month and this resulted in five potential buyers viewing the flat. One buyer made an offer that happened to match the valuation, and the sale was finalised.

Fortunately, the moderating market conditions in the HDB resale market had little impact on the sales outcome. Their HDB flat was transacted in October 2025 and sold at the valuation price of $928,000 within a month after it was listed for sale, and the entire transaction was completed in three months.

Grady added that the seller didn’t take long to accept the offer since it was within fair market value, despite the moderating in overall resale transaction activity. Hence the decision to accept the offer and move on with the Hillington Green purchase was a quick one.

Finally, after viewing more than 10 developments in the Hillview / Upper Bukit Timah area, the family finally moved into their latest home – an older 1,927 sq ft three-bedroom resale unit at Hillington Green.

Final thoughts

Grady reflects on some of the key moments and decision-making points in this case study.

1. Evaluate value, not just age

The value of a property can be determined by various factors including the age, floor level, unit orientation, and its current condition.

The overwhelming response we typically see for new launch projects is attributed to the general preference for younger properties.

But there are less tangible values that are associated with real estate, such as the liveability of the neighbourhood in relation to the buyer’s needs. Apart from the size of the three-bedroom unit, this buyer also liked the direct access to the condo’s facilities from the balcony, which meant that the pool was at his doorstep.

2. Understand what you’re buying before you sell

The buyers came to Grady to fulfil their wishlist for a spacious property that could hold value and gain good capital appreciation. This put them on track to secure a home that factors in longer term planning as their family circumstances evolve. 

An analysis of transaction data indicated that resale prices at Hillington Green have broadly moved in line with the overall private residential market. This aligned with the couple’s plans of staying for the long term rather than purchasing the unit as an investment.

3. Match your property decisions to your real objectives for buying/selling 

While it may be tempting to follow the crowd and sell when “the timing is right” – which can usually mean just after the development hits its MOP, says Grady.

Instead, this particular couple focused on their family’s lifestyle preferences while keeping their evolving (and future lifestyle) needs in mind. “With the right mindset and clear decision-making framework, the ideal home will present itself at every stage of a homeowner’s journey,” says Grady.