In 2018, there was a research report by DBS that forecasted new private homes to cost between $2,300 to $2,900 psf on average by 2030. This sounded incredibly bullish back then, especially when the average new private home cost about $1,500 psf in 2018.

But look where we are today.

It’s 2023, and the average price of a new launch has been $2,380 psf so far.

So since May of this year, there have been reports of a widening price gap between new and resale condos. With new launch prices at a new norm of $2,100 psf, even in fringe regions, it’s no surprise that more HDB upgraders are turning to the resale market. That’s also ignited more price comparisons between new and resale counterparts, as home buyers hunt for the best deals.

But if the price per square foot of new launch condos has been so out of reach (as compared to resale), why would anyone still be buying a new launch today? Beyond the

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