When Singapore emerged from the COVID-19 pandemic, the property market didn’t just bounce back; it saw a steep change in buyer behaviour and preferences, which may well be with us for decades to come. In the years since COVID, we’ve seen price records tumble, new launches sell out within weekends, and resale condos face tight supply. But beneath the headlines, one group of buyers continues to play the most pivotal role: HDB upgraders. Upgraders’ decisions ripple through both public and private sectors: when they sell, they influence HDB resale prices. When they buy, developers struggle to fit their price ranges. But upgrading has become far more complex post-Covid. From interest rate spikes and cooling measures to narrowing regional price gaps, today’s upgraders are navigating a vastly different landscape from just five years ago. Even long-held assumptions, like three-bedders being the family norm, or strategies like “sell one, buy two,” have been shaken up over the past years:...