What’s Next for HDB Owners?
Buying a home always seems daunting especially such it is a big-ticket item and the prices for private homes can easily...
Read More
TLDR
NM’s family chose to buy a 4-bedroom unit at the new launch Lentor Mansion despite elevated condo prices, after weighing practical needs, personal preferences, and financial considerations. They needed ample space for five people and a helper, preferred modern facilities, proximity to parks and MRT, and a unit with favorable layout and floor height. The resale market offered limited suitable options that were often older and required renovations, making the price difference with new launches smaller than expected. NM conducted a detailed price comparison within a one-kilometer radius and found Lentor Mansion fairly priced. While nearby new developments raised concerns about competition, NM believed a balanced unit with good layout and facilities would stand out. His advice is to be realistic, well-prepared with a clear budget and loan approval, avoid rushing decisions, and focus on finding the right property that meets your needs in Singapore’s fast-moving market.
In the current Singapore property market, where new launch condo prices are elevated, many families are opting for resale properties. However, one family, NM’s, made the deliberate choice to purchase a 4-bedroom unit at Lentor Mansion after careful consideration. Their analytical and informed approach offers valuable insights for anyone navigating the decision between a new launch and a resale condo.
Balancing Practical Needs and Personal Preferences
NM’s family, including a spouse, three children, and a domestic helper, required a home with ample space. Financially, the numbers had to align. Beyond practical needs, they desired a new environment, proximity to parks, convenient access to the MRT, and nearby amenities like a supermarket.
NM described his decision-making process as a blend of analysis and emotion. He favored a new launch for the ability to choose a specific unit with desired level and facing, and he carefully analyzed the price differences between unit types and layouts. The tight supply of resale condos in 2025 made finding an ideal unit challenging, giving new launches a distinct advantage in terms of available options.
Another key factor in their preference for a new launch was the desire for modern facilities. Older resale condos, even if well-maintained, may have outdated or less popular amenities.
The Decision-Making Journey
The family’s search spanned two months, initially exploring various districts and considering both resale and new launch options. Lentor Central, Bartley Ridge, and Bartley Residences were among the properties considered. A unit at Bartley Residences met their criteria, but the seller’s firm price led them to explore other options.
Lentor Mansion eventually became their choice. They found a unit with a desirable floor height, and the master bedroom was spacious enough to comfortably accommodate a king-sized bed and a single bed for their youngest child – a rare find in newer condos within their budget of $2.7 million (initially targeting $2.5 million).
While some resale options offered sufficient size, NM found them too old and comparably priced to new launches, without factoring in the additional time and renovation costs associated with older properties.
Price Comparison: New Launch vs. Resale
NM noted that the price difference between Lentor Mansion and the resale units they viewed was smaller than anticipated. After factoring in potential renovation costs for resale properties, the overall price became comparable, with the added drawbacks of older age and limited availability for resale options.
Lentor Mansion’s unit layouts also impressed NM, particularly the bedrooms’ ability to comfortably fit a single bed and a study desk without feeling cramped. They compromised on their initial preference for a long living/dining area in favor of meeting other key criteria.
The project’s extensive landscaping (73% of the 235,000+ sq. ft. site) also appealed to NM, creating an appealing initial impression that he felt would be beneficial for future resale.
NM conducted a thorough price comparison, analyzing prices of available units within a one-kilometer radius and comparing projects with similar attributes to conclude that Lentor Mansion was fairly priced despite its new launch premium.
Addressing Concerns About Surrounding Developments
The upcoming concentration of new condos in the Lentor area raised concerns about potential competition for rental and resale. However, NM addressed this by researching multiple surrounding areas and understanding that the right project, with a good balance of layout, size, and facilities, could stand out despite increased neighboring developments. This level of analysis often requires the assistance of a property agent.
Long-Term Perspective and Advice
NM views Lentor Mansion as a potential long-term home, but remains flexible given his age and career stage. Future plans may include considering a larger unit if market conditions and savings allow.
NM’s advice to other homebuyers is to be realistic, avoid rushing into a purchase, and refrain from trying to time the market. He emphasizes the importance of having a clearly defined budget and obtaining In Principle Approval (IPA) for a home loan to ensure financial readiness.
Ultimately, NM’s experience highlights that while prices may always seem high, being prepared and decisive when the right property aligns with your needs is crucial in Singapore’s fast-paced property market.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
What Impact Will Decreasing US Interest Rates Have on Homeowners in Singapore?
TLDR The Fed’s recent 0.5% rate cut is likely to lower Singapore’s SORA-based home loan rates, benefiting those with bank...
Read More
Bayshore: Reinventing the Experience of Living by the Beach
TLDR When deciding on buying or selling property in Bayshore, consider the recent developments and potential future growth. With a...
Read More
Top 5 : Regret Buying An Old Condo in Singapore
In the bustling city-state of Singapore, the real estate market is a dynamic and ever-evolving landscape. As of 2023, new...
Read More
Planning for Retirement: Considerations for Downsizing Your Property
TLDR Downsizing your home for retirement can bring financial security, closer family ties, and new adventures. Consider the benefits of...
Read More
Top 5 Rooftop Pools in Singapore for a Swim
Singapore, a bustling city-state known for its iconic skyline and innovative architecture, is home to some of the most stunning...
Read More
Snag a Sentosa Condo for 40% Off? Should You Consider It!
TLDR The Residences at W Singapore Sentosa Cove has slashed prices by over 40%, but there are important details to...
Read More
Why Can’t More People Own Private Property?
TLDR The blog post discusses the aspirations of individuals like Siti and Mr. Tan regarding property ownership in Singapore. Siti...
Read More
Beyond Marina Bay Sands: Uncovering Singapore’s 5 Little-Known Secrets
Beyond Marina Bay Sands: Uncovering Singapore's 5 Little-Known Secrets Singapore is a small country with a rich history and culture....
Read More
Apply Your HDB HFE Letter in 5 Easy Steps: A Simplified Guide for 2023
TLDR The HDB Flat Eligibility (HFE) letter has experienced delays since its introduction alongside the HDB Flat Portal in May...
Read More
I Wouldn’t Rely Too Heavily On Discounts Related To ABSD This Year
TLDR The ABSD discount arises when developers approach their five-year deadline to sell 90% of units, facing a 40% penalty...
Read More
Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise
Singapore, a bustling metropolis in Southeast Asia, is a melting pot of cultures and traditions that offers a unique blend...
Read More
Dual-Key Condo: Analysing The Pros And Cons
TLDR for "Dual-Key Condo: Analysing The Pros And Cons" When considering dual-key condo units, it's important to weigh the advantages...
Read More
Ready To Make The Jump From HDB To Condo? This Guide Has All The Answers!
TLDR When upgrading from an HDB flat to a condo, consider factors like location proximity, amenities, and regulations. Decide whether...
Read More
6 Must-Know Factors to Consider When Purchasing a Resale HDB in 2023
TLDR When buying a resale flat in Singapore, make sure to walk around the neighborhood to assess actual distances, check...
Read More
Top 5 : Reasons why Freehold Properties Cost More in Singapore
Freehold properties, a term often heard in the real estate market, are properties that are "free from hold" of any...
Read More
Experience The Best Of Southeast Asia: 5 Must-See Destinations After Singapore
Singapore is a great starting point for travelers looking to explore the region. From Singapore, there are many great destinations...
Read More
The COV Conundrum: Navigating Singapore’s Property Premium
TLDR Cash Over Valuation (COV) is the difference between a property's official valuation and the price a buyer is willing...
Read More
Unlock the Potential of Your Home: 5 Reasons to Start Selling Now
TLDR When considering selling your home, several key indicators can help you determine if it's the right time to make...
Read More
Why Home Staging Is Important In A Competitive Real Estate Market
Singapore's property scene has always been a powerhouse, effortlessly combining the new with the old. It's a real estate playground...
Read More
