New launch vs resale condo: the honest trade-off新盘还是转售公寓：一笔坦白的取舍账

How you pay: in stages, or all at completion怎么付款：分期，还是成交时一次付清

A licensed developer sells a new launch under fixed rules. You pay a booking fee of 5% to 10% of the price for an Option to Purchase (Housing Developers Rules, rule 8). The developer must send you the Sale and Purchase Agreement within 14 days, and you then have 3 weeks to sign it (URA Home Buyers' Guide). After that, the progressive payment scheme in the standard agreement sets the rest of the bill:新盘由持牌发展商出售，规则是定死的。你先付房价 5% 至 10% 的订金（booking fee），换取一份购买选择权（OTP）（见《房屋发展商条例》第 8 条）。发展商须在 14 天内把买卖合约（S&PA）交给你，之后你有 3 个星期决定是否签约（见URA 购房指南）。签约后，标准合约里的分期付款计划决定了其余款项怎么付：

• 20% of the price, booking fee included, on signing or within 8 weeks of the option date.签约时，或在 OTP 日期后 8 个星期内，付房价的 20%（含订金）。
• 10% when the foundation is done, then 10% when the concrete frame is done.地基完工付 10%，钢筋混凝土框架完工再付 10%。
• 5% each for the partition walls, the roof and ceiling, the door and window frames with wiring and plumbing, and the car park, roads and drains.隔墙、屋顶与天花、门窗框连同电线与水管、停车场与道路排水，这四个阶段各付 5%。
• 25% within 14 days of TOP, then the final 15% tied to CSC and legal completion (standard Sale and Purchase Agreement, payment schedule).拿到 TOP 后 14 天内付 25%，最后 15% 与法定竣工证书（CSC）和法律过户挂钩（见标准买卖合约的付款时间表）。

A resale condo is bought from the owner, and the law sets no payment schedule. The CEA's standard Option to Purchase template is optional. It leaves the option fee blank for both sides to agree, keeps the option open for two weeks by default, and asks for a further payment on exercise to make up the deposit (CEA). You pay the balance on a completion date you agree with the seller. Your bank loan pays the seller once your down payment is in, and interest is charged from the first disbursement (MoneySense). Loan limits are the same for both: up to 75% on a first housing loan, with at least 5% in cash (MAS). Our home loan guide covers how much you can borrow.转售公寓是向屋主购买，法律没有规定付款时间表。CEA 提供的标准 OTP 范本并非强制使用：选择权费用（option fee）留空由双方商定，选择权默认有效两个星期，行使时再付一笔款项，凑足订金（见 CEA）。余款在你和卖家约定的成交日付清。首付到位后，银行贷款直接付给卖家，利息从第一次放款起计算（见 MoneySense）。贷款上限对两种买法都一样：首个房贷最多 75%，其中至少 5% 须付现金（见 MAS）。能借多少，可参考我们的房贷指南。

The wait for TOP is the cost people skip等待 TOP：最常被忽略的成本

With a new launch, you cannot move in or let the unit until the Temporary Occupation Permit (TOP) is issued. Living in a building without a TOP or CSC is an offence under the Building Control Act (URA Home Buyers' Guide). URA warns that a quoted estimated TOP date can differ from the real one, depending on construction progress. The contract does fix a latest date for handing over the keys, and the developer owes you liquidated damages if it misses that date.买新盘，在临时入伙证（TOP）发出之前，你既不能入住，也不能出租。根据《建筑管制法令》，在没有 TOP 或 CSC 的建筑里居住属于违法（见 URA 购房指南）。URA 提醒，发展商给出的“预计 TOP 日期”可能与实际日期不同，视工程进度而定。合约里确实写明了交钥匙的最迟日期，发展商若逾期，须向你支付违约赔偿金。

A resale unit can earn from the first month. You can even buy one with the tenant still in it: the CEA template allows a sale subject to an existing tenancy, with the tenancy agreement attached. If TOP is three years away, a resale unit bought the same day could collect three years of rent before the new launch gets its keys. And by the time you collect those keys, 85% of the new launch price has gone out in stage payments, with nothing coming back yet.转售单位从第一个月起就能收租。你甚至可以连同现有租客一起买下：CEA 范本允许在现有租约下完成买卖，并附上租约。假如新盘还要三年才 TOP，同一天买下的转售单位，在新盘交钥匙之前，已经可以收三年租金。而到你拿钥匙的时候，新盘房价的 85% 已经按进度付出去了，却还没有一分钱回来。

Rentals are about 55% of my work, so I see the other side of this every week. Buyers put the new launch price next to the resale price and stop there. The cost they forget is the start date. A resale unit can have a tenant the month you complete. A new launch earns nothing until TOP, and an estimated TOP is only an estimate. If you are buying for income, write down the years of missing rent beside the price gap before you decide.租赁大约占我工作的 55%，所以每个星期我都看到这件事的另一面。很多买家把新盘价格和转售价格一摆，就停在那里了。他们忘掉的成本，是起租的时间。转售单位成交当月就可以有租客；新盘在 TOP 之前一分钱也赚不到，而“预计 TOP”终究只是预计。如果你买房是为了收租，下决定之前，请把少收租金的年数和差价写在一起看。

What you can check before you sign签约前，你能检查什么

With a new launch, you judge a show unit. It must be built to the approved plans for the unit type it depicts. If you buy a different type, the layout, materials or fittings can differ, and things like curtains, lighting and wallpaper are often decoration only (URA Home Buyers' Guide). You first see your real unit at key collection. From then, a 12-month defects liability period applies, and the developer must fix reported defects at its own cost.买新盘，你看的是样板房。样板房必须按所展示户型的批准图则建造；但如果你买的是另一种户型，格局、材料或配件都可能不同，窗帘、灯饰、墙纸等往往只是装饰，并不随单位附送（见 URA 购房指南）。真正的单位，要到拿钥匙那天才第一次看到。从那时起有 12 个月的保修期，发展商须自费修好你报告的缺陷。

With a resale condo, you walk the actual unit. You see the view and hear the traffic. CEA's buyer checklist suggests checking ownership, tenure, area and caveats, the approved use, and any unauthorised additions. You can also get the approved plans from BCA and have a professional compare them with the unit (CEA). There is no developer warranty, so what you see is what you get. Our property valuation guide explains how the bank will price it.买转售公寓，你可以走进实际单位：看得到景观，也听得到车声。CEA 的买家检查清单建议核实业主身份、地契年限、面积、产权上是否有附注（caveat）、批准用途，以及有没有未经批准的加建或改建。你还可以向 BCA 申请批准图则，请专业人士对照单位检查（见 CEA）。转售没有发展商保修，所见即所得。银行会怎样估价，可参考我们的房产估值指南。

Lease decay and your CPF地契递减与公积金

On a leasehold condo, the lease counts down whether anyone lives there or not. A resale unit in an older project has fewer years left than a new launch next door. That shows up in your CPF today. You can use your CPF savings in full only if the remaining lease covers the youngest buyer to age 95. Below that, the amount is pro-rated, and the property needs at least 20 years of lease left before CPF can be used at all (CPF Board). Check the tenure on the title before you fall for a unit.租赁地契的公寓，不管有没有人住，地契年限都在一年年减少。楼龄较大的转售单位，剩余年限自然比隔壁的新盘少。这一点马上会反映在公积金上：只有剩余地契足以覆盖最年轻的买家到 95 岁，才能全额动用公积金；不足的话，可用金额按比例减少；剩余地契不到 20 年，就完全不能用公积金（见公积金局）。在爱上一个单位之前，先查清楚地契年限。

Stamp duty is the same for both印花税：两者完全一样

Buyer's Stamp Duty and ABSD do not care whether the unit is new or old. BSD runs in bands from 1% on the first S$180,000 to 6% on the amount above S$3 million, for purchases on or after 15 Feb 2023 (IRAS). ABSD depends on who you are and how many homes you own. Since 27 Apr 2023 it is 20% on a Singapore Citizen's second home, 5% on a PR's first, and 60% for a foreigner (IRAS). Both are due within 14 days of signing, if you sign in Singapore (IRAS). With a new launch, that means paying the full duty years before you get the keys. Work out your own figure with the stamp duty calculator.买方印花税（BSD）和额外买方印花税（ABSD）不分新旧。2023 年 2 月 15 日起的 BSD 分级计算：首 S$180,000 收 1%，超过 S$300 万的部分收 6%（见 IRAS）。ABSD 取决于你的身份和名下房产数量：2023 年 4 月 27 日起，公民买第二套 20%，永久居民买第一套 5%，外国人 60%（见 IRAS）。若在新加坡签约，两项都须在签约后 14 天内缴付（见 IRAS）。换句话说，买新盘要在拿钥匙的好几年前，就把印花税全部付清。你的具体金额，可以用印花税计算器算一算。

One rule does tilt towards the new launch. Seller's Stamp Duty counts from your purchase date. For homes bought on or after 4 Jul 2025, it applies if you sell within 4 years (IRAS). With a new launch, much of that clock runs while the building is still going up.有一条规则对新盘较为有利。卖方印花税（SSD）从购买日期起算；2025 年 7 月 4 日或之后买入的住宅，4 年内出售须缴 SSD（见 IRAS）。买新盘的话，这 4 年有一大段是在工地还没完工时就过去了。

Which one fits you哪一种适合你

Neither is always better. A new launch can suit you if you do not need the home or the rent for a few years, want a fresh lease, and like paying in stages while you save. A resale condo can suit you if you need to move in soon or want rental income now. If this is a second property bought for income, give the rent start date the same weight as the price. Our guide to buying a second property covers the ABSD side. You can browse current new launches, or see what condos rent for on our condo rental page.没有哪一种永远更好。如果你几年内不需要自住也不急着收租，想要一份全新的地契，又喜欢一边存钱一边分期付款，新盘可能适合你。如果你很快就要搬进去，或者现在就想有租金收入，转售公寓可能更合适。如果这是一套为收租而买的第二套房，起租时间和房价同样重要。ABSD 方面，可参考我们的第二套房指南。你也可以浏览目前的新盘，或在公寓租赁页面看看公寓的租金行情。