Quick Answer
If your condo has been quiet on the market, work through this before you cut the price:
Separate the market from the unit. A quiet market slows everyone down. A compact bedroom type, a weak facing or a low floor slows you down even in a good market.
Do a thesis check. Why did you buy it? If the reasons still hold and you do not need the cash, a slow patch alone is not a reason to sell at a discount.
Do not panic. Oversupply in an area usually clears gradually as buyers absorb the units. Sellers who rush tend to concede the most.
If you upgrade, avoid locking your capital. For a hold of five years or more at around $2 million, a resale 3 or 4-bedroom of roughly ten years old often makes more sense than a compact new launch, and very old, very cheap, very big condos can trap your cash.
Know your stamp duty period before you plan any timing. For homes bought on or after 4 July 2025, the SSD period is four years. Check the exact rules with IRAS.
Introduction
When most owners come to me with a condo that will not sell, they open with one question: "Should I just wait a few more years until the market settles?"
It is a fair question, but it skips a step. I recently spoke with an owner who had been trying to sell a compact condo for about six months. He had bought it at the very top of what he could afford at the time, expecting his income to grow, and it had been a good decision. He got into the market and he had skin in the game. Now the market was quiet, and he wanted to move on to something better for the next five years or more. It was a pure investment play for him, as he already had a place to stay.
What I told him is that before deciding to sell, hold or upgrade, you need to know what is actually slowing you down. A slow market and a slow unit need very different responses.
Why is my condo not selling in a quiet market?
Because after a very hot period, markets tend to plateau, and an area with plenty of new supply takes time to absorb it.
In my view, 2024 and 2025 were very hot. Landed prices also moved up a lot. Now we are on a plateau, and I can see it in our own listings. With over a hundred active, viewings are slower than they were. In some areas, a lot of new projects have launched close together, so buyers have plenty to choose from.
Oversupply does not go away overnight, but it does clear. Buyers slowly come in, they buy units, prices equalise, and the market moves again. Sellers handle this differently. Some stay calm. Others become convinced that everyone in the project will lose money. I tell the second group to relax. Unless you are a short-term flipper in a hurry, or you need cash, you can usually afford to wait it out.
Is it the market or the unit?
This is the question I want every owner to answer honestly.
Start by comparing your unit against similar ones in your own project and nearby. Look at size, bedroom type, floor, facing, noise and asking price. If similar units are selling and yours is not, the problem is the unit or the pricing. If nothing is selling, it is more likely the market.
Bedroom type matters more than most owners expect. The trend now is toward bigger bedroom types. A family with two children usually needs three bedrooms, and income growth has helped more families afford them. A compact unit, such as a two-bedroom with one bathroom, appeals to a smaller group of buyers.
There is a flip side. A two-bedroom with one bathroom costs less to enter, because a bathroom can be worth a hundred thousand dollars or more in a new unit. That can give you a better return on your capital. But when you come to sell, expect it to take longer, because fewer buyers want that layout. It is a trade-off you accept when you buy.
Should I sell, or hold?
Start with a thesis check.
Ask yourself why you bought, and whether those reasons still stand. The owner I spoke with knew exactly why he bought. There were good schools nearby, the location worked, and the facing was better than the alternatives. He was also comfortable that he would not lose money. If your reasons still hold and you do not need the cash, holding is a reasonable choice.
Conviction matters here. If you do not trust what you own, you will waver, and you will panic when the market gets quiet. That is when owners make their worst decisions.
A few other points on holding. The usual holding period for an investment property is five to six years, which often lets you ride a full cycle. The golden era of quick flipping is over, partly because of ABSD and stamp duty. I once advised a client with several properties not to sell a fully paid one-bedroom with a weak rental yield, because selling would make it hard to buy back without triggering ABSD. If you are in a similar position, check the current rules before you assume a sale is reversible.
Selling to upgrade only makes sense when the next property is clearly better. Selling at a discount to buy something equally uncertain is not an upgrade.
If I upgrade, what should I look at around $2 million?
For a hold of five years or more, I would look at resale first.
At around $2 million, a new launch usually means a compact unit, or a stretch to a three-bedroom. Prices are high for what you receive. By comparison, a resale three or four-bedroom that is around ten years old can be a better fit. Four-bedroom units priced under $2 million, especially in newer condos in newer districts, tend to move very fast. I helped one buyer secure a four-bedroom around that level shortly before a jump of about $100,000 on paper. That is one example, and not a promise, but it shows why this segment is worth watching.
Be careful with very old, very large and very cheap condos. They look attractive, because you get a lot of space for the money. But I know a 25-year-old project where a unit has been listed for more than a year. The worst thing about property is having your capital locked inside for too long. With stocks, you can sell when you want. With property, you need a buyer.
How should I compare a new launch and a resale?
Compare them properly, not on psf alone.
First, look at the lease. A new launch may have about 95 years left, while a resale may have 90 or fewer. Compare them on a like-for-like lease basis, which some people call a lease reset, so you are not comparing a young lease with an old one at face value. The gap between resale and new launch prices also moves over time. Sometimes resale is better value. Sometimes the new launch is.
Second, look at the entry price against the surrounding area. A launch that comes in cheaper than nearby resale units may be worth a closer look. If it comes in expensive, I would skip it.
Third, look at the competition around it. An area that has had few new projects for years has less competition when you exit. An area with many projects competing for the same buyers does not. And if an area is being transformed into a new township, with new MRT lines and master plan changes, be prepared for a longer hold. It can work, but it is a slower game.
New launches do have one clear advantage: progressive payment, where your mortgage steps up over time. That helps cash flow, but it does not fix a high entry price.
Practical Framework
Before you decide, work through this:
Diagnose market versus unit. Compare similar units, and ask for viewing numbers and feedback, not just an opinion.
Run the thesis check. Write down why you bought, and whether each reason still stands.
Set a decision rule. Hold if you do not need cash and your reasons still stand. Consider selling if you need the cash, or if the unit has a structural weakness and you have a clearly better option.
Know your stamp duty period. For homes bought on or after 4 July 2025, SSD applies for four years. For earlier purchases from March 2017, it was three years. Confirm with IRAS.
Define your holding period. Five to six years is a common range for an investment.
Shortlist with discipline. Favour a ten-year-old resale three or four-bedroom around your budget, and avoid cheap, very old, very big units that could trap your capital.
Compare like for like. Adjust for lease, and compare entry price with the surrounding area.
Plan for a longer hold in transformation areas. Do not expect an immediate exit.
How HomeUp Approaches This
We are not part of a developer's sales team, so we can talk honestly about the pros and cons of any project, including a launch that everyone else is excited about.
From there, our process typically includes:
Diagnosing whether the market or the unit is the problem, using viewing counts and buyer feedback.
Doing a thesis check with you, so you decide from conviction and not from worry.
Reviewing upcoming launches independently, with the pricing against nearby resale as a key test.
Comparing new launches and resale units on a like-for-like lease basis.
Keeping an eye on the market and updating you when something changes, without flooding you with listings.
We would rather tell you honestly that a project is not worth buying than watch you commit to something you cannot sell later.
Conclusion
A quiet market is uncomfortable, but it is not always a signal to sell. Before you cut your price or jump into an upgrade, work out whether the market or the unit is holding you back, and whether the reasons you bought still stand.
Owners who diagnose first tend to make calmer decisions. They hold when holding makes sense, upgrade when the next property is clearly better, and avoid locking their capital in something they cannot sell.
Tong Boon is the Co-Founder of HomeUp, #1 Transactor in Singapore | 2025 (Private Resale, Buyer Represented), a flat-fee real estate advisory in Singapore. He was featured as an independent property expert on CNA's Open House for his views on the Private Residential Market. He also heads the award-winning Champion Private Buying Division in his Agency.
This article reflects his independent views and is not affiliated with any developer or sales team. Client names have been changed to protect their privacy.