More Older Condo Units Resold as Buyers Seek Space, Value

Demand for those at least 40 years old rising since 2018, with prices higher: Data

- Joyce Lim

A condominium built in the 1980s or earlier might once have been deemed past its prime. But in today's market, older condominiums—those at least 40 years old—are seeing a rise in demand, with sales and prices climbing.

Data from the Urban Redevelopment Authority (URA) and Realion Research showed that demand for older, leasehold condominiums has been rising steadily since 2018, with such units resold at higher prices.

In 2018, there were 101 leasehold condos 40 years old and above that were resold at a median per sq ft (psf) price of $914.

The resale volume more than tripled in 2024 when 323 such units changed hands, at a median psf price of $1,109. From January to July 2025, at least 215 such units were resold at a median psf price of $1,115.

Prior to 2018, the resale volume of such ageing condominiums was low, with 81 units resold in 2010 and just 13 units in 2014.

Ms Christine Sun, chief researcher and strategist at Orange Tee Realion Group, said older condominiums tend to be more affordable and offer larger living spaces than newer ones, which could have contributed to the rise in demand.

She noted that in 2012, the median resale psf price of condos under 40 years old was 7 per cent higher than those at least 40 years old. This price gap grew to 31.7 per cent in 2017.

"Hence, older condos became a more affordable option to those looking for budget-friendly alternatives and willing to accept a lower balance lease," said Ms Sun.