Guide · Harmonisation
GFA harmonisation: the hidden risk to your condo's resale price
Most homeowners don't think much about harmonisation. It sounds technical, like something only developers and architects should care about. But on the ground I've noticed the way buyers compare new launches and resale units has shifted, and a lot of it comes down to harmonisation. If your condo was completed between 2020 and 2024, here's why your resale price could be at risk, and what to check.
Prefer to watch? This guide follows the video, with extra detail and what has happened since.
In short:
- Since 1 June 2023, non-usable areas like big air-con ledges and bay windows no longer count in a new unit's floor area, so new launches are built smaller.
- Developers can now offer a compact 3-bedroom for about the same total price as an older 2-bedroom plus study, and buyers compare total price, not psf.
- Condos completed between 2020 and 2024 are the most exposed: new enough to compete head-on, but priced high after COVID.
- Check whether your price has peaked, what's launching nearby at a similar total price, and who you'll compete with in three to five years.
What's happening in the market
Late in 2025, CNA reported that condo sellers were facing longer waits and more selective buyers after a wave of new launches in October. In one month, resale transactions dropped by more than a third, to the lowest in about 16 months, while projects like Zyon Grand, Faber Residence, Penrith and Skye at Holland were almost snapped up on their launch weekends.
Buyers clearly shifted their attention to new launches. On the ground, units that used to sell in a few weeks were taking months, and some sellers who needed to move on, especially those upgrading or needing more space, were accepting offers below what they'd hoped for. Buyers were also more cautious about the economy, had more options, and were pickier about layout, facing and price.
Zoom out, though, and resale volumes for the year were still higher than the year before, and average prices had inched up. It's not a crash. It's a shift to a buyers' market where your unit needs a strong value story to move. That's where harmonisation comes in: it changes how buyers judge size and psf, and so how they judge your asking price.
What harmonisation is
URA issued a circular in late 2022, and the rules took effect from 1 June 2023. The idea is straightforward. URA, SLA, BCA and SCDF all measured floor area differently, based on their own requirements, so developers, architects, agents and homeowners thought they were talking about the same numbers when they weren't. Harmonisation brought in one consistent definition across the board.
In practice, developers can no longer package non-livable spaces, like huge air-con ledges, bay windows and double-volume spaces, into the sellable area. Buyers now pay only for usable space, not inflated numbers. It sounds technical, but the effect is real: once size is measured the same way, the way buyers compare old and new projects shifts.
| Typical size | Before harmonisation | After |
|---|---|---|
| 2-bedroom, 2-bathroom | Around 700 sq ft | Around the mid-600s sq ft |
| 3- and 4-bedroom | The same pattern: new launches are simply built smaller | |
So as a current owner, it's normal to feel you have an edge: your layout is bigger, your proportions more generous, and that product won't be built the same way again. Harmonisation does affect all resale owners, but some feel it much more than others, and the group I want to draw your attention to is condos completed between 2020 and 2024.
Case 1: Stirling Residences vs Penrith
In Queenstown, Stirling Residences was completed in 2022, right in that window, and Penrith, a fully harmonised new launch, is nearby. Both are relatively near the MRT and appeal to the same upgraders and families. On paper they should compete head-on.
| Stirling Residences (resale, 2022) | Penrith (new launch, harmonised) | |
|---|---|---|
| Unit | 2-bedroom plus study | Compact 3-bedroom |
| Size | 786 sq ft | 786 sq ft |
| Total price | About the same | |
| What the buyer gets | An older unit | One more bedroom, brand new |
If they're honest, most buyers lean towards the 3-bedroom, not because the 2-bedroom plus study is bad, but because people naturally want to maximise what they get. Here's what matters for Stirling owners: when Penrith gets its TOP, about four years later, families looking in Queenstown will compare your 2-bedroom plus study directly against a newer harmonised 3-bedroom. Will demand shift in your favour? And if it doesn't, will that slow your unit's price growth?
From what I see on the ground, Stirling owners may already feel it: prices look to have peaked, and once Penrith completes, it becomes a very direct competitor with more perceived value, a newer building and an extra bedroom. So if you hold a 2-bedroom plus study there, this is probably the window to seriously consider your options. Not because the project is bad, but because the competition coming next is structured to make your unit less desirable to the next wave of buyers. And this applies to many projects completed between 2020 and 2024 that sit beside harmonised launches.
Case 2: Riviere vs Zyon Grand
Riviere, a luxury resale project completed in 2023: a 2-bedroom of 818 sq ft has sold for up to about $2.5 million. Next door, Zyon Grand, a brand new launch: also 818 sq ft, but a 3-bedroom, for about $2.2 million. With that kind of budget, do you pick a 2-bedroom resale at $2.5 million or a brand new 3-bedroom at $2.2 million? Most people, especially families and anyone staying long term, will choose the 3-bedroom: more functional space, a newer development, a lower total price.
Put the two cases together and you see the bigger picture. Buyers are incredibly sensitive to the total price: they compare what they can get for the same money. Harmonisation lets developers offer compact 3-bedrooms at very attainable prices, so many new launches match or come in slightly below resale prices while offering an extra bedroom. And resale prices climbed sharply after COVID. When a resale 2-bedroom costs the same as a brand new 3-bedroom, it's hard to justify the resale unless the unit has something truly exceptional.
Why the 2020 to 2024 batch is most exposed
- You're the youngest batch of resale homes in the market, so buyers compare you directly with new launches.
- Your project has just reached TOP, so prices have already run up.
- You're priced high enough that your 2-bedroom and 2-bedroom plus study units end up competing with compact 3-bedrooms.
Maybe not immediately, but once harmonised projects reach TOP and join the resale market, the comparison becomes unavoidable. That's why planning now, before the new supply joins the resale pool, is something owners in this window should genuinely think about.
Case 3: 2-bedroom vs 2-bedroom, Irwell Hill vs River Green
People assume older resale units always feel much larger, because of how they look on paper. Break them down and the difference is often small.
| 2-bedroom | Irwell Hill Residences (resale, 2024) | River Green (new launch, harmonised) |
|---|---|---|
| Size on paper | 62 sqm (667 sq ft) | 56 sqm (603 sq ft) |
| Internal usable space | About 58.6 sqm | About 56 sqm |
| By room | Slightly larger balcony, master bedroom and master bathroom | Larger second bedroom; living room much the same |
| Transacted prices | About $1.84 million to $2.23 million | About $1.67 million to $2.13 million |
The real difference in usable space is about 2.6 sqm, or 28 sq ft. Walk into both and it's very unlikely a buyer will feel a dramatic difference: nobody walks in and says, "Wow, those 28 sq ft make a big difference." So when River Green gets its TOP, will a buyer pay extra for 28 sq ft, or, at a similar price, choose a brand new unit over a four-year-old one?
River Green's psf looks higher because of harmonisation, but its total price stays lower and manageable. That's why new launches compete so strongly with young resale units: buyers zoom in on the total price, not psf. Once a new launch offers similar usable space, a younger age and a lower total price, it's tough for recently completed projects to keep the same premium, with Irwell Hill 2-bedrooms already transacting up to $2.23 million.
The competition is coming soon
Around Irwell Hill are three harmonised projects: River Green, Promenade Peak and Zyon Grand, all transacting between about $1.67 million and $2.13 million for comparable units. They're newer, harmonised and cheaper to enter than Irwell Hill's resale prices. Fast forward about four years: say all three complete around the same time and join the resale market, when Irwell Hill is about five years old. If a River Green owner who bought at about $1.7 million sells at $2 million, will they find a buyer more easily? I think so: the unit is newer and the total price lower. These launches will be Irwell Hill's direct competitors, and they'll put a cap on how high its 2-bedroom prices can climb. Not because the development isn't good, but because harmonisation lets developers launch at very competitive totals that directly challenge young resale units once they reach TOP.
Three checks if your condo was completed between 2020 and 2024
- Has your resale price already peaked? Young resale units often see their biggest jump after TOP. If that curve has flattened, or recent sales show resistance, your upside may be limited.
- What's launching, or just sold, around you? What are their entry prices? Are comparable units coming in at a similar total price, with a better layout, a newer building or even an extra bedroom? If new launches are priced near your total, that becomes your ceiling.
- Think three to five years ahead. Those launches will reach TOP and become your direct resale competitors. If buyers then choose between your five-year-old unit and a brand new harmonised one at the same price, and the newer one doesn't feel smaller, the decision is very predictable.
The intention isn't to scare anyone. If your project sits in the 2020 to 2024 window, this is probably the best time to reassess your position, understand your price ceiling and plan your next move, before the new supply enters the resale market.
What has happened since
The launches from that October wave have largely sold. By 9 to 10 October 2026, Penrith had about 4 units left, Faber Residence 13, River Green 27 and Zyon Grand 68. So the competition for young resale units in Queenstown and River Valley is now locked in: hundreds of new owners in each project whose harmonised units will reach the resale market when these projects complete. And in URA's third-quarter 2026 flash estimate, city-fringe non-landed prices rose only 0.2% and prime-area prices slipped 0.1%, while suburban prices rose 2.2%. I cover what this means for condos still under construction in part 2.
Wondering whether your unit is affected the same way? I'll run a health check: your price ceiling, the competition coming up, and your next steps.
Questions people ask me
What is GFA harmonisation in Singapore?
A single definition of floor area used by URA, SLA, BCA and SCDF for projects from 1 June 2023. Non-usable areas such as large air-con ledges, bay windows and double-volume spaces are no longer counted in the sellable area.
Why are new condo units smaller now?
Partly because harmonisation stopped counting non-usable space in the floor area, and partly because developers design tighter layouts to keep total prices within buyers' budgets. A typical 2-bedroom has gone from about 700 sq ft to the mid-600s.
Which condo owners are most affected by harmonisation?
Owners of condos completed between 2020 and 2024, especially 2-bedroom and 2-bedroom plus study units. They're new enough to be compared head-on with new launches, but priced high enough to compete with compact harmonised 3-bedrooms.
Will my condo's price fall because of harmonisation?
Not necessarily. The more likely effect is a lower ceiling and slower growth, as buyers compare your unit with newer harmonised options at a similar total price.
Should I sell my 2020 to 2024 condo now?
It depends on your plans. If you're planning to sell in the next few years anyway, check whether your price has peaked and what's launching nearby. Selling before nearby harmonised projects reach TOP can mean facing less competition.
Related guides
- GFA harmonisation: the hidden risk for condos still under construction (part 2).
- Before you buy a resale condo: GLS and harmonisation.
- Singapore's private property market in 2026.
- How to spot the sweet spot unit in a new launch.
Sizes, transacted prices and room comparisons are as shown in my video of 10 December 2025. Resale market report: CNA, late 2025. Harmonisation rules: URA circular of late 2022, effective 1 June 2023. Units left from my launch pages; private price index for 3Q 2026: URA's flash estimate of 1 October 2026. This guide is general information, not financial advice.