A 2023 rule quietly made new launches smaller — and pricier per foot.
“GFA harmonisation” changed how saleable area is counted. Developers lost ~5–6% of sellable space, repriced land by ~$100–120 psf, and passed it on — so today’s higher psf is partly a rule change, not just a hot market.
Figure 1
What changed for a new launch, before vs after June 2023
URA modelling via Business Times (Sep 2022) · rules effective GLS 1 Sep 2022, applications 1 Jun 2023
Headline psf is now a noisier signal — compare usable space.
From June 2023, floor area is measured to the middle of the wall, sellable strata spaces count toward GFA, and voids are excluded — so developers lost an estimated 5–6% of saleable area (~$100–120 psf) and repriced for it. Part of today’s new-launch psf is this structural step-up, not exuberance. Pre-2023 stock often packs more balcony, ledge and void area, so a recent resale unit can give you more total area per psf. The honest comparison is dollars per usable square foot, not the headline number.
POV Guy take: don’t compare a 2024 launch and a 2021 resale on psf alone — check strata efficiency (how much is livable vs voids and ledges). Same psf can mean very different living space.
Full breakdown — the data behind it
Floor area is now measured and counted differently.
- From 1 Jun 2023 (development applications) and 1 Sep 2022 (GLS sites): floor areas are measured to the middle of the wall, sellable strata spaces count as GFA, and voids are excluded from strata. (URA)
- Spaces that were previously "free" saleable area are now inside the GFA cap.
- The change applies to the pipeline of newer projects, not older completed ones.
The rule changed how much sellable space a developer can fit — which flows straight into launch pricing.
Developers lost ~5–6% of sellable area — and repriced for it.
- URA's modelling implied developers lose an estimated 5–6% of saleable area, worth roughly $100–120 psf in profit. (Business Times / URA)
- Land bids and launch prices adjusted up by a similar ~$100–120 psf to compensate.
- Post-2023 layouts trend smaller and more efficient, at higher headline psf.
Part of today's new-launch psf is the harmonisation adjustment, not pure exuberance. It's a structural step-up, not a bubble.
Recent-but-older projects can offer more usable area per dollar.
- Projects approved before June 2023 often include larger balconies, A/C ledges and void features that counted as bonus space.
- In resale, these recent pre-harmonisation units can deliver more total area per psf than today's launches.
- It's a genuine, time-limited distinction in the market.
"New" and "recently new" are no longer the same product. A 2021-approved resale unit and a 2024 launch can differ meaningfully in what you get per foot.
Compare usable efficiency, not just $/sqft.
- Look at strata efficiency — how much of the quoted area is livable space versus voids and ledges.
- A "cheaper psf" older unit padded with void space can give you less usable room than an efficient post-2023 layout.
- The honest comparison is dollars per usable square foot.
Headline psf is now a noisier signal than it used to be. Two units at the same psf can hand you very different amounts of real living space.
The label "new" now hides a real design shift.
- Post-2023: efficient, smaller, higher psf — by rule, not by accident.
- Pre-2023 resale: potentially more bonus area, but older and subject to its own lease and condition factors.
- Neither is automatically better — it depends on whether you value usable space or newest spec.
Buy on usable space and total layout fit, with the harmonisation context in mind — not on a psf number read in isolation.
Common questions
Why are newer Singapore condo launches smaller and more expensive per square foot?
A 2022–23 URA rule change (“GFA harmonisation”) is part of the reason. From 1 June 2023 (and 1 September 2022 for Government Land Sales), floor area is measured to the middle of the wall, sellable strata spaces count toward Gross Floor Area, and voids are excluded from strata area. Developers lost an estimated 5–6% of saleable area — worth roughly $100–120 psf — and repriced land and launch prices to compensate, so post-2023 units trend smaller, more efficient, and higher in headline psf.
Do older condos give you more space per square foot than new launches?
Often, yes. Projects approved before June 2023 frequently include larger balconies, air-con ledges and void features that counted as bonus saleable area under the old rules. In resale, these recent pre-harmonisation units can deliver more total area per psf than today’s launches. The fair comparison is dollars per usable square foot — strata efficiency — not the headline psf alone.