Why the First Seller in a Condo Faces Risks and How to Maximise Price

Being the first seller in a condo can feel both exciting and uncertain. On one hand, there is no prior resale transaction to cap your asking price. On the other, the lack of price history can make buyers cautious and negotiations more challenging.

Unlike sellers in mature developments, the first seller carries the responsibility of setting expectations for the entire project. A poorly timed or mispriced sale can quickly become the reference point for future transactions. Understanding the risks and knowing how to manage them is key to maximising your sale price.

Why the First Seller in a Condo Should Look Beyond Nearby Comparisons

When you’re the first seller in a condo, it’s common for buyers and even agents to rely on the most obvious reference points: nearby developments within walking distance or a short radius. In the absence of past transactions within the same project, proximity often becomes the default benchmark.

While this approach isn’t entirely wrong, it can easily lead to flawed comparisons. Two condos may sit close to each other yet differ meaningfully in age, scale, lease tenure, or the quality of facilities. In some cases, the nearest project could be significantly older, have a very different unit mix, or record most of its transactions on lower floors — all of which affect pricing in ways that aren’t immediately obvious.

This is why the first seller in a condo needs to be more thoughtful when assessing comparable properties. Location matters, but it should be considered alongside other factors such as remaining lease, condition of shared facilities, transaction activity in the area, and how the project is positioned relative to its peers.

To support your asking price, it also helps to clearly highlight what distinguishes your unit. Features like unblocked views, favourable orientation, efficient layouts, or newer facilities can make a real difference to buyer perception. Where relevant, insights from the project’s initial launch positioning — such as its original value proposition or early market comparisons — can also provide useful context.

For first sellers, pricing works best when buyers are given a fuller picture of why the property stands on its own.

Review Nearby HDB Resale Prices and MOP Cycles

In many developments, early resale demand comes from buyers who already live in the surrounding area. A large share of these buyers are HDB upgraders who prefer staying within a familiar neighbourhood to reduce disruption. They are also typically well informed about local property values and tend to have clear budget limits in mind.

Because of this, nearby HDB resale prices often influence how buyers assess affordability. For example, if four-room flats in the area are regularly transacting at around $800,000, buyers are generally more comfortable considering a private property purchase in the $2 million range. This is very different from neighbourhoods where similar flats struggle to cross the $600,000 mark, as upgrade budgets tend to be more constrained.

This is where local transaction experience becomes important. An agent who has recently handled sales in the area is more likely to understand how pricing expectations shift between HDB flats and private homes, and can advise sellers on what buyers are realistically prepared to pay.

It is also worth paying attention to the Minimum Occupation Period timelines of nearby HDB estates. When a significant number of flats reach their five-year MOP around the same time a condo unit is listed, more households become eligible to upgrade. This can expand the buyer pool and improve demand conditions.

Don’t Wait Too Long as the First Seller in a Condo

For the first seller in a condo, timing can work against you. If another unit manages to close a sale before yours especially at a lower price that transaction can quickly become the reference point, even if buyer interest in your unit is strong.

The same issue can arise when another seller receives a low bank valuation. Once that information starts circulating among agents, buyers may adjust their offers downward, making it harder for you to hold your price.

This is why the first few transactions in a project matter. A well-informed agent may spot these risks early and advise closing before a lower benchmark takes hold. In such situations, waiting rarely improves outcomes, and acting decisively can help protect your pricing.

Exclusive Representation Often Works Better for the First Seller in a Condo

For the first seller in a condo, non-exclusive listings tend to get less attention. When multiple agents can market the same unit, few are willing to commit time or marketing resources, knowing someone else could close the deal and take the commission.

This matters even more for early resale listings. Newer projects often lack recent exposure beyond their launch period, so visibility needs to be actively rebuilt. Without an agent taking ownership of the listing, your unit can easily be overlooked by buyers searching in the area.

An exclusive arrangement also encourages greater effort during negotiations and viewings. When there is no established price history, buyers usually need more explanation and reassurance. Agents are far more likely to invest that time when they are fully committed to representing the sale.

In these early-stage transactions, focus and consistency often make a bigger difference than broad but shallow exposure.

Renovations Shift Buyer Decisions When You’re the First Seller

Renovations don’t always translate neatly into higher resale prices. In many cases, the return is uncertain. But when you’re the first seller in a condo, the role of renovation changes — it becomes less about value recovery and more about buyer confidence.

Without transaction data to rely on, buyers judge with their eyes first. They pay closer attention to whether a unit feels ready to live in, whether finishes still look fresh, and whether maintenance matches expectations for a newer development. Small issues that might be overlooked in an older condo tend to stand out more here.

This doesn’t mean extensive renovations are necessary. Simple updates a fresh coat of paint, repaired fittings, or worn cabinetry fixed up often go a long way. These details help buyers feel that the unit has been properly looked after, which matters more when there’s no price history to reassure them.

Because most first sellers are dealing with relatively young projects, buyers also tend to be less forgiving. Wear and tear that might be acceptable in a 15-year-old condo feels out of place in a newer one. In these situations, presentation doesn’t just support pricing, it shapes the entire buying decision.

Put More Thought Into the Listing Presentation

When you’re the first seller in a project, your listing often becomes the main reference buyers rely on. If the development launched some time ago, most online information may be outdated or difficult to find, leaving buyers with little context beyond what you present.

That puts more weight on how the unit is shown. Clear descriptions, strong photos, and thoughtful visuals help buyers understand the project as it stands today, not how it was marketed years earlier. Highlighting completed infrastructure nearby such as MRT stations, malls, or other amenities also helps reset expectations.

Better presentation isn’t about overproducing the listing. It’s about giving buyers enough clarity to feel confident when there’s limited information elsewhere.

Consider a Property Auction If Pricing Is Unclear

When pricing feels uncertain, a property auction can be a useful option — even outside distressed sales. Some sellers use auctions to test demand quickly, especially when there is little or no transaction history to rely on.

An auction can draw multiple interested parties into the same process, giving you a clearer sense of what buyers are actually willing to pay. This can be helpful if you need speed, or if the unit type has few direct comparables.

There are costs involved, typically a commission to the auctioneer and some administrative fees. Even so, the exercise can still be worthwhile. If the reserve price is not met, sellers often gain useful feedback and may continue discussions privately with interested buyers afterward.

For the first seller in a condo, an auction is less about forcing a sale and more about gaining price clarity when the market has yet to establish one.

You Can Aim Higher Without a Price Ceiling

Later sellers often face buyer resistance once a transaction sets a benchmark, as few want to be the one who pays the highest price. That recorded sale quickly becomes a ceiling.

As the first listing, that constraint doesn’t exist. With no prior price to anchor expectations, you have more room to be aspirational as long as it’s reasonable. Just don’t wait too long, or another sale may set the tone for you.

If you’re navigating your first resale in a development and want a clearer strategy, Property Launcher can help. We work with sellers who need a more tailored view of pricing, timing, and positioning.

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