Singapore Condo Renovation Costs (New and Resale) in 2024

All the numbers you need to know to plan your condo renovation budget.

Rising costs have made their mark on anything you can think of, from groceries and meals to transport fares; renovation costs for condos have not been spared either.

On the bright side, Singapore condo renovation costs in 2024 are not expected to see as much of a rise as they did in 2023.

We spoke to industry experts – Adrian, creative director of A Square Space Design and Julian, an interior designer at Le Interior Affairs – to understand how much renovating your new/resale condo could set you back in 2024 and how long it will take.

How much will a new/resale condo renovation cost in 2024?

New and resale condo renovation costs in 2024

*Based on a projected increase of 1% and 3-5% respectively, from 2023 medians of 290 new and resale condo renovation projects on Qanvast

Since new condos come equipped with fittings and furnishings like kitchen cabinets, bedroom wardrobes and floor/wall finishes, homeowners typically do minimal renovation works.

However, Julian highlights that some might choose to hack existing fittings and finishes “to achieve a unique theme”, which would contribute to a costlier renovation. These include “doing up a new TV console, installing an island and such”.

“Unlike for resale condos, space is also getting tighter in new condos. We see a higher demand for built-ins to maximise the space, including suspended carpentry.”

So, what should you expect in 2024?

Julian predicts that renovation costs for new condos to only see a hike of about 1% this year: this means new condo renovations in Singapore would cost approximately between $40,400 and $54,500 in 2024.

Based on Adrian’s observations, renovation costs for resale condos have been affected by factors like the GST hike, and an increase in hardware costs.

Hardware typically refers to the metal finishes used during the renovation, from knobs and faucets to hinges and plumbing.

Julian and Adrian highlight that MCST restrictions are tight on the timing for renovation works: often from 9am to 5pm, with no work usually allowed on weekends.

“Due to this, the contractors need to come down more often than for HDB flats, which adds to the labour cost for both new and resale condos,” says Julian.

Adrian has also observed that resale condo owners in particular “have a higher budget nowadays”. He believes this is because they are “more open to incorporating pricier designs and materials, partly because they see such looks on social media”.

In 2024, Adrian expects that prices will remain about the same for both new and resale condos while Julian predicts an increase of 3-5% for resale condos. That would mean that renovating a resale condo in 2024 could cost you anywhere between $77,200 and $105,000.

While homeowners might be more open to experimenting with different (and typically more costly) materials and features, Adrian also underscores that with more content on social media on renovation regrets, many are also “careful with what they splurge on and what to forgo”.

Julian shares that homeowners might also be setting aside their budget for other priorities, like travel and investing.

How long is a new/resale condo renovation in 2024?

New and resale condo renovation duration in 2024

Since there are no longer issues with manpower or material shortages like before, both Adrian and Julian agree that the renovation duration for both new and resale condos has stabilised.

The data we crunched also reflects that, with the renovation duration for condos remaining the same from 2022 to 2023. Following this trend, you can expect new condo renovations to take 8 weeks and resale condo renovations to take 10 to 12 weeks in 2024.

As for why resale condo renovations take longer than new condos, Julian shares that this is often because of the wear and tear, or possible structural changes like hacking walls to adjust room sizes.

“The basics are usually replacing things like doors, but the ones that take longer are when we encounter unforeseen piping issues in areas like the kitchen or the bathroom. These require hacking a number of things to get to the pipes and then redoing everything.”

Adrian adds that major overhauls also require more time: “On top of that, homeowners are more open to different/premium materials now, like veneer finishes over laminate, marble tiles in the bathroom, or special effect paint like limewash on walls and carpentry, which take longer.”

Tips for planning your condo renovation budget in 2024

For new condos

To get a better idea of how much you should budget for your renovation, you can use this handy renovation calculator.

“One thing I’m seeing recently is that homeowners are more willing to invest in a false ceiling design with good ambient lighting, regardless of their budget,” says Adrian.

“Doing so, you can set up a system with different kinds of lighting. These can brighten up the whole space, highlight your home’s interior features and make tasks like working from home easier. Plus, it differentiates your home’s look from the other units.”

On the other hand, you can deprioritise replacing the flooring since it’s provided by the developer. “Say the flooring is not really what you want, you can try to negotiate with the developer to have a different type of flooring to save some cost,” says Adrian.

For resale condos

“If homeowners plan to stay in a resale condo for about 10 to 15 years, they can spend a bit more for tiling works and good carpentry for the kitchen and wardrobes,” shares Adrian. Meanwhile, similar to new condos, you can deprioritise replacing the flooring, especially if your home is already outfitted with an expensive material like marble.

Along the same vein, Julian advises thinking carefully about whether you want to upgrade to expensive luxury materials depending on the overall cost – even if you have a sizeable budget.

“You shouldn’t compromise on the quality of the renovation, but it’s good to keep an eye on the costs. For example, you have laminates that can go up to $60 to $70 a roll. These have to be applied over a whole area, which adds up to a big number.”

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