A resale two-bedroom costs $1,776 per square foot. A resale four-bedroom costs $1,791.

It is taken as given that a bigger home costs less per square foot. In the resale market that stopped being true. A resale two-bedroom now costs $1,776 per square foot. A resale four-bedroom costs $1,791.

In new launches the old rule still holds, and holds firmly. A new one-bedroom is $2,883 per square foot, a new two-bedroom $2,634, a new four-bedroom $2,478.

So the same question has two different answers depending on which market is being looked at.

Key takeaways

• A resale two-bedroom costs $1,776 per square foot. A new launch two-bedroom costs $2,634, 48.3% more. What it costs
• In the resale market the four sizes have converged. They spanned $467 per square foot in 2017 and $91 in 2025. The resale market flattened
• New launches did not converge. Their gap narrowed in only four of the eight year-on-year steps and widened in the other four, finishing wider than it started. New launches kept the ladder
• In resale, size barely changes the price per square foot. In new launches, it still does. What the convergence changes

What a two-bedroom costs per square foot

Median price per square foot in 2025, private condominiums and apartments.

Bedrooms	Resale	New launch	New costs more by
One	$1,784	$2,883	+61.6%
Two	$1,776	$2,634	+48.3%
Three	$1,700	$2,482	+46.0%
Four	$1,791	$2,478	+38.4%

Read the resale column downwards. Four numbers, and $91 separates the highest from the lowest. A four-bedroom costs slightly more per square foot than a two-bedroom, which is the opposite of what most people expect.

Now read the new launch column. The order is exactly what you would expect, and the gap is wide: $405 between a one-bedroom and a four-bedroom.

The resale market flattened

• One bedroom
• Two bedroom
• Three bedroom
• Four bedroom

The two-bedroom line is the one to follow. In 2017 it sat $334 below the one-bedroom and $133 above the three-bedroom. By 2025 it is $8 below the one-bedroom and $76 above the three-bedroom. It has not moved relative to the middle of the market so much as the market has closed around it.

The gap between the most and least expensive size narrows in every single year:

Year	Widest gap
2017	$467
2018	$395
2019	$293
2020	$272
2021	$236
2022	$187
2023	$181
2024	$149
2025	$91

Nine years, nine narrower gaps, no exceptions. That is unusual in market data and it is worth pausing on. Something has been squeezing the price of a square foot toward one number regardless of the size of the home it sits in.

New launches kept the ladder

• One bedroom
• Two bedroom
• Three bedroom
• Four bedroom

Here the two-bedroom sits in almost exactly the same place at the end as at the start. In 2017 a new two-bedroom cost 9.3% less per square foot than a new one-bedroom and 6.0% more than a new three-bedroom. In 2025 it costs 8.6% less than a one-bedroom and 6.1% more than a three-bedroom. Eight years, and its position on the ladder has moved by less than a percentage point either way.

That steadiness is itself the finding. Developers price by size in a consistent way, and they have kept doing it while the resale market stopped.

Set the two markets side by side and the contrast is the whole article:

• Resale
• New launch

What the convergence changes

In the resale market, size has stopped predicting price per square foot. A two-bedroom, a three-bedroom and a four-bedroom now sit within $91 of each other. In 2017 they spanned $467, and comparing the price per square foot of homes of different sizes meant adjusting for size first. Today that adjustment is close to nothing, which makes a cross-size comparison roughly like for like in a way it has not been for years.

In new launches it still predicts, and steeply. The step from a one-bedroom to a two-bedroom is $249 per square foot, and from a two-bedroom to a three-bedroom another $152. On a 700 square foot home, $249 per square foot is about $174,000. A project's headline price per square foot is an average across a spread that is still wide.

The resale two-bedroom has closed almost all of its gap to the one-bedroom. It cost 21.7% less per square foot in 2017 and 0.4% less in 2025. Whatever a two-bedroom's price per square foot used to say about it relative to a shoebox, it no longer says.

Why we compare within resale and new launch separately

A single national figure for a size mixes both markets, and the mix has changed a great deal. New launch and resale price per square foot differ by 38% to 62% depending on the size, so a size whose sales shift toward new launches will look like it is getting more expensive even if nothing changed in either market.

That is not hypothetical here. The share of one-bedroom sales that are new launches has fallen sharply while the two-bedroom share has held up, so a pooled comparison of the two would say the two-bedroom overtook the one-bedroom on price per square foot. Split the markets and it did not: a new two-bedroom is still cheaper per square foot than a new one-bedroom, and a resale two-bedroom is still cheaper than a resale one-bedroom.

Every comparison in this article is therefore made within one market at a time.

What this does not tell you

• Why the resale market converged. We can measure the narrowing precisely and we cannot see the cause in transaction data. Changing stock, changing buyers and changing financing would all leave the same footprint.
• Whether it continues. Nine years of narrowing is a strong pattern and it is not a forecast. A gap of $91 cannot narrow much further, so the interesting question is whether it holds, reopens, or inverts.
• What any particular unit is worth. These are middle values across hundreds of projects. Floor, facing, condition and project matter more than the size class a home belongs to.
• Total price. A cheaper square foot in a larger home is still a larger cheque. What a two-bedroom costs in total, and how that compares to a new launch, is covered in the first article in this series.

Method

Figures are transacted prices from URA caveat data for private condominiums and apartments, excluding collective sales. Price per square foot is the transacted price divided by the floor area recorded in the caveat. Bedroom count is worked out from the unit record rather than stated in the caveat, and only transactions where it resolves are counted.

Resale and new launch are computed separately throughout, for the reason set out above. Sub-sales are excluded from both. Sizes of five bedrooms and above are excluded; they are a different market.

Records with a floor area below 200 sqft or above 6,000 sqft are treated as corrupt and excluded. In this population that removes 57 sales out of 174,836, and it moves one figure in this article: the 2025 resale four-bedroom median, by $1.

Medians are used rather than averages, so a small number of unusual transactions does not move the figures.

Sale data to 4 August 2026.