I am not disputing the fact that older condos will sell for less. Definitely, if someone buys a 20 year old condo, he has to factor in the costs for renovation.
However, if the property market as a whole is doing good, resale prices should rise as well. If only prices of new launches are rising, then it is likely that the developers are the ones who are pushing the prices up.
Another factor as I have mentioned - unit sizes. You can't expect Kovan Melody to go for $1,500psf. That would mean a 1,292sqft unit will go for close to 2m! Reason why affinity at serangoon north can move at that crazy psf pricing is because their 3 bedders are less than 1,000sqft! Just to side track.. the location of Affinity's showflat is very, very misleading. Serangoon central and serangoon north is big, big difference.
Regarding why I sold my unit, given my age, I don't need that many investment properties anymore. What's the point of leaving so much behind, better to free up the cash and spend on what I like. Recently, a similar 1,292 sqft unit went for over 1.5m, 100k more than what I sold for. Who would have expected those crazy land bids by developers?
Also, I don't have the time to wait for another decade of property boom. And I think a boom like what we have seen the past 2 decades is not going to happen anymore.