Photo: Christopher Chitty / The Alps
It may be 50% more expensive to buy a condo in Singapore than it was 10 years ago, but the more recent economic downturn has had one helpful impact for the first time buyer. Condos that were clearly going to cost way more than the average salary would allow can actually be within reach – which means plenty of sub-one million dollar apartments available outside of the HDB system.
Take The Alps Residences. This beautiful series of buildings along Tampines Avenue is the perfect opportunity to buy a well-designed home at much lower prices than you might find elsewhere.
There are reasons for this. The area that surrounds it is not choc-a-bloc with amenities. But these will come. So with a little patience (it tops out in 2020) and the prospect of a lovely home, this and its proximity to two airports could be a plus.
With one bedroom apartments selling from $491,000 last October, units are well below The Santorini, which is no more than five minutes away. Sure, The Santorini’s units are bigger, but even The Alps Residences’ larger units are a steal. One bedroom plus study units are selling from $536,000 to $610,000; two bedroom units from $693,000 to $806,000; two bedrooms plus study from between $691,000 and $751,000, while amazingly, three bedroom units start at $918,000.
Jumping from the Changi end of Singapore to its centre, City Suites at 235 Balestier Road is a stunning 31,875 sqft freehold development with 52 one bedroom units and a couple of penthouses. The transaction that have gone through to-date have all been in the sub-one million range – the lowest at $805,000 for a Type B unit.
But it is not just that these are reasonable prices for a luxury condo. Balestier Road may not be particularly well-known, but ask a local, and they will tell you that it is one of the best places for food on the whole island. Dotted with the best surviving examples of art décor shophouses, it is also one with a lot of heritage.
Getting even further into the heart of things is One Shenton. Believe it or not, one bedrooms here have sold for $880,000. So it is possible to be absolutely at the cutting edge of the CBD for less than a million, even if space is traded for that privilege.
But you don’t have to trade much else. Solid surface countertops and sinks, with built-in ovens, gas cookers, washer cum dryers and integrated refrigerators all from Miele, make this a real luxury treat. Add the views, and you have yourself a prime spot.
One Shenton’s main competitor in the area is V on Shenton which is higher priced per square foot and contains larger units, so no sub-one million there.
One Shenton gym
This makes One Shenton all the more desirable if you’ve got a tight budget, but really hanker after some deep city living.
Christopher Chitty, Senior Content Specialist, edited this article