Prices of HDB resale units continue to fall, with the constant supply of new Build-to-Order (BTO) projects and the recent announcement that not all old HDB flats will be eligible for Selective En bloc Redevelopment Scheme.
In contrast, private property prices have been rising steadily, spurred by strong collective sale activities and bullish bids for land sales by developers.
The growing disparity in prices have made it increasingly difficult for HDB home owners to upgrade to private residential properties. Despite this, there are still options in the market that may yet keep your condo dreams alive.
Most four- and five-room HDB units average around 1,001 sq ft and 1,215 sq ft respectively. So what are the options available to aspiring upgraders looking for condo units of similar sizes?
To find these options, EdgeProp Singapore has rounded up the most affordable condos and apartments in the 10 largest HDB towns. The units are between 1,000 sq ft and 1,200 sq ft in size and completed up to 10 years ago.
1) Ang Mo Kio
Within the Ang Mo Kio neighbourhood, prices of condo units between 1,000 sq ft and 1,200 sq ft averaged at around $1,310 psf between January 2017 and June 2018. So at an average of $1,177 psf, similar-sized units at Meadows@Peirce come at a steal.
Completed in 2012, the 479-unit freehold development is located in a quiet residential enclave on 626 Upper Thomson Road.
Residents at Meadows@Peirce can escape from the hustle and bustle of city life at the nearby Lower Peirce Reservoir Park, Singapore's second-oldest reservoir, The park is a mere three-minutes’ drive from the condo and is a popular spot for families seeking to immerse themselves in nature-inspired activities such as fishing and board-walking.
Waterfront Isle was completed in 2015 and comprises 561 units.
Condo prices at Bedok averaged at $1,184 psf for units ranging 1,000 sq ft to 1,200 sq ft from January 2017 to June 2018. On Bedok Reservoir Road, prices of similar-sized units at Waterfront Key transacted at an average of $1,060 psf within the same time period.
Completed in 2012, the leasehold Waterfront Key comprises 437 units and is attractively located just 114m from Bedok Reservoir MRT station.
Similar-sized units at the nearby Waterfront Isle transacted at an average of $1,129 psf within the same time period. The leasehold development was completed in 2015 and comprises 561 units. It is located 485m from Bedok Reservoir MRT station.
Both projects are located within 1.5km radius from Damai Primary School and Damai Secondary School, and are close to Bedok Reservoir Park.
3) Bukit Merah
The Interlace clinched the prestigious World Building of the Year title in 2015.
With an average price of $1,287 psf for units measuring between 1,000 sq ft and 1,200 sq ft from January 2017 to June 2018, The Interlace offers a value proposition for buyers. Meanwhile, condo prices in Bukit Merah averaged $1,642 psf within the same time period. A majority of units at The Interlace are larger than 1,200 sq ft.
The Interlace is a 1,040-unit, 99-year leasehold condo designed by internationally acclaimed architect Ole Scheeren. The project clinched the prestigious World Building of the Year title in 2015. The site is nestled within the Southern Ridges, a 10km stretch of greenery.
4) Choa Chu Kang
The leasehold Mi Casa is located about 400m from Choa Chu Kang MRT station.
Those with a budget of less than $1 million might consider Mi Casa, a 99-year leasehold project located about 400m from Choa Chu Kang MRT station. Units ranging from 1,000 sq ft to 1,200 sq ft transacted at an average price of $859 psf or $932,500 between January 2017 and June 2018. Condo prices in Choa Chu Kang averaged $883 psf within the same time period.
Mi Casa was completed in 2012 and has 457 condo units. Prominent amenities in the vicinity include Lot One Shoppers’ Mall and South View Primary School.
Units at The Minton offer attractive price tags at below $1,000 psf. Find units here!
Price for units ranging 1,000 sq ft to 1,200 sq ft at The Minton averaged $986 psf between January 2017 and June 2018. Similar-sized units at Parc Vera averaged $995 psf within the same time period.
Completed in 2013, the 99-year leasehold The Minton is located off Upper Paya Lebar Road, between Kovan and Serangoon MRT stations. The project is also surrounded by prominent schools such as Paya Lebar Methodist Girls’ School (Primary), Maris Stella High School, Cedar Primary School and CHIJ Our Lady of Good Counsel.
Meanwhile, Parc Vera is located near schools like Holy Innocents' High School and CHIJ Our Lady Of The Nativity. The leasehold project at Hougang Street 32 was completed in 2015 and comprises 452 units.
Condo prices in Jurong spiked from $628 psf in 2008 to $1,279 psf in 2016, as the area underwent a transformation into a lakeside business and leisure destination.
Both projects are conveniently located near MRT stations. Completed in 2012, the 712-unit Caspian is 353m from Lakeside MRT station. Meanwhile, The Centris is located just 163m from Boon Lay MRT station – the 610-unit project was completed in 2009.
The Quartz offers the most affordable condo units in Sengkang, where prices for 1,000 sq ft to 1,200 sq ft units averaged $939 psf from January 2017 to June 2018.
The 625-unit leasehold development is adjacent to Buangkok MRT station, and within a 1km radius from Punggol Primary School and North Vista Primary School.
The Santorini is one of the most affordable condos in the Tampines neighbourhood.
Tampines was the first regional centre to be developed, before Jurong and Woodlands. The tranquil enclave of Tampines Avenue 1/10, fronted by Tampines Quarry and Bedok Reservoir, is home to the most affordable condos in Tampines — Waterview and The Santorini.
From January 2017 to June 2017, prices of 1,000 sq ft to 1,200 sq ft units averaged $975 psf at Waterview and $1,040 psf at The Santorini. The 696-unit Waterview was completed in 2014. About 500m away, the 597-unit The Santorini received its TOP in 2017.
Both leasehold developments are located close to Springfield Secondary School and Junyuan Secondary School.
The 608-unit The Estuary is fronted by the Lower Seletar Reservoir Park.
The Estuary offers the most affordable units in Yishun and a waterfront lifestyle. The 608-unit development is fronted by the Lower Seletar Reservoir Park. Prices for 1,000 sq ft to 1,200 sq ft unit at the development averaged $848 psf from January 2017 to June 2018.
The Lower Seletar Reservoir Park is home to the People’s Association Water-Venture, which provides kayaking and dragon boating facilities for water-sports enthusiasts.
Units at Rosewood Suites averaged at $807 psf from January 2017 to June 2018.
Woodlands will be the last of the three regional centres to be developed, after Tampines and Jurong. Rosewood Suites offers the most affordable condo units in Woodlands, where 1,000 sq ft to 1,200 sq ft units went for an average of $807 psf or $860,000 from January 2017 to June 2018.
The 200-unit, 99-year leasehold Rosewood Suites on Rosewood Drive was completed in 2011. Woodlands Regional Centre will comprise two precincts: the commercial components that make up Woodlands Central and Woodlands North Coast, a mixed-use business cluster.
The 2016 version of this article can be found here.
Related Articles From EdgeProp.sg
Dual-key units: An alternative method to owning a second property
Which are the most popular new condos in 2018 (so far) and why?
What do these profit-making properties have in common?
Why aren’t rental yields rising along with property prices?