Owning a second, usually investment, property remains a dream for many in Singapore.
But with private property prices being what they are, affordability might be an issue for some. In fact, prices are on the upswing – the URA reported a 3.1 per cent rise in the first quarter of 2018, the highest quarterly price gain in eight years.
Here we look at some of the most attractively priced condos currently available on the market, culled from listings on this site.
The properties all have freehold tenure and are located within 1km of an MRT station. That translates to a roughly 10-to-15-minute walk at normal walking speed, or 1,300 steps if you are a Fitbit fanatic. For those who do not drive, that is a plus, whether the intention is to rent out or live in the unit.
The freehold condos are divided into three geographic areas – Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).
Singapore’s CCR includes the prime districts of 9, 10 and 11; the downtown core (which encompasses the CBD, Civic District and Marina Bay); and Sentosa Island.
As these areas house some of the most desirable real estate on the island, prices tend to be on the high side. From January to May 2018, the median psf ranged from $2,000 to $2,100, according to analysis on this site.
But the CCR remains the most popular region for expats. And there are affordable options if you know where to look.
In the Novena area (District 11), a one-bedroom unit at Suites @ Shrewsbury can be had for $680,000. The development is 800m from Novena station (NS20). Directly above and around the station are numerous shopping malls such as Novena Square, United Square and Velocity. Tan Tock Seng Hospital is also a stone’s throw away.
Also in District 11 is Dunearn Suites, where a one-bedroom apartment has an asking price of $800,000. Only 500m from Tan Kah Kee (DT8) and 700m from Botanic Gardens (CC19), the property is conveniently located near an NTUC Fairprice supermarket, the Adam Road Food Centre, plus numerous cafes and restaurants.
Finally, over in District 9, we find Mackenzie 88, a boutique development behind Mount Sophia. There, a one-bedroom unit ranges from $760,000 to $888,000. Little India (NE7, DT12) is but 350m, or a five-minute stroll, away. The vibrant ethnic enclave of Little India has no shortage of dining options, while the FairPrice Xpress in Peace Centre can be reached on foot in 10 minutes.
The RCR extends from Paya Lebar in the east to Bishan in the north and Pasir Panjang in the west.
Our focus, however, is on Little India and the adjacent Balestier/Bendemeer areas. Known as District 8, the neighbourhood has welcomed a great many new developments in recent years, including a few freehold condos. The average psf here ranges from $1,200 to $1,500.
Just off Race Course Road is Loft @ Rangoon and City Loft, which are both served by Farrer Park (NE8). They are each about 300m away, or a four-minute walk, from the station. The five-year-old Loft @ Rangoon has one-bedroom apartments going for between $750,000 and $850,000. Meanwhile, six-year-old City Loft boasts studios at around the $650,000 to $700,000 mark.
Nearby are Cavan Suites and Tyrwhitt 139, both about 500m away from Bendemeer (DT23). Studios at Cavan Suites hover around the $620,000 mark, while at Tyrwhitt 139 the asking price is between $628,000 and $645,000. They benefit not only from the abundance of F&B outlets in the vicinity, but also from the proximity to the CBD. It takes only about 12 minutes to get from Bendemeer to Downtown (DT17).
The OCR covers all other areas of Singapore that are not part of the CCR or RCR. Major hubs like Tampines and Jurong are in this zone, but we shall zoom in on Upper Bukit Timah (District 21).
This is a pleasant residential neighbourhood comprising mostly landed homes and some condominiums. It also has easy access to the Bukit Timah Nature Reserve. The area is served by Beauty World (DT5), with the median psf hovering around $1,200.
At Suites at Bukit Timah, a studio apartment goes for just over $600,000. This freehold condo is a mere 400m or six-minute walk from the MRT. A little further away – 900m – is the one-year-old The Creek @ Bukit, where several one-bedroom units are asking for anywhere between $840,000 and $890,000. These prices are one- to six-per cent below valuation.
Over at NottingHill Suites – a 1km walk from the MRT – there are also some studio units priced below valuation. In terms of absolute cost, the figures range from $650,000 to $1.2 million, depending on the configuration.
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