How Much You Need to Earn to Afford a Condo 2023
TLDR When considering investing in a private property in Singapore, it's important to understand your borrowing capacity. Financial experts recommend...
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TLDR
When looking for an affordable new launch condo in Singapore as of January 2023, consider projects like 10 Evelyn, Ikigai, and Lentor Modern for one-bedroom units. For two-bedders, Kopar at Newton and Pasir Ris 8 offer enticing options. North Gaia EC and Zyanya provide affordable three-bedders, while The Watergardens at Canberra stands out for four-bedders. Additionally, AMO Residence offers value for five-bedders. Consider these options based on your budget and preferences.
A word of warning: as of January 2023, prices have skyrocketed to all-time highs.
Finding an inexpensive new launch condo is no easy feat, so what we’ve outlined below is not so much an array of bargains, just the best value for your money currently available (you can always check out with me for more options).
Upgraders may still be able to find something within their price range, but first-time home buyers may be restricted to one or two bedroom condos (accurate prices and availability as of 24th Jan 2023).
Most Affordable One-Bedder Units
Core Central Region
Rest of Central Region
Outside Central Region
Please note: the figures given are based on the available pricing of units; it is unlikely that a few units whose prices are still unknown would greatly affect the results.
Additionally, we have incorporated new launch condos that have recently been granted their TOP, as these properties are newly released and still held by the developer.
Notable Project Details
1. Prices At 10 Evelyn Can Be A Little Misleading
This luxurious boutique project (56 units) is the ideal place for those looking for an elegant and comfortable residence, featuring both one and two-bedroom apartments, plus luxurious penthouses.
However, there’s a wide range of sizes when it comes to the one-bedders, varying from 495 sq. ft. up to an impressive 785 sq. ft. – meaning that the cost of the larger units may be a bit more than the median price.
Even so, these 785 sq. ft. units are still categorized as one-bedders, while the two-bedders start from 732 sq. ft., making them surprisingly smaller.
Luckily, the project has already obtained TOP, so you can move in almost immediately!
See >> 10 Evelyn
2. Ikigai Offers Generously-Sized One-Bedders At Surprisingly Reasonable Prices!
If you’re in the market for a one-bedder that’s more spacious than the average, Ikigai’s 1+1 units might be just the ticket. With only 16 units in total and a median price of $1.4 million, the generously sized 589 to 646 square-foot apartments could be the perfect fit for your own-stay needs.
If you’re a fan of privacy, then small boutique condos could be just the thing for you – after all, there are only 16 units, so the amenities are surprisingly impressive!
Take the pool and gym, for example – you’ll hardly ever see anyone else while you’re there.
See >> Ikigai
3. Lentor Modern Stands Out Like A Shining Star On This List, Despite Its OCR Location
Don’t let Lentor Modern’s off-centre location fool you – although it may be in the OCR, it’s well connected to the Lentor MRT on the Thomson-East Coast Line.
While the journey from Lentor to Orchard is eight stops long, it’s a direct train route to Singapore’s main shopping hub.
And that’s not all! This integrated development also offers shops, eateries and other commercial spaces – all at a median price of $1.34 million, making it one of the most affordable new launch units around as of January 2023.
If you’re not typically a fan of OCR condos, we highly recommend taking a look at this project at least once to consider it!
See >> Lentor Modern
Most Affordable Two-Bedder Units
Core Central Region
Rest of Central Region
Outside Central Region
Notable Project Details
1. Kopar at Newton Is A Gem In The Making, Often Overlooked Because Of Its Leasehold Status
Kopar at Newton is currently one of the most affordable two-bedders on the market with an incredibly enticing price tag of $1.79 million!
Just a 4-minute walk from Newton MRT station, this property offers great rentability. The only downside? It is a leasehold condo, whereas many of its neighbours are freehold.
However, if you are willing to look past that, Kopar could be an incredible opportunity for landlords!
See >> Kopar at Newton
2. Pasir Ris 8 Proved To Be An Economical Option In The End
Pasir Ris 8 was thrust into the limelight for a brief period when its two-bedders went through multiple price hikes within a few hours. Nonetheless, it was found to be the most affordable two-bedder on the list, even cheaper than its OCR counterparts!
Those who failed to seize the opportunity to purchase Pasir Ris 8 at its initial price will surely be regretting it now; lucky buyers of the first batch have reaped a windfall!
Sure, noise pollution may be a factor, but being so close to Pasir Ris MRT Station and its extensive commercial facilities more than makes up for it.
See >> Pasir Ris 8
3. The Latest RCR Launches Come With A Hefty Price Tag, Rivaling Their CCR Counterparts
The CCR and RCR projects may not differ much in terms of quantum, yet the RCR condos featured on the list often boast luxurious projects such as LIV@MB and Meyer Mansion.
With added amenities like private elevators and concierge services, these lavish district 15 residences may be more of an indulgence for homeowners rather than an investment, with costly maintenance fees to boot.
If you’re looking to get the most bang for your buck, it’s worth taking a look at CCR projects such as Irwell Hill Residences and One Bernam, which offer comparable or even lower prices than their RCR counterparts, ensuring a healthy rental yield.
Most Affordable Three-Bedder Units
Core Central Region
Rest of Central Region
Outside Central Region
1. North Gaia EC May Not Be The Most Convenient Option, But Its Affordability Makes It A Great Option In Today’s Economic Climate
With a median price tag of $1.25 million, it’s unlikely that any new launches this year will come at a more wallet-friendly price than the North Gaia property.
First-time buyers can breathe a sigh of relief: the cost of $1.25 million may seem daunting, but with two CPF accounts, a minimum cash down payment of $62,500 and a total down payment of $312,500 could make it a reality.
For HDB upgraders, North Gaia could be an effortless transition as the high prices of resale flats make it an attainable step up.
The lack of an MRT station near North Gaia and its position between Yishun Avenues 6 and 8 proving to be inconvenient, few major amenities aside from Junction Nine Mall mean that this EC’s performance is unfortunately hindered in comparison to later launches such as Tenet and Copan Grand – both of which have been fully sold in the space of a month.
See >> North Gaia
2. To Everyone’s Surprise, There Are Still RCR Units With A Median Price Tag Of Less Than $2 Million Dollars!
Zyanya’s competitive prices are likely due to its proximity to the famous Geylang area. Although not in the red-light district itself, it is within walking distance, which could be a deterrent for some potential family buyers.
Investors may be wary of the resale value, but this makes it an attractive option for landlords, since Geylang offers fantastic rental opportunities with low vacancy rates and lots of foreign worker tenants.
Royal Hallmark, a boutique project with just 32 units, stands virtually unnoticed in the midst of freehold condos. So close to Tanjong Katong Girls School and just a 10+ minute walk to East Coast Road, the vibrant heart of Katong, this hidden gem could be the best kept secret in the area, especially with the abundance of freehold boutique projects around.
At Bartley Vue, its lower price could be a result of the absence of immediate amenities nearby, such as a coffee shop you can walk to (although Bartley Vue is conveniently within walking distance to Bartley MRT).
See >> Zyanya
See >> Royal Hallmark
See >> Bartley Vue
Most Affordable Four-Bedder Units
Core Central Region
Rest of Central Region
Outside Central Region
It’s quite clear that three-bedders have similar names (see above), so there’s nothing much else to remark on. What’s not so pleasant to note is that new launch four-bedders under $2.2 million are scarce, making it hard for first-time buyers to afford them.
Even upgraders from HDB flats might find it challenging to purchase, unless they have a sizeable sum from an in-demand 5-room flat, Executive Apartment, Design, Build and Sell Scheme flat, and so on.
The Watergardens at Canberra, with its remarkably low price tag of less than $2 million, might not offer the most convenient of locations, but it certainly boasts one of the most competitively priced condos around.
Despite this, the popularity of the property is so great that nearly all the units have been snapped up, leaving potential buyers with few options and a lot of competition.
See >> The Watergardens
About Five-Bedder Units
Core Central Region
Rest of Central Region
Outside Central Region
At this stage, it doesn’t seem right to use the term “affordable” in light of the prices mentioned above; North Gaia is an outlier due to its EC classification and its location. We doubt buyers would be willing to pay 1.98+ million for a relatively inaccessible EC.
On the plus side, the five-bedders at AMO Residence appear to offer good value given its strong location. We highlighted in our review that it is one of the more feature-packed condos to date, with Mayflower MRT within easy reach.
The Ang Mo Kio Hub is located conveniently nearby, providing access to a wide variety of amenities ranging from haircuts to supermarkets. Though the median of $3.348 million is certainly beyond the average Singaporean’s means, the market still offers few choices.
For the best picks and in-depth property reviews, follow me on my blog. I’ll keep you informed on the latest developments in the Singapore private property market.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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