9 Cheapest Condos in Singapore: Studio Apartments Under $600,000

“Cheap” is a relative term. For people from all over the world, nothing is really cheap in Singapore except the bus, MRT and street food.

However, if you are looking for a condo and have been browsing real estate listings, you will notice that any property under a million dollars will at some point seem like it could be sold on Daiso.

To filter out the best deals from the bargain bin, here are the currently cheapest condos on 99.co.

(Disclaimer: MoneySmart is not paid by 99.co. They don’t even know we crawled their site for this article. All photos are from 99.co’s listings.)

9 Cheapest Condos in Singapore Under $600,000

1. The Hillford

There’s a reason The Hillford is so affordable. It was designed as a “retirement resort” consisting of 1 and 2 bedroom apartments and has a lease term of just 60 years. However, there is no age restriction for buyers or residents. At $505,000 for this 36sqm 1 bedroom apartment, you might even have some money left over to actually retire.

Built in 2017, the condominium is located in Jalan Jurong Kechil in the Upper Bukit Timah area, about an 8-minute walk from Beauty World MRT Station and within walking distance of the area’s dining and lifestyle precinct along Cheong Chin Nam Road.

It is also a good location for those who have become nature lovers during Covid, as both Bukit Timah Nature Reserve and Bukit Batok Nature Park are just a 15-minute walk away.

Price: $505,000 ($1,268.84 per square foot)

2. Rosewood Park

Parc Rosewood is an example of a condo that is priced well due to its secluded location in Woodlands. This 431 sq ft unit costs just $528,000, and you can save even more money by doing your grocery shopping in JB when the borders reopen.

In non-Covid times, this location would have been ideal for people who spent a lot of time in JB and wanted to do everyday things like going to the dentist across the Causeway.

This condo’s saving grace at the moment is that it has connectivity to two MRT lines: Woodlands on the North South Line and Woodlands South on the Thomson-East Coast Line – if you don’t mind walking more than 15 minutes to get there.

Price: $528,000 ($1,225.06 per square foot)

The story continues

3. Kovan’s Majesty

Don’t mind squeezing into a shoebox studio apartment? Then this 33sqm studio at Kovan Grandeur might be for you. While “splendor” is certainly a misleading advertisement, at a price of $538,000, you really can’t ask for more.

The location in Hougang is not exactly what I would call central, but it is not a remote area either and Kovan MRT station is a convenient 11-minute walk away.

Price: $538,000 ($1,469.95 per square foot)

4. High Park Residences

This 36sqm studio apartment is another example of how you can always find affordable condos in Ulu areas. The $549,000 apartment is located in Sengkang, which doesn’t sound too bad until you realise you have to take the LRT.

Thanggam LRT station is only a 5-minute walk away, but if you want to skip the LRT and go straight to the MRT, you will have to walk almost 30 minutes to Sengkang MRT station.

Price: $549,800 ($1,417.01 per square foot)

5. Pavilion Square

Life in Geylang isn’t that bad. Among other things, you can eat durian whenever you want. Another advantage of living in the middle of the red light district is that the property is relatively cheap considering you live on the outskirts of the city.

Take this 36sqm one-bedroom condo at Pavilion Square, for example. Located along Geylang Road at Lorong 16, it’s a damn condo for just $550,000 and is an 8-minute walk from Aljunied subway station.

Price: $550,000 ($1,381.91 per square foot)

6.Sun-Acker

Sol Acres is actually an Executive Condo (EC) whose first owners moved in in 2019, so it will take another 8 years for the property to be converted to private ownership. But hey, that means you can apply for CPF subsidies if you buy it now.

Priced at just $568,000, this 1-bedroom unit is 46.5 square feet, which is downright palatial for a 1-bedroom condo.

However, you will have to accept that you are living quite far from the nearest MRT station, Bukit Panjang, which is about a 21-minute walk away. Alternatively, the Teck Whye LRT station is only a 6-minute walk away, but everyone in this area hates the LRT, so that might not really be a plus.

Price: $568,000 ($1,147.47 per square foot)

7. layer

Studio apartments usually don’t have a separate bedroom and living area, but in this newly renovated studio apartment at Stratum, a partition wall has been built between the two areas. At 44 sqm, it’s quite spacious, so you’re basically buying a 1-bedroom apartment for the price of a studio.

Located on Elias Road opposite Elias Mall and a short walk from Pasir Ris Park, it’s quite a nice location. Pasir Ris metro station is a bit far away at 18 minutes but considering the low price per square foot, I think it’s still worth it.

Price: $570,000 ($1,202.53 per square foot)

8. Residence in Glasgow

Glasgow Residence is a small 5-storey apartment block located in a sparsely populated area in the Hougang/Kovan neighbourhood, an 11-minute walk from Kovan MRT station. The property has basic facilities such as two small swimming pools and BBQ areas, and that’s about it. Of course, the advantage of living in a smaller condo is that you don’t have to share the common areas with thousands of noisy neighbours and their children.

This 39 sqm 1-bedroom apartment is one of the more expensive condos on this list, but it’s still quite affordable considering it’s a 999-year leasehold property, so it’s practically a freehold. It’s actually labeled as a 1-bedroom apartment, but the pictures make it look more like a studio. If you really want to know the truth, it’s best to make an appointment.

Price: $588,000 ($1,400 per square foot)

9. Avila Gardens

Avila Gardens is located in a low-density area in the east, very close to Changi Airport, which has been degraded to nothing more than a large shopping mall since 2020.

The main disadvantage is that the nearest MRT station, Tampines East, is a sweaty 20-minute walk away, making it less inconvenient to fly to a neighbouring country than to drive to the CBD for work.

This freehold studio apartment costs just $580,000 and is quite spacious at 43 square metres – big enough to separate the sleeping area with a folding screen, as the owners have done.

Price: $580,000 ($1,252.70 per square foot)

Can you afford the down payment on the condo?

When buying a condominium, your only financing option is a Bank loan – the HDB loan is of course not applicable.

As with all bank loans, credit restrictions apply. You must make a minimum down payment of 25% for the condo, of which at least 5% must be paid in cash. The remaining 20% ​​can be paid in cash and/or savings in the CPF account.

Read more: Condo down payment: How much do first-time buyers need in Singapore?

So to buy a $600,000 condo, you need at least USD 30,000 in cash and at least USD 150,000 in CPF OA. Not enough on your CPF? You need to top up the balance in cash.

You also need to factor in additional costs such as legal and registration fees, which should cost you approximately $1,000 to $2,000and stamp duty, which would cost you $600,000 $12,600 provided you are a Singaporean and do not own any other properties.

Finally, assuming you manage to borrow the maximum amount of 75%, you will have to make monthly repayments of $1,500 for a 25-year loan, with no interest.

Save some money by choosing a mortgage loan with an attractive interest rate using MoneySmart’s Mortgage Assistant.

What you should pay attention to before buying a condominium

Aside from price and location, you should consider the following factors before choosing a condo:

Size: Condos are very expensive, so you get much less per square metre than you would with an HDB flat, so keep this in mind if you think you might need more space in the future.

HDB eligibility: If you decide to buy an HDB flat one day, you will need to sell your condo at least 30 months beforehand. If you successfully vote for a BTO flat, you can plan to sell the condo 30 months before you hand over the keys. However, if you buy a resale flat, you will need to arrange alternative accommodation 30 months before you move into your new flat.

Rent: Own or lease? If you have children to whom you want to pass on your wealth, owning property retains its value much better but is more expensive.

Did you find this article helpful? Share it with your friends and family who are also house hunting.

Photo credit: 99.co entries

The post “The 9 Cheapest Condos in Singapore: Studio Apartments Under $600,000” first appeared on the MoneySmart blog.

MoneySmart.sg helps you make the most of your money. Like us on Facebook to stay updated with our latest news and articles.

Compare and buy the best deals on loans, insurance and credit cards on our website now!

The article 9 Cheapest Condos in Singapore: Studio Apartments Under $600,000 appeared first on MoneySmart.com.

Original article: 9 Cheapest Condos in Singapore: Studio Apartments Under $600,000.

© 2009–2018 Catapult Ventures Pte Ltd. All rights reserved.