5 Affordable New Launch Condos for Singles in Singapore (2018)

Affordable-new-launch-condos-for-Singles-in-Singapore-(2018)

Purchasing a private condominium in Singapore is not an easy undertaking. Even some couples find it hard to jointly repay the housing loan they took out to buy one, so what more for singles who solely rely on themselves to ascend the private property ladder.

But don’t worry! PropertyGuru is here to help you. We have compiled a list of five of this year’s hottest private new condominiums, where singles can purchase a one- or two-bedroom apartment for under S$1 million.

These include some of the top selling projects in 2018, some are just adjacent to MRT stations, while others form part of the first landmark integrated projects in their area. Aside from each project’s respective pros and cons, we also included a simple budget guide to help you, so do read on.

1. JadeScape

propertyguru-JadeScape-singapore

  • Location: 2-6 Shunfu Road in District 20
  • Prices of 1- to 2-bedroom units: S$838,000 to S$988,000
  • Psf Prices: S$1,700 on average
  • Tenure: 99-year leasehold from 19 June 2018
  • Total units: 1,206
  • Total # of 1- to 2-bedroom units: 639 condos
  • 236 units of 1-roomers (527 sq ft)
  • 90 units of 2-roomers (646 sq ft)
  • 269 units of 2-room Deluxe (764 sq ft)
  • 44 units of 2-room Premium (775 sq ft)
  • Developer: Qingjian Realty
  • Completion Date: 9 January 2023
  • Click here to know more

Positive attributes:

Despite the new property curbs in 2018, this highly-anticipated development by Qingjian Realty sold 300 of the initial 480 units released under Phase 1 of the project in late-September at an average price of S$1,700 psf.

The robust demand for this 99-year leasehold condo is driven by its plethora of smart features, resort-like lifestyle, superb quality and prime location.

In fact, future residents there will not only have quick access to just one MRT line but four. It is only about 220m from the existing Marymount MRT station on the Circle Line, and one stop away is Bishan MRT Station, which has access to the North South Line. Further enhancing its connectivity is the nearby upcoming Cross Island MRT line and Thomson–East Coast MRT line.

By vehicle, Singapore’s central business district (CBD) is just a 16-minute drive via Pan Island Expressway (PIE) or Central Expressway.

There are also many amenities in the vicinity. For instance, it’s close to Shunfu Food Court and a Sheng Siong supermarket, as well as malls like Thomson Plaza and Sin Ming Plaza. Midview City and Bishan North Shopping Mall are also reachable by car in less than 10 minutes.

Similarly, nature lovers will like its proximity to MacRitchie Reservoir Park and Bishan-Ang Mo Kio Park, in addition to the breath-taking views provided by the adjacent landed estates.

Touted as Singapore’s fully-smart residential project, it comes with various hi-tech features like facial recognition technology at lift lobbies, air conditioners that lower your power bills, and dishwashers that use ultrasonic waves to clean fruits and vegetables.

Last but not the least, Qingjian Realty is known for the superior quality of its developments, such as Bellewaters and Bellewoods, which have been certified for their quality and workmanship, aside from receiving the Building and Construction Authority’s (BCA) CONQUAS Star award.

Furthermore, Jade Scape is designed by award-winning architect Paul Noritaka Tange, the son of Kenzo Tange, who won the most prestigious price in architecture, so residents can look forward to a stunning development that awes all who sees it.

JadeScape is located on the former site of Shunfu Ville, which was purchased via en bloc sale in 2016 for S$638 million. Including a differential premium to renew the lease to 99 years and development charge to intensify the use of the land, this translates to S$747 psf ppr.

Negative attributes:

Given that it has over 100 common facilities, it’s possible that monthly maintenance fee per unit could be higher than those residential projects with fewer amenities. Also, the elderly and those not technologically inclined could struggle with using the smart home features there.

Nonetheless, Qingjian Realty has hired several young tech-savvy staff to explain how to use the project’s smart features to interested home buyers.

Another slight downside is that there’s no large shopping malls within JadeScape’s vicinity.

Financial Matters:

  • Lowest Unit Price: S$838,000
  • Cash/CPF: S$209,500
  • Loanable amount: up to S$628,500
  • Monthly loan repayment: S$2,292.
  • Recommended monthly income level: at least S$7,640

If you are keen to purchase one of the condos in JadeScape costing S$838,000, please note that you can only loan up 75 percent (LTV) of the selling price or S$628,500. Assuming a mortgage tenure of 30 years and interest rate of 1.9 percent, this translates to a monthly repayment of about S$2,292.

As financial experts generally advise people not to spend more than 30 percent of their salary for paying a housing loan, you should have a monthly income of at least S$7,640.

As for the remaining S$209,500, this amount needs to be paid via cash and/or CPF savings, so it’s good if you have saved up some money.

2. Parc Esta (former Eunosville)

Parc Esta (Former Eunosville) in Singapore

  • Location: 822-840 Sims Avenue in District 24
  • Prices of 1- to 2-bedroom units: from S$750,000
  • Psf Prices: S$1,650 to S$1,750 psf (estimate)
  • Tenure: 99-year leasehold
  • Total units: 1,399
  • Total # of 1- to 2-bedroom units: to be announced
  • Sizes: from 452 sq ft
  • Developer: MCL Land
  • Completion Date: 2022
  • Click here to know more

Positive attributes:

The main selling point of this development is that it’s the closest condominium to Eunos MRT Station, which is merely 200m opposite of the project. Similarly, City Plaza Mall and One KM Mall are within the immediate vicinity.

It is one stop away from Paya Lebar MRT Station, which is surrounded by more entertainment and shopping options like the SingPost Centre mall, which houses Singapore’s biggest and most technologically advanced post office.

Paya Lebar MRT Station is also within the heart of Paya Lebar Central, which is envisioned to become a commercial hub with plazas, pedestrian malls and overhead bridges as well as covered and underground walkways under the Urban Redevelopment Authority’s (URA) Master Plan 2014.

If you live in the project and intend to travel to the CBD by car, it takes around 14 minutes via East Coast Parkway (ECP).

Developed by Hongkong Land’s subsidiary MCL Land, Parc Esta will sport full condominium facilities like gym, clubhouse, BBQ spots swimming pool, clubhouse, BBQ spots as well as playgrounds.

Negative attributes:

Historically, MCL Land’s projects in Singapore are slightly lacking in terms of quality compared to JadeScape’s Qingjian Realty. We compared both projects as Parc Esta’s psf price is roughly comparable to the indicative price of JadeScape.

But at this point, it’s hard to say the disadvantages of this project as it has not yet been launched. Details are yet to be finalised, including unit layouts, project detailing and pricing.

To give you some idea on the pricing – Parc Esta is located on the 376,713 sq ft former Eunosville HUDC site that was acquired via en bloc sale in June 2017 for $765.78 million ($909 psf ppr). Analysts estimate that the units there would sell for S$1,650 to S$1,750 psf.

Financial Matters:

Using the same parameters mentioned above, below is our suggested budget for singles who want to purchase a condo in Parc Esta:

  • Lowest Unit Price: S$750,000
  • Cash/CPF: S$187,500
  • Loanable amount: up to S$562,500
  • Monthly loan repayment: S$2,051
  • Recommended monthly income level: at least S$6,837
3. Riverfront Residences(former Rio Casa)

Riverfront Residences in Singapore

  • Location: Hougang Avenue 7 in District 19
  • Prices of 1- to 2-bedroom units: S$578,000 to about S$971,000
  • Psf Prices: S$1,290to SS$1,382 (median price for all units: $1,307 psf)
  • Tenure: 99-year leasehold
  • Total units: 1,472 (including 21 strata-landed houses)
  • Total # of 1- to 2-bedroom units: 913 condos
  • 281 units of 1-roomers (463 to 581 sq ft)
  • 202 1-room + study (517 to 635 sq ft)
  • 262 units of 2-roomers (603 to 689 sq ft)
  • 168 units of two-room premium (721 to 861 sq ft)
  • Developer: consortium led by Oxley Holdings
  • Completion Date: 2022
  • Click here to know more

Positive attributes:

Jointly developed by a consortium – comprising Oxley Holdings, KSH Holdings, Lian Beng Group’s SLB Development and Apricot Capital – Riverfront Residences is the most affordable among the five new launch condos we’ve listed in this article.

In fact, even if your monthly income is about S$6,000, you can easily afford a small unit there priced at S$578,000.

The main reason for the great price is that the buyers managed to acquire the site during the early days of the en bloc fever in 2017-2018. The development is situated on the former site of Rio Casa, which was acquired in May 2017 through a $575 million en bloc sale.

Including the S$208 million charge to refresh the site’s 99-year leasehold tenure and increase the gross plot ratio (GPR) up to 2.8, this works out to a land rate S$706 psf ppr.

Given the relatively low cost of the units, it became Singapore’s top-selling residential project in July 2018, with 628 houses shifted at a median price of $1,307 psf. Another reason for the surge in buyers is that many people wanted to secure units there before the new property cooling measures took effect on 6 July 2018.

Compared to the JadeScape and Parc Estate, people living in Riverfront Residences will need to spend more effort to go to the nearest MRT station, as the Hougang MRT Station is about 900m away, while Hougang Mall/Hougang Plaza is about 750m. Nonetheless, there is a bus stop right outside the project with buses that takes residents to that MRT station and vice versa.

By car, residents can get to Suntec City in 16 minutes, while Raffles Place in the CBD takes longer at 20 minutes.

Aside from overlooking green spaces and water features, the development is 500m to The Midtown bus station, 550m to the Punggol Park, and 700m to Cheng San Public Library.

Negative attributes:

While Riverfront Residences is a nice and peaceful place to live in as it’s along Sungei Serangoon (a river), it’s not advisable to buy a condo there for investment purposes.

This is because there is currently a limited number of people who want to rent in Hougang. In addition, units at Midtown Residences, which is only about 300m from Hougang MRT Station, are being at leased out at low rates of S$1,600 to S$2,300 per month.

There are also many upcoming projects within the vicinity and a similarly humongous project, Kingsford Waterbay, is close by as well.

That said, the relocation of Paya Lebar Air Base from 2030 will allow that government to free up 800ha of land ­– larger than Ang Mo Kio or Bishan – and this could be used to create more employment hubs and industries.

Financial Matters:

Using the same financial parameters used for JadeScape, below is our suggested budget for singles who want to purchase a condo in Riverfront Residences:

  • Lowest Unit Price: S$578,000
  • Cash/CPF: S$144,500
  • Loanable amount: up to S$433,500
  • Monthly loan repayment: S$1,581
  • Recommended monthly income level: at least S$5,270
4. The Woodleigh Residences

The Woodleigh Residences in Singapore

  • Location: Bidadari Park Drive in District 13
  • Prices of 2-bedroom units: from S$850,000
  • Psf Prices: S$1,615 to S$2,031 (indicative)
  • Tenure: 99-year leasehold
  • Total units: about 667 condos (2- to 4-bedders only)
  • Total # of 2-bedroom units: to be announced
  • Developer: Singapore Press Holdings and Kajima Development
  • Completion Date: 2022
  • Click here to know more

Positive attributes:

The Woodleigh Residences stands out as Bidadari’s first and only integrated development, with its future home owners enjoying direct access not only to Woodleigh MRT station, but to Bidadari Bus Interchange, which will be Singapore’s first underground air-conditioned bus interchange when it opens by 2019.

Undertaken by Singapore Press Holdings (SPH) and Japanese construction giant Kajima Development, the condominium blocks will be integrated with a neighbourhood police centre and a 6,000 sq m community club.

The condo blocks will also be connected with the Woodleigh Mall, which offers 28,000 sq m of retail space. In the future, the shopping centre is expected to house a supermarket and F&B outlets, as well as lifestyle components like gym, medical suites and enrichment centres. There is also a link bridge to Woodleigh Village hawker centre.

Nature enthusiasts will enjoy its panoramic views over Alkaff Lake, and the link bridge to Bidadari Park. There is also be a 700m scenic “heritage walk” where people can stroll, bike and exercise leisurely.

Getting from the project to the CBD can take about 18 minutes via Central Expressway (CTE) but you need to pay a toll. Alternatively, you can take Bendemeer Road and get there in around 20 minutes. Via MRT, it takes about 30 minutes.

The 273,842 sq ft site for Woodleigh Residences and Woodleigh Mall was acquired by SPH and Kajima in June 2017 via a government land sales tender after the joint venture submitted the highest bid of S$1.132 billion or S$1,181.07 psf ppr.

Negative attributes:

The Woodleigh Residences is an impressive landmark integrated project similar to Park Place Residences at Paya Lebar Quarter (PLQ) by Australian developer Lendlease.

But if you’re superstitious and afraid of ghosts, please be warned the Bidadari estate, particularly the Woodleigh MRT station, was built on a portion of the Bidadari Cemetery. All known graves there were exhumed in 2001 to 2006. The MRT station is also said to be one of the most haunted places in Singapore.

Nonetheless, if you’re courageous and don’t believe in such stuff, the Bidadari estate is a good place to buy a home as the government plans to transform it into a prime residential estate with HDB blocks and private housing.

Please also note that Woodleigh Residences has not yet been officially launched.

Financial Matters:

Using the same parameters mentioned above, below is our suggested budget for singles who want to purchase a condo at The Woodleigh Residences:

  • Lowest Unit Price: S$850,000
  • Cash/CPF: S$212,500
  • Loanable amount: up to S$637,500
  • Monthly loan repayment: S$2,325
  • Recommended monthly income level: at least S$7,750
5. Stirling Residences

Stirling Residences in Singapore

  • Location: Stirling Road in District 3
  • Prices of 1- to 2-bedroom units: from S$828,990
  • Psf Prices: About S$1,750 on average
  • Tenure: 99-year leasehold
  • Total units: 1,259
  • Total # of 1- to 2-bedroom units: 914 condos
  • 112 units of 1-bedroom (441 sq ft)
  • 115 units of 1-bedroom + study (506 to 710 sq ft)
  • 306 units of 2-bedroom (624 to 872 sq ft)
  • 230 units of 2-bedroom Premium (678 to 904 sq ft)
  • 151 units of 2-Bedroom + Study (764 to 980 sq ft)
  • Developer: Logan Property and Nanshan Group
  • Completion Date: 2022
  • Click here to know more

Positive attributes:

Similar to Parc Esta, Stirling Residences is super close to public transport, with the Queenstown MRT Station (250m) being a three-minute stroll. But unlike the former, the latter’s nearest MRT station is not located opposite of it.

You only need to walk to an HDB estate near True Way Presbyterian Church, turn right after the gantry, then pass through the void deck to reach Queenstown MRT Station. This means train noises will not be as loud as those developments located closer to an MRT station.

Situated in the mature and highly sought-after estate of Queenstown, the residential development is near many amenities, with shops, clinics and hawker centres within the neighbourhood. For instance, you only need to walk two to three minutes to reach Mei Ling Market and its many amenities.

There is also robust demand to buy and rent a property within the prime area as it’s just a short drive to the CBD, the iconic Orchard Road shopping belt and the one-north business park. Similarly, travelling to the popular dining and shopping spots of Dempsey Hill and Holland Village is a breeze.

In addition, the development’s expansive land area will come with lots of greenery. For instance, there will be three majestic conserved trees and a floral waterscape, aside from three forest-themed zones and 80 facilities.

Given its strong appeal and attractive features, Stirling Residences was among the top selling projects in July 2018, with the developer finding buyers for 339 out of the 380 units initially released at an average price of approximately S$1,750 psf.

Notably, Logan Property and Nanshan Group secured the 227,221 sq ft plot for Stirling Residences after it offered the top bid of S$1.003 billion for the reserve list site. This works out to S$1,050 psf ppr. This transaction also set the record for the most expensive residential deal under the Government Land Sales (GLS) programme, surpassing the previous record by nearly S$300 million.

Negative attributes:

While Stirling Residences is very near Queenstown MRT Station, the vicinity is not as vibrant as other similar areas, like the ones surrounding the MRT stations of Clementi and Tiong Bahru.

As such, private condominiums close to Clementi and Tiong Bahru MRT stations could outperform Stirling Residences in terms sales and rents. This is because some tenants and buyers prefer to live close to major shopping centres and bustling areas.

Moreover, if you plan to purchase a property in Stirling Residences for leasing, you will face stiff completion from existing and future condominiums in the area.

In fact, there are already over 2,600 completed private residential units in the area. But by the time Stirling Residences is completed, an additional 2,270 units will enter the market. Given the substantial pipeline, month rents in the vicinity could decline in the future.

Another potential issue is workmanship and quality as the track records of its Chinese developers are not yet known, unlike Qingjian Realty. This is because Stirling Residences marks the second project here by China-based Nanshan Group and the first for Shenzhen-based Logan Property Holdings.

Financial Matters:

Using the same parameters mentioned above for JadeScape, below is our suggested budget for singles who want to purchase a condo in Stirling Residences:

  • Lowest Unit Price: S$828,990
  • Cash/CPF: S$207,248
  • Loanable amount: up to S$621,743
  • Monthly loan repayment: S$2,267
  • Recommended monthly income level: at least S$7,557

Other new launch condos costing under S$1 million

If you’re still interested in looking for other new launch projects where singles can buy affordable residential properties for under S$1 million, please visit this link.

You may also browse our resale HDB flats or private condos for sale or rent. If you need someone to assist you for a property deal, kindly engage a licensed property agent.

 

To get more guides like this, check out PropertyGuru

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