Salary you need to buy a condo at Singapore’s prime districts

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Condominiums in Singapore’s Core Central Region (CCR) – which covers Districts 9, 10 and 11 along with Sentosa and Downtown Core Planning Area – generally command the highest residential prices here due to their proximity to multiple MRT stations, the city-state’s best schools, employment hubs and major shopping malls.

However, some people are in the dark on the actual selling prices of condos – both new and old – in these so-called prime districts. Some are also not sure on how much they should earn per month to be able to afford such properties. Hence, we calculated the median prices for prime condos that have just been launched in 2018.

We also compiled the minimum prices of resale prime condos listed on PropertyGuru, and compared them with official sales data. If you’re interested in knowing more, kindly read on.

 What we assumed when making the salary calculations?

 Before we proceed to the monthly salary you need to have to buy a condo in Districts 9, 10 and 11, we listed the key considerations we took into account when making the estimates as a sort of methodology to help guide you:

  1. Homebuyer is a Singapore citizen who plans to acquire his first home, so buyer is exempt from paying the Additional Buyer’s Stamp Duty (ABSD).
  2. You have sufficient cash or CPF savings for the 25 percent downpayment (DP).
  3. You qualify for the 75% loan-to-value (LTV). If you want to know if you are eligible for this loan quantum, please consult this guide.
  4. You took out a 30-year housing loan with an interest rate of 1.9 percent.
  5. You meet the 60% Total Debt Servicing Ratio (TDSR) framework. In the calculations, we assumed you don’t have any other loan, so the entire 60 percent of your gross monthly income can be used to service the residential mortgage. If you want to know more about the TDSR framework, please consult this article.
  6. (Optional) 30% Monthly Income Rule by financial experts.

Important: Just meeting the 60% TDSR is risky, given that only 40 percent of your remaining income will be spent on daily necessities, like food, clothing and transportation. As there’s not much money set aside for emergencies and contingencies (e.g. getting laid off, as well as facing a medical emergency, or accident), we included the salary suggested by financial gurus based on the 30% income rule. Under this tip, not more than 30 percent of your monthly household income should be spent on your housing loan repayments per month.

 How much should I earn to afford a new prime condo?

 To determine the minimum monthly salary you need to purchase a newly launched condo in Districts 9, 10 and 11, we looked at five recently unveiled projects in these areas and looked at their corresponding URA sales data. These developments were launched this year. Below are the new Singapore condos covered by our calculations:

  1. 120 Grange
  2. 8 Hullet
  3. Martin Modern
  4. New Futura

Please continue to read more for elaborated details on all the Condos mention above.

120 Grange

120 Grange in Singapore

  • Address: 120 Grange Road in District 10
  • Tenure: Freehold
  • Total Units: 56
  • Developer: Roxy-Pacific Holdings Limited
  • Completion Year: 2021

 This is the most affordable new launch Singapore condo on our list. To buy the “cheapest” unit in this development, you need a monthly income of at least S$6,399 to meet the 60 percent TDSR or a higher salary of S$12,799 to comfortably pay the housing loan under the 30% income rule. A two-bedroom condo here only costs about S$1.78 million, but please take note that the project is located in District 10, not District 9 or the Orchard area.

Latest new sales data at 120 Grange as of 26 November 2018.

1-bedroom
420 to 431
8
8
1,404,000
3,302
351,000
1,053,000
3,840
6,399
12,799
2-bedder compact
570
20
24
1,782,000
3,124
445,500
1,336,500
4,873
8,122
16,245
2-bedder dual key
678
17
24
2,138,000
3,153
534,500
1,603,500
5,847
9,745
19,490

Source: URA, PropertyGuru

8 Hullet

8 Hullet in Singapore

  • Address: 8 Hullet Road in District 9
  • Tenure: Freehold
  • Total Units: 44
  • Developer: Hullet Development Pte Ltd
  • Completion Year: 2021

In this upcoming Singapore condo, you need a monthly income of at least S$8,583 to meet the 60 percent TDSR or a higher salary of S$17,167 to comfortably pay the housing loan under the 30% income rule. As this project is in the Orchard area, two-bedders cost over S$2.2 million.

Latest new sales data at 8 Hullet as of 26 November 2018.

1 bedroom
538
5
11
1,883,200
3,499
470,800
1,412,400
5,150
8,583
17,167
2 bedroom, 1 bathroom
657 to 667
22
22
2,265,080
3,422
566,270
1,698,810
6,194
10,323
20,647
2 bedroom, 2 bathroom
797
8
11
2,735,100
3,434
683,775
2,051,325
7,480
12,467
24,933

Source: URA, PropertyGuru

35 new sales from March 2018 to August 2018

 Martin Modern

Martin Modern in Singapore

  • Address: 8 Martin Place in District 9
  • Tenure: 99-year Leasehold
  • Total Units: 450
  • Developer: Guocoland
  • Completion Year: 2020

Martin Modern is one of largest condos launched in the prime districts this year. To buy the most affordable unit in this highly-anticipated project, you need a monthly income of at least S$9,211 to meet the 60 percent TDSR or a higher salary of S$18,421 to comfortably pay the housing loan under the 30% income rule.

Latest new sales data at Martin Modern as of 26 November 2018.

2-bedroom
764
61
150
2,020,788
2,644
505,197
1,515,591
5,526
9,211
18,421
2-bedder + study
850 to 883
82
90
2,050,519
2,372
512,630
1,537,889
5,608
9,346
18,692
3-bedroom
1,012 or 1,087
76
90
2,228,386
2,151
557,096
1,671,289
6,094
10,157
20,314
3-bedder + private lift
1,399 or 1,421
45
60
3,140,410
2,244
785,103
2,355,308
8,588
14,314
28,628
4-bedroom
1,733 or 1,798
35
60
4,247,280
2,363
1,061,820
3,185,460
11,615
19,359
38,718

Source: URA, PropertyGuru  

New Futura

New Futura in Singapore

  • Address: 14 Leonie Hill Road in District 9
  • Tenure: Freehold
  • Total Units: 124
  • Developer: City Developments Limited (CDL)
  • Completion Year: 2017 (launched in 2018)

When New Futura was launched, it was touted as CDL’s most luxurious project. In fact, all 124 units in this condo have their own private lift. It was also launched after it was completed, so the buyers were able to move-in immediately.

However, this is the most expensive new launch condo and the overall priciest project on our list. Even its two-bedders command a median price of S$4.23 million, and you have to earn a six-digit monthly salary to be able to afford one of its two-penthouses.

By living in New Futura, you’re making a bold statement that you’re one of those “Crazy Rich Asians”.

Latest new sales data at New Futura as of 26 November 2018.

2-bedroom
1,098 to 1,367
21
28
4,232,000
3,517
1,058,000
3,174,000
11,574
19,289
38,579
3-bedroom
1,830
35
54
6,215,600
3,397
1,553,900
4,661,700
16,998
28,330
56,661
4-bedroom
2,250 to 2,691
37
40
8,408,000
3,392
2,102,000
6,306,000
22,994
38,323
76,647
5-bedder penthouse
7,825
1
2
36,280,000
7,836
9,070,000
27,210,000
99,218
165,363
330,726

Source: URA, PropertyGuru

Note: Data includes resales as CDL appears to have sold some units to a holding company then resold them to buyers.

How much salary is needed to buy a resale condo in the prime districts?

 After looking at the monthly income needed to afford a new launch condo in the prime districts, let’s proceed to how much you should earn to buy a resale condo in Districts 9, 10 and 11.

In particular, we checked five previously launched and existing condos where there are many units listed for sale on PropertyGuru. These projects were completed or received their Temporary Occupation Permit (TOP) in 2015 or 2016.

We then compiled the lowest prices listed on our website per unit type and applied our calculations. We also compared our in-house data with actual URA resale statistics to give would-be buyers an idea on the current market price. The projects were then arranged based on affordability. Below are the completed Singapore condos covered by our computations:

  1. 8 Bassein
  2. 1919
  3. Liberte
  4. Alba
  5. Le Nouvel Ardmore

 Please continue to read more for elaborated details on all the Condos mention above.

8 Bassein

8 Bassein in Singapore

  • Address: 8 Bassein Road in District 11
  • Tenure: Freehold
  • Total Units: 74
  • Developer: World Class Developments (City Central) Pte Ltd
  • Completion Year: 2015

 This is the most affordable resale condo on our list. To purchase a basic unit in this development, you need a monthly income of at least S$3,774 to meet the 60 percent TDSR or a higher salary of S$7,548 to comfortably pay the housing loan under the 30% income rule. If you want to check all of the listed units for sale at 8 Bassein, please click on the below link.

Minimum prices of the 17 units listed for sale on PropertyGuru at 8 Bassein as of 26 November 2018.

828,000
1,921
431
1 bedroom, 1 bathroom
N/A
207,000
621,000
2,264
3,774
7,548
2,800,000
1,257
2,227
3 bedrooms, 3 bathrooms
N/A
700,000
2,100,000
7,657
12,762
25,525
2,999,999
1,429
2,099
3 bedrooms, 2 bathrooms
N/A
750,000
2,249,999
8,204
13,674
27,348

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type. 

Actual resale deals at 8 Bassein since Nov 2015 based on URA data

810,000
1,881
431
 Not indicated
Jan-18
202,500
607,500
2,215
3,692
7,384
820,888
1,816
452
 Not indicated
Feb-18
205,222
615,666
2,245
3,742
7,483
828,000
1,832
452
 Not indicated
Sep-18
207,000
621,000
2,264
3,774
7,548

Source: URA, PropertyGuru

1919

1919 in Singapore

  • Address: 110 Sophia Road in District 9
  • Tenure: Freehold
  • Total Units: 75
  • Developer: Aurum Land (Private) Limited
  • Completion Year: 2015

 In this previously-launched Singapore condo, you need a monthly income of at least S$5,643 to meet the 60 percent TDSR or a higher salary of S$11,286 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 31 units listed for sale on PropertyGuru at 1919 as of 26 November 2018.

1,238,000
2,211
560
1 bedroom, 1 bathroom
N/A
309,500
928,500
3,386
5,643
11,286
1,350,000
2,411
560
2 bedrooms, 1 bathroom
N/A
337,500
1,012,500
3,692
6,153
12,307
1,600,000
2,360
678
2 bedrooms, 2 bathrooms
N/A
400,000
1,200,000
4,376
7,293
14,585
2,380,000
1,827
1,303
3 bedrooms, 2 bathrooms
N/A
595,000
1,785,000
6,509
10,848
21,696

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at 1919 since Nov 2015 based on URA data

1,190,000
2,126
560
 Not indicated
Aug-17
297,500
892,500
3,254
5,424
10,848
1,233,000
2,203
560
 Not indicated
Mar-17
308,250
924,750
3,372
5,620
11,240
1,260,000
2,018
624
 Not indicated
Feb-18
315,000
945,000
3,446
5,743
11,486
1,315,000
2,071
635
 Not indicated
Feb-18
328,750
986,250
3,596
5,994
11,987
1,560,000
1,985
786
 Not indicated
Nov-17
390,000
1,170,000
4,266
7,110
14,221
1,780,000
2,067
861
 Not indicated
Oct-17
445,000
1,335,000
4,868
8,113
16,226
1,790,000
2,079
861
 Not indicated
Jul-18
447,500
1,342,500
4,895
8,159
16,318

Source: URA, PropertyGuru

Liberte

Liberte in Singapore

  • Address: 5 Sarkies Road in District 10
  • Tenure: Freehold
  • Total Units: 46
  • Developer: Ellamount Investments Pte Ltd
  • Completion Year: 2016

To buy the “cheapest” unit in this Singapore condo, you need a monthly income of at least S$6,512 to meet the 60 percent TDSR or a higher salary of S$13,025 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 40 units listed for sale on PropertyGuru at Liberte as of 26 November 2018.

1,428,800
2,212
646
2 bedrooms, 1 bathroom
N/A
357,200
1,071,600
3,907
6,512
13,025
1,438,000
2,226
646
1 bedroom, 1 bathroom
N/A
359,500
1,078,500
3,933
6,554
13,109
1,511,000
2,339
646
2 bedrooms, 2 bathrooms
N/A
377,750
1,133,250
4,132
6,887
13,774

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at Liberte since Nov 2015 based on URA data

1,250,000
1,935
646
 Not indicated
Apr-18
312,500
937,500
3,418
5,697
11,395
1,502,917
2,327
646
 Not indicated
Jul-18
375,729
1,127,188
4,110
6,850
13,700
1,530,000
2,369
646
 Not indicated
Dec-17
382,500
1,147,500
4,184
6,974
13,947
1,783,000
2,401
743
 Not indicated
Jun-18
445,750
1,337,250
4,876
8,127
16,254
1,788,000
2,407
743
 Not indicated
Mar-18
447,000
1,341,000
4,890
8,150
16,299
1,835,893
2,472
743
 Not indicated
Apr-18
458,973
1,376,920
5,021
8,368
16,736
1,838,000
2,475
743
 Not indicated
Nov-17
459,500
1,378,500
5,027
8,378
16,755

Source: URA, PropertyGuru

Alba

Alba in Singapore

  • Address: 8 Cairnhill Rise in District 9
  • Tenure: Freehold
  • Total Units: 50
  • Developer: FAR EAST ORGANIZATION CENTRE PTE. LTD
  • Completion Year: 2015

To buy the most basic unit in this Singapore condo, you need a monthly income of at least S$25,069 to meet the 60 percent TDSR or a higher salary of S$50,138 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 30 units listed for sale on PropertyGuru at Alba as of 26 November 2018.

5,500,000
2,971
1,851
3 bedrooms, 3 bathrooms
N/A
1,375,000
4,125,000
15,041
25,069
50,138
6,703,377
2,911
2,303
4 bedrooms, 3 bathrooms
N/A
1,675,844
5,027,533
18,332
30,554
61,107
6,900,000
2,996
2,303
4 bedrooms, 4 bathrooms
N/A
1,725,000
5,175,000
18,870
31,450
62,900
7,100,000
3,157
2,249
4 bedrooms, 5 bathrooms
N/A
1,775,000
5,325,000
19,417
32,362
64,723
24,000,000
3,728
6,437
7 bedrooms, 6 bathrooms
N/A
6,000,000
18,000,000
65,635
109,391
218,782
25,000,000
3,884
6,437
5 bedrooms, 5 bathrooms
N/A
6,250,000
18,750,000
68,369
113,949
227,898
26,000,000
4,039
6,437
5 bedrooms, 4 bathrooms
N/A
6,500,000
19,500,000
71,104
118,507
237,014

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at Alba since Nov 2015 based on URA data

4,200,000
2,204
1,905
 Not indicated
Mar-18
1,050,000
3,150,000
11,486
19,143
38,287
4,700,000
2,228
2,110
 Not indicated
Sep-18
1,175,000
3,525,000
12,853
21,422
42,845
4,750,000
2,493
1,905
 Not indicated
Jul-18
1,187,500
3,562,500
12,990
21,650
43,301
6,300,000
2,986
2,110
 Not indicated
Aug-17
1,575,000
4,725,000
17,229
28,715
57,430

Source: URA, PropertyGuru

Le Nouvel Ardmore

Le Nouvel Ardmore in Singapore

  • Address: 1A Ardmore Park in District 10
  • Tenure: Freehold
  • Total Units: 43
  • Developer: Wing Tai Holdings Limited Singapore
  • Completion Year: 2014

Le Nouvel Ardmore is the most expensive resale condo on our list. To buy the most affordable unit in this development, you need a monthly income of at least S$72,927 to meet the 60 percent TDSR or a higher salary of S$145,855 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 33 units listed for sale on PropertyGuru at Le Nouvel Ardmore as of 26 November 2018.

16,000,000
4,156
3,850
4 bedrooms, 6 bathrooms
N/A
4,000,000
12,000,000
43,756
72,927
145,855
16,292,000
4,300
3,789
4 bedrooms, 4 bathrooms
N/A
4,073,000
12,219,000
44,555
74,258
148,517
16,300,000
4,241
3,843
4 bedrooms, 5 bathrooms
N/A
4,075,000
12,225,000
44,577
74,295
148,590
16,500,000
4,066
4,058
4 bedrooms, 3 bathrooms
N/A
4,125,000
12,375,000
45,124
75,206
150,413

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

 Actual resale deals at Le Nouvel Ardmore since Nov 2015 based on URA data

15,174,945
4,005
3,789
 Not indicated
Mar-17
3,793,736
11,381,209
41,500
69,167
138,334
15,660,100
4,098
3,821
 Not indicated
Jan-18
3,915,025
11,745,075
42,827
71,378
142,756
16,018,000
4,000
4,004
 Not indicated
Aug-17
4,004,500
12,013,500
43,806
73,009
146,019
16,036,040
3,880
4,133
 Not indicated
May-18
4,009,010
12,027,030
43,855
73,092
146,183
16,232,000
4,000
4,058
 Not indicated
Dec-17
4,058,000
12,174,000
44,391
73,985
147,970
16,232,000
4,000
4,058
 Not indicated
Nov-17
4,058,000
12,174,000
44,391
73,985
147,970
16,800,000
4,300
3,907
 Not indicated
May-18
4,200,000
12,600,000
45,944
76,574
153,148
21,000,000
4,006
5,242
 Not indicated
Jun-16
5,250,000
15,750,000
57,430
95,717
191,434

Source: URA, PropertyGuru

Conclusion

If you want to purchase a basic one-bedder at Districts 9, 10 and 11, it's possible to do so even with a monthly salary of under S$7,000. A resale two-bedroom condo in Orchard can also be acquired for slightly over seven grand (at 1919).

However, both require discipline as spending 40 percent of your monthly income on essentials is significantly challenging. Also, pray that you and your family don't encounter any mishaps, particularly those that impact your earnings or require you to spend a large amount of money.

But if you want to have sufficient emergency funds, stick with the 30% income rule as advised by financial experts.

While having an expensive home in the prime districts to show off to your workmates and friends is nice, living healthily and happily within your means and being content with that is even better.

Aside from this article, you may also want to browse our resale HDB flats or private condos for sale or rent. If you want to know about future property hotspots in Singapore that will benefit from ambitious government plans, check our AreaInsider.

If you need someone to assist you for a property deal, kindly engage a licensed property agent or query them instead via AskGuru.

 

To get more guides like this, check out PropertyGuru.

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