A recent report has shown that it might be very difficult to find a condo under $1000psf. According to many Singaporeans, a 1000psf condo is considered a very affordable condo in Singapore and that a buyer is considered very lucky if he is able to find one nowadays.
Affordable Condos in Singapore
The recent caveats have shown that majority of condos in Singapore are above $1000psf. This data is collected from the Urban Redevelopment Authority of Singapore. However, although $1000psf condos are considered very affordable condos in Singapore, buyers typically shrug off the high psf of a condo as long as the quantum of the condo is cheap. This is apparent in a condo in Jurong J Gateway whereby the quantum of the condo is cheap but the psf is $1500. Many analysts attributed that for a mass market condo in Jurong, a $1,000psf price tag is considered expensive. However, since the units are smaller and it is the only condo near Jurong East MRT, buyers shrug off the high psf and bought the units as the quantum is full. The project was sold out in one day.
The data from the Urban Redevelopment of Authority (URA) of Singapore quote that 60 percent of the properties transacted were more than a $1,000psf as opposed to 21 percent in 2011. This shows the trend that affordable condos in Singapore diminishing as property prices in the state has continued its upaward momentum in the previous couple of years.
New Affordable Condos in Singapore
The Hillford in Jalan Jurong Kechil will be launching soon. Although the psf will be above $1,000psf, the quantum of the condo is low due to the face that it is mostly small units. Also, the lease is 60 years instead of the usual 99 years and the price will be comparatively cheaper to the surrounding condos and this makes it a very affordable condo in singapore.