9 Least expensive Condos in Singapore: Studio Residences Underneath $ 600,000, Cash Information

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

But once you’ve scoured the real estate listings in your search for a condo, at some point any property under the $ 1 million mark looks like it could be sold on Daiso.

To sort out the best deals in the bargain bin, here are the cheapest condos currently available on 99.co.

(Disclaimer: MoneySmart is not paid for by 99.co. You don’t even know we scoured your website for this article. All photos are from 99.co.)

9 Cheapest Condos in Singapore Under $ 600,000

1. The Hillford

There’s a reason The Hillford is so cheap. It was designed as a “retirement resort” with 1 and 2-room apartments and will run for only 60 years.

That said, there is no age requirement for buyers or residents. At $ 505,000 for that 398 square foot one-bedroom condo, you might even have some cash left over to actually retire.

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

It’s also a good place for those who turned into nature lovers during Covids, as both Bukit Timah Nature Reserve and Bukit Batok Nature Park are just a 15-minute walk away.

Price: $ 505,000 ($ 1,268.84 psf)

2. Park rosewood

Parc Rosewood is an example of an apartment that is cheap due to its remote location in Woodlands. This 431 square foot unit costs just $ 528,000 and has the potential for further cost savings by doing your shopping in JB when the borders reopen.

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

Right now the salvation of the condo is that it has access 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 see it to reach.

Price: $ 528,000 ($ 1,225.06 psf)

3. Kovan Grandeur

Don’t mind squeezing yourself into a shoebox apartment? Then this 366 m² studio in the Kovan Grandeur might be right for you. While “Grandeur” is certainly false advertising, at $ 538,000 you can’t really ask for more.

The Hougang area location isn’t exactly what I would call central, but it’s not really a boondock-level ulu and the Kovan MRT is a convenient 11-minute walk away.

Price: $ 538,000 ($ 1,469.95 sqft)

ALSO READ: 7 Affordable 4-Bedroom Condos for $ 1.1M or Less (For Larger Families)

4. High Park Residences

This 388 square meter studio apartment is another example of how you can always find cheap condominium in Ulu locations. The $ 549,000 device is in Sengkang, which doesn’t sound too bad until you realize you need to take the LRT.

Thanggam LRT station is just a 5-minute walk away, but if you want to skip the LRT and get to the MRT straight away, allow almost 30 minutes to walk to Sengkang MRT.

Price: $ 549,800 ($ 1,417.01 psf)

5. Pavilion place

Life in Geylang isn’t that bad. You can eat durian whenever you want, among other things. Another advantage of living in the middle of the red light district is that real estate is usually quite cheap considering that you live on the outskirts.

Take this 398-square-foot, one-bedroom condominium in Pavilion Square, for example. Located on Geylang Road at Lorong 16, it’s a damn condo for just $ 550,000, just an 8-minute walk from Aljunied MRT Station.

Price: $ 550,000 ($ 1,381.91 psf)

6. Sun morning

Sol Acres is actually an Executive Condo (EC) whose first owners moved in in 2019. So the property still has 8 years before it is converted into private property. But hey, that means you can apply for CPF grants if you buy it now.

This one-bedroom unit costs just $ 568,000 and measures 495 sq ft, which is virtually palatial for a one-bedroom condo.

However, you’ll have to be content with living quite a long way from the nearest MRT station, Bukit Panjang, which is about a 21-minute walk away. Alternatively, Teck Whye LRT station is a 6-minute walk away, but everyone in this area hates the LRT so this might not be a plus.

Price: $ 568,000 ($ 1,147.47 psf)

ALSO READ: 10 Cheapest Double Key Condos in 2021

7th layer

Studio apartments usually mean that the sleeping and living areas are not separated, but a partition has been built between the two on this newly renovated studio apartment in the Stratum. At 474 sq ft, it’s pretty spacious so you’re essentially buying a 1 bedroom apartment for the price of a studio.

It’s on Elias Road across from Elias Mall and a short walk from Pasir Ris Park in a pretty nice location. Pasir Ris MRT is a bit of a walk at 18 minutes, but given the low PSF price, I think it’s still worth it.

Price: $ 570,000 ($ 1,202.53 psf)

8. Glasgow residence

Glasgow Residence is a small 5-story apartment block in a low-density residential area in the Hougang / Kovan area, an 11-minute walk from Kovan MRT Station.

The property has basic facilities like two small swimming pools and BBQ areas, and that’s it. The advantage of living in a smaller apartment, of course, is that you don’t have to share common areas with thousands of noisy neighbors and their children.

This 420-square-foot, 1-bedroom unit is one of the pricier condos on this list, but it’s still reasonably priced considering it’s a 999-year leasehold. practically free. It is actually labeled as a 1 bedroom unit, but it looks more like a studio in the pictures. It’s best to book an appointment if you really want to know the truth.

Price: $ 588,000 ($ 1,400 psf)

9. Avila Gardens

Avila Gardens is located in a sparse area to the east, very close to Changi Airport, which has been just a large mall since 2020.

The biggest downside is that the closest MRT, Tampines East, is only a 20-minute walk away, making it less of a hassle to catch a plane to a neighboring country than getting to work in the CBD.

Costing just $ 580,000, this studio apartment is quite spacious at 463 sq ft – big enough to have a screen separating the sleeping area like the owners did.

Price: $ 580,000 ($ 1,252.70 psf)

ALSO READ: 6 Newly Launched Condos With Actual Price Reductions In 2021

Can you afford the condo deposit?

When buying a condominium, your only financing option is a bank loan – of course, there is no HDB loan.

As with all bank loans, borrowing restrictions apply. You must pay a deposit of at least 25 percent for the condominium, of which at least 5 percent is in cash. The remaining 20 percent can be paid in cash and / or with the normal CPF account

So, to buy a $ 600,000 condominium, you must spend at least $ 30,000 in cash and at least $ 150,000 in CPF OA. Not enough in your CPF? You have to top up the balance in cash.

You also need to factor in additional costs like legal and registration fees, which should be between $ 1,000 and $ 2,000, as well as stamp duty, which would cost you $ 12,600 for $ 600,000, assuming you are a Singaporean who does does not. have no other properties.

Finally, when you manage to borrow the maximum of 75 percent, you will see monthly repayments of $ 1,500 on a 25 year loan with no interest.

Save money by choosing a home loan with an attractive interest rate with the help of MoneySmart’s Household Loan Assistant.

What to consider before buying a condominium

Aside from price and location, consider the following factors before deciding on a condo:

Size: Condos come at an extra cost, so you get a lot less per square foot than an HDB condo. Think about it if you think you may need more space in the future.

HDB Eligibility: If one day you decide to buy an HDB apartment, you must sell your condominium at least 30 months in advance.

If you have successfully chosen for a BTO apartment, you can schedule the sale of the apartment for 30 months prior to the handover of the keys in your new place.

Rent: Ownership or leasehold? If you have children who want to inherit your wealth, property ownership is much better at retaining its value, but it is more expensive.

This article was first published in MoneySmart.