By Mr. Propwise (courtesy of PropertyGuru)
Based on the comments from my last article on the Top 10 Most Expensive Houses in Singapore, it seems many readers feel it would be useful to look at the most affordable choices instead. I have thus compiled this list of the 10 most affordable homes currently on the market in Singapore. Just like the previous article, I used PropertyGuru to filter these out (the prices below are the asking prices).
My findings? Amongst the top 10, all but one are HDB flats, which no surprise, but they tend to be in the faraway corners of Singapore such as Yishun, Marsiling and Boon Lay, although there are also flats in prime neighbourhoods such as Ang Mo Kio. The cheapest home on the market in Singapore is, surprise surprise, a landed property — but with a fatal flaw (read on to find out more).
Here are the 10 cheapest homes in Singapore in descending order:
10. For $252,000, you get a 721 sqft ($350 psf) 3NG (New Generation) HDB flat at Blk 118, Potong Pasir Avenue 1. It comes with 2 bedrooms and bathrooms and is a windy, bright and unblocked unit that is near to amenities and Saint Andrew’s, an SAP school. The asking price implies a Cash Over Valuation (COV) of around $22,000.
9. For $250,000, you get a 740 sqft ($338 psf) 3I HDB flat at Block 25 Tanglin Halt Road. It comes with 2 bedrooms and 1 bathroom, is a corridor unit in “simple move in condition”, and is near to amenities and a school.
8. Also for $250,000, you can get a 721 sqft ($347 psf) 3NG (Modified) HDB flat at Blk 111, Yishun Ring Road. It has 2 bedrooms and bathrooms, is a corner unit on a high floor, and has designer décor. There is no COV payable.
7. In seventh place is a 3NG (Modified) HDB flat at Block 202 Marsiling Drive, also going for $250,000. At 731 sqft ($342 psf), it has 2 bedrooms and bathrooms, has a great unblocked view, and is in move-in condition. You will be minutes away from amenities and within walking distance of the Woodlands checkpoint.
6. In sixth place is a 3NG (New Generation) HDB flat at Blk 565, Ang Mo Kio Avenue 3, going for $247,000. For that price, you get 2 bedrooms and bathrooms and 743 sqft ($332 psf) of space. The $235,000 valuation implies a COV of $12,000.
5. For just $238,000, you can buy a 3NG (Modified) HDB flat at Block 103 Yishun Ring Road. At 721 sqft ($330 psf), you get a flat which has 2 bedrooms and bathrooms, and is near to the MRT, shops and schools. The apartment is in move-in condition, and is near to amenities and schools.
4. In fourth place is a $238,000 721 sqft ($330 psf) 3NG (Modified) HDB flat at Block 24 Marsiling Drive. It has 2 bedrooms and bathrooms, is on a high floor, and is near to Admiralty MRT station and the Woodlands checkpoint.
3. On another end of the island, you can pick up a 3I (Improved) HDB flat in Blk 185, Boon Lay Drive for $235,000. Space will be a bit tighter as it is only 624 sqft ($377 psf), but still has 2 bedrooms and 1 bathroom. The asking price implies a COV of $20,000. It is near to the market, schools and Boon Lay MRT.
2. For $215,000, you can buy a 3I (Improved) HDB flat at Block 187 Boon Lay Avenue. The ad claims that you get 2 bedrooms and bathrooms in 635 sqft ($339 psf) of space. The apartment is next to Boon Lay MRT and Boon Lay Shopping Centre, and can achieve a potential rental yield of 5 percent.
1. And the cheapest property currently being marketed on PropertyGuru is, unexpectedly, a landed property. How much would you pay for a 3+1 double-storied terrace house at Geylang Lorong 3 with 1,100 sqft of built-in area and sitting on 725 sqft of land? At an asking price of $188,000 you are paying just $171 psf (built-in) and $259 psf (land). You are located just minutes away from Kallang MRT and town, and have amenities and a community centre nearby. Sounds too good to be true? Well, this property does have a fatal flaw – it has only 9+ years of lease left. So if you buy it, you’ll be house hunting again before the decade is up…