By KK Tong (guest contributor)
Every now and then, we come across news articles about HDB flats transacting at close to, or even beyond the million-dollar mark. For many of us, this amount is eye-boggling as we would never have imagined that government-subsidised housing can be sold at such unbelievable prices. Some of us will lament that with HDB being so expensive, we may never be able to afford condominiums, which usually cost more as they come with facilities. But fret not, because these transactions are uncommon, which means that condos are still within our reach.
Reasonably-priced condos do exist, and here, we try to suss out some possible condos from the different corners of Singapore for your consideration, if you happen to be shopping for a property. Our criteria are simple: 99-year leasehold properties with a psf price not exceeding $1000. Specifically, we will feature 2-bedroom units which should cater to the average Singapore family of 3 or 4. Hope this helps!
Figure 1: Westcove Condominium
This 234-unit development by Far East Organisation is located in West Coast Crescent. It was completed in 2000 and has full facilities. 2-bedroom and 3-bedroom units are available. The nearest MRT Station is Clementi, which is 1.91 km away.
A recent caveat in August for a 1292 sf unit was transacted at $990,000 ($766 psf). Current asking prices for this condo start from $800 psf.
- Melville Park
Figure 2: Melville Park
Completed in 1996, this development of 1232 units is located in Simei Street 1. It offers full condo facilities, and has its own shops and eateries within the development. A project of Melville Park Development Pt Ltd, 2-bedroom and 3-bedroom units are available. The nearest MRT Station is Simei, about 800 metres away.
Transactions in the second quarter of 2016 range from $720 to $760 psf. The most recent transaction in August was a 958 sf unit which went for $600,000 ($626 psf). Current asking prices for this development begin from $680 psf.
- Compass Heights
Figure 3: Compass Heights
A Frasers Centrepoint Homes development, Compass Heights is a 536-unit project completed in 2003. It is located in Sengkang Square in District 19, and is linked to the Sengkang MRT Station, as well as Compass Heights Shopping Mall. Studio units, as well as 2-bedroom, 3-bedroom and 4-bedroom units are available.
The most recent transaction in August was $863 psf for a 1066sf unit. This translates to a sale price of $920,000. Asking prices start from $800 psf.
- Parc Vista
Figure 4: Parc Vista
In District 22, we have Parc Vista, a 638-unit development completed in 2000. Located just across Lakeside MRT Station, this project is in the vicinity of the to-be-transformed Jurong Lake District. A 2-bedroom unit (1076 sf) was recently transacted at $863,888 ($803 psf). Current asking prices start at $870 psf. Compared to other developments in the Lakeside vicinity, the transacted prices here are definitely lower.
- Seletar Springs Condo
Figure 5: Seletar Springs Condo
Developed by MCL Land, this 6-storied 364-unit project was completed in 2001. It is located in District 28 at Gerald Drive. Available units range from studios to 2-bedroom and 3-bedroom units. This low-rise development is 1.74 km from Buangkok MRT Station.
Transactions for the first half of 2016 range from $660 to $730 psf. A recent transaction in August went for $920,000 ($689 psf) for a 1335 sf unit. Current asking prices start from $670 psf.
Figure 6: Summary Table
The table in Figure 6 (as at 12 September 2016) gives a basic summary of these 5 condos. Do remember that asking prices are typically higher than transacted prices. Happy shopping!