Unless you’ve been living under a rock, you’ve probably heard about the new CPF rules that will kick in on 10th May 2019.
Here’s a quick recap: currently, buyers are only able to use the maximum CPF allowed to pay for a property if there is at least 60 years left in the property’s lease. Moving forward, however, as long as a property’s lease can cover the youngest buyer until age 95, they’ll be able to use the total amount of CPF to fund that property.
This gives a select pool of buyers more flexibility in choosing the condo or HDB flat of their dreams. Say you’re 45 years old this year, for instance. Under the new rules, you’ll be able to purchase a condo that’s got 50 years left on its lease, and use the money in your CPF account to pay for the condo up to its valuation limit.
Sounds good? Read on for our round-up of the four best condos with 50 years or less on their lease.
#1: People’s Park Complex
Nearest MRT: Chinatown
Size: 463 sq ft (one bed, one bath)
Sale price: $580,000
PSF sale price: $1,252.70
If you ask us, Chinatown is one of the best neighbourhoods to live in. You’re close to the city centre and the CBD, and there are plenty of eateries, restaurants, and coffee shops at your doorstep. If you could see yourself living here, check out this corner unit at People’s Park Complex; it’s located on a high floor, and comes with an unblocked view of the Singapore skyline.
#2: Lakeside Apartments
Nearest MRT: Lakeside
Size: 1,518 sq ft (three beds, three baths)
Sale price: $1,550,000
PSF sale price: $1,021.08
Full disclaimer: Lakeside Apartments is a tad further from the nearest MRT station than People’s Park Complex, but it’s still within walking distance. If you’ve got a helper or other folks staying with you, or you need space to store your musical instruments or exercise gear and equipment, then this particular unit is a good bet. The apartment spans an impressive 1,518 square feet, which is plenty for the average Singaporean.
#3: Orchard Court
Nearest MRT: Somerset
Size: 1,453 sq ft (four beds, three baths)
Sale price: $1,990,000
PSF sale price: $1,369.58
For those who want to stay right smack in town, check out Orchard Court, a condominium located five minutes away from Somerset MRT, and seven minutes away from Dhoby Ghaut MRT. This unit comes with four bedrooms, three bathrooms and a balcony, and is priced at just under $2M.
#4: High Street Centre
Nearest MRT: Clarke Quay
Size: 1,023 sq ft (two beds, two baths)
Sale price: $1,800,000
PSF sale price: $1,759.53
Another condo that has ~50 years on its lease and is located in the heart of town is High Street Centre; this development is bordered by North Bridge Road and North Boat Quay, and it’s four minutes away from Clarke Quay MRT.
The MRT station aside, staying here also puts you in close proximity to Funan Mall, Clarke Quay Central, and the plethora of restaurants along Boat Quay. Check out this two bedroom unit that comes fully furnished and is Fibre ready.
Would you buy a condo with 50 years or less on its lease? Voice your thoughts in our comments section or on our Facebook community page.
Looking for a property? Find the home of your dreams today on Singapore’s largest property portal 99.co! You can also access a wide range of tools to calculate your down payments and loan repayments, to make an informed purchase.
Image credits for featured image: PeoplesParkComplex.com.