We know what it’s like servicing a mortgage on your lonesome. But you can breathe a sigh of relief; 99.co has your back, with some of the most affordable condos for singles to buy. Now you can own a private unit, even on your one-person income. And because they are great for appreciation, they’re a stepping stone to a bigger place if you settle down:
A note on pricing for these affordable condos
In 2024, navigating the property market in Singapore requires understanding the evolving landscape of interest rates and economic conditions. With the lowest home loan rates starting from 2.95% for significant loan amounts, prospective buyers face a variety of lending options.
The 3-Month SORA, a critical benchmark for mortgage rates, stands at 3.6548% as of February, marking a noticeable increase in borrowing costs. This adjustment is partly due to global financial policies, notably the US Federal Reserve maintaining its rate at 5.25% to 5.5% since mid-2023. However, there’s a silver lining as analysts predict a gradual decline in rates by the end of the year, influenced by potential rate cuts by the Fed and projections that suggest a decrease in SORA to around 3.5% by 2025.
Given these circumstances, individuals considering property investments or home purchases must carefully weigh the current rates against the possibility of future reductions. The real estate market’s trajectory will depend on a combination of international economic trends and domestic demand patterns. As such, both homebuyers and investors should remain vigilant, leveraging the period of transition to potentially capitalize on long-term market shifts. This nuanced approach to mortgage financing and property investment underscores the importance of staying informed and adaptable in a fluctuating interest rate environment.
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The Asana
Want to stay somewhere fancy? Here’s a bit of good news. For singles, a District 10 condo (near Orchard Road) is possible on an income of around S$6,000 per month.
A shoebox unit at The Asana (424 square feet) is a little pricey at an average of S$1.1M ~ S$1.65M, but it’s not every day that you find a chance to live in the prestigious Tanglin. It’s close to the Farrer Road MRT station, and there are plenty of small Euro-style eateries nearby (read: hipster, fancy, and expensive). If you drive, you’re just a few minutes away from Botanical Gardens and, of course, downtown Singapore.
Pros:
This is an upscale neighbourhood, with good access to the heart of Singapore. Despite being in the Core Central Region (CCR), The Asana is in a peaceful enclave where car horns don’t blare every five seconds.
Cons:
At over S$2,598 ~ $2,894 per square foot, there may not be much room for price appreciation. This is a prestige location, and you are paying for it. This is a unit that you buy because it’s a rare chance to indulge in prime living, but it’s not the best in terms of investment.
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Thomson Impressions
This is one of the most underrated affordable condos for singles. This is a 99-year leasehold property, just off Upper Thomson Road. One unique quality of this condo is that the surrounding properties are, by and large, landed. And when you have clusters of landed property surrounding your unit, that often means “insulation” from heavy traffic.
Thomson Impressions has many of the same qualities that make this general area desirable. It’s close to a lot of “green lung” areas, so you get to escape Singapore’s urban environment. Parks and reservoirs are the highlights of living here, and you rarely get to do so at an affordable price.
Speaking of which, most units hover in the range of just S$860,000 ~ S$899,000.
Pros:
You are surrounded by landed properties, so this is about as low-density as Singapore gets. If you hate crowds and noise, this is the ideal place to stay; and you can rarely find affordable condos in this upscale area.
If you’re the outdoorsy type, access to quiet park areas will make the unit worth its price. You also have a good mix of retail and services nearby, in the form of Thomson Plaza.
Cons:
This is not the most accessible area, so it’s best if you drive. However, the opening of Bright Hill MRT station in 2020 should mitigate most of these issues. We suspect the only reason this condo went “under the radar” is due to buyers making a long-held assumption; that Upper Thomson is out of the way. But that is likely to change in about five years.
- Queen’s Peak
We’ve done a review of Queen’s Peak before, but that’s because it’s one of the hottest affordable condos right now. This is the only other project, besides Commonwealth Towers, to be right beside the Queenstown MRT station.
Queenstown, incidentally, is quite desirable as a location. It’s an old (read: mature) neighbourhood, which means it’s loaded with amenities. From hawker centres to Queensway Mall, everything you need is often just a short walk away.
This is a 99-year leasehold project, with prices ranging between S$1M and S$3.38M. You should move fast though, as we expect this will be one of the more popular condos in the area.
Pros:
There are complaints of oversupply in the area, but we’re sure Queen’s Peak is quite resistant to such issues. The reason is that, despite the number of mass market condos in the area, none of them can boast the same proximity to the MRT station.
Also, due to the high demand for residences in Queenstown (by convenience), this condo has decent prospects for capital appreciation and rental. If you ever decide to move to a bigger place, this could become a cash-generating asset for you to let out.
Cons:
Queenstown is something of a high-density area, so don’t count on things being peaceful and quiet. Don’t underestimate the traffic in the area, as the roads are small and there are some industrial areas nearby (you’ll be frustrated by a lot of lorries).
- One Eighties Residences
Another underrated superstar on this list, especially for singles. One Eighties is located within a few minutes walk from Eunos MRT station, and near the food paradise that ranges from Joo Chiat to Katong. Parkway Parade, i12, and other malls are just a short drive away.
The best part? This is a freehold condo, with prices at just around S$1.15M ~ S$2.5M for their units.
Pros:
This unit is perfect for the single who likes to “hole up and hunker down” on weekends. All the food and retail you need are minutes away from you, so you can avoid having to leave your zone for months on end. At the same time, heading elsewhere is not an issue, with the MRT station nearby.
While this condo is near some major roads, they are miraculously free of serious traffic jams.
Cons:
If you’re looking for a unit for investment purposes, this isn’t the one. The area is not slated for any particularly exciting developments anytime soon, and there is plenty of nearby competition if you want to play landlord. This is a good deal for home buyers, not so much investors.
Conclusion
In the ever-evolving landscape of Singapore’s property market, understanding the nuances of mortgage financing has never been more crucial. As we navigate through 2024, the market adjusts to a new equilibrium of interest rates and economic conditions, presenting both challenges and opportunities for singles looking to enter the property market. With strategic planning and a keen eye on the fluctuating rates, potential buyers can make informed decisions, leveraging current trends to their advantage. It’s a testament to the resilience and adaptability required in today’s real estate market, urging individuals to stay informed and agile in their property investment strategies.
Moreover, the anticipation of a gradual decrease in mortgage rates towards the end of the year offers a glimmer of hope for those waiting for the right moment to secure a home loan. This potential shift underscores the importance of financial prudence and the need for prospective homeowners to engage with the market strategically. As the landscape continues to evolve, the dream of owning a condo in Singapore remains within reach for those earning a single income, provided they navigate these changes with insight and caution. The key to success lies in understanding the broader economic indicators and aligning personal financial planning with the market’s trajectory, ensuring that the journey to homeownership is both rewarding and financially sustainable.
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About Ryan Ong
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
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As a single turning 35 this may and earning more than $6000 monthly, i don’t think this article is very responsible. The idea of promoting single to spent near 60% of their monthly income just to service their mortgage is NOT good advise. Firstly, $6000+ monthly is NOT a lot of money. Secondly, unlike married couples, singles like me has no ‘fall back’, if i am retrenched and can’t get a job with comparable salary, i will be literally ‘screwed’. And even if i am not retrenched, i will be the slave of the apartment until either i sell it off and downgrade or i have somehow managed to double my monthly income and able to sustain that income level till i recover.
So i will like to be a devil’s advocate here…….singles like me….unless your income is around $15000+ monthly and you have plenty of cash, please keep your expectation and reality in check. $6000+ a month CANNOT get you a condo (even though the bank will allow your mortgage but let’s be honest here, the bank never has your interest in mind).
Very detailed. I like it.
Don’t buy a condo that u think is affordable now with your current salary range. Must be more prudent just in case something major happen to u and cant service the loan at all.