5 condos for sale couples can buy on a monthly household income of $7k

Property prices are falling, and it’s great news for home buyers. If you’re thinking about an upgrade, or whether it’s time to buy your first house, here are some of the top condos for sale for couples.

A note on the prices for condos for sale

This article assumes the borrowers are qualified to take out a 25-year loan, and an interest rate of two percent per annum. While the typical interest rate for a home loan is 1.7 percent at the time of writing, we assume the probability of further interest rate hikes by late 2017.

We also assume that borrowers have no outstanding home loans, and are not purchasing a second property. We assume a combined household income of about $7,000 per month. Furthermore, we assume that borrowers are taking the maximum Loan to Value (LTV) of 80 percent. Stamp duties are excluded from the condos for sale calculations.

1. Guillemard Suites

Location: 213 Guillemard Road, District 14

Condo details: Freehold, approx. $1,317 psf  / $900,000

Downpayment at 80 percent LTV (Approx): $180,000 downpayment, of which $135,000 is in cash and / or CPF, and $45,000 is in cash

Estimated monthly repayments over 25 years, at 2 percent per annum (Approx): $3,052 per month

Let’s start with a big negative: this place just outside the Red Light area of Geylang Lorong 22. But for those who can see beyond that, it’s actually an excellent buy.

Guillemard Suites is a freehold development, in an up and coming property hotspot (we have mentioned before that, with the new zoning laws restricting further residential development, Geylang condos for sale have great potential for capital appreciation). Not only is this condo within five minutes of the Mountbatten MRT station, it’s also close to the central region – the Central Business District is just around a six-minute drive. It’s not often that you get such accessibility for this price.  

For those who care about food more than the (frankly overblown) Red Light issue, imagine having places like No Signboard seafood, or the famous Geylang dim sum outlets within walking distance. There are also several 24 hour convenience stores dotting the area, so you can get what you need in just a few minutes.

2. Ferraria Park Condominium

Location: 8 Flora Drive, District 17

Condo details: Freehold, Approx. $902 psf / $980,000

Downpayment at 80 percent LTV (Approx): $196,000 downpayment, of which $147,000 in cash and / or CPF, and $49,000 is in cash

Estimated monthly repayments over 25 years, at 2 percent per annum (Approx): $3,323 per month

Ferraria Park is a freehold project that was completed in 2010. This is one for drivers, as it’s quite far from the Tampines MRT station. However, the area is pleasantly detached from the bustle of the Tampines Mall area and you won’t have to contend with jams or parking issues.

Above all, note the spacious nature of the unit, which should make it of interest to families. Tampines North, East Spring, and the Japanese Primary School are close by, so this is our pick for a big, family oriented living space.

In terms of amenities, there is the nearby Tampines Mart and Shop ‘n’ Save. If you drive, you aren’t far from the densely-packed retail options near the Tampines MRT, where Tampines Mall and Century Square also boast eateries and a cinema.

3. The Nautical

Location: 97 Jalan Sendudok, District 27

Condo details: 99-year leasehold, Approx. $1,092 psf / $978,000

Downpayment at 80 percent LTV (Approx): $195,600 downpayment, of which $146,700 in cash and / or CPF, and $48,900 is in cash

Estimated monthly repayments over 25 years, at 2 percent per annum (Approx): $3,316 per month

Although it’s not in a central location, the Nautical is quite convenient for families anyway. This 99-year leasehold project is practically across the road from Sembawang Shopping Centre, which gives you access to Giant Supermarket. The Sembawang MRT station is about 10 minutes away, so it’s not hard to get around via public transport. If you’re lazy to walk, there’s a shuttle service that will take you there.

This property is ideal for families who prize practicality over glitz. No one is going to call Sembawang an entertainment hub of Singapore right now (at least, not until the Urban Redevelopment Authority’s future plans kick in). But this condo is spacious, near a supermarket, near an MRT station, and is free of parking and traffic hassles.

4. The Ariel

Location: 31 Lorong 105 Changi, District 15

Condo details: Freehold, Approx. $1,172 psf / $980,000

Downpayment at 80 percent LTV (Approx):  $192,000 downpayment, of which $144,000 in cash and / or CPF, and $48,000 is in cash

Estimated monthly repayments over 25 years, at 2 percent per annum (Approx): $3,255 per month

We’ve recently mentioned that the East Coast area is the ultimate for home buyers, and this is a solid example. The Ariel was completed in 2011, and is just five minutes from the Eunos MRT station. That places it a stone’s throw away from plenty of local eateries, most notably the Eunos Crescent Market and Food Centre.

Via the nearby MRT station or by car, it’s just a short hop away from Paya Lebar, which is slated to become a business hub. Alternatively, it’s also just a short drive away from Katong, a long-time food paradise.

5. Bellewoods EC

Location: 104 Woodlands Ave 5, District 25

Condo details: 99-year leasehold, Approx. $763 psf / $836,000

Downpayment at 80 percent LTV (Approx):

$167,200 downpayment, of which $125,400 in cash and / or CPF, and $41,800 is in cash

Estimated monthly repayments over 25 years, at 2 percent per annum (Approx): $2,835 per month

Note: As this is an EC, the amount may be further lowered by any subsidies you qualify for, such as a CPF grant

Bellewoods raised a few eyebrows when it was announced. This 99-year leasehold Executive Condominium (EC) had an unusual location; Woodlands is still considered out of the way by many. However, the project played to the strengths of the district.

Bellewoods has a unique bamboo forest theme, and is built to be a nature enclave separate from Singapore’s dense urban backdrop. As a trade-off for its non-central location, it offers quiet, low traffic, and massive space. Another advantage is, of course, development of the Woodlands area over the next decade. Those who buy now are getting in on the ground floor, with a sizeable unit at an affordable price.

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