Somewhat unexpectedly, the Covid-19 pandemic didn’t affect condo demand across the board. In fact, the demand for small-sized one-bedroom units soared among buyers. In the secondary (resale) market, 58 condo units at or below 50 square metres (sq m), also known as shoeboxes, changed hands in 2020—a 37% from the 555 such units sold in the year before. One-bedders in popular CCR projects such as Marina One Residences continue to be highly sought after by single renters and buyers, even during the Covid-19 pandemic.
Rental-wise, there were also bright spots. While rentals of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) decreased by 2.4% and 0.1% respectively, according to the URA, rentals of non-landed properties in the Outside Cental Region (OCR) increased by an eye-popping 3.0%. We talked about the robust performance of OCR condo rents in this recent article., and showed that one-bedroom unit types were among the least affected in terms of rental volume.
One-bedroom units attract predominately single tenants. However, the fact that this unit type has weathered the pandemic well could also indicate that couples are also looking to rent such units, because they are more economical during a lean period such as this.
In other words, if you’re an investor looking to enter the resale market for rental play, a logical place to look would be the projects where one-bedder units are in hot demand. We’ve split the best performers into their respective regions, so you can find a highly rentable investment property whatever your budget.
Most popular one-bedroom condos for RENT in Singapore in 2020, by region:
Core Central Region (CCR): The Sail @ Marina Bay
Address: 4 Marina Boulevard
Nearest MRT Station: Downtown
Total number of units: 1,111
One-bedroom units rented out in 2020: 298
Average rent for a one-bedroom unit: $3,300
Why rent here? Ever since The Sail @ Marina Bay was built in the late 2000s, it has been an icon of the Singapore skyline, making it a prestigeous address for bachelors and bachelorettes earning $10,000 and beyond. One-bedroom units here, while pricey in terms of rental, are remarkably spacious and average around 600 square feet.[See all units for rent at The Sail @ Marina Bay]
Rest of Central Region (RCR): Commonwealth Towers
Address: 232 Commonwealth Avenue
Nearest MRT Station: Commonwealth
Total number of units: 845
One-bedroom units rented out in 2020: 225
Average rent for a one-bedroom unit: $2,500
Why rent here? Right at the doorstep of Queenstown MRT station, this recently-completed high-rise condo has equally superb accessibility to the CBD and the regional business centres of Buona Vista and One-North. It’s also styled as an upmarket development, with two large pools part of a full suite of facilities. Higher-floor units—up to 43 storeys—have stunning unblocked views.[See all units for rent at Commonwealth Towers]
Outside Central Region (OCR): Watertown
Address: 67 Punggol Central
Nearest MRT Station: Punggol
Total number of units: 992
One-bedroom units rented out from Q1-Q3 2020: 234
Average rent for a one-bedroom unit: $2,100
Why rent here? It’s one of the cheapest condos in Singapore that’s integrated with a shopping mall and right next to an MRT station. Besides, Punggol is brimming with recreational amenities and a young demographic. Considering these factors, Watertown definitely appeals to tenants seeking small and affordable homes to rent.[See all units for rent at Watertown] [Recommended article: The savvy case for buying a 99-year leasehold condo]
Most popular completed one-bedroom condos for SALE in Singapore in 2020, by region:
Core Central Region (CCR): Marina One Residences
Address: 23 Marina Way
Nearest MRT Station: Marina Bay
Total number of units: 1,042
Tenure: 99-year leasehold
One-bedroom units sold in 2020: 92
Average transaction price for a one-bedroom unit: $1.65 million
Why buy here? One of Singapore’s largest city centre integrated developments, Marina One Residences is an trophy address for high-flying singles who wish to also capitalise on upside from future growth of the new downtown. Just ask Romeo Tan.[See all listed units for sale at Marina One Residences.]
Rest of Central Region (RCR): Sims Urban Oasis
Address: 6 Sims Drive
Nearest MRT Station: Aljunied
Total number of units: 1,024
Tenure: 99-year leasehold
One-bedroom units sold in 2020: 23 (tied with Commonwealth Towers)
Average transaction price for a one-bedroom unit: $710,000
Why buy here? Bachelors and bachelorettes who live here are a seven-minute walk to Aljunied MRT, which puts them within 15 minutes of Raffles Place in the CBD and 3-minutes of the bustling commercial, business and retail hub at Paya Lebar. Nearby Geylang also serves up a variety of ‘cheap-and-good’ dining options. The condo itself also boasts a mini MBS-style Sky Park, along with facilities including two full 50-metre lap pools. And then there’s the crazy-affordable price tag.
Can afford to wait and want to buy a new launch? Check out the recently-launched Penrose next door.[See all listed units for sale at Sims Urban Oasis.]
Outside Central Region (OCR): Euhabitat
Address: 212 Jalan Eunos
Nearest MRT Station: Ubi
Total number of units: 748
Tenure: 99-year leasehold
One-bedroom units sold in 2020: 25
Average transaction price for a one-bedroom unit: $670,000
Why buy here? Completed in 2016, this condo is actually located just outside the RCR, and gives residents reasonably fast access to areas such as the CBD, Paya Lebar and the airport. It’s even better for bachelors and bachelorettes who drive; the PIE is nearby and the KPR and ECP expressways are within a five-minute drive away. Most of all, the condo has a low-rise, resort-like vibe, as well as one-bedroom units with unique loft layouts that many millennial buyers adore.[See all listed units for sale at Euhabitat.]
Which of these popular condos would you pick for your bachelor/bachelorette pad? Let us know in the comments!
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