This will be an interest year, because (1) there’s likely to be a surge of HDB upgraders, and yet (2) there’s a supply glut of unsold new condos on the market. This all means that upgraders are going to be looking, and spoiled for choice. Before you pick a new condo though, make sure you know about these three:
#1. Midtown Bay offers units long Beach Road starting from $1.38 million
Midtown Bay is part of Guocco Midtown – an integrated development with shops, flexible lease offices (read: co-working spaces), restaurants, and communal activity spaces. It’s located next to where Shaw Tower is right now; that means you can walk to Bugis Junction – and the attached Bugis MRT station – in under five minutes.
On top of this, Midtown Bay is close to the planned Ophir-Rochor corridor. This is planned as a new work-play-live area; a hub akin to Tanjong Pagar or Marina Bay.
This makes it good for home buyers who want to live near work (even if your office is not in the area, it’s reasonably close to the CBD), and a good prospect for investors.
The interesting thing about Midtown Bay units is that they’re small, with a high price per square foot (close to $3,000 psf); but they’re still also super-affordable overall. The units begin from just $1.38 million – in contrast, the average price of condos in the area is about $2.075 million.
In terms of rental, you’ll have no shortage of willing tenants; especially in the long term when the Ophir-Rochor corridor is complete. But thanks to the low quantum on some of the units, rental yield can still be high.
The only drawback we see here is that the smaller, super-affordable units may not comfortable for families -it can be hard to settle down in such a limited space. But if you’re single, or looking for a unit to rent out to single expatriates, this is one of the first developments that should go on your radar.
#2. Parc Komo is the lowest-priced freehold condo you can find right now
And no, it has nothing to do with being near Changi Prison, okay?
It’s that the area was quite bare of amenities previously. But the thing is, the development of Changi Business Park, and the Changi Jewel are making this property way more attractive today. And when the Loyang MRT station is ready in 2029, values are likely to take off (and freehold condos are a long term investment anyway).
Don’t forget that Changi Airport and the Singapore Expo are also nearby, at just an eight to 10 minute drive.
Parc Komo is priced at around $1,450 per square foot; by comparison, you’d usually expect at least an $1,800 to $2,000 per square foot range for freehold developments. Parc Komo had units starting as low as $663,000 – that’s cheaper than some resale flats – although those were obviously the first to sell out.
The three-bedroom units, which most families would opt for, are often in the $1.3 million range. That’s crazy cheap for a freehold unit in an up-and-coming area. If you want a private property with long term prospects, and are on a budget, seriously take a look at Parc Komo before the others.
#3. Van Holland is a condo with one of the best locations you’ll ever see
The 70 unit-Van Holland is going to sell out pretty fast, as its only real competition – in terms of location – is One Holland Village.
Van Holland is right across the road from the Holland Village MRT station, and the main foodie stretch in the area. You can walk over to Wala Wala on the weekends, and go to The Daily Scoop / 2 am Dessert Bar right after. It also helps that a lot of banks are across the road; and there’s a Global Tots preschool nearby for young parents.
The Holland Village Extension Plan is also positioning the area as an “identity node” – The area is transforming from just a collection of hipster eateries, to the equivalent of a future Tanglin. The plans will enhance Holland Village as a creative and cultural hub, and contribute to the price resilience of units here. And at just a scarce 70 units, Van Holland is likely the type of defensive investment that holds it value through the down periods.
There are downsides to it being a small development too – maintenance will likely cost more as there so few households to share it. But the upside is less crowded facilities, and less competition for tenants. In fact, we expect Van Holland to poach some tenants from other nearby condos – such as Leedon Green – once its up.
This development won’t be cheap though – prices are up yet, but we would expect something in the range of $3,000 per square foot. That’s likely to be worth every dollar.
What do you look for in a condo? 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.
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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