{"id":8987,"date":"2017-01-30T06:17:51","date_gmt":"2017-01-29T22:17:51","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=8987"},"modified":"2024-02-21T14:22:40","modified_gmt":"2024-02-21T06:22:40","slug":"affordable-condos-singles-buy-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/affordable-condos-singles-buy-singapore\/","title":{"rendered":"4 affordable condos for singles to buy on $6k monthly income"},"content":{"rendered":"
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We know what it’s like servicing a mortgage on your lonesome. But you can breathe a sigh of relief; <\/span>99.co<\/span><\/a> 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:<\/span><\/p>\n

A note on pricing for these affordable condos<\/b><\/h3>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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    The Asana<\/b><\/h3>\n<\/li>\n<\/ol>\n
    \"The
    The Asana is one of our picks for affordable condos located in District 10 along 17 Queens Road<\/figcaption><\/figure>\n

    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. <\/span><\/p>\n

    A shoebox unit at <\/span>The Asana <\/span><\/a>(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. <\/span><\/p>\n

    Pros: <\/b><\/p>\n

    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. <\/span><\/p>\n

    Cons:<\/b><\/p>\n

    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.<\/span><\/p>\n

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      Thomson Impressions<\/b><\/h3>\n<\/li>\n<\/ol>\n
      \"Thomson
      Thomson Impressions is located in District 20<\/figcaption><\/figure>\n

      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.<\/span><\/p>\n