Most Affordable Condos for HDB Upgraders
By Esther Hoon
/ The Edge Property |
The average size of transacted condos and apartments has shrunk from 1,281 sq ft in 2009 to 1,079 sq ft in 2015. With new four- and five-room HDB flats averaging 969 sq ft and 1,184 sq ft respectively, what are the options available to aspiring upgraders looking for condos of similar size?
The Edge Property has rounded up the most affordable condos and apartments in the 10 largest HDB towns. The units are between 1,000 and 1,200 sq ft in size and completed up to 10 years ago.
Ang Mo Kio
Some buyers may consider The Calrose inaccessible, as it is tucked in a quiet, low-density enclave of Ang Mo Kio. The development is, however, located less than 200m from the upcoming Lentor MRT station of the Thomson-East Coast Line, which is slated to be completed in 2020. It is also a freehold development.
Four units were transacted this year at an average price of $1,100 psf. Of these, only one unit measured between 1,000 and 1,200 sq ft. The rest were larger than 1,200 sq ft. The 1,141 sq ft unit was sold at $1,153 psf, or $1.32 million. The 421-unit project was completed in 2007 and overlooks landed housing in the area.
Bedok
Condo prices in Bedok averaged $1,271 psf in 2016. At Archipelago, a 99-year leasehold condominium on Bedok Reservoir Road, seven units measuring between 667 and 2,583 sq ft were transacted this year at an average price of $1,135 psf. Only one transaction involved a unit measuring between 1,000 and 1,200 sq ft. The 1,033 sq ft unit changed hands at $958 psf in May. Completed in 2015, Archipelago comprises 553 condos and 24 landed homes. The upcoming Bedok North MRT station, expected to be completed in 2017, will be located about 400m from the project.
Bukit Merah
With an average price of $1,060 psf in 2016, The Interlace offers a value proposition for buyers. Meanwhile, condo prices in Bukit Merah averaged $1,600 psf this year. A majority of units at The Interlace are larger than 1,200 sq ft. This year, three units measuring between 1,000 and 1,200 sq ft changed hands at an average price of $1,277 psf, or $1.35 million.
The Interlace is a 1,040-unit, 99-year leasehold condo designed by internationally acclaimed architect Ole Scheeren. The project clinched the prestigious World Building of the Year title in 2015. The site is nestled within the Southern Ridges, a 10km stretch of greenery.
Choa Chu Kang
Those with a budget of less than $1 million might consider Mi Casa, a 99-year leasehold project located about 400m from Choa Chu Kang MRT station. Three 1,119 sq ft, two-bedroom units were sold at an average price of $839 psf this year, or below $1 million.
Mi Casa was completed in 2012 and has 457 condo units. Prominent amenities in the vicinity include Lot One Shoppers’ Mall and South View Primary School.
Hougang
A few condos in Hougang such as The Minton, Parc Vera and Riversails offer attractive price tags at below $1,000 psf. The biggest development is 1,145-unit The Minton. Prices for 1,000 to 1,200 sq ft condo units at The Minton averaged $952 psf this year.
Completed in 2013, the 99-year leasehold development is located off Upper Paya Lebar Road, between Kovan and Serangoon MRT stations. The Minton is also surrounded by prominent schools such as Paya Lebar Methodist Girls’ School (Primary), Maris Stella High School, Cedar Primary School and CHIJ Our Lady of Good Counsel.
Jurong
Condo prices in Jurong spiked from $628 psf in 2008 to $1,279 psf in 2016, as the area underwent a transformation into a lakeside business and leisure destination. The Lakeshore currently offers the most affordable units in the area. Ten units ranging from 1,000 to 1,200 sq ft in size were transacted at $1,044 psf this year.
Completed in 2008, The Lakeshore is located a mere 200m from the Lakeside MRT station and across the Jurong Lake.
Sengkang
High Park Residences offers the most affordable condo units in Sengkang, where prices for 1,000 to 1,200 sq ft units averaged $919 psf this year. Trailing closely is The Quartz adjacent to Buangkok MRT station, where similar-sized units went for $946 psf on average this year.
High Park Residences is a 1,390-unit condo due to be completed by 2019. The Quartz is a 625-unit condo completed in 2009. Both are 99-year leasehold developments.
Tampines
Tampines was the first regional centre to be developed, before Jurong and Woodlands. The tranquil enclave of Tampines Avenue 1/10, fronted by Tampines Quarry and Bedok Reservoir, is home to the most affordable condos in Tampines — Waterview and The Santorini.
Prices of 1,000 to 1,200 sq ft units averaged $982 psf at Waterview and $1,004 psf at The Santorini. Waterview was completed in 2014; The Santorini is expected to be completed in 2018.
Yishun
The Estuary offers the most affordable units in Yishun and a waterfront lifestyle. The 608-unit development is fronted by the Lower Seletar Reservoir Park. Prices for 1,000 to 1,200 sq ft unit at the development averaged $795 psf.
The Lower Seletar Reservoir Park is home to the People’s Association Water-Venture, which provides kayaking and dragon boating facilities for water-sports enthusiasts.
Woodlands
Woodlands will be the last of the three regional centres to be developed, after Tampines and Jurong. Rosewood Suites offers the most affordable condo units in Woodlands, where 1,000 to 1,200 sq ft units went for below $1 million, or $793 psf on average this year.
The 200-unit, 99-year leasehold Rosewood Suites on Rosewood Drive was completed in 2011. Woodlands Regional Centre will comprise two precincts: the commercial components that make up Woodlands Central and Woodlands North Coast, a mixed-use business cluster.
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