FoundOnEdgeProp: Affordable housing options for solo living
By Elizabeth Choong
/ EdgeProp Singapore |
HDB flats in Toa Payoh (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Single-person households on the rise in Singapore
SINGAPORE (EDGEPROP) - According to data from the Department of Statistics Singapore (DOS), the number of one-person households is on the rise while there are fewer households with at least six persons.
In 2012, there were 109,500 single-person households, which surged to 217,300 households last year. On the flip side, there were 121,800 households with at least six persons in 2012, but this declined to 87,100 households last year.
The increase in single-person households has contributed to the decline in the average household size. According to DOS, the average household size in Singapore has declined from 3.5 persons in 2012 to 3.1 persons last year.
More staying single or marrying later
Data from DOS indicates that 77.2% of Singaporeans aged between 25 and 29 years old were single last year. The percentage drops to 38.6% for those between 30 and 34 years old and 23.2% for those who are 35 to 39 years old. The percentage drops further to 18.7% for Singaporeans who were 40 to 44 years old.
The percentage of single Singaporeans aged 30 to 34 years old inched down from 39.5% in 2012, but the percentage increased for the other age groups. The largest increase came from the 40 to 44 years age group, with singles accounting for 14.8% of them in 2012.
Singaporeans are also marrying later. According to the latest data from DOS, the median age at first marriage was 30.3 years for grooms and 28.7 years for brides in 2021. This was an increase from 2012 when the median ages for grooms and brides were 30.1 and 27.7 years, respectively.
Budget 2023: More housing grants for singles
As more single Singaporeans set up their own households, it becomes increasingly important to have affordable housing options available to them.
Budget 2023 brought some good news for singles who are first-time buyers of HDB flats. These singles will receive a grant of $40,000 (up from $25,000) if they buy a four-room or smaller HDB flat or a grant of $25,000 (up from $20,000) if they opt for a larger HDB flat. (Find HDB flats for rent or sale with our Singapore HDB directory)
However, the higher grant will only benefit singles who are at least 35 years old, as those who are younger are ineligible to buy an HDB flat. Eligible singles can only purchase resale HDB flats or two-room Build-To-Order flats. Additionally, singles are excluded from buying Prime Location Housing flats.
A unit in Havelock Road asking for under $300,000
At the time of writing, EdgeProp has over 20 unique listings for HDB flats with an asking price of $300,000 or below. Contrary to expectations, not all listings are for units outside the Central Region. One of the listings is for a two-room HDB flat at 50 Havelock Road, which is located in the Bukit Merah estate and the Central Region.
The flat is extremely well-located, with a 24-hour NTUC FairPrice supermarket on the ground floor of the same block. It is also a stone's throw away from Beo Crescent Market and Food Centre, as well as being within walking distance to Tiong Bahru Plaza and Tiong Bahru MRT Station.
The 462-sq ft unit has an asking price of $299,999 ($649 psf), which is higher than the average price of $552 psf for the block last year. There is no sales data available for the block this year. The asking price is also higher than the current average prices of $534 psf and $566 psf for two-room flats in Bukit Merah and the Central Region, respectively.
The age of the block and low potential for capital appreciation will make the flat a more suitable choice for elderly singles who plan to downgrade to a smaller unit, rather than young singles who are looking for their first home. Additionally, average price for the block has declined due to lease decay as the block was completed in 1973.
Four HDB units in Toa Payoh to consider
At the time of writing, there were four unique sales listings for HDB flats in the popular Toa Payoh housing estate.
The lowest asking price of $250,000 ($567 psf) is for a two-room HDB flat at 160 Lorong 1 Toa Payoh that was completed in 1972. The flat is a short walk from Toa Payoh town centre, Toa Payoh MRT Station, and Toa Payoh Bus Interchange.
The 441-sq ft flat is also located near Rajah Summit along Jalan Rajah, which was launched as a BTO project last month. No two-room flats are available in Rajah Summit but its 743-sq ft three-room and 1,001-sq ft four-room flats were launched at $326,000 to $443,000 and $459,000 to $631,000 respectively.
The second-lowest asking price among the listings for Toa Payoh is for a two-room 409-sq ft ground-floor flat in 120 Lorong 2 Toa Payoh. The unit has an asking price of $260,000 ($636 psf).
A 461-sq ft two-room flat at 56 Lorong 4 Toa Payoh has a slightly higher asking price of $270,000 ($586 psf). However, the larger size of the unit at 56 Lorong 4 Toa Payoh makes it cheaper on a per square foot basis compared to the unit at 120 Lorong 2 Toa Payoh.
Both units are located within a 1km radius of each other and are similar in age. The unit at 120 Lorong 2 Toa Payoh was completed in 1968, while the flat at 56 Lorong 4 Toa Payoh was completed a year earlier.
The unit at 120 Lorong 2 Toa Payoh is within walking distance of Braddell MRT Station, Toa Payoh West Market and Hawker Centre, as well as a Giant Supermarket along Lorong 4 Toa Payoh. The flat at 56 Lorong 4 Toa Payoh is not within walking distance of any MRT station, but nearby amenities include Toa Payoh Vista Market and an NTUC FairPrice supermarket along Lorong 4 Toa Payoh.
The current average price for two-room HDB flats in Toa Payoh is $568 psf, which is higher than the asking price for the unit at 160 Lorong 1 Toa Payoh but lower than the other two listings in Toa Payoh. The current average prices for two-room flats in the Central Region and Singapore are $566 psf and $628 psf, respectively.
Among the listings for Toa Payoh above, the unit at 160 Lorong 1 Toa Payoh might be the best buy due to its lower than average asking price and close proximity to numerous amenities and public transport nodes.
There is also a listing for a three-room flat at 12 Lorong 7 Toa Payoh with an asking price of $299,000 ($421 psf). The 710-sq ft unit was completed in 1970.
The main drawback of this unit will be the lack of nearby MRT stations. The nearest MRT station is Toa Payoh, and it is about 1.2km away. Some buyers may also dislike being located beside Toa Payoh Industrial Park.
However, the unit could be an affordable option for a couple with a young child. First Toa Payoh Primary School and Pei Chun Public School are within a 500m radius of the unit. Kim Keat Palm Market and Food Centre are located across the road. There are also two 24-hour supermarkets (Giant and Sheng Siong) within a 1km radius.
At the time of writing, there was no available sales data for 12 Lorong 7 Toa Payoh this year. However, the average price for the block was $422 psf last year, which is on par with the asking price for the unit. The average price for the block is also trending below the average prices for three-room flats in Toa Payoh ($596 psf) and Singapore ($599 psf).
Condominiums in central location listed for less than $600,000
At the time of writing, there were four listings of condominium units with an asking price below $600,000. Singles who have a larger housing budget or are ineligible to buy HDB flats could consider these units.
Le Regal and Treasures @ G20 have listings with asking prices below $600,000 each. Both freehold condominiums are located in Geylang and are within a 500m radius of each other. Each development has less than 100 units and obtained Temporary Occupation Permit (TOP) in 2015.
Nearby amenities include a Sheng Siong supermarket along Geylang Road. However, the nearest MRT station – Aljunied - is not within walking distance.
The listing for Le Regal is for a mid-floor 365-sq ft unit with one bedroom. The asking price of $588,000 ($1,611 psf) is much higher than the current average price of $980 psf for the development.
The listing for Treasures @ G20 is also for a one-bedroom unit, but it has a lower asking price of $550,000 ($1,310 psf) and a larger size of 420 sq ft. There are no sales transactions for Treasures @ G20 this year, but the average price for the development was $1,237 psf last year, which is lower than the asking price for the available unit.
The average price for freehold condominiums in Geylang has been on an upward trend, growing 33% since 2013 to reach $1,418 psf this year. The transformation of nearby Paya Lebar and the redevelopment of Paya Lebar Air Base (after it starts to relocate in the 2030s) will have spillover benefits for Geylang and boost housing prices in the area.
In this case, Treasures @ G20 appears to be a better buy because the unit is larger and has a lower asking price. Moreover, interested buyers may need to engage in less intense negotiation because the gap between the asking price for the unit and the overall average price for Treasures @ G20 is much narrower compared to the listing for Le Regal.
Two listings for Kovan Grandeur
At the time of writing, there were two listings for Kovan Grandeur with asking prices of less than $600,000. Kovan Grandeur is a 74-unit development that obtained TOP in 2010.
The 99-year leasehold condominium is located within a 500m radius of Xinghua Primary School and Yuying Secondary School, as well as a Sheng Siong supermarket along Hougang Street 32. Kovan MRT Station, Heartland Mall Kovan, and Kovan Hougang Market and Food Centre are about 800m away.
One of the listings for Kovan Grandeur is a 366-sq ft ground floor unit with an asking price of $588,000 ($1,607 psf). The other listing is for a high floor 388-sq ft unit with an asking price of $599,000 ($1,544 psf). Both listings have only one bedroom.
Last year, the average price for Kovan Grandeur was $1,303 psf, which is lower than the asking prices for both listings. There is no sales data for the leasehold development this year. The asking prices for both listings are also higher than the current average price for leasehold condominiums in District 19 ($1,386 psf) and the North East Region ($1,317 psf). Keen buyers will have to engage in negotiations to close the gap between the asking prices and the average price for the development.
Check out the latest listings near Le Regal, Treasures @ G20, Kovan Grandeur, Havelock Road, Tiong Bahru MRT Station, Toa Payoh MRT Station, Braddell MRT Station, First Toa Payoh Primary School, Pei Chun Public School, Kovan MRT Station
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