Which new condos can you get with Singapore’s median salary?

By
/ EdgeProp
|
November 29, 2018 6:06 PM SGT
The median income in Singapore rose above $4,400 in 2018, according to the latest data released by the Ministry of Manpower (MOM).
According to MOM’s findings, the median gross monthly income among Singaporeans and permanent residents who were employed full-time was $4,437 this year, including employer contributions to the Central Provident Fund. This compares to a median income of $4,232 in 2017, and $4,056 in 2016.
Based on these findings, if you’re earning the median salary in Singapore, here are some new condos that you will be able to purchase with a spouse or a partner.
For simplicity’s sake, we assume that both partners earn a respective median salary of $4,400 (or a combined salary of $8,800) and have no other financial commitments.
Based on these figures, your maximum property purchase price (based on a TDSR of 60%) would hover around $1.25 million, with an estimated monthly repayment of about $4,000. New condo projects that fall within your affordability range include the following:
*Figures are mere estimates and should not be used for official purposes
2-bedroom units:
The 1,206-unit residential project, which will be built on the site of the former Shunfu Ville private HUDC estate, is the largest residential project in Qingjian Realty’s Singapore portfolio so far. The project fronts Marymount Road on one side and Shunfu Road on the other, and is within a 3-minute walk to Marymount MRT station.
One-bedroom units (527 sq ft) from $838,000; two-bedroom units (646 to 775 sq ft) from $988,000; and three-bedroom units (904 to 1,152 sq ft) from $1.38 million.
Meanwhile, prices for four (1,259 to 1,647 sq ft) and five-bedroom units (2,099 sq ft), and penthouses (4,230 sq ft) have yet to be determined.
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