How to afford a Freehold condo in Singapore? After much calculations, you have to earn up to about $7,288 a monthly. In Singapore, it’s not about a home purchase but a freehold home purchase. Acquiring a freehold can be less expensive depending on the profit you make. If you’re determined to own a freehold condo in Singapore, here is what you need to have one.
The prices of these condos are affordable and they cover districts 1, 2, 6, 9, 10 and 11 with Downtown core and Sentosa. Most of these condos are located near Singapore’s best schools and MRT stations.
The prices of these condos vary from area to area. For example, a Bukit 828 condo located around Upper Bukit Timah is priced at PSF S$1,453 to S$1,990 and S$795,000 to S$2.14 million as at September 2019. The Midas condo located at Balestier is also priced at PSF S$1,015 to S$1,087 and S$888,000 to S$1.18 million as of September 2019. You can plan to pay off your freehold condo for over 30 years. Another development, Forett @ Bukit Timah, will be launching soon.
More on How to Afford a Freehold Condo in Singapore?
To afford a suite at Bukit Timah, this is a two-bedroom condo in CCR district. You’ll need around S$1.2 million; you have a down payment with an upfront of $60,000 which is 5% of the total cost. Cash or CPF can also be paid i.e., $240,000 which 20% of the total cost. Acquiring a bank loan can also be good-paying off $900,000 which is 75% of the total cost over 30 years. In this aspect, a monthly repayment can be made, which is around $3,400 if we assume the annual interest rates is at 2.1% to 2.2%. A monthly maintenance fee of $300 to $1000 is also included.