Singapore Property | The enforcement of 2018’s property cooling measures has undoubtedly hindered the housing capability for many Singaporeans. The government elevated the rates of the Additional Buyer’s Stamp Duty (ABSD) by a margin of 5 percent for individuals and tightened loan-to-value limits.
The huge rise in cash expenditure now needed for a down payment of a home significantly affect HDB homeowners who desire to advance to private residential properties. That aside, the primary market still has options that may help turn your condo dreams to reality.
To begin with, we’ve assembled the most reasonably priced low cost new condominiums for HBD upgraders in 2019. With a heftier cash overlay along with budget limits in mind, we zeroed in on new condos whose median transacted prices hang about $1,300 per square foot (psf) – a perfect entry-level price range for out-of-town condos.
In the analysis, only new condominiums that recorded five and above sales transactions in the first five months of 2019 were considered.
More about Low Cost New Condominiums for HDB Upgraders in 2019
Some of the cheapest new condominiums for HDB upgraders this year include Kandis Residence with an average transacted price of $1,255 psf after 10 transactions, The Jovell with $1,307 psf after 24 transactions, Parc Botannia with $1,315 psf after 114 transactions, and Riverfront Residences with $1,323 psf per 180 transactions. We also have The Essence condo with $1,327 psf per 10 transactions, The Tapestry with $1,336 psf per 57 transactions, Treasure at Tampines with $1,337 psf per 343 transactions, Whistler Grand with $1,374 per 89 transactions and Parc Komo (recently launched, about 80 units sold) at about $1,4xx psf.
The buyers’ price consciousness and declining demand for brand new private residences led to a dip in last month’s new sales transactions.
Predictably, the cheapest private residential developments, particularly those situated in Outside Central Region (OCR), were the top selling. They comprise of those we’ve already mentioned in our list, including Parc Botannia, Riverfront Residences, and Treasure at Tampines that have average transacted prices of around $1,300 psf.