Keep scrolling, because we’ve done the math for you!

It’s often said that location is the most important factor when buying a new home. While that is almost always the gospel truth, price is undeniably the next-most crucial point of consideration for any aspiring homeowner.

Amidst the current market where prices for private properties are on the uptrend, it’s more important than ever to carefully evaluate what you’re able to afford. Naturally, this process warrants checking out the sticker prices for condos (both new and resale), however you’ll also need to account for other considerations – not least your current financial commitments, interest rates, and borrowing limits.

To paint a complete picture, we break down the key factors that’ll determine whether your household income can afford you a condo in 2024, be it from the primary or secondary market.

How much does a condo cost in Singapore today?

Before delving deeper into the numbers, it’s important to note that condo prices can differ significantly across Singapore. This variance hinges on a whole slew of factors: a condo’s size, its proximity to amenities (think schools, malls, and public transport hubs), and of course, a development’s age which will affect the balance lease.

That said, location – or more specifically, the region where a condo is situated – is one of the strongest indicators of how much it’ll cost.

Broadly-speaking, condos in the Core Central Region (CCR) tend to command a higher price than their similarly-sized counterparts in the Rest of Central Region (RCR) and Outside Central Region (OCR); this is mainly due to the proximity of CCR homes to the prime business district, which increases their appeal and market value.

Likewise, RCR properties usually come with a bigger price tag than those in the OCR, as they are more centralised compared to OCR homes.

So, with that in mind, here’s an overview of how much new and resale condos could cost in 2024, based on official median price data from the Urban Redevelopment Authority (URA):

Table 1: Median price of new and resale condominiums by region

Region	Median Price (New Condo)	Median Price (Resale Condo)
Core Central Region	$3,047,000	$2,500,000
Rest of Central Region	$2,421,500	$1,720,000
Outside Central Region	$1,883,000	$1,400,000

Source: URA, ERA Research and Market Intelligence (Data as of 21 Oct 2024)

Based on these figures—plus a few assumptions— you’ll get an approximate idea of whether one of these homes fits within your budget, given your current salary.

How much do you need to make to afford a condo purchase in Singapore?

With the latest prices listed above, determining the salary you’ll need to afford a condo would be a clear-cut process, right? But not quite.

Before diving into the numbers, it’s important to note that there are other considerations at play – and not just the price of your dream condo. For instance, condo buyers must consider the Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) ratio, which will certainly impact their affordability as well as the size of their downpayment.

Hence for simplicity’s sake, here are some assumptions that we’ll be using to guide our calculations and estimates:

The buyer(s) has no existing loan obligations, be it a mortgage, car loan or credit loan; this is so that they will be able to maximise the TDSR of 55% for their future home mortgage.
The buyer(s) will be taking up a bank loan with a tenure of 30 years, with interest calculated based on 3% per annuum.
Other home-related and/or miscellaneous costs are not factored into the calculation (e.g. stamp duties, legal fees, home renovation/furnishing costs).

Based on median price data of transactions in each region and the pointers above, here’s what you’ll need to earn to afford a new/resale condo in Singapore today…

Table 2a: Approx. income needed to afford a new condo in each Singapore region

Region	Median Price (New Condo)*	Corresponding Room Size	Corresponding Size	Approx. Household Income Needed	Approx. Monthly Repayment
Core Central Region	$3,047,000	2-Bedroom	926 sqft	$18,000	$9,900
Rest of Central Region	$2,421,000	3-Bedroom	947 sqft	$14,000	$7,700
Outside Central Region	$1,883,000	3-Bedroom	936 sqft	$11,000	$6,100

Source: ERA Research and Market Intelligence (Data as of 21 Oct 2024)

Table 2b: Approx. income needed to afford a resale condo in each Singapore region

Region	Median Price (Resale Condo)*	Corresponding Room Size	Corresponding Size	Approx. Household Income Needed	Approx. Monthly Repayment
Core Central Region	$2,500,000	3-Bedroom	1,259 sqft	$14,500	$8,000
Rest of Central Region	$1,720,000	2-Bedroom	1,055 sqft	$9,900	$5,500
Outside Central Region	$1,400,000	2-Bedroom	980 sqft	$8,100	$4,500

Source: ERA Research and Market Intelligence (Data as of 21 Oct 2024)

For a deeper dive, here are your options…

While the salary figures listed above are a useful starting point for condo buyers, they certainly don’t reflect the full diversity of costs and affordability for private homes in Singapore. To provide a more complete picture, here’s a breakdown of new and resale property prices across regions, paired with various salaries and home sizes.

Chart 1: New and resale property prices by size, region and salary levels (Jul-Nov 2024)

Property Transaction value and corresponding household income

Source: URA, ERA Research and Market Intelligence

(*Estimates are based on assumptions of a 3% interest rate, TDSR of 55%, LTV of 75%, and a 30-year mortgage loan tenure.)

For example, referencing the chart above, the most affordable new private home under 600 sq ft (i.e. a 2-bedder or smaller unit) in the OCR would cost at least $883,000, while the priciest could reach approximately $1.4M. Correspondingly, you would need an income of about $5,000 to cover the cost of the most affordable option, while the higher-priced unit would require a salary of around $8,000.

As for the RCR, a new private home sized between 600 and 899 sqft (typically a 2-room unit) would cost between $1.38M and $2.6M. This means buyers would need a monthly income of around $8,000 to afford a smaller unit in this range, and approximately $15,000 for a larger one.

Alternatively, if you’re looking to purchase a resale or sub-sale property in the CCR between 900 and 1,199 sqft (i.e. 2- to 3-bedder units), the corresponding price range would start at around $980,000 and could go up to approximately $3.5M. As a result, the salary range needed to afford these properties would be roughly between $5,500 to $21,000.

Finally, these estimates point towards one key takeaway: with a $15,000 monthly household income, buyers can reasonably purchase a new 3-bedroom condo (about 900–1,199 sqft) in any region of Singapore.

Salary aside, what else should you take note of when budgeting for a condo?

No doubt, price tags are certainly the top concern on any prospective condo buyer’s mind, but there’s more to the picture than meets the eye when it comes to determining affordability.

As with any property purchase, aspiring condo owners will want to consider their downpayment, which determines their upfront costs. Based on the current Loan-to-Value ratio, which stands at 75%, condo buyers will have to pay up to 25% of their new property’s price initially, of which 5% must be in cash.

The starting cash outlay for condo purchases also consists of stamp duties, such as the Buyer’s Stamp Duty which is computed based on progressive rates. The Additional Buyer’s Stamp Duty may also apply depending on whether buyers intend to purchase an additional private home on top of their existing non-HDB dwelling.

So, is it possible to afford a Singapore condo with your salary?

To put it simply, the answer is a firm “yes”. With proper financial planning and a clear understanding of your affordability range, purchasing a condo in Singapore is certainly an achievable dream.

However, if you aren’t a seasoned buyer, it’s best to seek professional advice to ensure your numbers are accurate and up to date. Once again, keep in mind that while the above estimates are a useful starting point, there are also other factors at play. For instance, fluctuations in loan interest rates or adjustments to debt thresholds (i.e. TDSR) will affect the amount you can secure for a home loan, and thus, the size or type of property you can afford.

Want to get a better idea of your buying power and explore your options for private homes? Be sure to reach out to an ERA Trusted Adviser today and start your journey to condo ownership on the right foot!

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.

This article was brought to you in conjunction with Hoi Hup Realty and Sunway Developments, and ERA Property Megashow – the premier event for discovering valuable investment opportunities in Singapore.

Terra Hill is a small development with 270 housing units developed through a joint venture between Hoi Hup Realty and Sunway Developments.

The development is located on the incline of Yew Sian Road, with the entrance and the highest point of the development having a 20-metre difference. It has five storeys of residential blocks, with a good elevated view of surrounding infrastructures such as the Port of Singapore Authority (PSA) Pasir Panjang Port, other low-rise housing developments, and lush greenery from parks nearby.

Terra Hill is also the epicentre of several major business nodes, being less than 15 minutes away from these centres by car, which may appeal to professionals looking for a home within the vicinity of their workplaces.

Picture 1: Map of Terra Hill and Singapore’s Work Hubs

The development is served by the Circle Line, with Pasir Panjang MRT Station being an eight-minute walk away from Terra Hill. Residents will be connected to Harbourfront MRT and bus Interchange, Buona Vista MRT Interchange and the northern and eastern parts of Singapore through these interchanges.

By 2026, the Circle Line will be completed with three stations being built between Harbourfront and Marina bay MRT stations, closing the circle on the MRT line. This will increase connectivity to several major business nodes including the Central Business District.

Picture 2: Circle MRT Line

Source: Land Transport Authority, ERA Research and Market Intelligence

For residents who mainly drive, the West Coast Highway and the Ayer Rajah Expressway (AYE) are two major expressways that serve the area and connects residents to the rest of the island. A new road connecting South Buona Vista Road to Portsdown Avenue will be built to connect both expressways, making driving in the area easier.

Picture 3: New Road linking West Coast Highway to Ayer Rajah Expressway

Source: Hoi Hup Sunway, ERA Research and Market Intelligence

Sitting on the former site of Flynn Park Condominium, the new and improved condo development has a wider variety of unit types ranging from two bedroom to five-bedroom penthouses, with high quality facilities and installations from reputable brands such as De Dietrich, Gessi, Laufen, and Samsung.

Now, let’s delve into the three reasons why you should buy a Terra Hill property.

Reason 1: 270 exclusive freehold units

Freehold land in Singapore is already limited, and with the high demand for freehold housing from Singaporeans and foreigners, the 270 units in Terra Hill are rare and exclusive, being the one of the two latest freehold launches in the Rest of the Central Region (RCR). Residents will enjoy indefinite exclusivity and tranquillity within the estate. Additionally, properties surrounding Terra Hill include landed housing and other low-rise private developments, adding to the tranquil ambience.

Reason 2: Exit Strategy for owners (Greater Southern Waterfront Development)

As part of the URA Master Plan, the Greater Southern Waterfront will be transformed into a major gateway and location for urban living along Singapore’s southern coast. The waterfront will include over 9,000 new housing units, both public and private, more offices spaces, job opportunities, more entertainment and leisure options. This will be accomplished through the repurposing and revitalisation of current structures such as the Pasir Panjang Terminal. This waterfront precinct is six times the size of Marina Bay, and residents of Terra Hill will be able to see the transformation of the area over time from their homes.

Picture 4: Former Keppel Club site to be redeveloped into HDB flats

The construction of these HDB flats will provide a supply of potential future upgraders for owners of Terra Hill, adding another dynamic element to its existing exit strategy. They will have plenty of new public and private housing options to right size or upgrade to after the development of the Greater Southern Waterfront.

Reason 3: Freehold but has comparable prices to leasehold properties nearby

Given the rarity of freehold units in the RCR and Singapore, the price of units in Terra Hill are generally lower compared to other developments in its region, which make this a very affordable option for those looking for a freehold property in the city fringe.

Chart 1: New Sale Leasehold (99 LH) vs Freehold Properties in District 5 (D5)

Source: URA, ERA Research and Market Intelligence as of 19 Nov 2024

As the price gap between freehold properties and leasehold properties in the area is decreasing, buying Terra Hill would be a good deal since the price paid for this property would be similar to that of a leasehold property in the same area.

And this is not only seen for new sale properties, but also resale properties in D5. Although the average price of a resale freehold property is still more expensive compared to a leasehold property, it is more valuable to buy the freehold property since the prices are very similar, yet the tenures drastically differ.

This could be due to the freehold developments being generally older than the leasehold developments in the area, with Terra Hill being one of just two new launches in D5 in the past two years.

Chart 2: Resale Leasehold vs Freehold Properties in D5

Source: URA, ERA Research and Market Intelligence as of 19 Nov 2024

Here are the units available at Terra Hill.

Consisting predominantly of three-room apartments, Terra Hill’s target audience may likely be investors, young couples or retirees looking to right size from a bigger house. For those who wish to rent instead of buy, rental rates in D5 are comparable with the RCR, with the number of rental contracts in D5 seeing a general increase in the last five years. Expats who work in the city or in key nodes should definitely consider renting Terra Hill, given the comparable rates.

Table 1: Unit types available at Terra Hill

Source: ERAPro, ERA Research and Market Intelligence as at 19 Nov 2024

Chart 4: D5 vs RCR Median Rents

Source: URA, ERA Research and Market Intelligence as of 19 Nov 2024

Now, let’s take a look at some unit types Terra Hill has to offer.

Two Bedroom + Study Floorplan

Built in a “dumbbell” layout, the two-bedroom + study layout offers an open kitchen concept, which may help eliminate underused space within the house. The study is placed in a corner that opens to the living and dining area, offering some privacy. Similarly, the bedrooms are placed at opposite sides of the apartment which offer privacy to the occupants of each room. The apartments in this particular type of units (B3) also have a balcony, which other two-bedders in the development do not have.

Starting from $2,125,000, investors, Dual-Income-No-Kids (DINKs) or individuals looking to buy or rent a small space may be keen to purchase this type of unit.

Four Bedroom Floorplan

Under the prestige collection of units, which are limited to the four to five-bedroom penthouse residences, a private lift lobby will serve individual units, together with several other prestigious fittings in the units.

One other special thing about the four and five room units in Terra Hill is that they have both a dry and wet kitchen, which can help to keep the place organised. Unlike the two- and three-room apartments, the four-bedroom apartments are built in a “corridor” layout, where all the rooms are connected through a common corridor. The bedrooms are placed together at a corner of the apartment, with bathrooms nearer to the bedrooms to increase convenience to the occupants of the room.

Despite the smaller living space, this type if unit may appeal to larger families. These units are priced from $3,503,000.

Interested in learning about Terra Hill? Connect with an ERA Trusted Adviser today for more information.

Disclaimer

Pine Grove is a private residential estate located in the Ulu Pandan neighbourhood, in the Rest of Central Region (RCR) district 21. The estate was initially populated by landed houses, before condominiums started being built there in the 1970’s.

In 1977, Ridgewood Condominium was built next to the site of the Singapore American School, with Pandan Valley following in 1981. To this day, these condos are still popular and enjoy price growth, with resale prices of condos showing a 39% median price growth across the past decade.

One of the key reasons why homebuyers are drawn towards the Pine Grove estate is its exclusivity. Pine Grove is a low-density private enclave, and is elevated overlooking the surrounding greenery of Clementi Forest, and the low rise Holland Road estate.

What’s There in the Private Housing Market?

Pine Grove has been an established private housing estate for almost 50 years. Many of the condos there are getting old – in fact only 4 out of the 15 condos in the Pine Grove area have been launched after 2000.

Table 1 and Image 1: Condos around Pine Grove

Source: ERA Research and Market Intelligence

With no new launches in the area past 2013, the private property market in Ulu Pandan has seen lukewarm activity. This can be attributed to a variety of reasons, such as a reluctance/lack of urgency on the part of homeowners to sell their home, as they might encounter difficulty in finding a replacement home in the same area. This applies to both condo owners, as well as landed homeowners that might be looking to right-size.

A Tale of Two New Launches

However, in recent years, we saw the sale of two land parcels at Pine Grove, which is set to rejuvenate the quiet private housing market there, riding on the back of the HDB developments in nearby Ulu Pandan.

In 2022, Pine Grove GLS Parcel A saw a competitive bidding process which saw five developers particpating. Ultimately, it was awarded to a joint venture between UOL and Singapore Land Group who edged out the others by a razor-thin margin of $800 – talk about an exciting narrative!

Fast forward to a 2023 where the eventual project was launched as Pinetree Hill, a 520-unit high-rise condominium. As of October 2024, Pinetree Hill has sold about 72% of its units slightly a year after its launch.

In November, we can expect to see the launch of a second condominium at Pine Grove, named Nava Grove. The development will be built upon the Pine Grove Parcel B GLS site, which was awarded in late 2023 to a joint venture between Sinarmas Land and MCL Land. The highest of three bids placed on the site amounted to about $1,223 psf ppr, about 7.2% lower than that of Pine Grove Parcel A.

So, what makes this pair of projects worth talking about?

Fantastic RCR Location

Both of them sit in D21 in the RCR, but if you take out your pencils and rulers, and start to draw out the planning region boundaries, you would find that they sit literally one road away from the prestigious Core Central Region (CCR).

The estate is also located near great amenities in the nearby areas of Ghim Moh, which has a market and food centre, as well as Holland Village, with shops, a mall, and food centres.

Image 2: Location of Pinetree Hill and Nava Grove

This means that the projects essentially benefit from a CCR location, at an RCR price tag. The Pan Island (PIE) and Ayer Rajah (AYE) Expressways are located 5 minutes away, which connects residents to various commercial and industrial hubs across the country.

The AYE provides a 15-minute drive to the Central Business District, while the Orchard Road district is also accessible via a direct route down Holland Road, reachable in 10-12 minutes.

One-north, another major business district is less than 10 minutes away – one of the most attractive qualities of the development’s location.

Proximity to Henry Park Primary School

Both developments will be situated in 2km of Henry Park Primary School, one of the most prestigious and well-known primary schools in Singapore. It is widely known that families will intentionally move to the Pine Grove, Ghim Moh, and Holland Road neighbourhoods to live near this school.

Being located within a short distance of these schools makes these two projects attractive, a characteristic that is likely to translate well in the resale market.

Attractive Entry Prices and Good Potential Price Growth

The pricing of these two projects is generally safe, compared to other recent RCR projects.

Chart 1: Price ($psf) comparison of new projects in various RCR regions

Source: URA as of 16 Oct 2024, ERA Research and Market Intelligence

The closest comparison on the market currently would be 8@BT, also within D21 in the RCR. Since its launch in late September, 8@BT has transacted at a median price of $2,737psf, compared to Pinetree Hill which has transacted at a median price of $2,453psf since its launch.

Nearby HDB Developments

In 2022, the HDB had announced a plan to develop three housing projects, totalling around 3,000 BTO flats to further develop and rejuvenate the areas surrounding Dover MRT.

These developments will take place directly south of the Pine Grove neighbourhood, and create additional amenities not too far away that residents can enjoy.

Image 3: HDB developments nearby at Dover

In addition to this, after these BTO flats complete their minimum occupation period, their homeowners could look to upgrade and live in the Pine Grove estate. With Pinetree Hill and Nava Grove being the newest projects on the market, and in the vicinity of Henry Park Primary School, these HDB upgraders could be a valuable exit strategy.

With these two projects standing side-by-side, what are the differences between the projects, and more importantly – which should you choose?

Completion Timeframe

With Pinetree Hill launching earlier than Nava Grove, it is highly likely that the project will meet TOP and be completed earlier, allowing you to move in to your new home faster.

Pinetree Hill has an expected TOP in 2027, while Nava Grove has an expected TOP in 2028 – although anticipated completion could fall earlier.

Harmonisation of Gross Floor Area (GFA)

Another key difference between the two projects would be how the harmonisation of GFA affects their pricing and unit layouts. Nava Grove, tendered after the GFA harmonisation would see higher prices per square foot, and will feature more efficient designs.

At the end of the day, whichever your choice might be, there isn’t really a wrong move buying into an established RCR estate like Pine Grove.

Whether your reason to buy your property is for own-stay or investment, the coveted RCR location combined with the development of the surrounding estate and make prospects look promising.

Disclaimer

Singapore’s Central Area was actually one of the first few areas where homes were introduced. In the 1970s, HDB mixed-use developments such as Tanjong Pagar Plaza, Bras Basah Complex and People’s Park (Chinatown). Later, more HDBs were added including those at Everton Park and most recently, Pinnacle@Duxton (completed in 2009). These places were highly sought after due to their central locations, and had amenities to serve the residents’ needs.

However, over the past two decades, Singapore’s Central Business District (CBD) has evolved from a primarily office-focused area into a more livable space. Initially, it was home to large offices, the CBD was only alive between 9 to 6 on weekdays.

Recently, the CBD has seen a shift toward residential and mixed-use developments. The Urban Redevelopment Authority (URA), through its 2014 and 2019 Masterplans and the 2019 CBD Incentive Scheme, has introduced more parks, community spaces, and homes. Developers are encouraged to convert older office buildings to mixed-use developments to inject a larger live-in population. This initiative aims to build a larger residential population and diversify amenities in the CBD, offering developers bonus gross floor area as an incentive.

“We can make our CBD not just a place to work, but also an attractive and vibrant place to live and play.” – Lawrence Wong, 2019

Today, our CBD is a much more vibrant space, offering a day-to-night environment. It continues to attract weekend crowds for various reasons—for food, exercise, or shops featuring curated activities and workshops. The wider streets are pedestrian-friendly, lined with cafes, al-fresco dining options, and convenience stores, some with adjacent cycling paths and park connectors. Public squares and gardens contribute to placemaking efforts and foster more interactions.

Nightlife culture is also thriving in the CBD, with bars and restaurants catering to the working crowd and weekend revellers. The foreign tenants and short-term travellers seeking accommodations in these centrally located areas adds to the vibrancy, offering a unique atmosphere and experience.

Public events held in the CBD on a Car-free Sunday

“You can’t be more centrally located than being located in the centre”

Location is the keyword when one talks about real estate. Usually, properties located near city centres are the most valuable, because it comes with amenities and activities.

Therefore, Build-To-Order (BTO) HDB flats in these prime locations in and around the CBD are over-subscribed. Resale flats in the Central Area still sees high demand despite shorter remaining leases (less than 60 years). This is a testament that Singaporeans desire to live in the CBD.

Why so? Because for those working in or around the CBD, living there makes the most sense. Residents enjoy the quick commutes, saving valuable time. Wouldn’t you want to live within walking distance of your workplace? Some buildings in the CBD even offer bicycle parking and end-of-trip facilities.

Additionally, residing in the heart of Singapore makes it easier to access other parts of the island. The CBD boasts 13 MRT stations across all six lines, providing excellent connectivity to virtually anywhere.

“People talk about wanting amenities – downtown is the amenity.”

Imagine this: after a long day of work in Tanjong Pagar, you take a short 10-minute walk home and stop by a supermarket for a quick grocery run before picking up your child from preschool. On the way home, you decide between a bike ride to Gardens by the Bay, a boxing class at the gym across the road, or unwinding at one of the bars beneath your condo. On remote workdays, you visit your regular coffee joint for a quick breakfast followed by a couple of productive hours there. Do you see yourself having this lifestyle?

Beyond the convenience from the location, residents of the CBD actually enjoy the lifestyle of having everything around you. From food options to amenities to green spaces, places of worship and leisure spots, most things can be found within walking distance away.

While remote work may make it seem like city living is no longer relevant, hybrid employees may find it more productive to work in third places in CBDs such as cafes and coworking spaces.

Amenities

Many believe the CBD lacks amenities for residents, but on the contrary, it offers a wide range of options. Fitness enthusiasts have access to numerous gyms, including specialized ones for climbing, martial arts, yoga, and even quick 30-minute lunchtime workouts. For those seeking a break from the urban environment, parks like Pearl’s Hill City Park, Fort Canning Park, and Gardens by the Bay provide nearby green spaces for jogging or cycling after work.

Everyday needs are well-served by malls such as Icon Village, 100 AM, Tanjong Pagar Plaza, and Chinatown Point, offering supermarkets, clinics, pharmacies, and personal care services. Families with young children benefit from the many childcare centers and preschools in areas like Tanjong Pagar, Telok Ayer, Clarke Quay, and Marina Bay.

Newer CBD developments also feature public spaces designed for community activities. Examples include Guoco Tower’s Urban Park, Capitaspring’s sky garden, and IOI Central Boulevard Towers’ Central Green garden that enhances livability.

Guoco Tower’s sheltered outdoor space that is used to host events, attracting people to gather and hang out.

Aplenty of Food Options

In the past, food places in the CBD are only open till lunch time on weekdays. Today, you find that they are widely available, catering to every budget and occasion. Whether you are just looking for daily sustenance, a leisurely weekend brunch or want to have a nice meal out for a celebration, there is something for everyone. A common misconception is that food is costly in the CBD. While that holds true for some of the classiest restaurants or hip and trendy bars, there are actually eight NEA-run hawker centres inS the CBD. They provide affordable food and drink options.

Moreover, regardless of what cuisine you are looking for, you can probably find it there. Coffee houses and bars are also scattered around and are widely available.

Maxwell Food Centre, a hawker centre in the heartof the CBD

While city living offers plenty, it may not be for everyone

With all these desirable attributes, does living in the city still make sense for everyone? Definitely not. It still lacks schools for families with school-going children. Cantonment Primary School is the only one in the CBD, along with few enrichment centres.

Furthermore, those working in the CBD may not necessarily want to live there. It can be difficult to disconnect from work during time off. Some may be put off by the weekday crowds, with too much ‘buzz’ and ‘commotion’ around. Others might find the demographics and community in the CBD unsuitable, as it is largely made up of expats, tenants, and leisure travellers. As a result, residents may not feel as connected, and the community may not be as close-knit.

City living also comes with higher cost of living. With higher rents in the city centre, food and services are likely to cost more compared to suburban areas.

While CBD living caters to many, there is still a lack of stock in the market. Currently, there are only 12,957 private residential units in the CBD. This amounts to just 3.8% of all homes island-wide, or just slightly above the entire District 20 (Ang Mo Kio, Bishan, Thomson). The lack of homes could be turning aspiring CBD homeowners away as they seek to find their dream home.

Shifting the focus (and homes) back to the city centre

Over the years, the success of URA’s decentralisation strategy coupled with the improved public transport network and more comprehensive amenities, have driven people to stay further outskirt.

Singaporeans are also hesitant to live in the CBD with the lack of housing options that has driven home prices higher. However, the allure of living in city centre remains given its convenience.

More importantly, the idea of living in the CBD is not a new one. It was simply set aside as Singapore focused on developing its financial hub. With URA’s push for to transform the CBD into a work-live-play location, more homes have been progressively been planned for the CBD and we may see more Singaporeans returning to live in the city centre in time to come.

Disclaimer

Slightly more than a decade ago, the Urban Redevelopment Authority (URA) released its Draft Master Plan 2013, revealing the then-current blueprint that would guide Singapore’s land use over the next 10 to 15 years.

Within it, several projects were outlined to further anchor Woodlands’ status as an up-and-coming regional hub. This entailed fully transforming the Northern town into a vibrant residential and commercial district, not unlike its contemporaries in the East and West, Tampines and Jurong.

Subsequently, when the curtains were pulled back for URA Master Plan 2014, several exciting projects were confirmed for Woodlands. The core developments include Woodlands Regional Centre, Woodlands Health Campus, as well as new stations on the Thomson-East Coast line.

Ten years on, how have these projects unfolded to shape Woodlands’ identity as a “star destination of the North”?

Woodlands Regional Centre

As part of bigger plans to pair quality living with career opportunities in the North, Woodlands Regional Centre will serve as a cornerstone for the zone’s development. Doing so sets the stage for Woodlands’ emergence as a key location for fostering closer business links with neighbouring Malaysia, as well as the rest of the ASEAN region.

In large part, the decision to make Woodlands Regional Centre a reality is driven by its strategic position near the Johor-Singapore Causeway, granting it the potential to be developed into a vital economic gateway accompanied by housing opportunities in neighbouring areas.

Source: URA, ERA Research and Market Intelligence

First announced by then-Minister for National Development Khaw Boon Wan, Woodlands Regional Centre is collectively comprised of 100ha of developable land sub-divided into two precincts: Woodlands Central and Woodlands North Coast.

Woodlands Central– A Thriving Community and Business Node

Source: URA

Envisioned as a new lifestyle and commercial hub, Woodlands Central is slated to house a range of office spaces, retail malls, entertainment options, and residential developments.

The precinct’s 30ha teardrop-shaped site also encompasses existing key destinations in the neighbourhood. These include Causeway Point shopping centre, Woodlands Civic Centre, as well as Woodlands MRT station.

To support the residential needs of future residents, Woodlands Central was also announced in 2017 to be one of three towns to receive an injection of new HDB flats. As part of the third phase of the ‘Remaking Our Heartland’ (ROH) programme, Woodlands will see 10,000 new units built at developments sited near Woodlands Central and Woodlands North Coast.

Woodlands North Coast – Housing Precinct and Economic Hub by the Waterfront

Source: JTC

Woodlands North Coast, on the other hand, spans across a larger 70ha plot located further up of Woodlands Central, putting it in close proximity to Republic Polytechnic, and more crucially, the Woodlands waterfront. This location positions it as a gateway to Malaysia, while also setting the stage for future coastal residential projects in the neighbourhood.

In 2013, plans for the North Coast Innovation Corridor (NCIC) were announced as well. Stretching from Woodlands to Punggol, this planned commercial belt will see Woodlands Regional Centre coming to the fore as Singapore’s primary business park cluster in the North with the potential to provide as many as 100,000 new jobs upon its completion.

What’s happening at Woodlands Regional Centre presently?

At present, plans to rejuvenate Woodlands Regional Centre are well underway, with several key milestones from its Master Plan already successfully met during the intervening years since it was initially announced in 2014.

Woodlands Central: New office spaces and homes for residents

In 2020, Woodlands witnessed the opening of Woods Square, its first mixed-use development featuring Grade A office spaces. Jointly developed by Far East Organisation, Far East Orchard, and Sekisui House, Woods Square comprises four commercial towers with a total of 494 office units and 39 retail units.

Source: JTC

Apart from providing businesses a viable location for setting up branch offices in North Singapore, Woods Square’s debut also complements the Government’s aim to decentralise employment centres by bringing employment opportunities and office amenities closer to suburban towns away from the city core.

Relating to this objective, two Build-to-Order (BTO) projects have already been launched in the Woodlands Central precinct: UrbanVille @ Woodlands (1,785 units) and Urban Rise @ Woodlands (848 units). UrbanVille was introduced during August 2020’s BTO exercise and is expected to be completed by 2026. On the other hand, Urban Rise, launched in December 2023, is slated for completion in 2028.

Woodlands North Coast: Fresh opportunities and infrastructure for businesses

Though it may be some time before Woodlands North sees BTO flats of its own along the country’s northern coastline, the area has experienced growth in other areas, particularly in its industrial capabilities. This progress will contribute to the NCIC’s goal of transforming Singapore’s northern coast into a vibrant commercial hub brimming with new technologies and ideas.

Source: JTC

Industrial projects completed by Jurong Town Corporation (JTC) thus far, such as 1 North Coast and 7 North Coast, represent a progressive step forward to realising this vision.

Both developments offer unique advantages for Singapore businesses; while 1 North Coast’s flexible zoning of 30-70% allows for both manufacturing and non-industrial functions to be housed under the same roof, 7 North Coast is optimised to serve as a strategic hub for industrialists operating locally and regionally.

Thus far, notable companies with a presence at Woodlands North Coast include Micron, a semiconductor giant with global reach, and Illumina, a biotechnology firm and manufacturer of DNA sequencing machine technology.

Woodlands Health Campus: A dedicated healthcare complex in the North

In addition to the developments mentioned above, 2014 also marked the announcement of the Woodlands Health Campus—the town’s first-ever public hospital to be constructed on a 7.7ha site near the then-upcoming Woodlands South MRT station.

Source: Woodlands Health Campus

Plans were laid out for Woodlands Health’s creation to address the healthcare needs for the North Region’s growing population, with a focus on providing access to acute, community, and elderly care services.

Close to a decade later, Woodlands Health welcomed its first patients in December last year. Though only specialist outpatient clinics and a limited number of community hospital beds were made available during the first phase of its opening, the hospital has since fully opened the rest of its facilities as of May 2024, ranging from critical care units to a healing ‘Parkland’ designed in collaboration with the National Parks Board.

Thanks to its interconnected medical spaces, Woodlands Health is able to implement an innovative care model. Such an approach enables patients to access a full spectrum of health services—including medical examinations and rehabilitation—without needing to visit different hospitals for follow-up treatments.

In total, Woodlands Health houses 1,000 acute and community beds, along with nearly 400 beds in its long-term care tower. The hospital’s infrastructure allows it to expand its capacity to up to 1,800 beds in response to future demand and/or bed crunches as well.

Improved transportation links: North-South Corridor and Thomson-East Coast MRT Line

Beyond the improved precincts and healthcare facilities, URA’s Master Plan 2014 envisioned Woodlands as a well-connected regional hub following the development of two key transportation projects: the Thomson-East Coast Line and the North-South Corridor.

A key component in enhancing Woodlands’ transportation network, the Thomson-East Coast Line (TEL) will introduce three new MRT stations: Woodlands North, Woodlands (TEL extension), and Woodlands South.

Source: LTA

As of January 2020, all of the abovementioned stations are open to the public. Collectively, these new stops provide end-to-end train connectivity for the entirety of the Woodlands Regional Centre, while also giving residents a new direct route from their homes to the heart of Singapore’s downtown business core.

Similarly, the North-South Corridor (NSC) is set to enhance multi-transport access, offering not just an improved vehicular route, but also a smoother commute for cyclists and pedestrians traveling downwards from the upper reaches of Singapore.

Initially envisioned as the North-South Expressway in 2011, this 21.5km vehicular route was re-designed into its current form comprising a viaduct, a tunnel, as well as ground-level streets. Doing so would allow more space to be allocated towards pedestrian corridors, including footpaths, cycling routes, priority lanes for public transport, and even green community spaces.

Source: LTA

At present, the NSC is still under construction and it is slated to open in phases starting from 2027, with the viaduct from Admiralty Road West to Lentor Avenue being the first section to become operational.

Once it’s fully completed, the NSC will streamline travel to and from the city, thus relieving road congestion and improving commute times for residents living in towns situated along Singapore’s North-South transport spine—Woodlands included.

What’s next for Woodlands?

Beyond the projects outlined in past and present Master plans, further developments are on the horizon for Woodlands and its surrounding areas.

For starters, the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) will aid cross-border travel by offering a fast and efficient alternative to the Causeway by end-2026. This new Light Rail Transit (LRT) system connects Woodlands North Station to Johor’s Bukit Chagar Station, and is capable of accommodating up to 10,000 commuters per hour in each direction during peak travel periods.

In 2025, works to expand Woodlands Checkpoint to five times its current size will also commence, bringing it from 19ha to 95ha with redeveloped infrastructure at the Old Woodlands Town Centre. The future extension is set to become fully operational by 2032, contributing to faster customs clearance times, while relieving congestion from high traffic volumes.

Viewed collectively with ongoing Master Plan initiatives, these projects will strengthen Woodlands’ position as the North’s primary regional centre, hence potentially spurring property growth in the area as well.

Source: URA Realis, ERA Research and Market Intelligence

While Woodlands currently has one of the lowest inventories of non-landed private homes (excluding executive condominiums) among the various planning areas in Singapore as of 2Q 2024, the upcoming launch of Norwood Grand, a 348-unit, 99-year leasehold development, is set to provide a timely injection of brand-new stock in the area.

Source: City Developments Limited

As such, homebuyers, particularly those keen on a private condo, may find Woodlands appealing as a promising location.

With additional private and public housing, new infrastructure, and transportation upgrades on the horizon, Woodlands is poised for future growth and development in more ways than one.

Not only do these projects aid in unlocking Woodlands’ potential as a highly desirable town for residents, they’ll also set the stage for its eventual transformation into a dynamic industrial hub – one where businesses are able to expand their operations, both within and beyond Singapore’s borders.

Disclaimer

A new MRT line always brings about hype and conversation. Truer words cannot be spoken for the colourful District 15, which has been patiently waiting for MRT access for decades.

District 15, consisting of the East-Coast and Marine Parade residential estates, has a rich and prolific history. From the mid-19^th century, the Katong precinct was occupied by the wealthy Peranakan community, a historical fact preserved in the colourful heritage shophouses that line the streets of Joo Chiat, Tanjong Katong and East Coast Road today.

Following land reclamation efforts in Singapore’s developing years, the 1970’s saw HDB projects sprouting in the area known as Marine Parade. Over the years, the district and its estates have seen continued development, with condominium projects being built, rounding off housing options and establishing the Marine Parade area and District 15 as a mature estate.

“Nice Area, Poor Connectivity”

Historically, if you asked most people who stayed in the East what they thought of their neighbourhood, you would hear responses like “Nice area, but no MRT” or “Close to town lah… by bus”.

Since the inception of its first housing projects in the 1970’s, Marine Parade and much of District 15 has been served solely by bus services. Due to the time needed for the reclaimed land to settle, tunnelling works for MRT construction could not be attempted until the land was deemed ready.

As a result, residents of District 15 waited patiently and watched in envy as the rest of Singapore, mature and non-mature estates alike received infrastructure upgrades through the development of the different MRT lines across the years.

Demand for Homes in the East

However, despite the lack of MRT access, which is a major concern and criteria for most homebuyers, District 15 has seen considerable growth and demand across the years.

According to ERA’s ‘My Dream Home’ survey conducted in 2024 that received over 1700 responses, 30% of condo buyers stated their preference of living in the city fringe, while a further 20% stated their preference for living in the East region of Singapore.

D15 is uniquely positioned, with sections within the Rest of Central Region that allow it to serve as a gateway in the East to Singapore’s central core. Its city fringe location means that those commuting to the downtown core of Singapore can do so within just 10-15 minutes.

Additionally, District 15 has a characteristic charm stemming from the amalgamation of low-rise shophouses full of watering holes and eateries with high-rise developments overlooking the East Coast.

The Thomson East-Coast Line Has (Finally) Arrives in the East Coast

Announced in 2014, the Thomson-East Coast Line (TEL) is a merger of the previously planned and distinct Thomson (TSL) and Eastern Region (ERL) lines.

Source: LTA

This garnered much attention as long-time residents of D15 have always expressed the district’s need for MRT access. This MRT access would make it easier for residents to get to the various schools and amenities across the district. It would also make property in the area more attractive if these future MRT stations were built within walking distance of housing.

After a decade of construction and waiting, and one global pandemic later, the TEL’s East-Coast stations finally opened their doors to the public in June 2024, breathing new life into D15.

Increased Connectivity for Students and Teachers

The introduction of the TEL creates much-needed connectivity for the schools in the area. District 15 is home to several reputable schools across the various educational levels in Singapore.

However, some of these schools, especially those along Marine Parade Road and their surrounding neighbourhoods have traditionally only been accessible by bus – either from the various neighbourhoods across the district, or from the nearest (if you can call it that) MRT stations such as Dakota or Mountbatten.

If you have ever taken one of the bus services that service the area in the morning, you would have a clear idea of the number of students that rely on them for their commute.

Source: OneMap.gov.sg, ERA Research and Market Intelligence

With the opening of the East-Coast segment of the TEL, the reliance on buses will be heavily reduced, with most of the schools being within a short walking distance of one of the stations.

Access to Amenities

The opening of the TEL also makes it easy for those staying in D15 to access all the amenities the district has to offer. This allows people staying in the various private residential enclaves (i.e. Siglap, Meyer Road and Amber Road) to access the various hubs and town centres in D15.

These hubs include the town centres located in the HDB estates of Marine Parade, which is home to Parkway Parade and Marine Parade Central, which includes a market, food centre and a multitude of HDB shophouses packed with various stores catered to the residents of the neighbourhood.

Other areas that have been made more accessible through the opening of the TEL are Joo Chiat and Katong, which are home to rows and blocks of heritage shophouses offering retail, dining, and various services. Along this stretch also lies various shopping malls, such as Roxy Square, Katong V, and i12 Katong to name a few, which were previously only accessible by bus.

With easy access via MRT, those living in D15 can now have their travel times cut short should they need to run any errands or participate in any activities in these hub areas. Examples would include buying groceries, or students travelling to tuition centres.

If they so wish, residents living in D15 can also find entertainment or recreational options at destinations, such as Singapore Sports Hub at Kallang and even Marina Bay Sands, which is accessible by Marina Bay MRT on the TEL.

Expedited Downtown Travel Times

The opening of the TEL opens up faster travel times and a much more straightforward route to the central region for the daily commuter. Traditionally to reach the city centre by MRT, you would have to take a bus service to Dakota, Paya Lebar, or Bedok MRT station – largely negating the benefit of distance D15 has to central Singapore.

With the opening of TEL stations, travel to the city is largely expedited. New stations, such as Marine Parade, Tanjong Katong, and Katong Park are 3 to 5 stops (or 12 minutes and under) away from Marina Bay MRT at the heart of the CBD. This is a definite plus for daily commuters to the city centre as they stand to benefit most from the shortened and more predictable travel times.

Will We See Greater Demand for Homes in D15 in the Future?

In essence: yes.

Many homebuyers have already expressed their clear interest in city fringe homes – particularly the East – which makes D15 the perfect candidate for them.

D15 is rich in heritage, with many aspects of straits and colonial era Singapore imbued deep within its DNA. There are also HDB towns that have over time blossomed into mature estates, being packed full of amenities and conveniences that most Singaporeans desire.

With many good schools in the area across various education levels, D15 is seen as one of the best places to own a familial home.

In the past few years, there have also been many new launches in D15, ranging from boutique projects to mega-developments. The wide range of new homes available on the market ensures that every homebuyer has options available to them, depending on their needs.

Table 1: New Projects Available in D15

Project Name	Address	Tenure	Total no of units	Available units	Remarks
Meyer Blue	Meyer Blue	FH	226	226	Launching 4Q 2024
Emerald of Katong	Jalan Tembusu	99y LH	846	846	Launching 4Q 2024
Straits at Joo Chiat	Joo Chiat Place	FH	16	9
Ardor Residence	Haig Road	FH	35	3
Grand Dunman	Dunman Road	99y LH	1008	301
The Continuum	Thiam Siew Avenue	FH	816	424
Tembusu Grand	Jalan Tembusu	99y LH	638	157
Claydence	Still Road	FH	28	2
K Suites	Lor K Telok Kurau	FH	19	10
Atlassia	Joo Chiat Place	FH	39	4

Source: ERAPro as of 16 Sep 2024

With the TEL opening up new conveniences and opportunities, both new and resale homes are expected to grow competitively in prices.

If you are interested in purchasing a home in D15 – new or resale, feel free to get in touch with an ERA Trusted Advisor today!

Disclaimer

Freehold land parcels were last sold prior to the introduction of GLS Programme in 1967, mostly taking place before Singapore’s independence. If all Government Land Sale (GLS) sites have a 99-year leasehold (99-LH) tenure, then why are there 999-year leasehold (999-LH) or freehold developments?

In land-scarce Singapore, selling residential land on a 99-year lease allows the government flexibility to reallocate land in the future, and to meet the evolving needs of society.

Freehold Land is a Rare Commodity

Currently, new freehold developments are available as property developers purchase freehold land via the collective sale of older projects. Such new projects are rare and remain highly sought after, as they are not subject to lease decay. This makes them an attractive option for buyers looking to purchase a property for their own stay, or as a legacy asset.

Given a quiet en-bloc market with an abundance of sites released in the 2024 GLS Confirmed List, new freehold condos are becoming increasingly scarce. Developers are unlikely to pay a sizable amount for a freehold site that comes with more encumbrances and costs (e.g. demolition), especially with the wide array of sites available under the GLS scheme. With a slow en-bloc market, particularly for freehold sites, there will be a dearth of new freehold units available in the near future. Only 603 freehold units are expected to be launched in the coming months.

When purchasing any property, buyers often have to face an iron triangle – a form of ‘give-and-take’ regarding the attributes of a property. In this case, the balance lies between the age of a property, its locational attributes (e.g. the availability of MRT stations), and lastly affordability. Freehold developments are often on the pricier end, which might make the ‘perfect’ freehold property more elusive to attain.

This coincides with ERA’s recently concluded My Dream Home Survey, which found that homebuyers prioritise affordability, size of the property and proximity to public transportation as key considerations for their next home purchase. Among survey participants keen on owning a private property as their next home, over 55% indicated a preference for new launches.

Where are FH condos usually located?

Freehold condos are spread across island-wide. However, there is a higher concentration of them in the city centre (e.g. Orchard, River Valley, Bukit Timah, Newton and Novena) or the city fringe (e.g. Katong, Joo Chiat, Marine Parade, Upper Bukit Timah). In line with Singapore’s urban development, these more centrally located areas were developed first, before moving outwards. Naturally, being centrally located, these developments would command higher prices.

While freehold properties are also found in suburban areas such as in Serangoon or Pasir Ris, their supply is more limited. These areas were developed much later, with land sold with leasehold tenures under the GLS programme.

Furthermore, MRT stations were also planned after the GLS Programme was introduced. Therefore, much of the land near MRT stations would have a leasehold tenure, barring those sold prior to the stations being planned.

Terra Hill, a freehold development located just 400m from Pasir Panjang MRT Station

ERA estimates approximately some 44% of non-landed homes to be of freehold or 999 leasehold status, relatively well distributed across market segments. But with the introduction of GLS program, this has helped ramped up the supply of leasehold homes, particularly in the Outside Central Region (OCR). Even though the supply of freehold units in the OCR has remained largely the same, the proportion of such homes in the region has dwindled to 28% due to the growing number of leasehold properties over time.

Table 1: Breakdown of Units by Tenure

Source: URA, ERA Research and Market Intelligence

Why do buyers prefer a new development despite the freehold tenure?

While older resale condos are typically more affordable than freehold properties in the same location, they could come with higher renovation and maintenance costs.

The older unit and development might not be well-maintained, and having outdated building designs and dreary façades could make them unappealing. Additionally, aging facilities that are under-utilized or poorly maintained due to wear and tear might be unpleasant to use or even pose safety risks.

Freehold property owners pay a premium for perpetual ownership. Unless the maintenance cost of their unit or the development becomes too high, it is unlikely that they will want to sell, whether individually or via a collective sale.

If the development’s age is a concern, or if buyers prefer a newer property, they may need to scour the market to find what they are looking for, or pay close attention to the en-bloc market. After all, freehold developments are becoming harder to come by as the years go on.

Entry Price

Are freehold properties still affordable? Despite commanding a premium, freehold properties are still alluring to many buyers as they offer perpetual ownership. Without the threat of lease decay, freehold properties also retain their value better over time.

Chart 1: Median Price psf for Freehold vs 99-Leasehold

Source: URA as of 7 Aug 2024, ERA Research and Market Intelligence, FH transactions include 999-LH

Furthermore, with the closing gap in prices between freehold and leasehold properties, prospective homebuyers may find freehold homes to be a more attractive purchase.

In the 2019, the median price gap between freehold and leasehold properties was 9.8%. As of 2H 2024, this has narrowed to 1.3%.

Table 2: Median Price psf of Freehold Condos in 1H 2024

Source: URA as of 6 Aug 2024, ERA Research and Market Intelligence

There were 2,264 freehold condominium units that changed hands in 1H 2024, with the average age and price psf of unit being 14.8 years and $1,953 psf respectively.

43.0% of these transactions were for homes between 10 to 20 years old, as buyers consider the trade-off between age and affordability. The lower psf would mean buyers have a relatively newer and larger home for the same price quantum.

Chart 2: Freehold Condominium Transactions in 1H 2024

Source: URA as of 31 Jul 2024, ERA Research and Market Intelligence, New sale project’s age based on estimated TOP date

Should buyers be concerned with the slower price growth of Freehold Properties?

We often see 99-LH properties outperforming freehold/999-LH property in terms of profitability. This is a result of lower frequency of transactions for freehold homes.

Freehold property owners are likely to be living there long term. They lack the urgency to sell them as there is no lease decay. Moreover, as the government continues to roll out 99-LH GLS sites, there are more 99-LH properties transacted which leads to more price movement. These newer developments are sold at higher prices, which leads to faster and higher price growth.

Hence, prices of freehold developments may experience more gradual growth as the proportion of transactions are comparatively lower than 99-LH developments. However, in the long term, freehold developments provide better value retention, as they are not subject to lease decay.

Conclusion

Are freehold properties right for you?

If you are willing to pay more for the freehold tenure, then you should have the intention to hold onto it for the long term. If you are looking to cash out the profits from your property after a few years (e.g. Upon new home completion or the end of the 3-year Sellers’ Stamp Duty period), then there is little difference between buying a freehold and 99-LH property.

What are my options?

There are still many opportunities in the market for new freehold developments that cater to most budgets, or locational preferences.

For value buys, you can consider Kassia in Flora Drive, with a price starting from just $1,830 psf. Those who want to be in the city fringe can consider The Arcady at Boon Keng, just a short walk from Boon Keng MRT Station. In the West Coast, Terra Hill offers a compelling proposition being nestled in a tranquil landed enclave, yet near an MRT station. The Continuum offers East-siders a mega-development, that comes with more comprehensive facilities in a popular area.

For those looking to live in a quiet and exclusive enclave can consider buying a boutique development. There are four new developments available, with three in the east and one in the west. Comparatively, they are priced lower than the larger freehold developments nearby.

Table 3: List of Available Freehold Developments

Development	Region/Area	No. of Units	Price psf from ($)	Distance to nearest MRT Station
Kassia	OCR/Pasir Ris	276	1,838	1.8km to Tampines East
The Shorefront	OCR/Pasir Ris	23	1,779	1.8km to Pasir Ris
The Arcady at Boon Keng	RCR/Boon Keng	172	2,419	500m to Boon Keng
Terra Hill	RCR/Pasir Panjang	270	2,251	400m to Pasir Panjang
The Continuum	RCR/East Coast	816	2,592	800m to Dakota
Ardor Residence	RCR/East Coast	35	2,114	1.2km to Marine Parade
Straits at Joo Chiat	RCR/East Coast	16	2,080	1km to Eunos
The Hillshore	RCR/Pasir Panjang	59	2,227	2.1km to Pasir Panjang

Source: ERApro as of 3 Sep 2024, ERA Research and Market Intelligence

Disclaimer

For almost anyone doing it for the first time, buying a home in Singapore can be a confusing process. Throw in a bunch of acronyms, like ABSD (Additional Buyer’s Stamp Duty) and MOP (Minimum Occupation Period), and things can get baffling real quick. However, if you’re intending to take out a loan on a new home purchase, two terms that you’ll absolutely need to know are TDSR and MSR.

In their full form, TDSR stands for ‘Total Debt Servicing Ratio’, whereas MSR means ‘Mortgage Servicing Ratio’, and they’re both Government initiatives to promote responsible borrowing. Below, we explain how TDSR and MSR came about, their purpose, and how to determine your housing affordability using both ratios.

What exactly are TDSR and MSR? And how did they come to be?

Introduced by the Monetary Authority of Singapore (MAS) in 2013, the TDSR is a framework applying to all property loans extended by banks to borrowers. Its rollout is to promote prudency amongst individuals taking loans, so that they don’t end up borrowing more than they could afford.

Therefore, the TDSR, which limits debt repayments to a certain percentage of gross monthly income, is first and foremost a safety net. When the TDSR was first introduced in 2013, borrowers were allowed to spend up to 60% of their gross monthly income on loan servicing.

Subsequently, that limit was tightened to 55% in 2021. Put differently, this means that under TDSR guidelines, a borrower should have a total debt value of under 55% of his or her monthly salary to be able to take out a mortgage.

Similarly, for the MSR, it places a cap on the percentage of monthly income that borrowers can use for mortgage repayments. In 2013, the MSR threshold was set at 30% for HDB flat purchases that are financed by bank loans, and it has stayed that way since.

How are TDSR and MSR applied differently for home purchases?

If there’s a key difference between TDSR and MSR that’s worth highlighting, it’s that TDSR applies to all types of housing loans, whereas MSR applies only to loans for buying an HDB flat OR an Executive Condominium (EC) that still hasn’t completed its MOP.

Hence, supposing that you’re a homebuyer who wishes to take out a home loan for an HDB flat or EC purchase, you’ll have to comply with both the MSR and TDSR limits. The differences of both ratios are summarised in the table below.

Table 1: Summary of the differences between TDSR and MSR

	TDSR	MSR
Definition	Refers to the portion of a borrower’s gross monthly income that goes towards repaying the monthly debt obligations, including the loan being applied for	Refers to the portion of a borrower’s gross monthly income that goes towards repaying all property loans, including the loan being applied for
Properties that this loan applies to	All property types	HDB flats and ECs only
Threshold	55% of borrower’s gross monthly income	30% of borrower’s gross monthly income
Debt Obligations included	All debt obligations (e.g. Car loans, student loans)	Only property loans (Including the one being applied for)
How it is calculated	TDSR = (Total monthly debt)/(Gross monthly income) x 100%	MSR = (Total monthly mortgage repayment(s))/(Gross monthly income) x 100%

It’s also worth bringing up (again) that both TDSR and MSR account for different financial considerations. TDSR factors in all of a borrower’s unsettled debt, including loans taken out for housing, cars, education, credit cards, and so forth.

In comparison, MSR is more straightforward as it’s solely calculated on a borrower’s monthly income. For borrowers buying an HDB or EC unit, their household monthly income will first be assessed using the MSR on their loan quantum to calculate the maximum amount they can repay monthly.

Thereafter, buyers will be further subject to a second round of assessment, which will consider all their debt repayments are within the TDSR limits. Should the borrowers have outstanding debts such as car loans, it may affect the amount they borrow and they may not get the maximum MSR loan amount.

How do you calculate MSR based on your household income?

In general, a borrower’s MSR can be derived by dividing their total monthly mortgage repayments by their gross monthly household income.

Assuming Party A has a gross monthly income of $10,000, his MSR calculations would be so…

$10,000 x 30% = $3,000

In another scenario, if Party A has an existing debt of $4,000 and a gross monthly income of $10,000, his MSR calculations would be so…

Maximum MSR loan amount = $10,000 x 30% = $3,000

Maximum TDSR loan amount = $10,000 x 55% = $5,500

Maximum MSR loan amount that can be taken to meet TDSR limit = $5,500 – $4,000 (Existing debt) = $1,500

In other words, even though Party A’s maximum mortgage affordability is $3,000 (based on the current MSR threshold of 30%), their existing debt of $4,000 limits their borrowing capacity to just $1,500.

To gauge the estimated loan quantum a household can secure based on MSR, one can refer to the sensitivity analysis table below. With a monthly household income of $16,000, a family can afford a home of up to $1.01mil, which works out to the price of a 2-room condo in the OCR.

Table 2: MSR Sensitivity Analysis- Based on Value Of Property on Household Income and Mortgage Rates for a 25 Year Loan

		Interest Rates
Household Income	Monthly Payment	3.00%	3.50%	4.00%	4.50%
$10,000	$3,000	$633,000	$600,000	$569,000	$540,000
$11,000	$3,300	$696,000	$660,000	$626,000	$594,000
$12,000	$3,600	$760,000	$720,000	$683,000	$648,000
$13,000	$3,900	$823,000	$780,000	$739,000	$702,000
$14,000	$4,200	$886,000	$839,000	$796,000	$756,000
$15,000	$4,500	$949,000	$899,000	$853,000	$810,000
$16,000	$4,800	$1,013,000	$959,000	$910,000	$864,000
$17,000	$5,100	$1,076,000	$1,019,000	$967,000	$918,000
$18,000	$5,400	$1,139,000	$1,079,000	$1,024,000	$972,000
$19,000	$5,700	$1,202,000	$1,139,000	$1,080,000	$1,026,000
$20,000	$6,000	$1,266,000	$1,199,000	$1,137,000	$1,080,000

Source: ERA Research and Market Intelligence (*Rounded to the nearest thousand)

How do you calculate TDSR?

Similar to MSR, it’s possible to derive a borrower’s TDSR with the help of a formula, which is as follows…

So, for instance, if Party B earns a fixed income of $10,000 a month and owes $2,000 in car loans as well as $1,000 in credit card loans, their maximum remaining capacity for monthly mortgage payments, based on the current TDSR threshold of 55%, would be…

Maximum loan based on TDSR limits = $10,000 X 55% = $5,500

Maximum remaining borrowing capacity = $5,500 – car loan ($2,000) – credit card loan ($1,000) = $2,500

However, if a borrower’s income varies from month to month, their TDSR can be slightly trickier to calculate. And that’s because they’re only permitted to use 70% of their gross monthly income for TSDR calculations. Or as MAS puts it: “financial institutions are required to apply a haircut of at least 30% to all variable income (e.g. bonuses) and rental income”.

Therefore, if we’ve Party C who has a similar debt situation as Party B, along with a gross monthly income of $10,000 – consisting of a fixed component of $7,000 and $3,000 in commissions – their TDSR calculations will look like this…

Maximum loan based on TDSR limits = [$7,000 + ($3,000 X 70%)] X 55% = $5,005

Maximum remaining borrowing capacity: $5,005 – car loan ($2,000) – credit card loan ($1,000) = $2,005

To gauge the estimated loan quantum a household can secure based on TDSR, we can refer to the sensitivity analysis table below. Under TDSR, a family earning a monthly household income of $16,000 can purchase a home of up to $2.4mil which is a rough cost for a sizable 3-bedroom OCR condo presently.

Table 3: TDSR Sensitivity Analysis– Max Value of property value based on household income and mortgage rates for a 25 Year Loan

	Interest Rates
Household Income	Monthly Payment	3.00%	3.50%	4.00%	4.50%
$10,000	$5,500	$1,547,000	$1,465,000	$1,390,000	$1,320,000
$11,000	$6,050	$1,702,000	$1,612,000	$1,529,000	$1,452,000
$12,000	$6,600	$1,856,000	$1,758,000	$1,668,000	$1,584,000
$13,000	$7,150	$2,011,000	$1,905,000	$1,807,000	$1,716,000
$14,000	$7,700	$2,165,000	$2,051,000	$1,946,000	$1,848,000
$15,000	$8,250	$2,320,000	$2,198,000	$2,084,000	$1,980,000
$16,000	$8,800	$2,475,000	$2,344,000	$2,223,000	$2,111,000
$17,000	$9,350	$2,629,000	$2,491,000	$2,362,000	$2,243,000
$18,000	$9,900	$2,784,000	$2,637,000	$2,501,000	$2,375,000
$19,000	$10,450	$2,939,000	$2,784,000	$2,640,000	$2,507,000
$20,000	$11,000	$3,093,000	$2,930,000	$2,779,000	$2,639,000

Source: ERA Research and Market Intelligence (*Rounded to the nearest thousand)

Scenarios where the TDSR Ratio is not applied

Although it’s safe to say that TDSR and MSR will almost certainly be applied to the majority of home loan calculations, there are certain scenarios where borrowers can be exempted from TDSR rules too. For example, TDSR is currently waived for owner-occupiers when they refinance their housing loans. Likewise, bridging loans where the outstanding balance will be repaid within 6 months are also exempted from TDSR rules.

Kassia, a condominium at Loyang/Changi

The same applies to mortgage equity withdrawal loans too, provided the Loan-to-Value ratio, combined with any other loans secured against the same property, does not exceed 50%. Lastly, another important term to know is the Loan-to-Value ratio.

Loan-to-Value Ratio

The LTV ratio is the percentage of the property value an individual is allowed to borrow to finance their home mortgage. Implemented by the government, this ratio serves to limit how much money can be borrowed by individuals to ensure the borrower is able to repay all their loans and not over-leverage.

The LTV limit for an individual with no existing housing loans is capped at either 75% or 55%, with a minimum cash down payment of 5% or 10% respectively. The table below will delineate the differences in LTV limits based on the number of outstanding housing loans.

Table 4: LTV Limits Applied based on Outstanding housing loans

Number of Outstanding Housing Loans	LTV Limit	Minimum Cash Down Payment
0	75% or 55%	5% (for 75% LTV) or 10% (for 55% LTV)
1	45% or 25%	25%
2 or more	35% or 15%	25%

Source: MAS, ERA Research and Market Intelligence

The lower LTV limit should be applied if the loan tenure exceeds 30 years, or 25 years for HDB flats, or if the loan period extends beyond the borrower’s age of 65 years. For HDBs, the maximum loan an individual can take to finance their flat has been tightened.

With effect from 20 August 2024, the Loan-to-Value (LTV) limit for HDB loans will be lowered from 80% to 75%, akin to mortgage loans granted by financial institutions. The revised HDB LTV limit will apply to complete resale applications received by HDB on or after 20 August 2024.

A complete resale application is one where HDB has received both the sellers’ and buyers’ portions of the application. For applicants who were successful in the June BTO exercise, the LTV limit for their housing loans will not be affected and will remain at 80%.

Keen to learn more about how this applies to your homebuying journey? Or about TDSR and MSR in general? Feel free to speak to an ERA Trusted Adviser today!

Disclaimer

Have you ever dreamed of staying in a place not dominated by towering high-rises but filled with greenery and low-rise houses instead? A place with its own unique flair and personality, where heritage and modern lifestyle blend seamlessly? Areas like Katong or Tiong Bahru might come to mind, but they can be a bit too upscale for some. What if we told you there’s a hidden gem in District 19 that offers the same charming living experience?

Welcome to the quaint estate of Serangoon Garden, one of Singapore’s most distinct housing areas.

A Brief History

Serangoon Garden is a residential estate and a subzone in the Serangoon planning area, located in District 19.

In the 1950’s the estate now known as Serangoon Gardens was built to provide housing for workers and their families in the area, such as teachers, labourers and airmen. These townhouses and bungalows, with their distinctive red roof tiling became synonymous with the area – a distinctive trait that a good number of houses retain, even today.

As the area became populated, amenities and conveniences were built into the area, such as shops, eateries started showing up, and a recreational clubhouse, Serangoon Gardens Sports Club.

Serangoon Garden Today: Amenities and Landscape

Serangoon Garden has kept most of its landscape and architecture from the olden days, retaining its iconic look and feel, while offering modern conveniences to its residents.

Serangoon Garden Circus, where most of the shops were situated still stands, with their tenants hosting a wide range of food and services catered to the modern tastes of residents.

The recreational clubhouse, now known as Serangoon Gardens Country Club, still stands, with members from the estate frequenting it for sports and recreational activities, as well as classes and enrichment activities for their children.

The street food vendors that used to run their businesses out of carts along Serangoon Garden Way were also given a hawker centre to set up stalls and operate out of in 1972.

The hawker centre, now known as Chomp Chomp Food Centre, is famous today for its selection of local food (famous dishes there include BBQ stingray and Hokkien Mee) and is one of the more well-known and frequented hawker centres in Singapore.

Why Is Serangoon Gardens Such a Popular Estate?

Serangoon Gardens is one of the most popular and recognisable estates in Singapore, and for good reasons.

Kampong Spirit

It is not uncommon to find people that have stayed there their whole lives, with their homes being passed down generations over the last 70 or so years of its existence. This gives the estate a warm, kampong feel with the community fostered between the residents of the estate that residents have fondly dubbed “the feel of an old English village”.

A cosmopolitan village

In addition to this expatriates, particularly those from Australia or France, tend to rent homes in Serangoon Gardens, due to its proximity to the Australian and French international schools.

With an established community of foreigners and expatriates, there has been an increase in the number of businesses catered to the needs of these communities. You can find cafes and eateries at Serangoon Garden Circus serving western fare, as well as grocery stores such as Little Farms and a French grocer.

The presence of these establishments within the landed enclave gives the neighbourhood a distinct, cosmopolitan vibe that can be likened to that of Holland Village.

A Wealth of Amenities

In comparison to other landed estates or enclaves in Singapore, Serangoon Garden offers more amenities to its residents. The mini hub at Serangoon Garden Circus offers everything for its residents, from food, to enrichment and tuition centres, as well as healthcare, and pet care shops.

There is even a shopping mall, MyVillage with a FairPrice Finest for residents to do their shopping, along with dining options, and beauty parlours and hair salons.

Scarcity of Housing in Serangoon Gardens

Given the popularity of the estate, housing availability is scarce in Serangoon Gardens. This is especially so when we consider that most of the houses in the estate are landed homes.

Currently, landed homes are high in demand, with a low supply. As a result, landed homeowners possess strong holding power, with the median price for a house in Serangoon Gardens in 2024 costing $4.62m, making it inaccessible for most homebuyers.

With landed houses being scarce, costly, and mostly out of reach for most of us, we automatically look for non-landed private property options in the area. However, a search in the Serangoon Gardens estate would show that there are few condominium or private apartments.

Table 1: Non-landed private projects in Serangoon Garden Estate (<500m of Serangoon Garden Circus)

Source: PropertyGuru, ERA Research and Market Intelligence

For those looking for a private property close to Serangoon Gardens, a fantastic place to look would be its sister neighbourhood of Lorong Chuan.

Lorong Chuan – An Alternative

Lorong Chuan is a subzone and precinct that neighbours the Serangoon Gardens estate. The precinct is named after a road bearing the same name, which connects the Central Expressway (CTE) to Serangoon Gardens.

It is considered a desirable location to live in by Singaporeans and foreigners alike, for three notable reasons. Firstly, it is close to Serangoon Gardens and Serangoon Central, as well as Bishan and Toa Payoh towns, offering residents of the precinct a wealth of amenities and conveniences.

Secondly, the precinct is also serviced by Lorong Chuan MRT, one stop away from Serangoon and Bishan MRT stations – major interchanges on the North-South and North-East lines respectively.

Finally, there are a variety of condominium projects here that are allow living near the landed estates of Serangoon Gardens and Braddell Heights at a more affordable price point.

Price Growth

Table 2: Non-landed private projects in Lorong Chuan

Source: PropertyGuru, ERA Research and Market Intelligence

Demand drivers for homes in the area directly stem from the convenience that the area provides. In addition to this, the neighbourhood falls within the 1km radius for notable schools such as St. Gabriel’s Primary School and CHIJ Our Lady of Good Counsel.

While there is a thriving and attractive private condominium estate in Lorong Chuan, there hasn’t been a new launch in the area in over a decade – that is until the announcement of the upcoming Chuan Park, which has caught the attention of the market as one of the biggest launches of 2024.

Chuan Park – A New Development with New Opportunities

Chuan Park is an upcoming 916-unit mega development with a 99-year leasehold tenure. It is being built as a redevelopment following the collective sale exercise of the former Chuan Park condominium.

Adding a stock of 916 units to the existing inventory of 2,148 units in Lorong Chuan will increase the number of condominium units in the area by 43%, which is sure to rejuvenate and encourage price growth.

Mega-Development, Mega Benefits!

Being a mega-development, Chuan Park will have clear strengths in the market for investors, such as a fresh 99-year lease, along with a wide variety of amenities that will attract buyers and tenants from diverse groups.

In addition to this, families will be drawn to the development, due to its wide array of facilities, distance to nearby amenities and a 1km priority enrolment distance to St. Gabriel’s Primary and CHIJ Our Lady of Good Counsel.

Great Accessibility

The most attractive attribute about the location is that Lorong Chuan MRT is situated right at its doorstep. Aside from integrated developments, not many condos in Singapore can boast this level of convenience.

Lorong Chuan MRT on the Circle Line provides a direct route to Marina Bay, as well as to Buona Vista and one-north business nodes. It is also within 3-5 stops to the Thomson East Coast Line, East West Line and Downtown Line, as well as 6 stops to Orchard, further connecting it to more business nodes in Singapore.

Working professionals could also find the location attractive if they work at New Tech Park. Alternatively, Lorong Chuan’s location adjacent to the CTE provides a speedy 15-minute drive to the central region of Singapore.

Expected to launch in the second half of this year, Chuan Park is bound to turn heads as one of the biggest launches of the year. If you are interested to find out more about this exciting new launch, kindly reach out to an ERA trusted advisor today.

Disclaimer

URA dropped ten sites on the Confirmed List. Could this lead to a potential housing glut?

On the 25^th June 2024, the Urban Redevelopment Authority (URA) announced a list of ten sites on the Confirmed List for their Government Land Sales (GLS) program. These will comprise nine residential sites, inclusive of an executive condominium (EC) plot, and a residential and commercial plot.

This is part of an active effort by the government to stabilise property prices and manage long-term housing demand. We are positive that this will give homebuyers more choices in the future, especially with sites in sought-after locations like Bayshore Road and Chuan Grove.

Overall, these ten sites could yield an estimated 5,050 residential units – a similar figure to the 5,450 units offered in 1H 2024’s Confirmed List of GLS sites.

A total supply of 11,110 private residential units in 2024 (including 610 units from the activated Reserve List site tendered out in May 2024) will be the highest supply introduced in a single year since 2013.

The sites available under the Confirmed List are as follows.

Table 1: Confirmed List 2H 2024

Site	Type of Site	Area (ha)	Proposed GPR	Estimated No. of Residential Units	Estimated No. of Hotel Rooms	Estimated Commercial Space (sqm)	Estimated Launch Date	Agency
Tampines Street 95 (EC)	Residential	2.25	2.5	560	0	–	Aug-2024	HDB
Faber Walk	Residential	2.58	1.4	400	0	–	Sep-2024	URA
Lentor Gardens	Residential	2.06	2.1	500	0	–	Oct-2024	URA
River Valley Green (Parcel B)	Residential	1.17	3.5	580	0	500	Oct-2024	URA
Bayshore Road	Residential	1.05	4.2	515	0	–	Nov-2024	URA
Media Circle (Parcel A)	Residential	0.81	3.7	345	0	400	Nov-2024	URA
Media Circle (Parcel B)	Residential	0.97	4.3	485	0	400	Nov-2024	URA
Chuan Grove	Residential	1.58	3.0	550	0	–	Dec-2024	URA
Holland Link	Residential	1.72	1.4	240	0	–	Dec-2024	URA
Chencharu Close	Commercial & Residential	2.94	3.2	875	0	13,000	Sep-2024	HDB

Source: URA, ERA Research and Market Intelligence

Among the sites, the Tampines Street 95 EC site and Chuan Grove are located within established residential enclaves that have previously seen resilient housing demand. This could draw higher interest from developers.

In addition to this, the URA has also placed an additional nine sites on their Reserve List as part of the 2H 2024 GLS program, should developers feel the need to bid for extra sites based on market demand. The Reserve List comprise five residential sites, one commercial site, two white sites, and a hotel site.

In total, they offer a potential 3,090 residential units, as well as 99,350 sqm gross floor area of commercial space, and 530 hotel rooms.

Table 2: Reserve List 2H 2024

Site	Type of Site	Area (ha)	Proposed GPR	Estimated No. of Residential Units	Estimated No. of Hotel Rooms	Estimated Commercial Space (sqm)	Estimated Launch Date	Agency
Senja Close (EC)	Residential	1.01	3.0	295	0	0	Available	HDB
Marina Gardens Lane	Residential	0.61	5.6	400	0	0	Oct-2024	URA
Woodlands Drive 17 (EC)	Residential	2.58	1.7	435	0	0	Oct-2024	HDB
Holland Plain	Residential	1.58	1.8	275	0	0	Dec-2024	URA
River Valley Green (Parcel C)	Residential	1.15	3.5	470	0	0	Dec-2024	URA
Punggol Walk	Commercial	1.00	1.4	0	13350	0	Available	URA
Marina Gardens Crescent	White	1.73	4.2	775	6000	0	Available	URA
Woodlands Avenue 2	White	2.75	4.2	440	78000	0	Available	URA
River Valley Road	Hotel	1.02	2.8	0	2000	530	Available	URA

Source: URA, ERA Research and Market Intelligence

A total of 17 new projects are set to launch in 2H 2024, tallying to an estimated 8,300 new homes.

There are eight more sites currently open for tender, and another one set to launch this month. This bumper crop of GLS sites in 2H 2024 will further bolster the existing ample land supply.

However, prevailing factors like the high-interest rate environment, economic uncertainty, and slower new home sales amidst tighter homebuyer affordability may encourage developers to bid prudently.

Let’s go over the location analysis for the ten GLS sites on the confirmed list.

Tampines Street 95 (EC) – 560 units

Source: URA

In contrast to the plot at Tampines Street 94 (previously launched in 1H 2024), the newly released site at Tampines Street 95 is earmarked for development as an EC project.

Being near its sister plot, this puts the site at Tampines Street 95 within range of Tampines West MRT station, Bedok Reservoir Park, as well as future retail options at Tampines Street 94. This confluence of amenities, coupled with its designation as an EC site, will likely make Tampines Street 95 an attractive proposition for developers and future buyers alike.

Faber Walk – 400 units

Source: URA

This site is between AYE, Pandan River and the Faber Walk landed enclave. It will be a low-rise development of up to five storeys, comprising of 400 units. While there are no MRT stations in the vicinity, is it only a 5-minute drive to Clementi MRT Station. Despite being next to AYE, residents will enjoy privacy in this tranquil living environment along Pandan River. The adjacent site (now Waterfront@Faber) was previously awarded for $687 psf ppr in June 2013. We may see muted response due to the location of the site.

Lentor Gardens – 500 units

Source: URA

Even though the Lentor Gardens GLS site is the last site available in the Lentor Hills estate, much of the area’s housing demand has been absorbed by earlier launches. Furthermore, it is the furthest site from Lentor MRT station making it less advantageous compared to neighbouring plots. Thirdly, the upcoming Upper Thomson site awarded to GuocoLand and Hong Leong will also provide prospective homebuyers with more options.

River Valley Green (Parcel B) – 580 units

Source: URA

The launch of the River Valley Green (Parcel B) site comes hot off the heels of the closure of Parcel A’s tender last week. The site, which is an estimated yield of 580 units, borders Great World MRT and is also near Great World City and River Valley Primary School. However, despite its remarkable locational attributes, it remains to be seen whether developers will exhibit interest for Parcel B, given the saturation of new launches in the area for the next two years.

Bayshore Road – 515 units

Source: URA

The Bayshore Road site is the first to be launched in the area since 1997. With a potential yield of 580 residential units, it will join upcoming HDB projects in shoring up Bayshore’s nascent future as a new waterfront neighbourhood. The site’s proximity to the newly operational Bayshore MRT station and the expansive views of East Coast Park from future high-rise units are also compelling selling points. We expect to developers to put in competitive bids for the site, especially with Bayshore’s promising future and the scarcity of newer private residential developments in the area.

Media Circle (Parcel A) and (Parcel B) – 345 and 485 units

Source: URA

Straddling each side of Portsdown Road, both the Media Circle (Parcel A) and Media Circle (Parcel B) sites are poised to bolster the future housing supply in one-north with a total of 830 estimated residential units; this is in line with URA’s plans to enhance the area as a vibrant mixed-use district. This could also make shorter office-to-home commutes a reality for residents working in the vicinity.

Additionally, unlike the Media Circle plot launched in 1H 2024, both new sites are not required to include a Serviced Apartments II (SA2) component. Without the mandatory requirement to include long-stay serviced apartments, developers will likely be more motivated to bid for these parcels in the face of diminished risk.

Chuan Grove – 550 units

Source: URA

This site can potentially yield 550 homes in high-rise tower blocks. It will likely draw competitive bids being on the edge of the city fringe with amenities and schools while being a 3-minute walk to Lorong Chuan MRT Station. The existing Chuan Park site that was sold enbloc is scheduled to launch in 2H 2024.

Holland Link – 240 units

Source: URA

The GLS site at Holland Plain consists of an estimated 240 units and is located amidst a predominantly landed housing enclave. Considering its exclusive location, the site is likely to be developed as high-end luxury homes to support housing needs for the residents in the vicinity.

Chencharu Close – 875 units

Source: URA

Chencharu’s status as Yishun’s newest residential precinct will translate into new convenience-driven amenities for residents, both existing and new. Close to 2,000 private residential units are slated for development in Chencharu; this figure is inclusive of its first-ever mixed-use site where 875 private homes could be potentially built, accompanied by a bus interchange and hawker centre.

Disclaimer

Can You Afford a Singapore Condo Based on Your Salary Today?

How much does a condo cost in Singapore today?

How much do you need to make to afford a condo purchase in Singapore?

For a deeper dive, here are your options…

Salary aside, what else should you take note of when budgeting for a condo?

So, is it possible to afford a Singapore condo with your salary?

Reason 1: 270 exclusive freehold units

Reason 2: Exit Strategy for owners (Greater Southern Waterfront Development)

Two Bedroom + Study Floorplan

Four Bedroom Floorplan

What’s There in the Private Housing Market?

A Tale of Two New Launches

Fantastic RCR Location

Proximity to Henry Park Primary School

Attractive Entry Prices and Good Potential Price Growth

Nearby HDB Developments

Completion Timeframe

Harmonisation of Gross Floor Area (GFA)

“We can make our CBD not just a place to work, but also an attractive and vibrant place to live and play.” – Lawrence Wong, 2019

“You can’t be more centrally located than being located in the centre”

“People talk about wanting amenities – downtown is the amenity.”

While city living offers plenty, it may not be for everyone

Shifting the focus (and homes) back to the city centre

Woodlands Regional Centre

Woodlands Central– A Thriving Community and Business Node

Woodlands North Coast – Housing Precinct and Economic Hub by the Waterfront

What’s happening at Woodlands Regional Centre presently?

Woodlands Central: New office spaces and homes for residents

Woodlands North Coast: Fresh opportunities and infrastructure for businesses

Woodlands Health Campus: A dedicated healthcare complex in the North

Improved transportation links: North-South Corridor and Thomson-East Coast MRT Line

What’s next for Woodlands?

A new MRT line always brings about hype and conversation. Truer words cannot be spoken for the colourful District 15, which has been patiently waiting for MRT access for decades.

“Nice Area, Poor Connectivity”

Demand for Homes in the East

The Thomson East-Coast Line Has (Finally) Arrives in the East Coast

Increased Connectivity for Students and Teachers

Access to Amenities

Expedited Downtown Travel Times

Will We See Greater Demand for Homes in D15 in the Future?

Freehold land parcels were last sold prior to the introduction of GLS Programme in 1967, mostly taking place before Singapore’s independence. If all Government Land Sale (GLS) sites have a 99-year leasehold (99-LH) tenure, then why are there 999-year leasehold (999-LH) or freehold developments?

Freehold Land is a Rare Commodity

Where are FH condos usually located?

Why do buyers prefer a new development despite the freehold tenure?

Entry Price

Should buyers be concerned with the slower price growth of Freehold Properties?

Conclusion

Are freehold properties right for you?

What are my options?

What exactly are TDSR and MSR? And how did they come to be?

How are TDSR and MSR applied differently for home purchases?

How do you calculate MSR based on your household income?

How do you calculate TDSR?

Scenarios where the TDSR Ratio is not applied

Loan-to-Value Ratio

A Brief History

Serangoon Garden Today: Amenities and Landscape

Why Is Serangoon Gardens Such a Popular Estate?

Kampong Spirit

A cosmopolitan village

A Wealth of Amenities

Scarcity of Housing in Serangoon Gardens

Lorong Chuan – An Alternative

Price Growth

Chuan Park – A New Development with New Opportunities

Mega-Development, Mega Benefits!

Great Accessibility

URA dropped ten sites on the Confirmed List. Could this lead to a potential housing glut?

Tampines Street 95 (EC) – 560 units

Faber Walk – 400 units

Lentor Gardens – 500 units

River Valley Green (Parcel B) – 580 units

Bayshore Road – 515 units

Media Circle (Parcel A) and (Parcel B) – 345 and 485 units

Chuan Grove – 550 units

Holland Link – 240 units

Chencharu Close – 875 units