Which new condos can you get with Singapore’s median salary?
First published on EdgeProp Singapore by EdgeProp Singapore on 29 November 2018
The median income in Singapore rose above $4,400 in 2018, according to the latest data released by the Ministry of Manpower (MOM).
According to MOM’s findings, the median gross monthly income among Singaporeans and permanent residents who were employed full-time was $4,437 this year, including employer contributions to the Central Provident Fund. This compares to a median income of $4,232 in 2017, and $4,056 in 2016
Based on these findings, if you’re earning the median salary in Singapore, here are some new condos that you will be able to purchase with a spouse or a partner.
For simplicity’s sake, we assume that both partners earn a respective median salary of $4,400 (or a combined salary of $8,800) and have no other financial commitments.
Based on these figures, your maximum property purchase price (based on a TDSR of 60%) would hover around $1.25 million, with an estimated monthly repayment of about $4,000. New condo projects that fall within your affordability range include the following:
*Figures are mere estimates and should not be used for official purposes
The 1,206-unit residential project, which will be built on the site of the former Shunfu Ville private HUDC estate, is the largest residential project in Qingjian Realty’s Singapore portfolio so far. The project fronts Marymount Road on one side and Shunfu Road on the other, and is within a 3-minute walk to Marymount MRT station.
One-bedroom units (527 sq ft) from $838,000; two-bedroom units (646 to 775 sq ft) from $988,000; and three-bedroom units (904 to 1,152 sq ft) from $1.38 million.
Meanwhile, prices for four (1,259 to 1,647 sq ft) and five-bedroom units (2,099 sq ft), and penthouses (4,230 sq ft) have yet to be determined.
Mayfair Gardens, developed by Oxley Holdings is located on Rifle Range Road, off Dunearn Road in District 21. It is within a three-minute walk of King Albert Park MRT station on the Downtown Line.
Units at Mayfair Gardens are a mix of one- to four-bedroom units as well as six penthouses. Sizes range from 495 sq ft to 1,744 sq ft. Two bedroom units at the development starts at $976,000, based on listings on EdgeProp.sg. Average price of units sold at the development was about $1,900 psf.
The 1,399-unit Parc Esta is located on the site of the former Eunosville privatised HUDC estate.
The project has nine 18-storey towers sitting on a 99-year leasehold site of close to 377,000 sq ft. Units are priced from $698,000 for a one-bedroom; from $988,000 for a two-bedroom; $1.378 million for a three-bedroom; from $1.758 million for a four-bedroom; and from $2.218 million for a five-bedroom.
About 900 units at Riverfront Residences will be one- and two-bedroom units, and the remainder will be three- to five-bedroom apartments. One-bedroom units start from 463 sq ft and will be priced from $578,000 ($1,248 psf). Two-bedroom units start from 603 sq ft and are priced from $755,000 ($1,252 psf).
Three-bedroom apartments start from 872 sq ft and are priced from $1.07 million ($1,227 psf). Premium three-bedroom units start from 1,066 sq ft and are priced from $1.26 million ($1,182 psf). Four-bedroom units start from 1,410 sq ft and are priced from $1.68 million ($1,191 psf).
The 428-unit The Jovell, to be jointly developed by Hong Leong Holdings, City Developments and TID, will sit within a residential neighbourhood of predominantly low-rise private homes.
The leasehold project will comprise nine buildings, each with eight levels. Buyers can choose from one- to four-bedroom units, ranging from 441 sq ft for a one-bedder; 635 sq ft for a two-bedder; 904 sq ft for a three-bedder; to 1,270 sq ft for a four-bedder. One-bedroom units at the development start from $585,000 ($1,325 psf), while four-bedroom units start from $1.5 million ($1,222 psf).
The 716-unit Whistler Grand, on West Coast Vale, will span across two 36-storey towers overlooking Pandan Reservoir and Bukit Timah Nature Reserve. Developed by City Developments Ltd, it is an eight-minute drive from the Jurong Gateway precinct, with 250,000 sq m of retail, entertainment and dining spaces spread across shopping malls like Big Box, IMM, JCube, JEM and Westgate.
Prices start from $608,000 for the one-bedroom unit, $792,000 for the two-bedder, $1.198 million for the three-bedroom unit, $1.568 million for the four-bedder and $1.788 million for five-bedder. The average sale price is $1,380 psf.