Salary you need to buy a condo at Singapore’s prime districts

Condominiums in Singapore’s Core Central Region (CCR) – which covers Districts 9, 10 and 11 along with Sentosa and Downtown Core Planning Area – generally command the highest residential prices here due to their proximity to multiple MRT stations, the city-state’s best schools, employment hubs and major shopping malls.

However, some people are in the dark on the actual selling prices of condos – both new and old – in these so-called prime districts. Some are also not sure on how much they should earn per month to be able to afford such properties. Hence, we calculated the median prices for prime condos that have just been launched in 2018.

We also compiled the minimum prices of resale prime condos listed on PropertyGuru, and compared them with official sales data. If you’re interested in knowing more, kindly read on.

 What we assumed when making the salary calculations?

 Before we proceed to the monthly salary you need to have to buy a condo in Districts 9, 10 and 11, we listed the key considerations we took into account when making the estimates as a sort of methodology to help guide you:

  1. Homebuyer is a Singapore citizen who plans to acquire his first home, so buyer is exempt from paying the Additional Buyer’s Stamp Duty (ABSD).
  2. You have sufficient cash or CPF savings for the 25 percent downpayment (DP).
  3. You qualify for the 75% loan-to-value (LTV). If you want to know if you are eligible for this loan quantum, please consult this guide.
  4. You took out a 30-year housing loan with an interest rate of 1.9 percent.
  5. You meet the 60% Total Debt Servicing Ratio (TDSR) framework. In the calculations, we assumed you don’t have any other loan, so the entire 60 percent of your gross monthly income can be used to service the residential mortgage. If you want to know more about the TDSR framework, please consult this article.
  6. (Optional) 30% Monthly Income Rule by financial experts.

Important: Just meeting the 60% TDSR is risky, given that only 40 percent of your remaining income will be spent on daily necessities, like food, clothing and transportation. As there’s not much money set aside for emergencies and contingencies (e.g. getting laid off, as well as facing a medical emergency, or accident), we included the salary suggested by financial gurus based on the 30% income rule. Under this tip, not more than 30 percent of your monthly household income should be spent on your housing loan repayments per month.

 How much should I earn to afford a new prime condo?

 To determine the minimum monthly salary you need to purchase a newly launched condo in Districts 9, 10 and 11, we looked at five recently unveiled projects in these areas and looked at their corresponding URA sales data. These developments were launched this year. Below are the new Singapore condos covered by our calculations:

  1. 120 Grange
  2. 8 Hullet
  3. Martin Modern
  4. New Futura

Please continue to read more for elaborated details on all the Condos mention above.

120 Grange

120 Grange in Singapore

  • Address: 120 Grange Road in District 10
  • Tenure: Freehold
  • Total Units: 56
  • Developer: Roxy-Pacific Holdings Limited
  • Completion Year: 2021

 This is the most affordable new launch Singapore condo on our list. To buy the “cheapest” unit in this development, you need a monthly income of at least S$6,399 to meet the 60 percent TDSR or a higher salary of S$12,799 to comfortably pay the housing loan under the 30% income rule. A two-bedroom condo here only costs about S$1.78 million, but please take note that the project is located in District 10, not District 9 or the Orchard area.

Latest new sales data at 120 Grange as of 26 November 2018.

Condo Type Size (sq ft) # of units sold Total Units Median Price (S$) Median Psf Price (S$) 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1-bedroom 420 to 431 8 8 1,404,000 3,302 351,000 1,053,000 3,840 6,399 12,799
2-bedder compact 570 20 24 1,782,000 3,124 445,500 1,336,500 4,873 8,122 16,245
2-bedder dual key 678 17 24 2,138,000 3,153 534,500 1,603,500 5,847 9,745 19,490

Source: URA, PropertyGuru

8 Hullet

8 Hullet in Singapore

  • Address: 8 Hullet Road in District 9
  • Tenure: Freehold
  • Total Units: 44
  • Developer: Hullet Development Pte Ltd
  • Completion Year: 2021

In this upcoming Singapore condo, you need a monthly income of at least S$8,583 to meet the 60 percent TDSR or a higher salary of S$17,167 to comfortably pay the housing loan under the 30% income rule. As this project is in the Orchard area, two-bedders cost over S$2.2 million.

Latest new sales data at 8 Hullet as of 26 November 2018.

Condo Type Size (sq ft) # of units sold Total Units Median Price (S$) Median Psf Price (S$) 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1 bedroom 538 5 11 1,883,200 3,499 470,800 1,412,400 5,150 8,583 17,167
2 bedroom, 1 bathroom 657 to 667 22 22 2,265,080 3,422 566,270 1,698,810 6,194 10,323 20,647
2 bedroom, 2 bathroom 797 8 11 2,735,100 3,434 683,775 2,051,325 7,480 12,467 24,933

Source: URA, PropertyGuru

35 new sales from March 2018 to August 2018

 Martin Modern

Martin Modern in Singapore

  • Address: 8 Martin Place in District 9
  • Tenure: 99-year Leasehold
  • Total Units: 450
  • Developer: Guocoland
  • Completion Year: 2020

Martin Modern is one of largest condos launched in the prime districts this year. To buy the most affordable unit in this highly-anticipated project, you need a monthly income of at least S$9,211 to meet the 60 percent TDSR or a higher salary of S$18,421 to comfortably pay the housing loan under the 30% income rule.

Latest new sales data at Martin Modern as of 26 November 2018.

Condo Type Size (sq ft) # of units sold Total Units Median Price (S$) Median Psf Price (S$) 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
2-bedroom 764 61 150 2,020,788 2,644 505,197 1,515,591 5,526 9,211 18,421
2-bedder + study 850 to 883 82 90 2,050,519 2,372 512,630 1,537,889 5,608 9,346 18,692
3-bedroom 1,012 or 1,087 76 90 2,228,386 2,151 557,096 1,671,289 6,094 10,157 20,314
3-bedder + private lift 1,399 or 1,421 45 60 3,140,410 2,244 785,103 2,355,308 8,588 14,314 28,628
4-bedroom 1,733 or 1,798 35 60 4,247,280 2,363 1,061,820 3,185,460 11,615 19,359 38,718

Source: URA, PropertyGuru  

New Futura

New Futura in Singapore

  • Address: 14 Leonie Hill Road in District 9
  • Tenure: Freehold
  • Total Units: 124
  • Developer: City Developments Limited (CDL)
  • Completion Year: 2017 (launched in 2018)

When New Futura was launched, it was touted as CDL’s most luxurious project. In fact, all 124 units in this condo have their own private lift. It was also launched after it was completed, so the buyers were able to move-in immediately.

However, this is the most expensive new launch condo and the overall priciest project on our list. Even its two-bedders command a median price of S$4.23 million, and you have to earn a six-digit monthly salary to be able to afford one of its two-penthouses.

By living in New Futura, you’re making a bold statement that you’re one of those “Crazy Rich Asians”.

Latest new sales data at New Futura as of 26 November 2018.

Condo Type Size (sq ft) # of units sold Total Units Median Price (S$) Median Psf Price (S$) 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
2-bedroom 1,098 to 1,367 21 28 4,232,000 3,517 1,058,000 3,174,000 11,574 19,289 38,579
3-bedroom 1,830 35 54 6,215,600 3,397 1,553,900 4,661,700 16,998 28,330 56,661
4-bedroom 2,250 to 2,691 37 40 8,408,000 3,392 2,102,000 6,306,000 22,994 38,323 76,647
5-bedder penthouse 7,825 1 2 36,280,000 7,836 9,070,000 27,210,000 99,218 165,363 330,726

Source: URA, PropertyGuru

Note: Data includes resales as CDL appears to have sold some units to a holding company then resold them to buyers.

How much salary is needed to buy a resale condo in the prime districts?

 After looking at the monthly income needed to afford a new launch condo in the prime districts, let’s proceed to how much you should earn to buy a resale condo in Districts 9, 10 and 11.

In particular, we checked five previously launched and existing condos where there are many units listed for sale on PropertyGuru. These projects were completed or received their Temporary Occupation Permit (TOP) in 2015 or 2016.

We then compiled the lowest prices listed on our website per unit type and applied our calculations. We also compared our in-house data with actual URA resale statistics to give would-be buyers an idea on the current market price. The projects were then arranged based on affordability. Below are the completed Singapore condos covered by our computations:

  1. 8 Bassein
  2. 1919
  3. Liberte
  4. Alba
  5. Le Nouvel Ardmore

 Please continue to read more for elaborated details on all the Condos mention above.

8 Bassein

8 Bassein in Singapore

  • Address: 8 Bassein Road in District 11
  • Tenure: Freehold
  • Total Units: 74
  • Developer: World Class Developments (City Central) Pte Ltd
  • Completion Year: 2015

 This is the most affordable resale condo on our list. To purchase a basic unit in this development, you need a monthly income of at least S$3,774 to meet the 60 percent TDSR or a higher salary of S$7,548 to comfortably pay the housing loan under the 30% income rule. If you want to check all of the listed units for sale at 8 Bassein, please click on the below link.

Minimum prices of the 17 units listed for sale on PropertyGuru at 8 Bassein as of 26 November 2018.

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
828,000 1,921 431 1 bedroom, 1 bathroom N/A 207,000 621,000 2,264 3,774 7,548
2,800,000 1,257 2,227 3 bedrooms, 3 bathrooms N/A 700,000 2,100,000 7,657 12,762 25,525
2,999,999 1,429 2,099 3 bedrooms, 2 bathrooms N/A 750,000 2,249,999 8,204 13,674 27,348

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type. 

Actual resale deals at 8 Bassein since Nov 2015 based on URA data

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
810,000 1,881 431  Not indicated Jan-18 202,500 607,500 2,215 3,692 7,384
820,888 1,816 452  Not indicated Feb-18 205,222 615,666 2,245 3,742 7,483
828,000 1,832 452  Not indicated Sep-18 207,000 621,000 2,264 3,774 7,548

Source: URA, PropertyGuru

1919

1919 in Singapore

  • Address: 110 Sophia Road in District 9
  • Tenure: Freehold
  • Total Units: 75
  • Developer: Aurum Land (Private) Limited
  • Completion Year: 2015

 In this previously-launched Singapore condo, you need a monthly income of at least S$5,643 to meet the 60 percent TDSR or a higher salary of S$11,286 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 31 units listed for sale on PropertyGuru at 1919 as of 26 November 2018.

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1,238,000 2,211 560 1 bedroom, 1 bathroom N/A 309,500 928,500 3,386 5,643 11,286
1,350,000 2,411 560 2 bedrooms, 1 bathroom N/A 337,500 1,012,500 3,692 6,153 12,307
1,600,000 2,360 678 2 bedrooms, 2 bathrooms N/A 400,000 1,200,000 4,376 7,293 14,585
2,380,000 1,827 1,303 3 bedrooms, 2 bathrooms N/A 595,000 1,785,000 6,509 10,848 21,696

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at 1919 since Nov 2015 based on URA data

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1,190,000 2,126 560  Not indicated Aug-17 297,500 892,500 3,254 5,424 10,848
1,233,000 2,203 560  Not indicated Mar-17 308,250 924,750 3,372 5,620 11,240
1,260,000 2,018 624  Not indicated Feb-18 315,000 945,000 3,446 5,743 11,486
1,315,000 2,071 635  Not indicated Feb-18 328,750 986,250 3,596 5,994 11,987
1,560,000 1,985 786  Not indicated Nov-17 390,000 1,170,000 4,266 7,110 14,221
1,780,000 2,067 861  Not indicated Oct-17 445,000 1,335,000 4,868 8,113 16,226
1,790,000 2,079 861  Not indicated Jul-18 447,500 1,342,500 4,895 8,159 16,318

Source: URA, PropertyGuru

Liberte

Liberte in Singapore

  • Address: 5 Sarkies Road in District 10
  • Tenure: Freehold
  • Total Units: 46
  • Developer: Ellamount Investments Pte Ltd
  • Completion Year: 2016

To buy the “cheapest” unit in this Singapore condo, you need a monthly income of at least S$6,512 to meet the 60 percent TDSR or a higher salary of S$13,025 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 40 units listed for sale on PropertyGuru at Liberte as of 26 November 2018.

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1,428,800 2,212 646 2 bedrooms, 1 bathroom N/A 357,200 1,071,600 3,907 6,512 13,025
1,438,000 2,226 646 1 bedroom, 1 bathroom N/A 359,500 1,078,500 3,933 6,554 13,109
1,511,000 2,339 646 2 bedrooms, 2 bathrooms N/A 377,750 1,133,250 4,132 6,887 13,774

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at Liberte since Nov 2015 based on URA data

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
1,250,000 1,935 646  Not indicated Apr-18 312,500 937,500 3,418 5,697 11,395
1,502,917 2,327 646  Not indicated Jul-18 375,729 1,127,188 4,110 6,850 13,700
1,530,000 2,369 646  Not indicated Dec-17 382,500 1,147,500 4,184 6,974 13,947
1,783,000 2,401 743  Not indicated Jun-18 445,750 1,337,250 4,876 8,127 16,254
1,788,000 2,407 743  Not indicated Mar-18 447,000 1,341,000 4,890 8,150 16,299
1,835,893 2,472 743  Not indicated Apr-18 458,973 1,376,920 5,021 8,368 16,736
1,838,000 2,475 743  Not indicated Nov-17 459,500 1,378,500 5,027 8,378 16,755

Source: URA, PropertyGuru

Alba

Alba in Singapore

  • Address: 8 Cairnhill Rise in District 9
  • Tenure: Freehold
  • Total Units: 50
  • Developer: FAR EAST ORGANIZATION CENTRE PTE. LTD
  • Completion Year: 2015

To buy the most basic unit in this Singapore condo, you need a monthly income of at least S$25,069 to meet the 60 percent TDSR or a higher salary of S$50,138 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 30 units listed for sale on PropertyGuru at Alba as of 26 November 2018.

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
5,500,000 2,971 1,851 3 bedrooms, 3 bathrooms N/A 1,375,000 4,125,000 15,041 25,069 50,138
6,703,377 2,911 2,303 4 bedrooms, 3 bathrooms N/A 1,675,844 5,027,533 18,332 30,554 61,107
6,900,000 2,996 2,303 4 bedrooms, 4 bathrooms N/A 1,725,000 5,175,000 18,870 31,450 62,900
7,100,000 3,157 2,249 4 bedrooms, 5 bathrooms N/A 1,775,000 5,325,000 19,417 32,362 64,723
24,000,000 3,728 6,437 7 bedrooms, 6 bathrooms N/A 6,000,000 18,000,000 65,635 109,391 218,782
25,000,000 3,884 6,437 5 bedrooms, 5 bathrooms N/A 6,250,000 18,750,000 68,369 113,949 227,898
26,000,000 4,039 6,437 5 bedrooms, 4 bathrooms N/A 6,500,000 19,500,000 71,104 118,507 237,014

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

Actual resale deals at Alba since Nov 2015 based on URA data

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
4,200,000 2,204 1,905  Not indicated Mar-18 1,050,000 3,150,000 11,486 19,143 38,287
4,700,000 2,228 2,110  Not indicated Sep-18 1,175,000 3,525,000 12,853 21,422 42,845
4,750,000 2,493 1,905  Not indicated Jul-18 1,187,500 3,562,500 12,990 21,650 43,301
6,300,000 2,986 2,110  Not indicated Aug-17 1,575,000 4,725,000 17,229 28,715 57,430

Source: URA, PropertyGuru

Le Nouvel Ardmore

Le Nouvel Ardmore in Singapore

  • Address: 1A Ardmore Park in District 10
  • Tenure: Freehold
  • Total Units: 43
  • Developer: Wing Tai Holdings Limited Singapore
  • Completion Year: 2014

Le Nouvel Ardmore is the most expensive resale condo on our list. To buy the most affordable unit in this development, you need a monthly income of at least S$72,927 to meet the 60 percent TDSR or a higher salary of S$145,855 to comfortably pay the housing loan under the 30% income rule.

Minimum prices of the 33 units listed for sale on PropertyGuru at Le Nouvel Ardmore as of 26 November 2018.

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
16,000,000 4,156 3,850 4 bedrooms, 6 bathrooms N/A 4,000,000 12,000,000 43,756 72,927 145,855
16,292,000 4,300 3,789 4 bedrooms, 4 bathrooms N/A 4,073,000 12,219,000 44,555 74,258 148,517
16,300,000 4,241 3,843 4 bedrooms, 5 bathrooms N/A 4,075,000 12,225,000 44,577 74,295 148,590
16,500,000 4,066 4,058 4 bedrooms, 3 bathrooms N/A 4,125,000 12,375,000 45,124 75,206 150,413

Source: PropertyGuru

Note: The listed prices are the lowest price per unit type.

 Actual resale deals at Le Nouvel Ardmore since Nov 2015 based on URA data

Price Psf Price Size (sq ft) Type Date of Sale 25% DP 75% LTV Monthly Installment Monthly Salary to meet 60% TDSR Monthly Salary to meet 30% rule
15,174,945 4,005 3,789  Not indicated Mar-17 3,793,736 11,381,209 41,500 69,167 138,334
15,660,100 4,098 3,821  Not indicated Jan-18 3,915,025 11,745,075 42,827 71,378 142,756
16,018,000 4,000 4,004  Not indicated Aug-17 4,004,500 12,013,500 43,806 73,009 146,019
16,036,040 3,880 4,133  Not indicated May-18 4,009,010 12,027,030 43,855 73,092 146,183
16,232,000 4,000 4,058  Not indicated Dec-17 4,058,000 12,174,000 44,391 73,985 147,970
16,232,000 4,000 4,058  Not indicated Nov-17 4,058,000 12,174,000 44,391 73,985 147,970
16,800,000 4,300 3,907  Not indicated May-18 4,200,000 12,600,000 45,944 76,574 153,148
21,000,000 4,006 5,242  Not indicated Jun-16 5,250,000 15,750,000 57,430 95,717 191,434

Source: URA, PropertyGuru

Conclusion

If you want to purchase a basic one-bedder at Districts 9, 10 and 11, it’s possible to do so even with a monthly salary of under S$7,000. A resale two-bedroom condo in Orchard can also be acquired for slightly over seven grand (at 1919).

However, both require discipline as spending 40 percent of your monthly income on essentials is significantly challenging. Also, pray that you and your family don’t encounter any mishaps, particularly those that impact your earnings or require you to spend a large amount of money.

But if you want to have sufficient emergency funds, stick with the 30% income rule as advised by financial experts.

While having an expensive home in the prime districts to show off to your workmates and friends is nice, living healthily and happily within your means and being content with that is even better.

Aside from this article, you may also want to browse our resale HDB flats or private condos for sale or rent. If you want to know about future property hotspots in Singapore that will benefit from ambitious government plans, check our AreaInsider.

If you need someone to assist you for a property deal, kindly engage a licensed property agent or query them instead via AskGuru.

 

To get more guides like this, check out PropertyGuru.

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