6 min read

The hunt for affordable condos goes in 2024, as home buyers struggle with the post-Covid price surge. More projects are being completed, but that’s hardly helpful news to those who need to buy right now. And one of the complaints we’ve heard is that, when the quantum is low, the size is better suited to garden gnomes than families.

So let’s look at options that are cheaper on a per square foot basis as well:

*Just a note: the issue with looking at prices purely from a psf basis is that sometimes the comparison isn’t fair if you are comparing between properties that come from different eras.

For example, a low psf may not tell the full story for ground-floor patio units and penthouses (as the outdoor areas aren’t factored in). Or a modern new launch condo today is more efficient in size (no planters and bay windows), as compared to one that is in the 2010s era with more “wasted” space.

Another point to note is that we took a minimum of 3 transactions from May 2023 to May 2024 to qualify in this table. This avoids one-off transactions and reduces the odds that a unit’s $PSF is low simply due to it having a lot of outdoor areas such as a penthouse.

Cheapest units below 500 sq. ft. 

This is probably more of interest to investors than home buyers, as units below 500 sq. ft. are way too small for families. However, there are lifelong singles or retirees who may want to consider these, in light of high prices right now. 

Probably the best-known “cheap condo” on this list is The Hillford as it’s the only condo in Singapore (so far) with a 60-year lease. The development was marketed towards seniors given its shorter lease and lower prices. Naturally, the lower prices have also led to it being number one on the top rental yield list on Squarefoot as of this writing, with a rental yield of 6.6%!

The condo is also about an 11-minute walk to Beauty World MRT (Downtown Line). While it’s not exactly within walking distance, residents are just a few bus stops away which is relatively convenient. Moreover, the Bukit Timah Market & Food Centre lies just opposite the MRT.

Parc Olympia deserves some mention, as it’s one of the lowest-priced condo developments. This is a niche condo, well-positioned for people who work near Changi Airport or Changi Business Park (or if you want to rent to someone who does). The low price is due to the relative inaccessibility of the area; you really need to drive as public transport options are limited. But if you do drive, it’s possible to get to Changi Airport in as little as five to seven minutes.

Amenities are also sparse in the area, but Parc Olympia is great for those who like quiet, slightly isolated areas, free of traffic and noise. This can be an upside or a downside, depending on your preferences. One other thing that some people won’t like is the proximity of Changi Prison.

Note that the Inflora is also close to Parc Olympia, and share the same ups and downsides of the location. 

Cheapest units from 500 to 900 sq. ft.

This is probably the most reasonable category for the “average” HDB upgrader to aim for right now. Among the options, the one that may raise some eyebrows is Le Regal, but this is a bit of a special case.

At first glance, it’s puzzling that Le Regal is priced so low despite being freehold, and the newest on the list. The reason here is the Geylang location. On the one hand, it’s an incredibly convenient spot with loads of amenities nearby, including 24-hour eateries and lots of small minimarts. It’s also within walking distance to Aljunied MRT (EWL), which puts you one stop away from the hub of Paya Lebar. Spoiler alert, it’s also also got a high rental yield – ranked 2nd just after The Hillford!

However, Le Regal is at Lorong 16 in Geylang, which is a bit too close to the red light area for some (the main vice area is roughly between Lorong 18 and 24). It’s also near some hotels, which may include vice activities. This can result in resale difficulties later, and it’s definitely not a family condo. 

Orchid Park, the cheapest on the list, is one of the more underrated condos in Singapore. Whilst it is in a fringe area, it at least has an MRT station within walking distance (Khatib MRT, on the NSL). Orchid Park also has one of the best views from the higher floors (it has appeared on our units of the week before). This is due to the project overlooking Lower Seletar Reservoir, providing a lot of greenery and a waterfront. Its location is accessible without being inconvenient (there are eateries and an NTUC near the MRT station too); but it’s not for those who want big malls or quick access to the city centre.

Cheapest units from 900 to 1,399 sq. ft.

Now when it comes to this size range where you’ll largely find 3 and 4-bedders, we can expect the resale Executive Condominiums to kick in. This is led by both Woodsvale and Northoaks. As hinted by their names, both resale Executive Condominiums are situated in Woodlands and are already close to 30 years old in terms of lease remaining.

On average, you can get a 3-bedder here for just north of a million dollars which is quite acceptable by HDB upgraders who aren’t concerned about the potential lease decay and want condo facilities.

Its connectivity is also pretty decent as Woodsvale is just around a 7-minute walk to Admiralty MRT, though Northoaks is less convenient at around 10-11 minutes by foot.

Another development that caught our attention is Spottiswoode Park. This quirky development isn’t really a condominium in the traditional sense. In fact, it can easily be confused to be an HDB as it looks, feels and essentially shares the same area as similar-looking HDB blocks. There’s a long history of the place which we won’t delve into, but if you’d like to find out more, this article from 99.co discusses it in greater detail.

Nonetheless, those looking for an affordable “private” home (in the sense that you’re not restricted by HDB regulations) may find this development attractive due to its central location. Mind the lease remaining though!

Finally there’s The Windermere. Those looking to stay in a condo near an MRT for just north of a million would find the 6-minute walk to Yew Tee rather convenient. It’s right next to Yew Tee Primary School which is great for families with young kids, and the presence of the neighbourhood mall Yew Tee Point makes it quite decent for this price point!

Cheapest units that are 1,400+ sq. ft.

As mentioned at the beginning of this piece, the issue with looking for units purely by psf means that you’d inevitably come across units such as these. A low psf but a bigger than average size – which still means a higher quantum. As a result, these units that you see here are a mix of either ground-floor units with a large patio, or a penthouse with an open roof terrace.

We are seeing similar condos in this list – The Floravale, Northoaks and Windermere.

Euphony Gardens is an interesting project, for those who like the Chong Pang area. While this is a fringe location, Euphony Gardens is one of those condos that’s in a self-contained enclave, great for those who don’t want to travel out too often. 

The immediate stretch of Sembawang Road offers some small eateries, but further up is the Chong Pang Market and Food Centre; this can also provide for most grocery shopping. The HDB enclave here is also reasonably well-developed, offering the usual range of heartland amenities. Bus services like 169 also go straight to Yishun MRT (NSL), where you’ll find Northpoint, the major mall for this area. 

As a bonus, Innova JC is close to Euphony Gardens.

Lakepoint Condominium is another interesting one too, though it is already quite old with a lease start year of 1983 thus having only 58 years left on the lease. Those interested in staying near an MRT at an affordable price point might find this attractive given it’s only 6 minutes by foot to Lakeside MRT.

It’s also situated right next to the Park Connector, so families/those who enjoy the outdoor could appreciate it given it connects to multiple parks around – including the popular Jurong Lake Gardens which is really about a 3-minute cycle away.

For more information on the Singapore private property market, follow us on Stacked. You can also follow us for in-depth reviews of new and resale condos alike. If you’d like help with your real estate needs, you can also reach out to us here.