Singapore is a city-state known for its fast-paced economic growth, multiculturalism, and modern infrastructure. With its thriving real estate market, Singapore offers a range of housing options to its residents, from public housing estates to luxurious condominiums.
Among the many factors that influence the decision to invest in a condo in Singapore, one of the most crucial is the average price of a condo.
In this article, we will explore the trends and factors that determine the average condo price in Singapore, and provide insights for prospective buyers looking to invest in the country’s real estate market.
Average Condo Price Singapore
| District | <700 sq ft | 701 – 1300 sq ft | >1301 sq ft |
| Core Central Region (CCR) Districts 1 (Part), 2 (Part), 4 (Part), 6 (Part), 7 (Part), 9, 10, 11 | $850,000 – $1,188,000 | $1,665,000 – $1,758,100 | $2,810,000 – $3,924,150 |
| Rest of Central Region (RCR)Districts 1 (Part), 2 (Part), 3, 4 (Part), 5 (Part), 6 (Part), 7 (Part), 8, 12, 13 (Part), 14 (Part), 15 (Part), 20 (Part) | $700,000 – $1,188,000 | $1,300,000 – $1,758,100 | $1,700,000 – $3,924,150 |
| Outer Central Region (OCR)Districts 5 (Part), 14 (Part), 16, 17, 18, 19, 20 (Part), 21, 22, 23, 24, 25, 26, 27, 28 | $663,000 – $925,500 | $998,000 – $1,600,000 | $1,280,000 – $2,200,000 |
Most Expensive Condo Districts in Singapore
The most expensive districts for condos in Singapore are D1 (Boat Quay, Raffles Place, Marina Downtown, Suntec), D2 (Shenton Way, Tanjong Pagar) and D9 (Orchard, Somerset, River Valley), which are all in the CCR of Singapore. The average condo price within these central districts is almost twice the cost of condos in OCR.
Cheapest Condo Districts in Singapore
For those with a tight budget but still want a coveted piece of the pie which is Singapore’s private property, D17 (Flora Drive, Loyang, Changi), D25 (Woodlands, Admiralty) and D27 (Yishun, Sembawang) are the way to go. These districts are commonly referred to as the suburbs of Singapore, although the MRT connectivity is still pretty strong within them.
Factors that Affect Condo Prices in Singapore
There are several factors that can affect the average condo prices in Singapore. Here are some of the main factors:
Location – Convenience & Accessibility
One of the most important factors that affect condo prices in Singapore is location. Properties that are located in prime areas such as the Central Business District (CBD), the Core Central Region (CCR) or near amenities like schools, shopping malls, and public transportation tend to command higher prices.
Property Age – Condition of Apartment & Amenities
The age of the condo development can also affect its price. New launch condos are usually sold at promotional prices during its launch. However, since they are complete with modern facilities and amenities, they can command higher prices than older developments when resold within the first few years of its tenure (this is an especially common trope for leasehold condos).
Tenure Type – Freehold vs Leasehold
In Singapore, the two common tenure types for property are freehold and 99-year leasehold. A freehold condo is one that the owner would be able to have ownership over indefinitely, while a 99-year leasehold condo is one where the owner only has it to his/her name for 99 years.
Level of Unit – High Floor vs Low Floor
Many condo-owners tend to prefer their condos on high floors rather than the lower ones. Condos on higher floors tend to come with better views, quieter living environments, as well as more wind and light. As such, units on high floors often come with a higher price tag than those on low floors.
Unit Size – Number of Rooms & Gross Floor Area
With land being one of the most scarce resources in Singapore, a condo with larger gross area and more bedrooms tend to cost more.
Government Policies – Cooling Measures
The Singapore government has implemented policies to regulate the property market, including measures to cool down the market during periods of rapid price growth. These policies can affect demand and supply, which in turn can impact condo prices.
Economic Conditions
The state of the economy can also affect condo prices in Singapore. During periods of economic growth, demand for housing tends to increase, which can drive up prices. On the other hand, during periods of economic uncertainty, demand may fall, leading to lower prices.
Developer Reputation
The reputation of the condo developer can also affect condo prices. Developers with a strong track record of delivering quality projects that meet buyers’ expectations can command higher prices than developers with a less favorable reputation.
Overall, several factors can affect condo prices in Singapore, and buyers should consider these factors when making investment decisions.
Will Condo Prices Drop Singapore?
It is difficult to predict with certainty whether condo prices in Singapore will drop. However, there are several factors that could potentially lead to a drop in condo prices, such as economic downturn, government policies, oversupply of housing and increased interest rates.
However, it is important to note that Singapore’s limited land supply and strong economic fundamentals may continue to support demand for condos.
Here is the Singapore private residential property price index:
As can be inferred from the price index, the average condo prices in Singapore has been steadily increasing over the years. While there have been temporary drop in prices, Singapore’s property market is known for its resilience and has bounced back quickly from previous downturns.
Till date, the best time to buy a condo is still when it is newly launched. During its launch, it is not uncommon for the condo developer to roll out special early bird discounts and promos. As such, condo buyers will usually be able to score a great deal during this time.
