For many young professionals working alone in Singapore, small apartments are the top priority when choosing to buy a property. This is because it not only allows them to escape the hassle of renting but also provides enough space for one person without significant financial pressure. So, for those looking to buy a small apartment in Singapore, how much of a budget is needed? Today, let’s explore the approximate prices of small apartments in Singapore.
Typically, small apartments in Singapore are under 500 square feet (approx. 46 ㎡), making them very suitable for individuals or couples.
From a price perspective, according to a survey by the well-known local property website 99.co, the average price of small apartments in Singapore increased from S$1,456 per square foot in 2010 to S$1,797 per square foot in 2020, a total price increase of 23.4%. However, compared to the 61.4% price increase for three-bedroom apartments, the price of small apartments in Singapore is relatively reasonable, which is one of the reasons for their greatly increased popularity.
When discussing the specific prices of small apartments in Singapore, we first need to identify the target apartment’s location, as different locations affect prices and come with varying degrees of fluctuation.
Singapore Small Apartment Prices in the Core Central Region (CCR)
The Core Central Region includes District 1 (Chinatown, Raffles Place, Marina Bay), District 4 (Sentosa, Mount Faber, Telok Blangah), District 6 (City Hall, Clarke Quay), District 9 (Orchard, River Valley, Somerset), District 10 (Bukit Timah, Tanglin, Holland Road), and District 11 (Novena, Newton, Thomson, Bukit Timah). The price of small apartments in these areas has increased by 19.2% compared to 2010, with the average price per square foot rising from S$1,987 to S$2,369. Based on the size of a small apartment, the price to purchase one in this region is approximately S$1.2 million, which is about 6 million RMB. However, it’s important to note that this is just the apartment price and does not include Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty. For more detailed information, you are welcome to consult with senior local real estate agent Leo Kwek, who will provide personalized and professional advice.
Related Articles:
- All Questions Answered Before Buying a Home in Singapore
- Singapore Condominium Prices
- Singapore Buyer’s Stamp Duty
Singapore Small Apartment Prices in the Rest of Central Region (RCR)
The Rest of Central Region is located right next to the Core Central Region and includes Districts 2, 3, 7, 8, 12, 13, 14, and 15. The main towns in this area are Redhill, Queenstown, Clementi, Bukit Timah, Bishan, Toa Payoh, Kallang, Geylang, Marine Parade, and others. These are all mature estates in Singapore, with well-developed public transportation and comprehensive surrounding amenities. Although the price increase for small apartments in this region is the highest at 45%, the overall price is still significantly lower than in the Core Central Region. In 2020, the average price per square foot was S$1,885, making the price of a small apartment around S$950,000, equivalent to about 4.75 million RMB. Of course, this price does not include any taxes levied by the Singapore government, which is an important point to note.
Singapore Small Apartment Prices in the Outside Central Region (OCR)
All areas outside the aforementioned regions are classified as the Outside Central Region, which is where the majority of Singapore’s mass-market properties are located. This includes areas like Bedok, Tampines, and Pasir Ris in the east; Sembawang, Woodlands, and Yishun in the north; and Jurong, Choa Chu Kang, and Bukit Batok in the west. The price of small apartments in these areas saw a 22.8% increase in 2020 compared to 2010, rising from an average of S$1,229 per square foot to S$1,510. The price of a small apartment is around S$750,000, or about 3.75 million RMB. To understand the full amount of funds required for a purchase, please inquire with Leo, who will help you calculate the Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty for your reference.
The above is a basic guide and answers regarding the prices of small apartments in Singapore. If you have further needs, you can consult with us. We will provide more detailed and personalized consulting services based on your specific situation, helping you resolve any issues you encounter when buying property in Singapore.
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