Are you considering buying a condo in Singapore? If so, you’re probably wondering how much it will cost. The answer to that question depends on a number of factors, including the size, location, and amenities of the condo.
Factors That Affect Condo Prices in Singapore
The following factors can affect the price of a condo in Singapore:
- Size: The larger the condo, the more it will cost.
- Location: Condos in desirable locations, such as the Central Business District (CBD) or near MRT stations, will be more expensive than condos in less desirable locations.
- Amenities: Condos with more amenities, such as swimming pools, gyms, and concierge services, will be more expensive than condos with fewer amenities.
- Age: Older condos will be less expensive than newer condos.
- Condition: Condos in good condition will be more expensive than condos in need of repairs.
How Much Do Condos Cost in Singapore?
According to the Urban Redevelopment Authority (URA), the median price of a condo in Singapore was S$1,199 per square foot (psf) in Q4 2022. This means that a 1,000-square-foot condo would cost around S$1.2 million.
However, prices can vary significantly depending on the factors mentioned above. For example, a condo in the CBD could cost upwards of S$2,000 psf, while a condo in a less desirable location could cost around S$800 psf.
4 Useful Tables
| Condo Size | Median Price (Q4 2022) |
|---|---|
| 1-bedroom | S$984,000 |
| 2-bedroom | S$1,391,000 |
| 3-bedroom | S$1,828,000 |
| 4-bedroom | S$2,329,000 |
| Location | Median Price (Q4 2022) |
|---|---|
| Central Business District (CBD) | S$2,250 psf |
| Orchard Road | S$1,950 psf |
| Marina Bay | S$1,800 psf |
| Sentosa | S$1,600 psf |
| Amenities | Median Price Increase |
|---|---|
| Swimming pool | S$50,000 |
| Gym | S$25,000 |
| Concierge services | S$15,000 |
| Age of Condo | Median Price Discount |
|---|---|
| 0-5 years | None |
| 6-10 years | 5% |
| 11-15 years | 10% |
| 16-20 years | 15% |
FAQs
Q: How much is a down payment for a condo in Singapore?
A: The down payment for a condo in Singapore is typically 25%.
Q: What are the closing costs for a condo in Singapore?
A: The closing costs for a condo in Singapore include stamp duty, legal fees, and agent’s commission. These costs can add up to around 5% of the purchase price.
Q: Is it better to buy or rent a condo in Singapore?
A: Whether it is better to buy or rent a condo in Singapore depends on your individual circumstances. If you plan to stay in Singapore for a long time and have the financial means to buy a condo, then buying may be a good option. However, if you are not sure how long you will be staying in Singapore or if you do not have the financial means to buy a condo, then renting may be a better option.
Q: What are some tips for buying a condo in Singapore?
A: Here are a few tips for buying a condo in Singapore:
- Get pre-approved for a mortgage.
- Research different neighborhoods.
- Find a reputable real estate agent.
- Negotiate the best possible price.
- Be prepared for closing costs.
