The Most Expensive and the Cheapest Residences in Singapore by Neighborhood – March 2018

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The Most Expensive and the Cheapest Residences in Singapore by Neighborhood – March 2018

In 2018, Singapore was ranked as the most important property market in ASEAN by Morgan Stanley’s research. Given this, it is not surprising that Singapore is also home to some of the most expensive properties in the world. But just how nice and expensive can homes in Singapore be? Also, how do they compare to the cheapest residences in their neighborhoods? In classic ValuePenguin fashion, we’ve collected the data on the most expensive and the cheapest homes currently listed in Singapore by neighborhood as of March 2018. If you are looking to purchase a home in Singapore, our study below might be of value.

Key Findings

Overall, we found that the most expensive homes in each of the 28 neighborhoods generally ranged from S$1.4 million to S$110 million, a wider range than what we observed in 2017 (S$4.4mn to S$106mn). These are ultra-fancy residences that tend to be either landed properties or penthouses of fancy new buildings.

NeighborhoodPrice (SGD)SQFT$/SQFT
1Tanglin/Holland/Bukit Timah110,000,00052,0002,115
2Chinatown/Tanjong Pagar108,000,00021,1085,117
3Alexandra/Commonwealth88,000,00019,0004,632
4Harbourfront/Telok Blangah88,000,00019,8694,429
5Newton/Novena70,000,0005,95011,765
6Boat Quay/Raffles Place/Marina60,000,00011,0125,449
7Orchard/River Valley55,000,0009,4945,793
8East Coast/Marine Parade46,999,99931,0001,516
9Clementi Park/Upper Bukit Timah/Bt. Timah46,000,00027,0001,704
10Ang Mo Kio/Bishan/Thomson35,000,00025,4001,378
11Hougang/Punggol/Sengkang29,000,00020,0001,450
12Beach Road/Bugis/Rochor27,000,00011,1302,426
13Macpherson/Potong Pasir23,000,00020,7151,110
14Balestier/Toa Payoh22,205,6801,03321,496
15Eunos/Geylang/Paya Lebar22,000,0009,0002,444
16Buona Vista/West Coast/Clementi16,988,00013,9001,222
17Dairy Farm/Bukit Panjang/Choa Chu Kang15,980,00014,5001,102
18Bedok/Upper East Coast15,000,00014,3761,043
19Seletar/Yio Chu Kang15,000,00014,4461,038
20Admiralty/Woodlands10,320,00012,900800
21Changi Airport/Changi Village9,200,0009,0001,022
22Pasir Ris/Tampines8,600,0007,6701,121
23Mandai/Upper Thomson7,800,0009,900788
24City Hall/Clarke Quay7,200,0002,1213,395
25Farrer Park/Serangoon Rd6,988,8886,0001,165
26Sembawang/Yishun6,880,0006,5221,055
27Boon Lay/Jurong/Tuas5,800,0008,000725
28Lim Chu Kang/Tengah1,365,0001,1331,205

In contrast, the cheapest residences typically cost around S$200,000 to S$1.2mn. In terms of price per square foot, expensive homes cost anywhere between S$700/sqft and S$20,000/sqft, with a median of S$1,414/sqft. This was significantly higher than S$350/sqft to S$2,210/sqft we observed for the cheapest properties, whose median was S$477/sqft.

NeighborhoodPrice (SGD)SQFT$/SQFT
1Harbourfront/Telok Blangah188,000334563
2Admiralty/Woodlands199,000460433
3Boon Lay/Jurong/Tuas200,000474422
4Alexandra/Commonwealth210,000495424
5Macpherson/Potong Pasir210,000484434
6Bedok/Upper East Coast210,000484434
7Balestier/Toa Payoh210,000463454
8East Coast/Marine Parade210,000452465
9Sembawang/Yishun210,000430488
10Ang Mo Kio/Bishan/Thomson218,000473461
11Dairy Farm/Bukit Panjang/Choa Chu Kang240,000688349
12Eunos/Geylang/Paya Lebar245,000485505
13Buona Vista/West Coast/Clementi248,000474523
14Beach Road/Bugis/Rochor248,000452549
15Hougang/Punggol/Sengkang250,000689363
16Seletar/Yio Chu Kang250,000538465
17Pasir Ris/Tampines270,000484558
18Boat Quay/Raffles Place/Marina288,000786366
19Tanglin/Holland/Bukit Timah290,000645450
20Changi Airport/Changi Village300,000730411
21Farrer Park/Serangoon Rd330,000635520
22Chinatown/Tanjong Pagar430,000635677
23Newton/Novena499,998904553
24Clementi Park/Upper Bukit Timah/Bt. Timah509,9993981,281
25Orchard/River Valley738,0003342,210
26Mandai/Upper Thomson748,0005171,447
27Lim Chu Kang/Tengah761,0001,012752
28City Hall/Clarke Quay1,200,0008061,489

Whether you are buying a property that costs S$20mn or one that costs $300,000, you are going to need to take out a loan from a bank to finance your purchase. To find the best deal, you could simply use our study to compare the best home loan rates available in Singapore.

Where Most Expensive vs Cheapest Properties Are

On PropertyGuru, the most expensive property currently on sale in Singapore is actually a piece of land in Tanglin/Holland/Bukit Timah area, with listing price of S$11mn and area of 52,000 sqft. In terms of an actual residential unit, the runner up was located at Wallich Residence in Chinatown/Tanjong Pagar area, with a price tag of S$108mn and a floor size of 21,108 sqft. As you can see, it’s a gigantic apartment in a newly built, high-end condo building.

Photo of the Wallich Residence Listing. Source: PropertyGuru

In contrast, two of the cheapest properties were located in Harbourfront/Telok Blangah and Admiralty/Woodlands areas. They were both relatively old and modest HDB flats with price per sqft of around S$500.

Photo of the Woodlands Listing’s Floor Plan. Source: PropertyGuru

The Highest & Lowest Cost Per Square Foot

In terms of price per square foot, we found a property located in Balestier/Toa Payoh area with a listed pricing of S$22 million. This unit in Kallang Riverside had a listed land size of 1,033 square foot, resulting in S$21,496 per square foot of unit cost. In contrast, the lowest cost per square foot we found was just S$350, located in Dairy Farm/Bukit Panjang/Choa Chu Kang area. Of course, given the difference in prices, their qualities were vastly different, with one being one of the fanciest properties in the world and the other being a very small, aged and modest HDB flat.

NeighborhoodPrice (SGD)SQFT$/SQFT
1Balestier/Toa Payoh22,205,6801,03321,496
2Newton/Novena70,000,0005,95011,765
3Orchard/River Valley55,000,0009,4945,793
4Boat Quay/Raffles Place/Marina60,000,00011,0125,449
5Chinatown/Tanjong Pagar108,000,00021,1085,117
6Alexandra/Commonwealth88,000,00019,0004,632
7Harbourfront/Telok Blangah88,000,00019,8694,429
8City Hall/Clarke Quay7,200,0002,1213,395
9Eunos/Geylang/Paya Lebar22,000,0009,0002,444
10Beach Road/Bugis/Rochor27,000,00011,1302,426
11Tanglin/Holland/Bukit Timah110,000,00052,0002,115
12Clementi Park/Upper Bukit Timah/Bt. Timah46,000,00027,0001,704
13East Coast/Marine Parade46,999,99931,0001,516
14Hougang/Punggol/Sengkang29,000,00020,0001,450
15Ang Mo Kio/Bishan/Thomson35,000,00025,4001,378
16Buona Vista/West Coast/Clementi16,988,00013,9001,222
17Lim Chu Kang/Tengah1,365,0001,1331,205
18Farrer Park/Serangoon Rd6,988,8886,0001,165
19Pasir Ris/Tampines8,600,0007,6701,121
20Macpherson/Potong Pasir23,000,00020,7151,110
21Dairy Farm/Bukit Panjang/Choa Chu Kang15,980,00014,5001,102
22Sembawang/Yishun6,880,0006,5221,055
23Bedok/Upper East Coast15,000,00014,3761,043
24Seletar/Yio Chu Kang15,000,00014,4461,038
25Changi Airport/Changi Village9,200,0009,0001,022
26Admiralty/Woodlands10,320,00012,900800
27Mandai/Upper Thomson7,800,0009,900788
28Boon Lay/Jurong/Tuas5,800,0008,000725

Comparison to 2017

We ran a similar study in February of 2017, where we collected prices for the most expensive residences listed in Singapore. In general, there were very little change in which neighborhoods had the most expensive and the most affordable properties. For instance, 4 of the top 5 neighborhoods that had the most expensive properties on sale in 2017 still ranked as top 5 in 2018. Similarly, 3 of the bottom 5 in 2017 were still ranked as bottom 5 in 2018. We observed the biggest rise in Alexandra/Commonwealth area, who ranked #3 in 2018 compared to ranking #23 in 2017. Conversely, we observed the biggest drop in Seletar/Yio Chu Kang area, which ranked #19 in 2018 compared to #10 in 2017.

Most Expensive Property by Neighborhood20172018
1Orchard/River ValleyTanglin/Holland/Bukit Timah
2Clementi Park/Upper Bukit Timah/Bt. TimahChinatown/Tanjong Pagar
3Harbourfront/Telok BlangahAlexandra/Commonwealth
4Tanglin/Holland/Bukit TimahHarbourfront/Telok Blangah
5Chinatown/Tanjong PagarOrchard/River Valley
6Boat Quay/Raffles Place/MarinaNewton/Novena
7Newton/NovenaBoat Quay/Raffles Place/Marina
8East Coast/Marine ParadeEast Coast/Marine Parade
9Ang Mo Kio/Bishan/ThomsonClementi Park/Upper Bukit Timah/Bt. Timah
10Seletar/Yio Chu KangAng Mo Kio/Bishan/Thomson
11Beach Road/Bugis/RochorHougang/Punggol/Sengkang
12Bedok/Upper East CoastBeach Road/Bugis/Rochor
13Eunos/Geylang/Paya LebarMacpherson/Potong Pasir
14Hougang/Punggol/SengkangBalestier/Toa Payoh
15Buona Vista/West Coast/ClementiEunos/Geylang/Paya Lebar
16Mandai/Upper ThomsonBuona Vista/West Coast/Clementi
17Macpherson/Potong PasirDairy Farm/Bukit Panjang/Choa Chu Kang
18Dairy Farm/Bukit Panjang/Choa Chu KangBedok/Upper East Coast
19Sembawang/YishunSeletar/Yio Chu Kang
20Farrer Park/Serangoon RdAdmiralty/Woodlands
21Changi Airport/Changi VillageChangi Airport/Changi Village
22Pasir Ris/TampinesPasir Ris/Tampines
23Alexandra/CommonwealthMandai/Upper Thomson
24Admiralty/WoodlandsCity Hall/Clarke Quay
25Balestier/Toa PayohFarrer Park/Serangoon Rd
26Boon Lay/Jurong/TuasSembawang/Yishun
27City Hall/Clarke QuayBoon Lay/Jurong/Tuas
28Lim Chu Kang/TengahLim Chu Kang/Tengah

Methodology

To look for the priciest homes in Singapore, we searched on PropertyGuru for the most expensive and the most affordable homes by neighborhood. We collected data for all 28 districts, and rank ordered properties by 1) total price and 2) by price per square foot. In order to calculate each property’s price per square foot, we divided the total price by either total land size or total property size, whichever was bigger. This was done in order to measure how much surface area an individual ends up owning by purchasing the property. In case of private residences with front and backyards, this would be the total land size. For town homes or villas with multiple floors, on the other hand, this would be the total property size.

The article The Most Expensive and the Cheapest Residences in Singapore by Neighborhood – March 2018 originally appeared on ValuePenguin.

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Source: ValuePen