The property market in Singapore is red hot right now, despite a worldwide pandemic that has been going on for over a year, and with our country going through the worst recession since our independence in 1965.
We have been hearing whispers and rumors of impending further cooling measures, which in turn has been driving more buyers to take the plunge before these potential measures kick in.
It may be difficult for bargain seekers to suss out the best buys in the market right now, so we have compiled a list a the Top 10 Cheapest 3 Bedroom Condos, ranked by overall recent transacted prices.
(We excluded Executive Condominiums (ECs) because they are not consider private condominiums until after 10 years).
The Jovell
Average PSF $1197
Size 904 sqft
Average Quantum $1,082,337
Monthly mortgage: $3000
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Treasure At Tampines
Average PSF $1301
Size 883 sqft
Average Quantum $1,148,542
Monthly mortgage $3184
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Riverfront Residences
Average PSF $1341
Size 872 sqft
Average Quantum $1,169,509
Monthly mortgage $3242
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
The Garden Residences
Average PSF $1583
Size 786 sqft
Average quantum $1,244,418
Monthly mortgage $3450
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Affinity At Serangoon
Average PSF $1509
Size 850 sqft
Average quantum $1,282,495
Monthly mortgage $3555
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Twin Vew
Average PSF $1430
Size 904 sqft
Average quantum $1,293,092
Monthly quantum $3585
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Uptown @ Farrer
Average PSF $1890
Size 700 sqft
Average quantum $1,323,311
Monthly quantum $3668
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Whistler Grand
Average PSF $1387
Size 958 sqft
Average quantum $1,328,774
Monthly quantum $3684
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
Parc Clematis
Average PSF $1628
Size 829 sqft
Average quantum $1,349,951
Monthly quantum $3742
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
View At Kismis
Average PSF $1683
Size 807 sqft
Average quantum $1,357,858
Monthly quantum $3764
(Based on 2% bank interest rate, 30 years loan tenure and 75% LTV)
For usage of CPF OA to pay the monthly mortgage:
Age 35 or under- $1380
Age 35-40 $1260
Above 45 $1140
The limit for CPF OA is capped at 23% of max $6000.
So for example if both husband and wife are aged 30 and 33, both can each use $1380 from their CPF OA to pay for the mortgage. Therefore if the monthly mortgage is $3000, they would only need to top up $240 in cash.