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.
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.
|6||Boat Quay/Raffles Place/Marina||60,000,000||11,012||5,449|
|8||East Coast/Marine Parade||46,999,999||31,000||1,516|
|9||Clementi Park/Upper Bukit Timah/Bt. Timah||46,000,000||27,000||1,704|
|10||Ang Mo Kio/Bishan/Thomson||35,000,000||25,400||1,378|
|16||Buona Vista/West Coast/Clementi||16,988,000||13,900||1,222|
|17||Dairy Farm/Bukit Panjang/Choa Chu Kang||15,980,000||14,500||1,102|
|18||Bedok/Upper East Coast||15,000,000||14,376||1,043|
|19||Seletar/Yio Chu Kang||15,000,000||14,446||1,038|
|21||Changi Airport/Changi Village||9,200,000||9,000||1,022|
|24||City Hall/Clarke Quay||7,200,000||2,121||3,395|
|25||Farrer Park/Serangoon Rd||6,988,888||6,000||1,165|
|28||Lim Chu Kang/Tengah||1,365,000||1,133||1,205|
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.
|6||Bedok/Upper East Coast||210,000||484||434|
|8||East Coast/Marine Parade||210,000||452||465|
|10||Ang Mo Kio/Bishan/Thomson||218,000||473||461|
|11||Dairy Farm/Bukit Panjang/Choa Chu Kang||240,000||688||349|
|13||Buona Vista/West Coast/Clementi||248,000||474||523|
|16||Seletar/Yio Chu Kang||250,000||538||465|
|18||Boat Quay/Raffles Place/Marina||288,000||786||366|
|20||Changi Airport/Changi Village||300,000||730||411|
|21||Farrer Park/Serangoon Rd||330,000||635||520|
|24||Clementi Park/Upper Bukit Timah/Bt. Timah||509,999||398||1,281|
|27||Lim Chu Kang/Tengah||761,000||1,012||752|
|28||City Hall/Clarke Quay||1,200,000||806||1,489|
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.
|4||Boat Quay/Raffles Place/Marina||60,000,000||11,012||5,449|
|8||City Hall/Clarke Quay||7,200,000||2,121||3,395|
|12||Clementi Park/Upper Bukit Timah/Bt. Timah||46,000,000||27,000||1,704|
|13||East Coast/Marine Parade||46,999,999||31,000||1,516|
|15||Ang Mo Kio/Bishan/Thomson||35,000,000||25,400||1,378|
|16||Buona Vista/West Coast/Clementi||16,988,000||13,900||1,222|
|17||Lim Chu Kang/Tengah||1,365,000||1,133||1,205|
|18||Farrer Park/Serangoon Rd||6,988,888||6,000||1,165|
|21||Dairy Farm/Bukit Panjang/Choa Chu Kang||15,980,000||14,500||1,102|
|23||Bedok/Upper East Coast||15,000,000||14,376||1,043|
|24||Seletar/Yio Chu Kang||15,000,000||14,446||1,038|
|25||Changi Airport/Changi Village||9,200,000||9,000||1,022|
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 Neighborhood||2017||2018|
|1||Orchard/River Valley||Tanglin/Holland/Bukit Timah|
|2||Clementi Park/Upper Bukit Timah/Bt. Timah||Chinatown/Tanjong Pagar|
|4||Tanglin/Holland/Bukit Timah||Harbourfront/Telok Blangah|
|5||Chinatown/Tanjong Pagar||Orchard/River Valley|
|6||Boat Quay/Raffles Place/Marina||Newton/Novena|
|7||Newton/Novena||Boat Quay/Raffles Place/Marina|
|8||East Coast/Marine Parade||East Coast/Marine Parade|
|9||Ang Mo Kio/Bishan/Thomson||Clementi Park/Upper Bukit Timah/Bt. Timah|
|10||Seletar/Yio Chu Kang||Ang Mo Kio/Bishan/Thomson|
|12||Bedok/Upper East Coast||Beach Road/Bugis/Rochor|
|13||Eunos/Geylang/Paya Lebar||Macpherson/Potong Pasir|
|15||Buona Vista/West Coast/Clementi||Eunos/Geylang/Paya Lebar|
|16||Mandai/Upper Thomson||Buona Vista/West Coast/Clementi|
|17||Macpherson/Potong Pasir||Dairy Farm/Bukit Panjang/Choa Chu Kang|
|18||Dairy Farm/Bukit Panjang/Choa Chu Kang||Bedok/Upper East Coast|
|19||Sembawang/Yishun||Seletar/Yio Chu Kang|
|20||Farrer Park/Serangoon Rd||Admiralty/Woodlands|
|21||Changi Airport/Changi Village||Changi Airport/Changi Village|
|22||Pasir Ris/Tampines||Pasir Ris/Tampines|
|24||Admiralty/Woodlands||City Hall/Clarke Quay|
|25||Balestier/Toa Payoh||Farrer Park/Serangoon Rd|
|27||City Hall/Clarke Quay||Boon Lay/Jurong/Tuas|
|28||Lim Chu Kang/Tengah||Lim Chu Kang/Tengah|
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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