Older freehold apartments below $1,000 psf are value-for-money buys

Amid the upturn in the residential market this year, prices of older freehold condos and apartments are still looking quite attractive.

According to property agents, most of the buyers today are owner-occupiers, who prefer older properties, as they tend to be larger and have more practical layouts.

From the URA caveats lodged this year, it seems that several buyers may have uncovered some of these gems, with some of the units transacted at prices either lower than or comparable to many of the 99-year leasehold projects launched recently.

Below are some examples of value-for-money properties in Central Singapore that transacted at an average psf of below $1,000 in the year 2017. Only properties with at least five sales transactions were considered in our selection.

1) Wing Fong Mansions – avg. psf: $704

This freehold apartment was completed in 1997 and sits on Lorong 14, Geylang.

Based on URA caveats, the 218-unit project saw at least five sales transactions from $400,000 ($572 psf) to $860,000 ($695 psf) between January and November 2017.

2) Atrium Residences – avg. psf: $784

Also located in Geylang, this freehold development at Lorong 28 was completed in 2008 and comprises 142 units. It is located about 469m away from Aljunied MRT station.

In 2017, there were six sales transactions at the development, ranging $928,000 ($889 psf) to $1.5 million ($651) between January and November, according to URA caveats.

3) Papillon - avg. psf: $935

The freehold development on Jalan Rama Rama is located just 286m away from Zhongshan Mall.

Completed in the year 2003, Papillon comprises 73 units. According to URA caveats, seven units at the development changed hands from $1.455 million ($814 psf) to $1.98 million ($848 psf) between February and December 2017.

4) Pandan Valley – avg. psf: $943

The 605-unit freehold project in Bukit Timah was completed in 1978.

Based on URA caveats, there were 22 sales transactions at Pandan Valley this year, ranging from $1 million ($852 psf) and $4.1 million ($597 psf) between January and October 2017.

Value-for-money properties in Central Singapore for < $1,000 psf

Can’t get enough? Find more below-market-value properties using our Edge Fair Value tool! Interested in searching for condos in Singapore? Click here to search now or click here to start tracking condos below $1,000psf.

This article was first published in 2015 and appeared in the City & Country of Issue 691 (Aug 24) of The Edge Singapore.

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