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Why More Millennials in Singapore Are Buying Private Property in 2024

Why More Millennials in Singapore Are Buying Private Property in 2024
Why More Millennials in Singapore Are Buying Private Property in 2024

Despite still-rising private home prices, buying a condo in Singapore firmly remains a part of young people’s aspirations. In the TODAY Youth Survey 2023, 78% of 1000 youths aged 18 to 35 polled said they aspire to own private homes as a life goal.

A rising number of young Singaporeans are turning these dreams into fruition, and many of them are going for newly launched developments. An ERA Realty White Paper revealed that the share of new private homebuyers aged 26 to 35 has increased from 9% in 2015 to 35% in 2023.

In this article, we’ll take an in-depth look into why more young Singaporeans are buying private homes.

Why More Young Singaporeans Are Buying Private Property

It is clear among those looking to buy property this year that those under thirty have a strong desire to buy a private home. Our PropertyGuru Singapore Consumer Sentiment Study H1 2024 found that the proportion of young persons aged 20 to 29 in Singapore who want to buy a home is as great as their older counterparts aged 30 to 39. Both groups also

Age group

Intention to purchase a home in the next five years

Intention to buy a private home

22 to 29

84%

17%

30 to 39

86%

23%

The private housing market is currently seeing rising demand from the oldest Gen Zs and youngest millennials. The median age of Singaporean new private home buyers has seen a steady decrease; it was 45 in 2015 and 39 in 2023. For example, the newly launched condo Lentoria observed this marked shift in buyer profiles. Over its launch weekend, 13% of its buyers were 30 years old or younger. Meanwhile, slightly more than half of their buyers were aged 31 to 40.

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Apart from being aspirational and meeting lifestyle goals, the rising incomes among young persons and the perception of condos as an investment are among the few reasons for the demographic change.

For high-income earners under 35, buying a home would mean purchasing a private property, as they are likely ineligible for a BTO due to exceeding the BTO income ceiling cap. The inter-generational wealth transfer to millennials looking to live in a private home close to family is also fuelling this shift. With these well-heeled parents helping their offspring finance their condo purchases, we see more young people being condo owners.

Lentoria: New Launch Condo near Lentor MRT Station

The Lentor Hills estate is an emerging hotspot, with six Government Land Sales (GLS) sites being launched in recent years. Historically, private homes in the Lentor Hills area have had a low supply. This sets Lentoria up as a great opportunity for millennial buyers looking to own a home in a well-connected neighbourhood. And clearly, ​​Lentoria has caught on with younger buyers.

Lentoria is a 99-year leasehold condominium located in District 26. ​​The project, developed by Lentor View Pte Ltd (TID Residential Pte Ltd), is set to receive its Temporary Occupation Permit (TOP) in 2027.

Launched in March 2024, Lentoria sold its units at launch for an average selling price of $2,120 PSF. Starting prices were $1.22 million for a one-bedroom unit, $1.49 million for a two-bedroom unit, $1.9 million for a 3-bedroom unit, and $2.58 million for a 4-bedroom unit.

Minutes Walk to Lentor MRT Station

A large part of Lentoria’s appeal is its proximity to Lentor MRT station on the Thomson-East Coast Line (TEL), with the walk to the station entirely sheltered. The nearest bus stop on Yio Chu Kang Road is also just minutes away via a sheltered walk.

Having the option not to drive is always welcome. But for those who prefer to get behind the wheel, you’ll be a five-minute away from major expressways (CTE, SLE, and TPE) and one right turn from Upper Thomson.

More Privacy, Less Neighbours

With only 267 units, Lentoria is the smallest launch of the Lentor Hills estate in the past two years. But size here can be an advantage for those who value their privacy.

The 17,137 sqm site is situated in the quiet Lentor Hills enclave, surrounded by landed homes and other condominium properties. Being in a lower-density neighbourhood means more peace and serenity. A smaller number of units only means fewer neighbours and residents vying for the compound’s facilities.

Proximity to Nature and Green Views from Your Window

Another perk of living in a relatively quiet neighbourhood is the lush greenery surrounding the estate. Residents can head to Lentor Hillock Park for a nearby walk. Within the development, a jogging trail has been planned for fitness enthusiasts.

Those who love to hike will also be pleased by the fact that Thomson Nature Park, Upper Peirce Reservoir Park, and Lower Peirce Reservoir Park are easily accessible from Lentoria. Homes facing south will have unblocked views of greenery, with some higher-floor units overlooking Lower Peirce Reservoir Park.

Close to Schools, Dining Options, Amenities

As part of the larger Ang Mo Kio HDB estate, there are plans for the Lentor Hills neighbourhood to be further developed. Residents can head to the nearby mixed-use development Lentor Modern for dining options, a supermarket and childcare facilities. Larger malls such as Causeway Point and Woods Square Mall are three MRT stops away. In the event of emergencies, Ang Mo Kio-Thye Hua Kwan Hospital is a three-minute drive away.

Those with children and parents-to-be will be glad to note that Lentoria is within 1km of CHIJ St. Nicholas Girls’ School and Anderson Primary School.

Buying Lentoria Condo in Singapore

Aside from young millennial home buyers, HDB upgraders can also consider Lentoria as their next home purchase. When a couple moves up the property ladder, they typically look at areas near their original neighbourhood.

That’s why Lentoria is a great choice for homeowners with freshly MOP-ed flats in Punggol, Yishun, and Sengkang. It’s close by, so you can move without your children having to transfer schools or disrupt any co-curricular activities. Those looking to ‘rightsize’ from a landed property will also appreciate the Lentoria property.

For more advice on home affordability, budgeting concerns, and working out your loan, get free no-obligation expert advice from our PropertyGuru Finance’s Mortgage Experts. They can help you through the entire home loan process – from picking a suitable home loan to submitting your In-Principal Approval (IPA) to securing your desired mortgage package. The best part? It’s all at no cost!

For more property news, content and resources, check out PropertyGuru’s guides section.

Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.

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