There’s a terrible assumption that, if you can afford a condo, you can afford to own a car. But sometimes it isn’t really just a question of affordability but of convenience.
For example, you may have the luxury of a car to get to work – but you might have kids that need to get to school on their own. And if you’re looking to rent out to tenants in the future, then an MRT station will undoubtedly be a big rentability factor.
As such, we’ve picked out some new launch condos that are both close to MRT stations, and are still below $1.5 million (3 bedrooms). Here’s the ones to look at:
A note on how we picked the following:
We’ve based the list on units closest to the MRT station, and on having 3 bedroom units (at least 900 sq. ft.) at a quantum of $1.5 million or below. The longest MRT station distance is about 11 minutes’ walk (see below), and we ruled out those that were further.
In addition, we have left out condos that have sold out 90 per cent or more of their units, as it’s unlikely that any will be available by this time. However, we have a quick addendum below on these new launches.
1. Penrose
Location: 20 Sims Drive (District 14)
Nearest MRT: Aljunied (approx. 450 metres, or seven minutes)
Lease: 99-years
TOP: 2024
Number of units: 566
Current take-up rate: 74 per cent sold
Last transacted prices below $1.5 million:
Date
Unit size
Total price
Price PSF
Dec 28, 2020
1,044 sq. ft.
$1,493,000
$1,430
Nov 19, 2020
1,055 sq. ft.
$1,475,000
$1,398
Oct 31, 2020
936 sq. ft.
$1,355,000
$1,447
Key highlights:
We have a full review of Penrose on Stacked.
Penrose is an urbanite’s condo, or one that suits investors. The location in the heart of Geylang means you’ll trade open space and quiet, in exchange for convenience.
Aljunied MRT is on the East-West Line (EWL), and is just one stop from Paya Lebar. This means access to Paya Lebar Quarter (PLQ), with its grade A office spaces and malls, without having to pay the already high prices in that area. Aljunied is also just four stops City Hall, and five stops to Raffles.
This location means solid rentability, as you can cater to tenants both in the traditional CBD as well as the Paya Lebar commercial hub.
The surroundings of Penrose also offer a lot of amenities, from coffee shops to 24-hour minimarts; Geylang is a famous foodie stretch after all.
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Penrose is also surprisingly quite well-equipped for families in terms of facilities. One thing that really stands out is the addition of a children’s kindergarten located in the development itself.
However, its surroundings are where it gets a little less conducive for families. There are few family-oriented recreation spaces nearby, and you won’t find any cinemas or large malls in the immediate vicinity (although you do have easy train access to find those elsewhere).
Traffic congestion is also notoriously bad in this part of Geylang; frankly we’d consider giving up the car for the train.
Penrose is not within the red-light area of Geylang, but it’s subjective how close is “too close”. Some buyers may still mind.
2. Kent Ridge Hill Residences
Location: South Buona Vista Road (District 5)
Nearest MRT: Pasir Panjang MRT (510 metres, approx. 10 mins walk)
Lease: 99-years
TOP: 2024
Number of units: 548
Current take-up rate: 78 per cent sold
Last transacted prices below $1.5 million:
Date
Unit size
Total price
Price PSF
Jan 18, 2021
883 sq. ft.
$1,536,000*
$1,740
Oct 22, 2020
883 sq. ft.
$1,475,000
$1,671
May 28, 2020
883 sq. ft.
$1,487,000
$1,685
*Just marginally over, we know.
Key highlights:
Kent Ridge Hill Residences is well-sited for those working in the One-North / Buona Vista tech hubs, as well as for buyers who want good access to Holland Village.
Pasir Panjang MRT station, on the Circle Line, is only three train stops to One-North, and four stops to Buona Vista. Holland Village is around five stops away.
This is good proximity for those priced out of Holland V (if you were to buy in Holland V itself, the current average price is around $2.49 million).
There is some rental potential, to expats working in the One-North hub; but do note that the recent launch of Normanton Park, as well as One-North Eden, means there are now stronger alternatives for those tenants.
That aside, Kent Ridge Hill is very reasonably priced for owner-occupiers who want to be close to One-North and Holland V; and also if you want to buy in an area with more greenery (Kent Ridge Park is about 1.3 kilometres; manageable if you bike, and this cuts down to 600 metres by car).
3. Treasure at Tampines
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Location: Tampines Lane (District 18)
Nearest MRT: Simei MRT (490 metres, or around 10 minutes walk)
Lease: 99-years
TOP: 2023
Number of units: 2,203
Current take-up rate: 80 per cent sold
Last transacted prices below $1.5 million:
Date
Unit size
Total price
Price PSF
March 14, 2021
915 sq. ft.
$1,288,000
$1,408
March 14, 2021
1,033 sq. ft.
$1,488,000
$1,440
March 13, 2021
915 sq. ft.
$1,237,000
$1,352
March 11, 2021
1,033 sq. ft.
$1,482,000
$1,434
Key highlights:
We have a full review of Treasure at Tampines on Stacked.
Treasure at Tampines is the largest condo development in Singapore, at over 2,203 homes. Such an extreme number tends to elicit equally extreme responses: some buyers will rave over it, as it means extensive common facilities and low maintenance / pricing (it’s definitely one of the most competitively priced condos in Singapore).
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On the other hand, we know some buyers will swear off such huge developments immediately, for fear of competition when it comes to resale or finding tenants. There are also some home owners who want more privacy.
Whatever your take on the size, don’t overlook the 490-metre distance to Simei MRT station. This is on the EWL, so you will have direct access to City Hall and Raffles Place (it is a bit of a long journey though, at 10 or more stops).
The location will appeal more to those who want access to Tampines or Changi Airport, as these are a stop and a train switch away.
Overall, this is a good condo for those who want a larger new launch unit, at some of the lowest current prices.
4. The Florence Residences
Location: Hougang Avenue 2 (District 19)
Nearest MRT: Hougang MRT (720 metres, or around 11 minutes’ walk)
Lease: 99-years
TOP: 2023
Number of units: 1,410
Current take-up rate: 69 per cent sold
Last transacted prices below $1.5 million:
Date
Unit size
Total price
Price PSF
March 13, 2021
936 sq. ft.
$1,401,112
$1,496
March 12, 2021
926 sq. ft.
$1,446,112
$1,562
March 17, 2021
936 sq. ft.
$1,456,112
$1,555
Key highlights:
We have a full review of The Florence Residences on Stacked.
We’ll admit we hesitated to put this on the list, as some may debate the closeness of the MRT station. 11 minutes is acceptable to some, too far to others; to be clear, there are resale condos closer to Hougang MRT station.
Ultimately, Florence Residences makes the list because it’s a new launch with three-bedders under $1.5 million, and is still somewhat close to the MRT station.
The Hougang MRT station is on the North East Line (NEL), putting residents within two stops of Serangoon MRT (where the megamall NEX is located). It’s also a direct line to Dhoby Ghaut, but this is quite a long ride away.
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As with most mega-developments, the main appeal comes from the extensive common facilities. Florence Residences’ “wow” factor is its 80-metre lagoon, 128 facilities, and 12 different clubs.
But as with Treasure at Tampines, mega-developments are something of a love-it-or-leave-it affair; you either like the value for money and facilities, or dislike the lack of privacy and competition.
Overall, this is one for families who want spacious units, sometimes use the MRT (11 minutes’ can be a bit much for a daily walk), and don’t like to travel out of the condo for activities like outdoor movie nights, lawn picnics, etc.
New launches that meet the criteria, but are sold out (or likely sold out) by the time you read this
The following new launches are also close to MRT stations, and have three-bedders priced at below $1.5 million. There’s a slight chance some units may still be up for grabs, and sometimes buyers return the units without exercising their Option. Contact us about the development, and we’ll help you as best we can.
Otherwise, you’ll probably have to wait for the rare sub-sale, or for units to enter the resale market in about four years (because the Sellers Stamp Duty applies for the first three years).
Development
Closest MRT station
Average price (three-bedders)
Take-up rate
Parc Esta
Eunos MRT station (two minutes’ walk)
$1,373,000 to $1,499,000
Sold out
Jadescape
Marymount MRT (four minutes’ walk)
$1,404,700 to $1,498,000
93 per cent sold
Stirling Residences
Queenstown (four minutes’ walk)
$1,481,000
96 per cent sold
Bukit 828
Cashew (seven minutes’ walk)
$1,408,000
Sold out
Rezi 35
Paya Lebar (seven minutes’ walk)
$1,412,700
Sold out
The Essence
Springleaf (seven minutes’ walk
$1,085,600
94 per cent sold
Rezi 24
Aljunied (eight minutes’ walk)
$1,427,000
96 per cent sold
This article was first published in Stackedhomes.
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