There is a persistent demand for one- and two-bedroom units in Singapore which has caused median prices for these units to rise significantly. According to a report by Savills Singapore, in the Rest of Central Region (RCR) these prices have gone up by 31.3% year-on-year, from $1.34 million in 1Q2022 to $1.76 million in 1Q2023.

The report noted that median prices for one- and two-bedroom units of a certain size increased to $1.63 million in 1Q2023 from $1.58 million in 1Q2022. This mark a 3.4% increase every year. For those located Outside Central Region (OCR), they saw an even more substantial increase, rising 15.3% y-o-y to reach $1.39 million in 1Q2023.

Alan Cheong, executive director of research at Savills Singapore highlighted that “Buyers’ preference is turning to smaller sized homes and are willing to pay a premium for these unit types”. This is evident by the increasing proportion of sales transactions for one- and two-bedroom units which have gone from 21.4% in 1Q2022 to 47% in 1Q2023. Factors that have likely contributed to this – as noted in the Savills report – are their rental potential and proximity to key amenities.

The popularity of one- and two-bedroom units shown in the new sales market supports the idea that budget is a main driver motivating people’s desire to own property. This is further reinforced by the success of new developments like The Botany at Dairy Farm and Sceneca Residence, where 72.7% of the sales for the 268 units were attributed to one- and two-bedroom units.

The Altura EC, a premier executive condominium, is set to provide luxurious living experience in Bukit Batok Town. HDB has conducted a public tender for the Altura EC project, located at Bukit Batok West Avenue 8. This 375-unit condominium housing project will have a leasehold of 99 years. Bidders can submit their bids before the deadline of 8 March 2022. The winning bidder will be provided with a property assessment and the keys to the site thereafter.

Rising land and construction costs are inevitably passed on to buyers, particularly in the pricing of smaller-sized units. Cheong states that this helps to explain why people are willing to pay more for these units. Despite difficulties caused by the pandemic, Savills maintains its forecast that private residential property prices will increase by 7% in 2023.

Singapore Condo refers to residential properties in Singapore that are owned and managed by a condominium corporation. These properties offer luxurious and modern living spaces with a variety of amenities such as swimming pools, gyms, and gardens. One such example is Zion Road Condo, located in the prime District 10 of Singapore. This exclusive development boasts spacious units, high-end finishes, and convenient access to nearby shopping and dining options. With its strategic location and top-notch facilities, Singapore Condo, specifically Zion Road Condo, is highly sought after by both locals and expats looking for a comfortable and upscale living experience in the bustling city-state.