Forgot your password?
or

Don't have an account? Create An Account

For agents interested in participating on SRX, please contact us at +65 6635 3388 or write to us at feedback@srx.com.sg

ON TRACK

Achieve the life you want, in the home you love
Property News10 Jun 2019

Getting the right space for your future home

Be it whether you’re looking for your first home, or are considering an upgrade on your current place, the size of the HDB unit is always a key consideration. Of course, we’d all love a bigger place to call home, but there will be numerous factors for one to consider before making the decision on the size of one’s future home:

  1. Finances

The biggest factor that comes into play in this decision-making process is tied to the monetary side of things – more specifically, your current financial situation. When deciding on the potential size of your new home, it’s key to assess your finances – such as your monthly income and commitments – and then set aside a budget for your HDB purchase. For instance, if you’re living paycheck to paycheck with your current income and monthly expenses, you wouldn’t want to stress yourself out financially with additional expenses that come with a bigger home purchase.

  1. Lifestyle Situation

I’m sure most Singaporeans have a rough plan in mind regarding their future – be it with their career, family and just their life journey in general. If you and your partner are planning on having kids within the next few years, this will most definitely have an impact on your decision seeing as you’ll need to consider additional room(s).

Your lifestyle will also impact the size of a HDB unit you go with. For instance, if you’re a gym junkie, you may want to consider an additional room to have a personal workout room. Or if you’re a freelancer where the bulk of your work is completed at home, you may require a room solely for work purposes.

But most importantly, you’ll need to figure out whether a bigger house is a need or a want. Sometimes we Singaporeans get sucked into our society’s materialistic lifestyle and think our worth is measured based on our assets such as the size and type of house we own.

Home

Now that you’ve determined your budget and the house size you’re looking at, you can start on your search for your dream home. You’ll most definitely be restricted to areas in the Outside Central Region (OCR) if you have a tight budget but are looking for a bigger place. On the other hand, if you’ve more cash to spare on your home and are content with a smaller unit, you can look at houses with more surrounding facilities and nearby public transport options, that will provide you with added convenience.

Take for instance, let’s compare the two towns of Toa Payoh and Sengkang:

Toa Payoh (RCR)

Toa Payoh is one of Singapore’s oldest housing estates, where there are 37,900 flats housing 105,000 HDB residents (as of March 2018). The best part about being an older estate meant Toa Payoh has gone through several renewal efforts, such as the Remaking Our Heartland programme in 2015, in an attempt to make the popular heartland comparable to that of newer towns in Singapore.

Sengkang (OCR)

There are currently 66,605 flats in the Sengkang area that are home to 212,100 residents. The Sengkang area was developed significantly later in the late 1990s, and what’s interesting is Sengkang was the first town in Singapore to have its public housing built alongside the estate’s major public transport amenities. Since then, the area has been developed to become of Singapore’s modern estates with numerous facilities such as the popular Compass One shopping centre – for its residents to enjoy.  

Median Prices of 3,4 and 5-room HDB flats in Sengkang & Toa Payoh

Screen Shot 2019 06 10 at 6

While 3-room flats in Sengkang achieved a higher median price than that of Toa Payoh units by slightly under $60,000, 4 and 5-room flats in Toa Payoh raked in far higher numbers compared to Sengkang – with a difference of $182,250 and $391,925 respectively. 

hdb

By simply looking at the past year’s resale flat transactions, it’s clear there are a few key factors that contribute to these numbers:

  • There’s a wide range of flat models, floor area, and age of 3-room units sold in the Toa Payoh estate that affect the median value. Looking at the past year, the highest price locked for a 3-room unit stood at $635,000 for a 70sqm DBSS with 92 years left on its lease and the lowest resale price was $170,000 for a 77sqm Improved HDB unit with 49 years left on its lease. 

  • On the other hand, 3-room flats in Sengkang sold for between $276,000 and $418,000. All sales were for newer units with over 87 years left on their lease, with a housing size of around 67-70sqm (only two 83sqm units were sold)

  • Toa Payoh has typically been known to be one of the most expensive estates, especially so for 4 and 5-room flats. It’s no surprise seeing as Toa Payoh is a mature estate that has gone through several redevelopment works, coupled with the fact it’s the nearest HDB estate to the world-renowned Orchard Road via MRT.

  • There were numerous sales for the DBSS units at Lor 1A Toa Payoh during the past year, with a 91 sqm 4-room unit at Block 138A selling for $899,000 (92 years remaining on its lease as of sale). Considering it’s near Toa Payoh’s HDB Hub, this price range is to be expected.

  • Meanwhile in Sengkang, units of a similar size (92 sqm) were sold for significantly lower, with a 92 sqm unit in Sengkang East Avenue fetching $610,000, a good $289,000 price difference – perfectly highlighting how a location can impact the price of a HDB unit of a similar size, so you may want to take this into consideration when looking at a unit.

Now that you have a better understanding of the different factors that play into the price of your potential home, do head on over to SRX’s HDB resale listing, for any locations you’re looking at or perhaps even the Sengkang and Toa Payoh areas we spoke about earlier.

tablet 02

At a glance, you’ll be able to view houses in those areas that are up for sale. If you’re a go-getter and already know the type of house you’re after, you can easily narrow down your search to the number of rooms you’re looking at, together with the minimum and maximum prices, and also an address if you’re looking at a certain spot in the district. 

 

Source: SRX
Like this article? Share it.
mySG Home
Your Digital Home
Track Your Home. Discover Your Wealth
MY PROPERTY
CONCIERGE
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
ON TRACK
Property News 19 June
The Eastern Treasure
Coming from an Eastie that has moved away from my beloved Tampines hometown – trust me when I say that the East is the best place to grow up and stay in Singapore, no questions asked. Simply put, the East is the perfect balance of old and new developments, thus making it a much-loved location for all Singaporeans, young and old.
Property News 18 June
Buyers mop up more new homes in May amid surge in launches
952 units were sold in May, up 29.5% m-o-m, as units launched tripled; more projects slated before Ghost Month
 
Property News 17 June
Singapore developers sell 952 private homes in May, up 29.5% from April's 735 units: URA

DEVELOPERS in Singapore sold 952 private homes in May 2019, up 29.5 per cent from the 735 units they moved in April 2019, but 15.2 per cent lower than the 1,122 units they sold in May last year.

Property News 14 June
The Balmoral Road Golden Ticket
If you’re one who believes in investing in your children’s future by kickstarting your child’s education journey in a top primary school, you will definitely have heard of Balmoral Road, located at the Bukit Timah district in your house-hunting journey.

Contact Us

Hello Singapore! I'm Sevi. Ask me any property question.
Chat with Sevi
Sevi - AI Bot
Replies in seconds
Need to speak to someone? 6635-3388
Sevi
I'm Sevi, your personal assistant.

You can ask me basic property questions about transactions, listings, project info and X-value.

Some Examples:

1. Where is Gem Residences located?
2. Are there listings in Hillview Regency for 3 bedrooms and budget of $1.5m?
3. For how much can I sell my property?
4. What are the latest transactions in Bayshore Park?
5. Is it cheaper to buy HDB in Tampines or Jurong East?
6. What is the plot ratio for The Sail?
7. How many blocks are there in Ang Mo Kio Ave 3?

Type RESET or HELP whenever you need.