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Is a 2-bed-2-bath or 2-bed-1-bath new-launch condo better for investment? Here's what the latest data says

Is a 2-bed-2-bath or 2-bed-1-bath new-launch condo better for investment? Here's what the latest data says
PHOTO: Stackedhomes

For buyers looking at an investment property, a two-bedroom unit is a typical sweet spot — in terms of rentability and a more achievable quantum. But in recent years, the availability of a smaller two-bedroom unit in the form of a two bed one bath meant that the decision becomes more complicated. Is it better to buy the cheaper unit? Or would the limitation of just one bathroom make it a harder exit in the future?

Depending on your lifestyle, having one extra bathroom could make a big difference. Case in point: tenant roommates who refuse to share bathrooms, because no one wants to wait to shower when both need to be at work by 7 am.

We last did this analysis in early 2023, so here's an update to see if the situation has changed one year forward:

How much more does the extra bathroom cost?

Here's a side-by-side comparison of how the prices differ across projects:

  2BR 1BA 2BR 2BA Difference
Projects Avg $ Avg $PSF Avg Price Avg $PSF Price $PSF
KI RESIDENCES AT BROOKVALE $1,436,700 $2,053 $1,374,419 $1,809 -4.3per cent -11.9per cent
UPTOWN @ FARRER $1,063,980 $2,038 $1,051,296 $1,953 -1.2per cent -4.2per cent
PARC CLEMATIS $1,176,456 $1,688 $1,175,991 $1,630 0.0per cent -3.5per cent
THE FLORENCE RESIDENCES $1,050,461 $1,636 $1,075,381 $1,547 2.4per cent -5.4per cent
AMBER PARK $1,719,869 $2,536 $1,789,808 $2,462 4.1per cent -2.9per cent
URBAN TREASURES $1,294,746 $1,968 $1,348,903 $1,842 4.2per cent -6.4per cent
KOPAR AT NEWTON $1,568,570 $2,557 $1,640,769 $2,382 4.6per cent -6.8per cent
AVENUE SOUTH RESIDENCE $1,428,720 $2,125 $1,516,691 $2,117 6.2per cent -0.4per cent
PASIR RIS 8 $1,203,567 $1,687 $1,284,721 $1,645 6.7per cent -2.5per cent
THE JOVELL $899,741 $1,366 $963,139 $1,336 7.0per cent -2.2per cent
BARTLEY VUE $1,332,846 $2,030 $1,441,054 $1,960 8.1per cent -3.4per cent
SKY EDEN@BEDOK $1,420,313 $2,129 $1,546,333 $2,161 8.9per cent 1.5per cent
DAINTREE RESIDENCE $1,121,262 $1,736 $1,226,141 $1,676 9.4per cent -3.4per cent
IRWELL HILL RESIDENCES $1,662,622 $2,693 $1,822,369 $2,732 9.6per cent 1.4per cent
LENTOR MODERN $1,468,620 $2,166 $1,620,244 $2,214 10.3per cent 2.2per cent
ROYALGREEN $1,789,497 $2,742 $1,984,084 $2,738 10.9per cent -0.2per cent
MIDTOWN MODERN $1,702,396 $2,743 $1,889,011 $2,619 11.0per cent -4.5per cent
AMO RESIDENCE $1,421,739 $2,150 $1,579,163 $2,126 11.1per cent -1.1per cent
THE TAPESTRY $869,645 $1,422 $969,645 $1,378 11.5per cent -3.1per cent
ONE PEARL BANK $1,762,907 $2,520 $1,968,329 $2,390 11.7per cent -5.2per cent
PARK COLONIAL $1,147,563 $1,807 $1,293,829 $1,882 12.7per cent 4.2per cent
STIRLING RESIDENCES $1,175,613 $1,817 $1,326,002 $1,880 12.8per cent 3.5per cent
GRANGE 1866 $2,058,000 $2,897 $2,323,426 $2,935 12.9per cent 1.3per cent
FOURTH AVENUE RESIDENCES $1,507,303 $2,347 $1,707,306 $2,425 13.3per cent 3.3per cent
THE WATERGARDENS AT CANBERRA $1,001,338 $1,494 $1,136,302 $1,454 13.5per cent -2.7per cent
MIDWOOD $1,070,493 $1,686 $1,217,988 $1,689 13.8per cent 0.2per cent
RIVERFRONT RESIDENCES $822,758 $1,333 $938,352 $1,287 14.0per cent -3.5per cent
CLAVON $1,107,800 $1,634 $1,269,921 $1,662 14.6per cent 1.7per cent
VERTICUS $1,367,029 $2,084 $1,568,455 $2,116 14.7per cent 1.5per cent
THE BOTANY AT DAIRY FARM $1,293,794 $2,107 $1,485,090 $2,064 14.8per cent -2.0per cent
DUNEARN 386 $1,398,000 $2,498 $1,607,637 $2,469 15.0per cent -1.2per cent
TREASURE AT TAMPINES $824,011 $1,405 $951,403 $1,417 15.5per cent 0.9per cent
NYON $1,653,417 $2,293 $1,911,766 $2,250 15.6per cent -1.9per cent
LEEDON GREEN $1,739,312 $2,754 $2,016,057 $2,733 15.9per cent -0.8per cent
THE LINQ @ BEAUTY WORLD $1,279,767 $2,204 $1,485,133 $2,225 16.0per cent 1.0per cent
AFFINITY AT SERANGOON $990,980 $1,585 $1,155,763 $1,560 16.6per cent -1.6per cent
GRAND DUNMAN $1,695,281 $2,533 $1,978,029 $2,553 16.7per cent 0.8per cent
8 HULLET $2,268,852 $3,427 $2,682,927 $3,368 18.3per cent -1.7per cent
THE COMMODORE $970,240 $1,554 $1,149,033 $1,525 18.4per cent -1.9per cent
HYLL ON HOLLAND $1,544,124 $2,600 $1,828,842 $2,647 18.4per cent 1.8per cent
ONE BERNAM $1,783,502 $2,494 $2,113,317 $2,528 18.5per cent 1.4per cent
SENGKANG GRAND RESIDENCES $1,108,605 $1,734 $1,313,995 $1,725 18.5per cent -0.5per cent
JUNIPER HILL $1,653,046 $2,778 $1,971,496 $2,849 19.3per cent 2.6per cent
PARC KOMO $960,350 $1,511 $1,147,476 $1,557 19.5per cent 3.0per cent
JADESCAPE $1,103,495 $1,709 $1,324,411 $1,730 20.0per cent 1.2per cent
FYVE DERBYSHIRE $1,443,488 $2,445 $1,733,168 $2,398 20.1per cent -1.9per cent
PARC ESTA $1,087,088 $1,716 $1,305,694 $1,688 20.1per cent -1.6per cent
VAN HOLLAND $1,975,515 $2,945 $2,386,705 $2,855 20.8per cent -3.1per cent
35 GILSTEAD $1,462,800 $2,645 $1,772,747 $2,537 21.2per cent -4.1per cent
DAIRY FARM RESIDENCES $1,003,226 $1,587 $1,216,799 $1,681 21.3per cent 5.9per cent
LIV @ MB $1,640,432 $2,452 $1,990,053 $2,433 21.3per cent -0.8per cent
PETIT JERVOIS $2,335,000 $2,698 $2,838,146 $2,826 21.5per cent 4.7per cent
ONE HOLLAND VILLAGE RESIDENCES $1,860,883 $2,696 $2,270,627 $2,718 22.0per cent 0.8per cent
THE M $1,557,197 $2,508 $1,908,348 $2,542 22.6per cent 1.3per cent
VERDALE $1,075,024 $1,752 $1,321,205 $1,802 22.9per cent 2.8per cent
KENT RIDGE HILL RESIDENCES $1,145,492 $1,723 $1,409,880 $1,779 23.1per cent 3.2per cent
MAYFAIR MODERN $1,309,400 $2,098 $1,614,387 $2,094 23.3per cent -0.2per cent
WHISTLER GRAND $896,940 $1,456 $1,108,107 $1,445 23.5per cent -0.8per cent
RV ALTITUDE $1,330,900 $3,016 $1,654,800 $2,707 24.3per cent -10.2per cent
THE WOODLEIGH RESIDENCES $1,085,586 $1,871 $1,361,107 $1,961 25.4per cent 4.8per cent
VIEW AT KISMIS $902,667 $1,747 $1,135,954 $1,724 25.8per cent -1.3per cent
PENROSE $976,565 $1,512 $1,254,890 $1,701 28.5per cent 12.5per cent
FORETT AT BUKIT TIMAH $1,174,906 $2,029 $1,520,342 $2,033 29.4per cent 0.2per cent
PHOENIX RESIDENCES $912,598 $1,514 $1,197,910 $1,601 31.3per cent 5.7per cent
THE HYDE $1,950,498 $2,822 $2,569,490 $2,994 31.7per cent 6.1per cent
PARKSUITES $1,641,318 $2,116 $2,550,000 $2,173 55.4per cent 2.7per cent
3 CUSCADEN $1,747,151 $4,162 $2,749,602 $3,668 57.4per cent -11.9per cent
ATLASSIA $1,305,840 $2,128 $2,467,647 $1,948 89.0per cent -8.4per cent

We can see that, except for Uptown @ Farrer and Ki Residences, the extra bathroom always costs more in quantum (but not necessarily price per square foot).

For these two projects, the higher prices for single-bathroom units mainly come down to timing; many of the single-bathroom units were transacted in a later sales phase than the two-bathroom units, hence the higher price point.

Differences in performance

Now we want to see the difference between gains or losses. Same as last time, we narrowed down the projects that had 2br 1ba and 2br 2ba and had at least 10 transactions:

Project 2BR 1BA 2BR 2BA Grand Total
AFFINITY AT SERANGOON 18 36 54
AVENUE SOUTH RESIDENCE 4 10 14
DAINTREE RESIDENCE 1 16 17
JADESCAPE 11 35 46
PARC CLEMATIS 5 30 35
PARC ESTA 43 45 88
PARK COLONIAL 23 24 47
RIVERFRONT RESIDENCES 60 46 106
STIRLING RESIDENCES 39 63 102
THE FLORENCE RESIDENCES 7 62 69
THE TAPESTRY 16 16 32
THE WOODLEIGH RESIDENCES 6 14 20
TREASURE AT TAMPINES 40 42 82
WHISTLER GRAND 21 18 39
Grand Total 294 457 751

Volume of transactions

2 Bedroom Type Average ($) Average (per cent) Annualised (per cent) Volume
2BR 1BA $187,992 19.3per cent 4.5per cent 294
2BR 2BA $235,731 20.5per cent 5.0per cent 457

Performance

The two bathroom units do perform better on average, but the difference is marginal; around half a percentage point. Do note that there are a lot more two-bathroom units being transacted though, but that could also just be the case of a bigger supply.

Next, we looked closer at differences within each project:

  Average Performance ($) Average Performance (per cent) Annualised Returns (per cent)
Project 1BR 2BR 1BR 2BR 1BR 2BR
AFFINITY AT SERANGOON $164,216 $191,192 17.3per cent 16.6per cent 3.5per cent 3.7per cent
AVENUE SOUTH RESIDENCE $142,125 $237,949 9.9per cent 16.5per cent 2.4per cent 4.3per cent
DAINTREE RESIDENCE $184,300 $256,414 15.8per cent 21.7per cent 6.0per cent 5.8per cent
JADESCAPE $247,781 $282,939 22.4per cent 21.8per cent 5.2per cent 5.4per cent
PARC CLEMATIS $225,400 $258,655 20.5per cent 22.2per cent 5.3per cent 5.9per cent
PARC ESTA $252,451 $317,953 23.5per cent 24.5per cent 5.7per cent 6.2per cent
PARK COLONIAL $197,512 $175,140 17.4per cent 14.2per cent 4.0per cent 3.2per cent
RIVERFRONT RESIDENCES $149,676 $203,219 18.4per cent 21.7per cent 3.9per cent 4.6per cent
STIRLING RESIDENCES $234,979 $266,594 20.4per cent 20.4per cent 5.2per cent 4.9per cent
THE FLORENCE RESIDENCES $149,586 $217,487 15.9per cent 21.3per cent 3.8per cent 4.9per cent
THE TAPESTRY $94,425 $172,827 10.9per cent 17.6per cent 3.1per cent 3.7per cent
THE WOODLEIGH RESIDENCES $169,333 $252,000 15.7per cent 19.4per cent 4.1per cent 4.9per cent
TREASURE AT TAMPINES $140,969 $182,719 17.4per cent 19.5per cent 4.1per cent 5.4per cent
WHISTLER GRAND $235,842 $255,291 27.6per cent 23.6per cent 6.5per cent 6.1per cent

The differences are marginal in most projects. We did see a more pronounced difference in Avenue South Residence, but the reason for this is not immediately clear and needs to be examined further.  

The premium gap at launch

  New Sale   Sub Sale / Resale    
Project 1 Bathroom Avg. Price 2 Bathroom Avg. Price Premium Difference (per cent) 1 Bathroom Avg. Price 2 Bathroom Avg. Price Premium Difference (per cent) Difference
AFFINITY AT SERANGOON $948,000 $1,154,479 21.8per cent $1,112,216 $1,345,670 21.0per cent -0.8per cent
AVENUE SOUTH RESIDENCE $1,427,000 $1,450,920 1.7per cent $1,569,125 $1,688,869 7.6per cent 6.0per cent
DAINTREE RESIDENCE $1,165,700 $1,204,680 3.3per cent $1,350,000 $1,461,094 8.2per cent 4.9per cent
JADESCAPE $1,112,391 $1,297,483 16.6per cent $1,360,172 $1,580,421 16.2per cent -0.4per cent
PARC CLEMATIS $1,098,200 $1,168,433 6.4per cent $1,323,600 $1,427,089 7.8per cent 1.4per cent
PARC ESTA $1,073,767 $1,290,800 20.2per cent $1,326,218 $1,608,753 21.3per cent 1.1per cent
PARK COLONIAL $1,144,179 $1,264,689 10.5per cent $1,341,691 $1,439,829 7.3per cent -3.2per cent
RIVERFRONT RESIDENCES $816,914 $935,109 14.5per cent $966,590 $1,138,327 17.8per cent 3.3per cent
STIRLING RESIDENCES $1,157,154 $1,303,206 12.6per cent $1,392,133 $1,569,801 12.8per cent 0.1per cent
THE FLORENCE RESIDENCES $941,857 $1,019,097 8.2per cent $1,091,443 $1,236,584 13.3per cent 5.1per cent
THE TAPESTRY $862,623 $986,673 14.4per cent $957,049 $1,159,500 21.2per cent 6.8per cent
THE WOODLEIGH RESIDENCES $1,087,000 $1,310,786 20.6per cent $1,256,333 $1,562,786 24.4per cent 3.8per cent
TREASURE AT TAMPINES $812,503 $935,775 15.2per cent $953,472 $1,118,495 17.3per cent 2.1per cent
WHISTLER GRAND $855,320 $1,084,747 26.8per cent $1,091,161 $1,340,039 22.8per cent -4.0per cent

Despite the marginal differences in performance, some developers do charge a rather large premium for the extra bathroom. Whistler Grand, The Woodleigh, and Parc Esta are the most notable, with a premium of above 20 per cent. 

 

PHOTO: Stackedhomes
PHOTO: Stackedhomes

For Whistler Grand, this could be due to a large number of two-bedroom layouts, ranging from 503 sq ft to 700 sq ft, so the size difference beyond an added bathroom could account for the quantum difference. The same could apply to The Woodleigh, where 2B1B units are 570 sq ft, but the 2B2B units can go up to 721 sq ft. 

This isn't true for Parc Esta, where 2B1B units are just as large as 2B2B units, or at least very close in size; so it's possible that the two bathroom units here were just transacted later in the sale process and at a higher price.

In general, there still doesn't seem to be strong evidence that the second bathroom is going to make for better performance. But on the flipside, we can also see that the premium for a second bathroom may not be that big for certain projects; so if you need it, it's possible to get it without paying over the top. 

It's likely, however, that landlords will want the two-bathroom units as it's better for unrelated tenants. For homeowners, some may not want to trade extra living space for another bathroom.

 As always, ultimately this matters based on your entry price — if the premium for a second bathroom is too big, it may not make as much sense from an investment standpoint.

ALSO READ: Upcoming executive condos that will MOP in 2024 and 2025

This article was first published in Stackedhomes.

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