32 cheapest resale condos you can buy for $800 psf or less in 2022/23

The property market is known for its idiosyncrasies, one of which is the persistent existence of outliers regardless of the wider market's performance. Sometimes, there are even more outliers than one would typically expect.

This week, in light of the ongoing need of home buyers seeking affordability, we've selected some of the most budget-friendly resale condos priced at $800 psf or less.

That said, do note that this is just one avenue to explore the more cost-effective properties available, although assessing by quantum remains the preferred method. The reason being that there's no consistent data source available for comparing by unit type (especially for older condos where it's hard to classify which are just large two bedders, or just a three bedder), making psf the most generic comparison method still.

We've covered various case studies on this topic which you might find interesting. However, it's important to note - psf comparisons are not as equitable today due to changes in floor plans over the years. Additionally, it doesn't account for variations in unit types.

For instance, an older penthouse with a large outdoor terrace will typically have a lower psf than regular units. Hence, making a judgment based solely on psf can lead to inaccurate comparisons.

That being said, if you're seeking a rough idea of the most affordable properties by psf, here's where to start your search:

Condos with transactions at $800 psf or lower 

Data from July 2022 – July 2023

1. Lakepoint Condominium

Location: 2 Lakepoint Drive (District 22)

Developer: Jurong Town Corporation 

Completion: 1983

Number of units: 304

$643 psf is almost unheard of. For context, the average price of a resale four-room flat in June 2023 was $570 psf. So naturally, we had to take a closer look. 

Lakepoint condo is quite far along its lease, being around 40 years old this year; it's quite rare for a condo to make it to this date without redevelopment. There have been repeated attempts to en-bloc the project, dating all the way back to 2014; but none seem to have succeeded. The last attempt was in June 2022, for $642 million. 

More recently, we notice the condo has received URA approval to raise the height limit of any future redevelopment (to a mix of five and 12 storeys high).

These aggressive en-bloc attempts can possibly contribute to the lower prices, as few people want to buy a unit, renovate it, and then face a collective sale shortly after (note that they also need to pay the Sellers Stamp Duty, if it happens within three years of their purchase). 

Nevertheless, it's easy to see the demand here. It's over 500,000 sq ft, despite having just 304 units. Some of the units are double-storey, and unit sizes of up to 3,400(!) sq ft have transacted at $2.2 million (which is the unit in question). As such, the double-storey and multiple balconies do have some effect on the lower psf price. That said, even the regular units have recently transacted for just a hair over $800 psf — which is definitely on the low end in today's market.

The location is also reasonably good, with Lakeside MRT station (EWL) being roughly a nine to 10 minutes walk. 

Ultimately though, the façade of the condo needs work, and a fresh coat of paint would help; but there may be more interest in an en-bloc than in spending more on maintenance. 

Overall, Lakepoint has huge units and is within walking distance to the MRT; but it’s tough to recommend due to lease decay, plus its fervent en-bloc attempts – not everyone would want to live with such uncertainty. Right now it looks more like a gamble for a collective sale, than a prospective home. 

2. Woodsvale (Privatised EC)

Location: 1 Woodlands Drive 72 (District 25)

Developer: CapitaLand 

Completion: 2000

Number of units: 696

Woodsvale was an EC that reached privatisation in around 2011. Woodsvale would have delivered a real first-mover advantage to the original batch of buyers, as Woodlands in 2000 — the time of Woodsvale's completion — had only just embarked on the start to being the regional centre of the north. 

(For reference, Woodlands only had a library in 2001, a year after this condo was built, which should give you a sense of how underdeveloped the area was at the time)

At present, Woodsvale is sited near the Woodlands HDB enclave. This area has developed over the years, with coffee shops, minimarts, and other heartland shops; the nearby Woodlands Mart, located within this enclave, now has a food court (Koufu) and a Giant supermarket. 

Part of the development also faces Woodlands Crescent Park, which gives you nicer green views (along with quick access to the park).

This is also one of the rare ECs that have an MRT station in walking distance. Admiralty MRT (NSL) is about less than a 10-minute walk from the condo. 

It is, overall, a good location at this price point. The very latest transaction, on June 23, was for a 1,313 sq ft unit at just $1.085 million. 

3. Sun Plaza

Location: 30 Sembawang Plaza (District 27)

Developer: Canberra Development Pte. Ltd.

Completion: 2000

Number of units: 76

Most of the area residents think of this as a neighbourhood mall, rather than a residence. But Sun Plaza is mixed-use, and does include 76 residential units. 

The mall component has an NTUC FairPrice, a Koufu food court, a Haidilao for late-night suppers, and it also houses the Sembawang Public Library. This is just a quick elevator ride downstairs for residents. 

Units are rather spacious, with most being around 1,300+ sq ft. These have transacted below $1 million, an instantly attractive number in the 2023 market. The layouts are not bad too - besides the planter outside the living, you have mostly interior space to play with. The living and dining spaces are separated, and the master bedroom is large enough to include a study area.

That said, facilities are bare-bones and this wouldn't be considered a full-suite condo. There is a pool, playground, and BBQ area, for example, but no gym or tennis court. We suppose having a mall right downstairs might make up for it though. 

Sun Plaza is right across the road from the Sembawang MRT station (NSL), and is one of the closest ways to enjoying the convenience of an "integrated development" without the premium price tags.

If you care more about amenities than condo facilities, or you just want a larger unit at a lower price, Sun Plaza might do it for you. 

4. Northvale

Location: 61 Choa Chu Kang Loop (District 23)

Developer: Pidemco Land Ltd.

Completion: 1998

Number of units: 762

Surprisingly for its price, Northvale is located just diagonally across from Choa Chu Kang MRT station (NSL, JSL), where you'll also enjoy the benefits of the Jurong Region Line once it is up. This is also where Lot One, the major mall for the CCK area, is located; so residents have access to an NTUC, a Food Junction, and a Shaw Cineplex as well as shops. It's definitely a dated retail experience, but this should satisfy the needs of most families for amenities.

This general area around Choa Chu Kang Loop also has a lot of coffee shops, small eateries, private gyms, and enrichment schools. So despite Choa Chu Kang being a non-mature area, the people living here won't feel any lack of amenities. 

You also have the new SAFRA Choa Chu Kang directly across the road. This is the first SAFRA club with a sheltered swimming pool and futsal court, as well as a 150-metre running track on the fourth level. Besides this, there is also a McDonald's drive-through, a food court, and other food outlets like Burger King.

Aside from sports facilities, there is also a childcare facility, along with six enrichment centres. In short, it's a great space to bring the family on weekends.

We also notice some transactions for 680+ sq ft units still going at below $800,000. For young couples, this may be sufficient room, and it's a chance to live within close range of a major mall and train station. Even larger family-sized units of 1,000+ sq ft have transacted below $1 million. 

The lower prices account for the age of the property (Northvale is 25 years old). But if you're a pure home buyer who isn't concerned about resale gains as much, this is a useful location for the price. 

5. Lighthouse 

Location: 161 Jalan Loyang Besar (District 17)

Developer: Hong How Corporation Pte. Ltd.

Completion: 2004

Number of units: 51

Have you ever wanted to live in a resort-like area, that makes you feel like you're on a vacation away from Singapore? Then this condo — and this general area — may be for you. Lighthouse is in an area with relatively low-rise buildings, and at just 51 units there's a very private feel to the development. 

Lighthouse is more convenient than it looks on a map. The bus right outside (bus 354) takes you to Pasir Ris bus interchange, which is near White Sands, the major mall for the area, and the Pasir Ris MRT station (EWL). There will also be further upgrades in the future, once Pasir Ris 8 is up. This is an integrated project, with a new mall (named Pasir Ris Mall), with almost 375,000 sq ft of net lettable space.

Bus 354 will also pass by Downtown East on its way there (or just a six-minute walk away). This is the biggest family recreation hub in the east, famed for the Wild Wild Wet water park. This area also has a cinema, dining, and retail options like a supermarket and a Don Don Donki.

So while the immediate surroundings don't offer much, it's just one bus ride or a short walk to whatever you need. 

This project may also appeal to those who work at the airport, as Changi Airport is roughly just a 10-minute drive from here. With most units being upward of 1,100+ sq ft, Lighthouse can make for a viable family home. 

Admittedly, the lower psf here is on account of it being set over three floors (despite it being 3,078 sq ft) There are balcony spaces on both lower floors, as well as a roof terrace and jacuzzi (plus the staircase on all three floors).

ALSO READ: From the 70s to the present: Evolution of Singapore's condo layouts

This article was first published in Stackedhomes.