$505k for a landed property? Here are the cheapest properties that were sold in 2023

2023 was not exactly a year for affordable properties, nor was the year before it; but even amid the post-Covid-19 property boom, some buyers have managed to find good deals.

As we move into 2024, those seeking budget-friendly homes may want to check out the previous year’s lowest-cost options; and some of the places on this list may surprise you:

Cheapest property transactions we saw in 2023

Landed (leasehold)

Landed (freehold/999-year)

Non-landed (excluding EC) leasehold

Non-landed (excluding EC) freehold/999-year

Executive condo

Leasehold landed transactions from the list

You’ll notice some extremely cheap leasehold transactions here, such as Siew Lim Park, and the two units at Jalan Chempaka Kuning. 

Unfortunately, these won’t be of interest to most buyers — the low price is due to a 70-year lease, and many of these units have been around since the mid-60s.

As such, you would probably find these units hard to move on later, and the low prices are also likely due to financing issues (banks may not be willing to extend loans for such advanced lease decay, so the property may have been paid for in cash. This would limit the maximum sale price and your target audience).

The most viable options may be the 99-year leasehold homes, which are about halfway through their lease. The Beng Wan Road properties, for instance, are 99-year leasehold units that date back between ‘49 to ‘52. 

The remaining lease may still be sufficient for older buyers, who are using it as a forever home. While there’s no legacy value, it’s one of the few ways to have a sizeable landed home below $1.4 million. 

Do note, however, that larger down payments are probably required. While banks may still provide mortgages for these older properties, the Loan-To-Value (LTV) cap may be much lower, possibly at just 55 per cent or less. 

Freehold landed properties from the list

The Opera Estate transaction may surprise some, as it’s within the usually pricey Siglap enclave. But as we’ve explained in earlier articles, there’s quite a gap between the Frankel area homes, and neighbouring Opera Estate. 

It’s still possible to find affordable landed homes in Opera Estate because the land parcels tend to be smaller than Frankel.

A bigger number of units are also intergenerational assets, that haven’t changed much from the neighbourhood’s humbler years (this was considered a fairly inexpensive area to live in the ‘50s and ‘60s). You can check out our tour of the estate here. 

Mind you, the roads in Opera Estate and pricier Frankel next door are notoriously narrow; some are completely jammed up on Sundays during religious services. 

As for Jalan Gembira, we have a tour of it here. This has long been one of the most affordable freehold landed enclaves in Singapore.

It tends to be a love-it or hate-it reaction with most buyers though: MacPherson’s landed enclave is a mix of very old-school and very contemporary housing, that can appear as a bit of a hodge-podge; some enjoy the charm, others find it messy. 

For Thomson Garden Estate, you can check out our tour here. This area does have issues with limited amenities and accessibility; an issue that also extends toward nearby Teacher’s Estate.

However, that "disadvantage" is subjective: if you want silence and exclusivity, then the units here are just as private, and much cheaper, than something you’d find in Bukit Timah, Holland V, etc. 

Private non-landed homes (leasehold) on the list

The Hillford and People’s Park Complex were foregone conclusions, that make the list almost every year. 

The Hillford is a special case: It was originally meant to be a retirement villa, and only has a 60-year lease. This is the sole reason for the low price, as its location is fantastic (near Beauty World MRT and close to town).

It has also come on the radar for landlords, as the 60-year lease doesn’t impact tenants (so you’re buying at a lower price, but still collecting normal rental income for the area). You can check out some of the main details here. 

People’s Park Complex is struggling to find en-bloc success. While its location in the heart of Chinatown is fantastic, we would be cautious about buying units here.

The last thing you want is for the place to go en-bloc within one to three years of you buying it, and saddling you with Sellers Stamp Duty (SSD) and the need to move again. 

That said, People’s Park Complex has always been of interest to landlords, due to the low cost and high rentability. 

The Nautical’s appearance is surprising, perhaps a slate of new launches over the years (The Commodore, Parc Canberra, Provence Residence) would have a knock-on effect in raising prices.

The Nautical is one of the better located condos in Canberra, being within walking distance of Canberra MRT. For those looking at the long haul (Canberra is still a developing neighbourhood), the Nautical may be an unexpected opportunity, if other units transact for as low. 

That said, it may just be a one-off transaction, as a similar-sized unit was sold at a higher price of $635,000 just a month earlier.

For Kovan Grandeur, the lower price point is likely because of its very small size — at just 366 sq. ft. It’s a very small condo with just 74 units: some buyers dislike this (as it often means higher maintenance costs and more volatile prices), but it is an affordable way to live in the Kovan area. 

Private non-landed homes (freehold) on the list

Le Regal and Treasures @ G20 are not family condos; these are mainly angled as rental assets in the Geylang area. Unit sizes tend to be smaller, and the main highlight is the RCR location; there’s little in the way of green space, and urban density/traffic is extremely high. 

For some buyers, Le Regal and Treasures may also be too close to the Geylang vice areas for comfort. It’s not in the red light area, but it is within walking distance. 

Avila Gardens is at Mariam Way, which is better known for its landed homes than its condos; this is a private and low-density area, which is generally more desirable for terrace houses, bungalows, etc. than for condos.

It’s certainly not a place for those who don’t drive, as the nearest MRT station is some distance away. Nonetheless, this is one of the lowest prices for a freehold condo that we’ve seen of late. 

Floraville has comparable issues — the location trades convenience for being in a low-density area, with a lot of greenery.

This is, again, the kind of site that’s usually better for landed projects than a condo; but for those who want the experience of landed living areas, or don’t want to pay sky-high Bukit Timah prices for greenery, this may be a good option. 

With Suites @ Kovan, this is a boutique project with just 16 units, and transactions are infrequent so it’s hard to get a good gauge. Like Kovan Grandeur, units here start from a small 366 sq. ft. in size, hence the price.

In any case, the units here are mainly small and consist of one to three-bedders; so while the location is good (it’s in walking distance to Kovan MRT), this is really more for landlords than for the owner-occupier crowd.

This project is a no-frills option: There’s no pool, and even its facade is drab and no-nonsense. Note that you won’t find such small sizes in newer developments, as a new rule in 2018 restricts developers from building such small units in these areas anymore.

Executive Condos

For the ECs, most of the ones on the list are long out of their MOP. You’ll notice that these ECs are the ones which lack an MRT within walking distance; although Sol Acres does have an LRT connection. 

We’ve seen recent new EC sales reach record prices (like the recent Altura launch), and some people may be reluctant to pay for a new EC that has just reached MOP. As such, older ECs may probably still make sense for those on a tighter budget.

ALSO READ: HDB prices reached record high as 2023 came to a close

This article was first published in Stackedhomes.