Where to find the cheapest new-launch condos in 2024 (from $1.15m)

"Cheap" is a relative term, especially as of 2024; but while even some HDB upgraders may struggle right now, we can at least look for the cheapest among existing options.

The good news is that, with the supply crunch seemingly at an end, and some 40+ new developments in the coming year, we may be looking at prices that can't go much higher (keep your fingers crossed). Here's where to find the cheapest options for now:

Cheapest one-bedder units

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Tembusu Grand	1,344,000	1,417,000	1,608,000	31	Rest of Central Region
Pinetree Hill	1,369,000	1,415,500	1,437,000	8	Rest of Central Region
Grand Dunman	1,390,000	1,513,000	1,706,000	72	Rest of Central Region
Claydence	1,442,900	1,442,900	1,442,900	3	Rest of Central Region
The Landmark	1,454,030	1,507,380	1,564,610	13	Rest of Central Region
TMW Maxwell	1,482,000	1,546,000	1,798,000	265	Rest of Central Region
The Continuum	1,486,000	1,601,000	1,703,000	63	Rest of Central Region
Canninghill Piers	1,712,000	1,728,000	1,808,000	5	Rest of Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
The LakeGarden Residences	1,153,300	1,212,000	1,331,800	9	Outside Central Region
The Myst	1,214,000	1,228,000	1,328,000	7	Outside Central Region
Lentor Hills Residences	1,329,000	1,390,500	1,416,000	8	Outside Central Region
Lentor Modern	1,358,000	1,358,000	1,358,000	1	Outside Central Region

Cheapest two-bedder condos

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Orchard Sophia	1,643,000	1,869,000	2,021,000	39	Core Central Region
Hill House	1,937,000	2,021,500	2,145,000	18	Core Central Region
One Bernam	1,994,000	2,349,000	2,853,000	100	Core Central Region
10 Evelyn	2,093,800	2,152,300	2,277,850	5	Core Central Region
Grange 1866	2,241,000	2,591,000	3,024,000	19	Core Central Region
Midtown Bay	2,468,000	3,163,000	4,108,000	41	Core Central Region
Ikigai	2,560,740	2,566,770	2,572,800	2	Core Central Region
One Draycott	2,640,000	2,685,000	3,639,000	37	Core Central Region
Klimt Cairnhill	2,650,000	3,080,000	3,528,000	23	Core Central Region
Perfect Ten	2,681,480	2,700,400	2,755,280	3	Core Central Region
Cuscaden Reserve	2,774,000	3,379,000	3,420,000	134	Core Central Region
Boulevard 88	4,785,000	5,202,600	5,385,300	14	Core Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Atlassia	2,969,260	2,994,978	2,994,978	3	Rest of Central Region
Bartley Vue	1,649,000	1,742,000	1,754,000	3	Rest of Central Region
The Arcady	1,702,000	1,963,000	2,091,000	51	Rest of Central Region
Claydence	1,847,100	2,049,200	2,303,000	12	Rest of Central Region
Grand Dunman	1,819,000	2,047,000	2,251,000	39	Rest of Central Region
Mori	1,705,000	1,705,000	1,705,000	1	Rest of Central Region
Pinetree Hill	1,702,000	1,958,000	2,123,000	113	Rest of Central Region
Tembusu Grand	1,930,000	1,975,000	2,161,000	27	Rest of Central Region
Terra Hill	1,865,000	2,146,500	2,272,000	18	Rest of Central Region
The Continuum	1,756,000	1,933,000	2,180,000	100	Rest of Central Region
The Landmark	1,968,130	2,092,775	2,195,110	28	Rest of Central Region
TMW Maxwell	2,404,000	2,638,000	2,685,000	49	Rest of Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
The Arden	1,250,000	1,296,000	1,296,000	5	Outside Central Region
The LakeGarden Residences	1,326,800	1,563,700	1,904,800	51	Outside Central Region
The Shorefront	1,450,000	1,488,000	1,545,000	8	Outside Central Region
The Myst	1,494,000	1,563,000	1,762,000	40	Outside Central Region
Lentor Hills Residences	1,622,000	1,666,000	1,804,000	11	Outside Central Region
The Botany at Dairy Farm	1,766,000	1,766,000	1,766,000	1	Outside Central Region

It isn't looking good for new investors in 2024, who are the most typical buyers in this category. Condo rental rates are already starting to level off, so investors may find the current prices unpalatable — it used to be a norm that one-bedder condos would be in the range of $1 million or lower, but the lowest we're seeing today is about $1.2 million.

Consider, for instance, a one-bedder renting for around $2,500 per month in an OCR area. At $1.2 million; this would come to a gross rental yield of about 2.5 per cent, whereas most investors would be looking for gross yields of around four per cent for a small one-bedder.

We've also noted the decline of sell-one, buy two strategies in the property market, and the high prices of new launch shoebox units can only make that worse. Using this strategy, the aim is usually to buy a bigger unit and a smaller unit (often a one or two-bedder) under a different spouse's name. But with the new launches all climbing past $1.2 million, it can be tough to put an entire separate mortgage under the other partner's name.

As for pure home buyers, they may struggle to accept a $1.2 million+ price tag for a one-bedder, when they could possibly buy a resale two-bedder at around the same price. 

That said, LakeGarden Residences is an interesting option here: it's at the foot of the scenic Jurong Lake Gardens (hence the name) and has bus connections to Jurong East MRT, which is a major hub with malls like IMM, JEM, and the upcoming J'den (which is a condo with a strong commercial component). This could make it one of the more rentable west-side condos, or quite convenient for singles. 

Orchard Sophia is also interesting, as it's within walking distance of Dhoby Ghaut MRT, and $1.37 million — despite being a tiny 460+ sq ft unit — might be an affordable quantum for a single who wants to live in Orchard. It might also be viable from a rental perspective. We're not calling it cheap, mind you, just that the quantum is as affordable as you might find in an Orchard-area residence.  

The CCR did bear the brunt of recent cooling measures, and this has resulted in a narrowing price gap between the RCR and CCR (full details in this article). This has resulted in some RCR two-bedders matching or even exceeding the prices of CCR counterparts.

Atlassia, for instance, is pricier than many CCR counterparts on the list, and Claydence, Grand Dunman, and Terra Hill are pricier than Orchard Sophia or Hill House. As the size differences between two-bedders may not be too significant (e.g Grand Dunman’s 775 sq ft two-bedders versus Orchard Sophia’s 710 sq ft counterparts), buyers might want to seriously contemplate the advantages of a more central location, versus a little bit of extra space. 

Another interesting consideration here is the lower price of The Continuum and Tembusu Grand’s two-bedders ($1.933 million and $1.975 million respectively) versus nearby competitor Grand Dunman ($2.047 million). All of these new launches are very close by, but Grand Dunman’s higher price is despite being mere minutes closer to Dakota MRT. Given the broadly similar locational advantages, the price point could be a tiebreaker in buyers’ decision-making.

Cheapest three-bedder condos

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Orchard Sophia	2,166,000	2,323,000	2,367,000	3	Core Central Region
Hill House	2,210,000	2,330,000	2,391,000	7	Core Central Region
Enchante	2,743,900	2,965,350	3,274,000	6	Core Central Region
10 Evelyn	3,363,175	3,404,883	3,446,590	2	Core Central Region
Ikigai	3,465,280	3,635,800	4,429,600	3	Core Central Region
One Bernam	3,632,000	3,992,000	7,538,000	19	Core Central Region
Cuscaden Reserve	4,289,000	4,289,000	4,289,000	22	Core Central Region
Midtown Bay	4,714,000	5,241,500	5,452,000	5	Core Central Region
Perfect Ten	4,759,920	4,759,920	4,759,920	1	Core Central Region
Klimt Cairnhill	4,880,000	5,360,000	5,766,000	21	Core Central Region
The Giverny Residences	5,497,000	5,975,000	5,982,000	3	Core Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Bartley Vue	2,046,000	2,073,000	2,418,000	9	Rest of Central Region
Royal Hallmark	2,063,000	2,063,000	2,063,000	1	Rest of Central Region
Mori	2,213,000	2,234,000	2,356,000	5	Rest of Central Region
Tembusu Grand	2,324,000	2,792,000	3,126,000	106	Rest of Central Region
The Continuum	2,341,000	3,042,000	4,228,000	222	Rest of Central Region
Terra Hill	2,352,000	2,895,000	3,157,000	83	Rest of Central Region
The Arcady	2,364,000	2,970,500	3,481,000	62	Rest of Central Region
Pinetree Hill	2,401,000	3,008,500	3,291,000	112	Rest of Central Region
Atlassia	2,402,424	2,506,516	2,610,608	2	Rest of Central Region
Grand Dunman	2,409,000	2,893,000	4,080,000	113	Rest of Central Region
Blossoms By The Park	2,410,000	2,441,000	2,843,000	12	Rest of Central Region
Claydence	2,528,600	2,834,100	3,466,250	11	Rest of Central Region
The Reef At King’s Dock	2,822,312	2,951,112	3,902,392	6	Rest of Central Region
The Landmark	2,937,160	3,143,285	3,391,120	13	Rest of Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
North Gaia	1,183,000	1,292,000	1,505,000	180	Outside Central Region
Altura	1,389,000	1,389,000	1,389,000	1	Outside Central Region
The Shorefront	1,715,000	1,832,500	2,958,000	10	Outside Central Region
The Arden	1,812,000	1,933,000	2,134,000	22	Outside Central Region
The Myst	1,846,000	2,192,000	2,604,000	85	Outside Central Region
Sceneca Residence	1,888,000	2,438,000	2,708,000	59	Outside Central Region
The Botany at Dairy Farm	1,898,000	2,157,000	2,582,000	104	Outside Central Region
The LakeGarden Residences	1,942,800	2,295,800	2,697,100	102	Outside Central Region
Lentor Hills Residences	1,958,000	2,287,000	2,979,000	63	Outside Central Region
Lentor Modern	2,211,000	2,462,000	2,701,000	11	Outside Central Region
Sky Eden@Bedok	2,232,000	2,273,000	2,513,000	5	Outside Central Region
Ki Residences At Brookvale	2,320,000	2,320,000	2,320,000	1	Outside Central Region

This is arguably the most important category to the average home buyer, as most HDB upgraders are families who need at least a three-bedder (roughly on par with a four-room flat in size). 

We can see the OCR is now the only location with new launches below the $2 million mark: Altura and North Gaia are both Executive Condominiums (ECs). The locations would not be at the top of mind for most buyers: Altura is in Tengah, which is the newest town in Singapore: it will take many more years to develop, and the project is certainly not comparable to a mature estate in amenities or accessibility until then. 

Likewise, North Gaia is too far from Yishun MRT to stand out, although some may think that it's in a better spot than Altura (at least it has walking access to Junction 9, and some existing HDB enclaves that are quite developed). 

The Shorefront is a boutique (23-unit) development with a rather inaccessible location along Jalan Loyang Besar, which explains the price. Homeowners who enjoy a high level of privacy, and who have access to private transport, might enjoy this project; but it's of niche appeal. 

This leaves many homeowners choosing between the two ECs (if they are eligible), or The Arden, which relies on LRT access to Bukit Panjang or Choa Chu Kang MRT station. Whether this is good is subjective; some buyers don't mind, some buyers abhor needing an added LRT connection — but we're inclined to say amenities are not bad, since it's LRT access to Lot One/Hillion Mall, and the nearby HDB enclave is reasonably well developed. 

For the other options, we feel that many buyers are going to be priced out. A quantum of over $2 million is a stretch for the average Singaporean, unless you're lucky enough to be selling a particularly high-value flat. 

Cheapest four-bedder condos

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Enchante	3,608,300	3,610,950	3,613,600	2	Core Central Region
Midtown Modern	6,327,000	6,654,000	6,894,000	9	Core Central Region
Irwell Hill Residences	9,452,000	9,452,000	9,452,000	1	Core Central Region
The Giverny Residences	9,566,000	9,920,000	9,979,000	3	Core Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Mori	2,359,000	2,359,000	2,359,000	1	Rest of Central Region
Grand Dunman	3,053,000	3,579,000	4,803,000	91	Rest of Central Region
Pinetree Hill	3,270,000	3,552,000	3,874,000	73	Rest of Central Region
The Continuum	3,273,000	3,695,500	5,733,000	82	Rest of Central Region
Tembusu Grand	3,288,000	3,454,000	3,743,000	56	Rest of Central Region
Blossoms By The Park	3,380,000	3,610,000	4,135,000	26	Rest of Central Region
Terra Hill	3,451,000	4,638,000	5,585,000	48	Rest of Central Region
The Arcady	3,588,000		7,587,000	10	Rest of Central Region
Claydence	5,085,400	5,110,075	5,134,750	2	Rest of Central Region
Canninghill Piers	5,544,000	5,544,000	5,544,000	1	Rest of Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
North Gaia	1,643,000	1,693,500	1,916,000	30	Outside Central Region
Altura	1,702,000	1,728,000	1,746,000	7	Outside Central Region
The Arden	2,148,000	2,442,000	2,662,000	23	Outside Central Region
The Botany at Dairy Farm	2,462,000	2,650,000	2,946,000	29	Outside Central Region
Lentor Hills Residences	2,596,000	2,825,000	2,979,000	53	Outside Central Region
Pasir Ris 8	2,596,000	2,596,000	2,596,000	3	Outside Central Region
Sky Eden@Bedok	2,647,000	2,655,500	2,664,000	2	Outside Central Region
The Myst	2,746,000	3,065,000	3,395,000	47	Outside Central Region
The LakeGarden Residences	2,797,400	2,871,850	4,939,100	31	Outside Central Region
Sceneca Residence	3,048,000	3,168,000	5,931,000	15	Outside Central Region
AMO Residence	5,588,000	5,588,000	5,588,000	1	Outside Central Region

We have nothing much to say here, beyond the above; the quantum is generally out of range for many Singaporeans. However, note that if you want a four-bedder, the two ECs (Altura and North Gaia) still have these at around $1.7 million; and they are the only options on the list at that price point. 

It seems clear that, for the typical Singaporean buyer, those needing a four-bedder have been relegated to the resale segment.

Cheapest five-bedder condos

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Enchante	5,523,900	5,523,900	5,523,900	1	Core Central Region
Irwell Hill Residences	11,080,000	11,080,000	11,080,000	1	Core Central Region
One Bernam	17,149,000	17,149,000	17,149,000	1	Core Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Grand Dunman	3,954,000	5,140,000	8,193,000	70	Rest of Central Region
Tembusu Grand	4,028,000	4,136,000	4,244,000	37	Rest of Central Region
Pinetree Hill	4,402,000	4,494,500	4,650,000	19	Rest of Central Region
The Continuum	5,456,000	5,695,000	6,536,000	30	Rest of Central Region
Terra Hill	5,483,000	5,522,000	5,580,000	9	Rest of Central Region
Canninghill Piers	8,904,000	9,216,000	13,000,000	9	Rest of Central Region

Project Name	Min ($)	Median ($)	Max ($)	Units Remaining	Market Segment
Altura	2,210,000	2,234,000	2,295,000	20	Outside Central Region
The Botany at Dairy Farm	2,967,000	3,092,000	3,281,000	8	Outside Central Region
The Myst	3,180,000	3,404,000	3,784,000	22	Outside Central Region
The LakeGarden Residences	3,208,800	3,362,100	3,596,900	15	Outside Central Region

Anyone looking for a new launch of this size is probably not worried about finding the cheapest project. But in the off-chance someone is happy to part with $2.2 million+, Altura does have five-bedroom units, and it's probably the cheapest option you'll find among new launch five-bedders today. But still, it is certainly a niche market that would find such a quantum palatable for an EC in Tengah, given the options in the resale market.

Overall, the new launch market is still tough right now, for those who need family-sized units. We'd expect demand to continue mainly in the OCR given the high quantum; but on the flip side, we do see possibilities for more affluent investors to seize on the narrowing gap between RCR and CCR condo prices. 

ALSO READ: Where to find the cheapest 4-room resale HDB flats in 2024 (from $350k)

This article was first published in Stackedhomes.