In 2018, Singapore was ranked as the most important property market in ASEAN by Morgan Stanley's research. Given this, it is not surprising that Singapore is also home to some of the most expensive properties in the world. But just how nice and expensive can homes in Singapore be? Also, how do they compare to the cheapest residences in their neighborhoods? In classic ValueChampion fashion, we've collected the data on the most expensive and the cheapest homes currently listed in Singapore by neighborhood as of March 2018. If you are looking to purchase a home in Singapore, our study below might be of value.
Overall, we found that the most expensive homes in each of the 28 neighborhoods generally ranged from S$1.4 million to S$110 million, a wider range than what we observed in 2017 (S$4.4m to S$106m). These are ultra-fancy residences that tend to be either landed properties or penthouses of fancy new buildings.
In contrast, the cheapest residences typically cost around S$200,000 to S$1.2m. In terms of price per square foot, expensive homes cost anywhere between S$700/sqft and S$20,000/sqft, with a median of S$1,414/sqft. This was significantly higher than S$350/sqft to S$2,210/sqft we observed for the cheapest properties, whose median was S$477/sqft.
Where Most Expensive vs Cheapest Properties Are
On PropertyGuru, the most expensive property currently on sale in Singapore is actually a piece of land in Tanglin/Holland/Bukit Timah area, with listing price of S$11m and area of 52,000 sqft. In terms of an actual residential unit, the runner up was located at Wallich Residence in Chinatown/Tanjong Pagar area, with a price tag of S$108m and a floor size of 21,108 sqft.
In contrast, two of the cheapest properties were located in Harbourfront/Telok Blangah and Admiralty/Woodlands areas. They were both relatively old and modest HDB flats with price per sqft of around S$500.
The Highest & Lowest Cost Per Square Foot
In terms of price per square foot, we found a property located in Balestier/Toa Payoh area with a listed pricing of S$22 million. This unit in Kallang Riverside had a listed land size of 1,033 square foot, resulting in S$21,496 per square foot of unit cost. In contrast, the lowest cost per square foot we found was just S$350, located in Dairy Farm/Bukit Panjang/Choa Chu Kang area. Of course, given the difference in prices, their qualities were vastly different, with one being one of the fanciest properties in the world and the other being a very small, aged and modest HDB flat.
Comparison to 2017
We ran a similar study in February of 2017, where we collected prices for the most expensive residences listed in Singapore. In general, there were very little change in which neighborhoods had the most expensive and the most affordable properties. For instance, 4 of the top 5 neighborhoods that had the most expensive properties on sale in 2017 still ranked as top 5 in 2018. Similarly, 3 of the bottom 5 in 2017 were still ranked as bottom 5 in 2018. We observed the biggest rise in Alexandra/Commonwealth area, who ranked #3 in 2018 compared to ranking #23 in 2017. Conversely, we observed the biggest drop in Seletar/Yio Chu Kang area, which ranked #19 in 2018 compared to #10 in 2017.