HomeReal Estate10 Cheapest Freehold Landed Property In Singapore
10 Cheapest Freehold Landed Property In Singapore

10 Cheapest Freehold Landed Property In Singapore

Where Are The 10 Of The Cheapest Freehold Landed Property Located?

Landed property prices rose by 7.8% in 2023 as demand remained resilient. Many 99 year leasehold landed homes in OCR with a healthy lease balance of 65 plus years were transacted at $2m or above in 2023. With this pool of transactions, buyers moved in for 999 / freehold landed homes at similar price quantum as they found more value in the perpetual tenure. 

Currently home owners with little impetus to sell are still asking for high prices while buyers are also resistant to pay top dollar leading to a stalemate in deals. Moving forward, we expect landed property transaction prices and volume to stabilise in 2024. Buyers will be on the lookout for larger spaces with 5 bedrooms and a home lift provision to accommodate their family needs. If you are looking to enter into the landed property market in 2024, do check out the popular landed housing areas in Singapore.

In this top 10 list of the cheapest freehold landed property, we see that landed homes in the MacPherson Garden Estate tend to feature multiple times.

The MacPherson area is known for its mix of residential, industrial, and commercial developments. It is well-connected to other parts of Singapore through major roads and public transportation. The MacPherson MRT station is an underground interchange for the Circle and Downtown Lines, providing convenient access to the Mass Rapid Transit (MRT) system across Singapore.

Diving deeper, we found that landed houses in this estate are grouped in 3 separate clusters separated either by Aljunied Road or MacPherson Road and are in designated 2 storey mixed landed housing zones. Now let us explore this housing estate and its unique characteristics.

1) The entry prices are attractive as these properties are of smaller land plots of less than 1,000 sqft. 

2) The age of the properties – many are built circa 1970s and remain in their original state of condition. 

3) Limited parking spaces – The roads are narrower in this landed housing estate and cars are generally parked bumper to bumper which is an issue for potential home owners with more than 1 car. 

4) Near to industrial buildings – From Tai Seng, Ubi and spilling over to MacPherson, the area is constantly bustling with traffic as it offers easy accessibility to PIE and CTE expressways. 

5) Close proximity to new HDB estate – Future demand will come from the neighbouring Bidadari HDB estate as these flats are expected to transact at high prices after they complete their Minimum Occupation Period (MOP).

EstateTransacted Price (S$)Area (sqft)Unit Price ($ psf)Caveat DateTenureAddress
Opera Estate1,990,0001,3931,42921 July 2023FreeholdRienzi Street
MacPherson Garden Estate2,200,0009202,39018 August 2023FreeholdJalan Setia
MacPherson Garden Estate2,260,0008852,55424 July 2023FreeholdJalan Gembira
MacPherson Garden Estate2,280,0008852,57718 December 2023FreeholdJalan Setia
MacPherson Garden Estate2,355,0008852,6626 November 2023FreeholdJalan Mulia
Wolskel Lodge2,380,0002,39099611 December 2023FreeholdWolskel Road
Thomson Garden Estate2,440,0008852,7584 September 2023FreeholdJalan Pintau
Paya Lebar Gardens2,630,0001,2792,12520 September 2023FreeholdJalan Usaha
Kovan2,630,0001,4471,81811 September 2023FreeholdSimon Road
Bartley2,650,0001,2652,0956 September 2023FreeholdHow Sun Road

To be honest, we are a little surprised to see a freehold inter terrace house in District 15 making the list of the 10 cheapest freehold landed property. The transacted psf of S$1,429 reflected a level last seen pre-pandemic in 2019 and at a quantum of under S$2 million for a freehold landed home.

To find the cheapest freehold landed property in Singapore, you may want to consider looking in areas that are less central or further from the city center such as in the Outer Central Region (OCR). Additionally, older properties that require gut renovation, a rebuild or addition & alteration may be more affordable. Do keep in mind that property prices can change depending on the market dynamics.

Popular property listing websites in Singapore include PropertyGuru, 99.co, and SRX Property. These platforms can provide you with current listings and indicative asking prices in different areas of Singapore.

To summarise, if you are in the market for the cheapest freehold landed property, you can start by looking into Districts 13 and 19 where you are likely to find a greater amount of supply and start to shortlist suitable landed homes for your needs. 

What Are Some Things To Consider When Buying The Cheapest Landed Property in Singapore?

When considering buying landed property in Singapore, there are several important factors that you should carefully evaluate. Here are some key considerations to keep in mind:

Location: The location of the property plays a crucial role in determining its value and potential for appreciation. Evaluate the accessibility to amenities such as schools, parks, shopping centers, and transportation options. Additionally, assess the neighbourhood’s overall desirability, safety, and future development plans.

Size and Layout: Analyze the size and layout of the property to ensure it meets your requirements. Consider factors such as the number of bedrooms, bathrooms, living spaces, and any additional features you may need. Assess the overall functional layout of the property to ensure it suits your lifestyle and future plans.

Condition and Maintenance: Thoroughly inspect the property’s condition, both internally and externally. Look for signs of structural damage, water leakage, or any other issues that may require costly repairs or renovations. Consider any ongoing maintenance or renovation costs that may be necessary to bring the property up to your standards.

Title and Legal Matters: Verify the property’s title and legal status to ensure there are no outstanding debts, encumbrances, or legal disputes associated with it. Engage a qualified lawyer or conveyancer to conduct a thorough search and due diligence on the property’s title and legal documentation.

Future Development Potential: Research and consider the potential for future development in the surrounding area. Understand any government development plans, zoning regulations, or upcoming infrastructural projects that may impact the property’s value and desirability in the long run.

Financial Considerations: Assess your financial readiness and consider the costs involved in purchasing and maintaining the property. Take into account factors such as the down payment, mortgage loan eligibility, property taxes, maintenance fees, and other ongoing expenses.

Land Tenure: If it is a leasehold property, do find out the remaining lease balance as it will affect future resale value of the property. For example, the leasehold landed properties in Geylang were returned to the State upon lease expiry without compensation. 

Engage Professional Help: It is highly advisable to engage professionals such as real estate agents, property valuers, and lawyers who specialise in landed property transactions. Their expertise and guidance will help you make informed decisions and navigate the complexities of the purchasing process.

 

By carefully considering these factors, you can make a well-informed decision when buying the cheapest landed property in Singapore. Remember to be thorough in your research, seek professional advice, and take your time to ensure the property meets your needs and expectations. Happy property hunting!

Do you intend to buy or sell your property?

You may be thinking what is the next step for you and if it is worth going through the necessary work to buy or sell your property.

When is the best time to sell and can I sell my property for a better price than my neighbours? 

What are my options for buying a property and how can I get the best deal?

Here at The Landed Collective, we specialise in residential properties and that means, HDB flats, Condos, Landed Houses and New Developer Sales

Before you start anything, speak to us for a complimentary consultation as we will provide you with comprehensive advice, run through the essentials on the property market and answer any questions you may have. 

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