Singapore Property Price: Postal Districts Overview
Foreigners who want to buy a home in Singapore can only purchase private property, subjected to the prevailing housing polices and regulations. The most common type is the private condominium. In this article, we will give an overview of the price per square foot (psf) according to the various postal districts in Singapore.
The figure below shows the average price of private condo units in Singapore in the past 90 days.
The above shows that the average psf ranges from 790 ~ 2392 Singapore Dollar (SGD) in Singapore. The most expensive districts to live in are District 1, 2 and 9. They comprise the Central Business District (CBD) and the Orchard Road shopping belt.
This translates to 604 US Dollar (USD) to 1830 per square foot (S$1 = US$0.76) or 8504 Chinese Yuan (CNY) to 123593 CNY per square metre based on the prevailing exchange rate (S$1 = 4.8 RMB, 1 square meter = 10.764 square feet).
For example: A 1,000-square-foot house, which is about 93 square meters, is priced at a range of 790,000 – 2.39 million SGD. That is approximately 604,000 – 1.83 million USD and 3.792 million – 14.073 million CNY.
In Singapore, the cheapest private apartment is about 500,000 Singapore Dollar, which is 382,300 US Dollars, 2.4 million Chinese Yuan. This is based on a studio or one-bedroom unit, not exceeding 400 square feet (37 square metres) in floor area. When you factor in the 18% Stamp Duty (if the buyer is a foreigner and the buyer’s stamp duty is about 3%+15% additional buyer stamp duty), the price is $590,000 Singapore Dollars (451,100 USD and 2.33 million CNY).
The most expensive private condo unit is currently selling at S$108 million (recommended list price, excluding stamp duty). This is approximately 82.575 million USD or 518.24 million CNY.
According to Free Trade Agreements (FTAs), citizens or permanent residents of certain countries will receive the same tax treatment as Singapore citizens. Please refer our article for exemptions of the 15% additional buyer stamp duty.