Private homes for $1 million or less

Private homes for $1 million or less

Buyers can still snap up private apartments of reasonable size for less than $1 million - but do not expect up-to-the-minute styling or prime locations.
Yet such buys could end up being a good deal if they are in an area that is set to be revitalised or developed. Buyers have been quick to jump in.

Homes costing less than $1 million can be found in both new launches and the secondary market but it is rarer in the former, because the increase in land prices has led developers to offer higher per sq ft (psf) prices and smaller units.

New launches of flats of at least 1,000 sq ft and costing below $1 million can be found in the north-eastern areas like Hougang, Sengkang and Punggol.

Deals can also be found in upcoming condos in Pasir Ris.

In Yishun and Sembawang, some similar transactions were made at Symphony SuitesThe Nautical and Eight Courtyards.

These areas are also good scouting grounds for buyers looking to get a resale unit, which could be as big as 1,400 sq ft for that price.

Many shoebox units - measuring about 540 sq ft or less - cost less than $1 million but these are said to be too small for a family.

Decent-sized units can also be had for a similar price, but buyers have to bear in mind the trade-offs, like how an older condo may look dated.

While some people might not mind buying an older project, those looking for homes with lasting power may find it worthwhile to look into executive condominiums instead.

A freehold unit would be better value compared to 99-year leaseholds. The latter would have run down by quite a number of years and may not appreciate as well over the longer term.

Source: The Straits Times – 19 May 2012