Whether you are a foreigner relocating to Singapore or you are a native looking to change houses, it’s important to choose a unit that suits your needs and budget. So, how much will you pay for housing in Singapore? Well, the cost of housing in this city will depend on various factors like the size and type of the unit, availability of recreational facilities, quality of furnishings available as well as proximity to the city. Let’s take a closer look at some of the available accommodations.
Condominiums or condos, as they are popularly known, are built by private investors. For condos, you can opt for simple condo flats or luxury flats. Luxury flats comprise of amenities such as event spaces, gardens, playgrounds, swimming pools, tennis courts and gyms.
If you opt to rent a condo in the prime areas of the city such as Bukit Timah, Orchard, River Valley and Tanglin, then you will part with approximately USD 5,200 per month for a 3-bedroom apartment.
As for the suburbs, a 3-bedroom condo will cost approximately USD 3,300 per month in rent. Singapore condos that are outside the city center such as Changi, Bedok, Tampines, Woodlands, Jurong, Clementi and Ang Mo Kio are relatively affordable, with most of them attracting a monthly rent of approximately USD 2,200 to $3,700.
You can also opt to rent private apartments in Singapore. However, it’s important to note that some of them lack basic amenities that you will find in a condo such as BBQ pits, large-sized swimming pools, and tennis courts, among others. On the other hand, these apartments are quite affordable, compared to condos. For instance, renting a 3-bedroom private apartment in the CBD area will cost you approximately USD 3,700 per month.
Some Singapore expats prefer staying in serviced apartments since they offer hotel-type facilities as well as personalized services. These apartments are normally fully furnished, and they have a gym and a pool. What makes them an attractive option for expats is that lease terms are negotiable and flexible, based on the duration of your stay. You will find the most serviced apartments in the Orchard area, River Valley, West Coast and East Coast areas. Renting a one-bedroom serviced apartment will cost you approximately USD 5,200 to $10,000 based on the available facilities and location.
If your budget is tight, living in government-subsidized housing (HBD) flats provides an affordable option. Close to 80% of the natives live in these houses, due to their affordable rental prices. Apart from their affordability, most of these flats are located close to basic facilities and amenities like markets, schools, public libraries, bus stations, shopping malls and health centers. But as you may expect, HBD flats lack luxury amenities like gyms or swimming pools. Rental prices depend on the size of the unit and location. For instance, renting a 3-bedroom HBD unit close to the CBD will cost you an average of USD 2,200 while one outside the city rents for an average of USD 1500.
Property investment in Singapore is highly lucrative. Unlike other areas in the region, Singapore doesn’t experience violent crime or political unrest, which means minimal fluctuations.