These Homes Costs About The Same As A Toto Ticket: But Here’s Why Singaporeans Wouldn’t Buy Them Anyway
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Ryan J
- September 24, 2023
- 5 min read
5 min read
They’d need a very different marketing strategy to make Singaporeans buy dollar-homes abroad.
For those who don’t know, Japan isn’t the only place with super-cheap homes. Italy also has homes going for a single euro, and cities like Detroit in the US have homes you can buy for a dollar. There is, of course, a catch.
For the most part, there is an oversupply of homes in certain areas (apparently more than 10 million of such homes in Japan), and the intent is to preserve these homes if possible. Otherwise, the town or city has to pay to demolish them (which is very expensive, and is a pure overhead.) So in many cases, the caveat is having to restore the home in a given time limit. Deals like this can now be found in Italy, Spain, Croatia, and many of the small towns in Europe.
In other countries, people tend to see renovation and upkeep as the main issue. They may even call it the “real cost” of buying the home. Singaporeans are a different story.
Most of us have no issues with the renovation costs. We’re used to paying upward of $50,000 to renovate a 900 sq. ft. apartment, so we have no sticker-shock there (especially if the rest of the house costs around $1, and really all we’re paying for is the renovation.) And as for upkeep, please, have you seen the maintenance fees for our condos?
No, our issue is one of distance, and town infrastructure. We consider anything more than a 10-minute walk to the train station to be very inconvenient, which means every rural area is inconvenient to us. And by rural, I mean farms in Spain, Italy, Japan, etc., not Punggol or Sengkang. Even our definition of rural is incredibly urban, compared to where most $1 homes are found.
And when it comes to town infrastructure, Singaporeans are spoiled by a very high quality built environment, where agencies have a near-immediate response to issues. If NEA or PUB or any of a dozen three-letter-acronym-bodies leaves a drain unclogged for more than a day, Stomp and Mothership will probably have enough content for a week.
Abroad, politicians are seldom tied to tiny areas the size of an HDB estate, and have wider concerns. Here, you can write to your MP about the community centre canceling Friday taichi classes or whatnot, and still be taken seriously. Abroad, the mayor’s secretary will have your letter in the recycle bin before the first comma.
If anyone wants to market $1 homes to Singaporeans, they shouldn’t start with talking about the town’s long history, scenic views, etc. Rather, they should explain the sheer size of the mall/train station/future commercial hub that could be built there. Which means that quite possibly, they uh…won’t want us.
In any case, if you’re the sort that’s looking for more peace and quiet, or just want a holiday home that you can fix up yourself, here’s a list of places where you can find such affordable homes (besides Japan and Italy):
- Switzerland
Grab a Swiss countryside gem for just one Swiss franc in Monti Scìaga, a quaint town straddling the Swiss-Italian border (40 miles from Lake Como). The plan was to give away nine homes at such prices, so as long as buyers would commit to renovate them.
- Croatia
Legrad, once bustling, now offers homes for a mere one kuna ($0.19 SGD). While they require renovation, the town adds a refurbishing bonus of up to $3,979. Note: Buyers under 40 should commit to a 15-year stay.
- France
In Saint-Amand-Montrond, a spacious 90 sqm home awaits for just one euro. You’re required to initiate renovations within six months and live there — no rentals or Airbnb (and finish by 2 years).
- USA
Buffalo’s decades-old program offers homes at USD 1. Fix up the property within 18 months, reside for three years, and enjoy minimal yearly costs thereafter (do note that according to reports these typically require a huge renovation revamp). - England
Liverpool’s deal: homes for just a pound. Over 100 families have already dived in, with the stipulation that the home isn’t sold for at least five years (have a look here at some of the transformed homes!). - Greece
Antikythera isn’t just offering free homes; it’s paying families EUR 500 monthly for 3 years to reside there! With azure waters and a need for a population boost, it’s a win-win. Like what I mentioned earlier, Singaporeans do need to know that there’s just the one shop on the island, and no banks/ATMs. - Spain
Spain took these real estate deals to a whole new level by selling an entire village for $230,000. In any case, the same terms apply here, you’d likely have to commit a sizeable sum to renovating the place.
Meanwhile, in other property news…
- Buy a landed home from just $3 million or under. Yes, FREEHOLD landed. It’s possible, if you check out these places.
- Check out the view from this $60.6 million penthouse, which is one of the most stunning we’ve seen. BONUS: If you can afford that view, you can probably also whatever you see.
- Are the worst rated condos on Google really that bad? There are some good explanations behind it, and let’s try to keep it fair.
- Bukit Merah, and Marina Square: two places to watch, because we may see some interesting changes soon.
Weekly Sales Roundup (11 September – 17 September)
Top 5 Most Expensive New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| MIDTOWN MODERN | $5,617,000 | 1808 | $3,106 | 99 yrs (2019) |
| KLIMT CAIRNHILL | $4,860,000 | 1432 | $3,395 | FH |
| PULLMAN RESIDENCES NEWTON | $4,366,890 | 1378 | $3,169 | FH |
| THE RESERVE RESIDENCES | $4,126,433 | 1625 | $2,539 | 99 yrs (2021) |
| PINETREE HILL | $3,346,000 | 1292 | $2,590 | 99 yrs (2022) |
Top 5 Cheapest New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| THE ARDEN | $1,179,000 | 753 | $1,565 | 99 yrs (1969) |
| ORCHARD SOPHIA | $1,340,000 | 474 | $2,829 | FH |
| GRAND DUNMAN | $1,364,000 | 549 | $2,485 | 99 yrs (2022) |
| THE CONTINUUM | $1,471,000 | 560 | $2,628 | FH |
| THE MYST | $1,479,000 | 678 | $2,181 | 99 yrs (2023) |
Top 5 Most Expensive Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| SEASCAPE | $5,847,000 | 2669 | $2,190 | 99 yrs (2007) |
| REGENCY PARK | $5,150,000 | 2260 | $2,278 | FH |
| THE PARK VALE | $3,500,000 | 2034 | $1,720 | 999 yrs (1874) |
| ASPEN HEIGHTS | $3,250,000 | 1582 | $2,054 | 999 yrs (1841) |
| COSTA RHU | $3,100,000 | 2056 | $1,508 | 99 yrs (1994) |
Top 5 Cheapest Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| PRESTIGE HEIGHTS | $625,000 | 334 | $1,873 | FH |
| PARC ROSEWOOD | $640,888 | 431 | $1,488 | 99 yrs (2011) |
| HAIG 162 | $675,000 | 366 | $1,844 | FH |
| COSMO | $720,000 | 398 | $1,808 | FH |
| THE CITRON RESIDENCES | $840,000 | 431 | $1,951 | FH |
Top 5 Biggest Winners
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| THE PARK VALE | $3,500,000 | 2034 | $1,720 | $2,370,000 | 17 Years |
| COSTA RHU | $3,100,000 | 2056 | $1,508 | $2,072,000 | 24 Years |
| ASPEN HEIGHTS | $3,250,000 | 1582 | $2,054 | $1,960,000 | 17 Years |
| MANDARIN GARDENS | $2,366,888 | 2024 | $1,170 | $1,776,888 | 18 Years |
| BUKIT REGENCY | $2,335,000 | 1399 | $1,669 | $1,575,000 | 25 Years |
Top 5 Biggest Losers
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| OUE TWIN PEAKS | $1,228,000 | 549 | $2,237 | -$213,125 | 7 Years |
| SEAHILL | $985,000 | 646 | $1,525 | -$76,973 | 11 Years |
| THE CREST | $1,960,000 | 958 | $2,046 | -$43,000 | 5 Years |
| COSMO | $720,000 | 398 | $1,808 | $70,000 | 8 Years |
| THE CITRON RESIDENCES | $840,000 | 431 | $1,951 | $84,300 | 9 Years |
Transaction Breakdown
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