What Condos Can You Buy For Under $1 Million In 2024?

The private housing market has been tough on home buyers as the post-Covid era is one of the priciest times to buy a private property. Singles, in particular, face unique difficulties. They can only buy a resale HDB after turning 35, and private housing often seems out of reach. So for those with a budget of $1 million or less, what are the options that you have out there? We explored the market to uncover potential opportunities:

Looking at transactions across the regions:

We looked through the OCR, RCR, and CCR for private property transactions at $1 million or under in 2024 so far. Here’s how many we found:

We’re sure it’s not a surprise to learn the majority of $1 million or under transactions are from the OCR. What may come as a surprise to some people, however, is that there are private properties transacting for this amount even in the CCR. 

These are the prime location properties which have seen such transactions:

Without exception, all the units are one-bedders. The smallest units are from Espada (near Somerset MRT) and Oxley Edge (near Fort Canning MRT). The largest was The Plaza along Beach Road, near the Nicoll Highway MRT. 

The lower cost for The Plaza is likely due to age (it was built in 1979), and perhaps being an apartment rather than a condo (it’s above some commercial units, in the style of old-school mixed-use projects). 

Do note that all of these are freehold or 999-year projects. Some of these, like Robin Residences, are also famous for being near good schools; but this is negated by the units being single-bedders. 

Projects in the RCR for $1 million or below:

There were 112 projects, but we’ve filtered some out, as they had only a single transaction. Here, the largest transacted unit was at Wing Fong Court; at 900 sq. ft., this would be considered a three-bedder today. Unfortunately, we don’t think many families will like the location.

Wing Fong Court is sizeable for the price, and close to many amenities; but it’s also surrounded by many hotels around the Geylang Lorong 14 area. And whilst the vice area in Geylang has shrunk over time, it’s still going to be too close for comfort for some.

Wing Fong is also quite old, dating back to 1997; but the freehold status mitigates some of the age issues. It may be more viable as a rental asset, given the good location and lower price.

Sims Urban Oasis is a leasehold counterpart, which is also closer to Aljunied MRT station (which also means it’s reasonably far from the vice area). It’s even one of the newer condos, dating back to just 2017; but you do need to contend with a high unit count (1,024 units), and quite a bit of traffic issues from Aljunied Road. 

Parc Esta is also likely to raise some eyebrows, as this is a high-demand condo. This project is across from Eunos MRT station and one stop away from Paya Lebar, so you get all the benefits of PLQ, minus the crowds and noise. It’s also very new, built in 2022.

However, Parc Esta also has a high unit count (1,399 units), and a 420 sq. ft. unit is certainly small, even by today’s standards. Still, if you are willing to look past that, the location is a convenient one.

The same consideration pertains to Queens Peak (across from Queenstown MRT) and Principal Garden (somewhat near Redhill MRT and one stop away from Tiong Bahru). They’re both below 500 sq. ft. but close to $1 million.

As an aside, do note that most of the projects here are still freehold or on 999-year leases.

Projects in the OCR for $1 million or under

There’s a big list of 158 projects, so the OCR is clearly (and unsurprisingly) the region where you have the most options. For simplicity, we picked out projects with at least four or more transactions in 2024. 

Treasure at Tampines is on the list, as even at launch, one of its main draws was its highly competitive pricing. However, do note that it’s currently the biggest-ever condo in Singapore (over 2,200 units). While there is a wide range of facilities (11 swimming pools available), not everyone would like living in such a busy environment.

29 units have transacted for under $1 million at Treasure, and we note the 678 sq. ft. unit was at $970,000. This is probably stretching what some might consider to be reasonably sized for a small family, about on par with a 3-room flat. That said, this is a rather good price given the condo was just completed last year!

Hillion Residences and Watertown are also notable names. Both of these are integrated developments: Hillion is connected to Bukit Panjang LRT, and has a commercial element that includes a food court and an NTUC. Watertown is connected to Punggol MRT, and Waterway Point is the major retail, food, and entertainment hub of the area. 

Integrated developments tend to cost more as a rule, so a unit below $1 million is still achievable for singles or young couples; and if you’re thinking of investment, these units tend to be easily rentable, on account of the attached amenities. 

The biggest unit transacted on the list is a 1,206 sq. ft. unit at Melville Park. This is pretty amazing in the 2024 market: right now a resale unit half that size could go for around $1.4 million. The lower price point is probably because of the high unit count (1,232 units), age (completed in 1996), and also because it is on a 99-year lease. Also, given the proximity to the airport, the SIA training centre, and SUTD, there’s reasonably good rentability. 

So there are private properties available for $1 million or under even in 2024; but the better options appear to be among larger projects (mega-developments). Couples and singles actually do have options even now, but larger family buyers seem out of luck (unless they’re okay to accept the oldest fringe-region properties, that is). 

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