Older units more affordable for some

With private property prices hitting their highest levels in the last two years, young professionals are feeling the pinch when it comes to buying their first home.

Mr John Ng, a newly-wed entrepreneur, said he is looking only at options that are within his means.

“We won’t be looking at brand new units because they are very expensive, we will be looking at 10 to 15 year-old units because they are still within our budget,” said Mr Ng, who has allocated $600,000 to $700,000 for a property in the suburbs.

Mr Colin Tan, head of research and consultancy at Chesteron Suntec International, suggested that someone like Mr Ng should consider older properties such as those with 10 to 15 years to the expiry of their lease tenure.

Properties without facilities, such as an old walk-up apartment, are also an option.

For someone with Mr Ng’s budget, some condo developments that remain affordable include: Double Bay Residences, Simei, $565 psf with unit sizes from 538 square feet; Rosewood Suites, Woodlands, $586 psf with unit sizes from 678 square feet; Elliot at the East Coast, Marine Parade, $842 psf with unit sizes from 506 square feet.

Source : Today – 2 Jul 2010

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