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Over the weekend, influencer Naomi Neo dropped a video tour of her new home — a three-storey indifferent home.
Again on 30 December final 12 months, she shared a teaser of her new home, saying that she’s shifting in earlier than the brand new 12 months.
Quick ahead to 3 months later, and she or he’s revealed an inside look of the brand new residence.
Like many netizens, we’re awed by her new home, from the floor-to-ceiling glass panels to the swimming pool.
And like many netizens, we additionally surprise how a lot it prices.
Naomi Neo’s new neighbourhood
99.co understands that Naomi’s new home is situated within the Sundown Means space, which is situated on the east of Holland Village and Bukit Timah.
Whereas the Sundown Means subzone is a part of Clementi and falls beneath the Outdoors of Central Area (OCR) market section, residents right here take pleasure in a city-fringe location.
As an illustration, the CBD and Orchard purchasing belt are round a 20-minute drive away from the world (based mostly on Google Maps estimates). The subzone can also be fairly near nature, with Bukit Timah Nature Reserve a seven-minute drive away.
Residents listed below are additionally inside shut proximity to a wide range of faculties, akin to Pei Hwa Presbyterian Major Faculty, Nan Hua Major Faculty, Methodist Women’ Faculty, Ngee Ann Polytechnic, Singapore College of Social Sciences (SUSS) and SIM.
In the meantime, the neighbourhood is understood for its tranquility and privateness, particularly since many of the homes listed below are landed properties. Nevertheless it’s not completely a landed residential space; there are a number of condos and HDB blocks right here as properly.
Value development of Sundown Means
Right here’s a take a look at the value traits of houses in Sundown Means, segmented by the three foremost property varieties: HDB flat, condominium and landed.
Over the previous 10 years, all three forms of properties right here have seen double-digit value growths, some greater than others. As an illustration, HDB flats right here have seen a value appreciation of 14.89%, adopted by landed houses at 24.79%.
In the meantime, condos right here have seen a whopping value enhance of 75.61%! However that is primarily pushed by the sale of Ki Residences At Brookvale, a brand new condominium that launched in 2020. It’s anticipated to TOP in 2024.
How a lot to earn to afford a house in Sundown Means
Based mostly on the information of common costs that 99.co has, we are able to estimate how a lot one must earn to afford a house (HDB, condominium and landed) in Sundown Means.
Since we’re nonetheless in March and Sundown Means is a small space, there’s inadequate information from this 12 months to base our estimates on. So we’ll be utilizing common costs from 2022 as an alternative.
(Disclaimer: These estimates are based mostly on the typical costs for the respective property varieties, which can be greater or decrease than the precise costs. To seek out out if a property is inside your means, we suggest you to calculate with 99.co’s affordability calculator based mostly on the precise value.)
HDB flat
Based mostly on 99.co Researcher, 24 HDB flats in Sundown Means modified palms in 2022. The typical value of those flats was S$735,150.
Assuming you’re taking an HDB loan for 25 years, with a loan-to-value (LTV) ratio of 80% and an rate of interest of two.6%, this interprets to a month-to-month instalment of S$2,668.
For HDB flats, the authorities stipulate that the utmost quantity you possibly can incur on the month-to-month instalments of a house mortgage is 30% of your month-to-month family revenue. That is also called the mortgage servicing ratio (MSR). On prime of that, there’s a stress-test price of three% to calculate this MSR.
Based mostly on this, the estimated month-to-month family revenue to afford an HDB flat right here is S$9,296.
Personal condominium
As talked about earlier, a new launch condo that’s at the moment in the marketplace at Sundown Means is Ki Residences At Brookvale. In response to 99.co Researcher, 120 models had been bought final 12 months, at a mean value of S$1,977,474.
With a bank loan for 25 years, an LTV ratio of 75% and an rate of interest of 4%, this interprets to a month-to-month instalment of S$7,828.
For personal properties, the utmost quantity you possibly can incur month-to-month debt obligations is 55% of your month-to-month family revenue. For illustration functions, let’s assume you don’t have some other mortgage obligations apart from the house mortgage. This implies you possibly can max out the 55% total debt servicing ratio (TDSR).
To afford a brand new launch condominium in Sundown Means, you’ll want an estimated month-to-month family revenue of S$14,233.
The quantity is even greater for resale condos, for the reason that common value final 12 months was S$2,754,819.
Based mostly on the identical assumptions, this interprets to a month-to-month instalment of S$10,906 and a month-to-month family revenue of S$19,829 (cries in poor).
Condos on the market in Sundown Means
Landed houses
For landed houses in Sundown Means, the typical value final 12 months was S$11,197,600.
With a financial institution mortgage and based mostly on the identical assumptions above, this can translate to a month-to-month instalment of an eye-watering S$44,329 and a whopping month-to-month family revenue of S$80,598! (cries in poor once more)
Now, we don’t understand how a lot Naomi and her household had spent on the home. What we all know is that she acquired her keys in 2019, when the typical value of landed houses within the space was decrease at S$6,888,750.
It’s excellent news for her and her household although, as a result of whereas her home was beneath development for 3 years, costs of houses within the space have elevated by 62.55% to a mean value of S$11,197,600 in 2022!
In the event you discovered this text useful, 99.co recommends Here’s how much you need to earn to afford a condo (2023) and Want to Build-Your-Own Landed Property? Here’s What You Need to Know.
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