The monthly average income of an individual in Singapore is about $4,000 in 2010. In 2008, the average income was about $3,977 per person. In 2009, the average income per person was about $3,872. Assuming that both spouses are working in a certain household, the average income would be an estimated $8,000 per household. The expected maximum property price that a household or a couple could afford is about $1.082m. This would mean that the average household in Singapore could afford a property worth $1.35m. However, like most loan accounts or borrowings, there is the problem on raising a part of the equity that would serve as down payment. The best strategy is to find the lowest interest rate among the aggressive Singapore banks offering this kind of services.

The interest rate setting among conservative banks in Singapore is normally at the level of 3.75%. This reduces the loan borrowings to about $863,000 loan size. The computation of the income and the interest rates data for loan borrowings would certainly reflect that the average family in Singapore could only afford a property worth $1.08m. Rich businessmen and ministers contributed to the increase of the average salaries. This trend results to a wide gap between the highest and lowest salaries, which made the mean salaries of the population a bit lower. In 2009, the average family income was $4,850 as reported by the Singstat. If the median incomes were sorted by type of property, the result would be a household income of $12,500 for private flats, condominiums, and private houses. The result gives us an idea on the existence of considerable income disparity within Singapore. Most private condominium owners have a household income of approximately $12,500. If we lower the prices for private condominium to the average household income of the Singapore population, which is $8,000, this would produce a different real estate scenario.

With the new Singapore Integrated Resort coming up, hot property condo developments are coming up all over the island to tie in with the expected completion of Resorts Island Casino. Siglap V was one of the largest launches in the EAST side of Singapore. Its phase 1 units were sold out and phase 2 bookings begins after Chinese new year. There are also many smaller scale condo launches in the east. These condos have about 50 or so units and they do not have the condo facilities. This may be good for those that don’t really need a swimming pool, gym, security guards. This can be a savings of ave $500 a month in terms of maintenance fees.

The good thing about buying property in the EAST is that its located in an expat area of Singapore where you can get good rental yield. It’s also close to the seaside and you can expect good ocean breezes in the evenings. Areas around Newton Circus, then just slightly farther away, at Novena have many new up and coming condos that cater to the expat crowd. If you want a unit close to town and can afford the prices required, then a property at Newton Circus may be suitable for you.

River Valley is prime real estate and it sits just off Orchard Road. If you’re looking to stay here, the units are generally smaller. If you want city location, and are comfortable with smaller units, then giving up room space for a fair pricing based on location is what you can find from condos such as River Valley Edge. Real estate in this area is heating up because of its location near the expat area Holland Village. With the New Circle MRT, many good properties are being built in this area. One premium project is the Holland Collection worth your attention if cluster houses are your interest.