Is $340 psf cheap?

The notion of whether $340 per square foot (psf) is cheap for a property in Singapore depends on several factors, including the location, property type, and current market trends.

- Location: Prices vary significantly across different regions. For example, properties in the Core Central Region (CCR) tend to be much more expensive than those in the Outside Central Region (OCR). If $340 psf is for a property in the OCR or Rest of Central Region (RCR), it might be considered relatively affordable. However, in prime areas like the CCR, this price would be significantly lower than the average.

- Property Type: The price also depends on whether it is a condominium, landed property, or HDB flat. For instance, the average price per square foot for condos in 2024 is around $1,880, while for landed properties it is about $1,783. If $340 psf is for an HDB flat or a specific type of property in a less central area, it could be seen as relatively cheap.

- Market Trends: As of 2024, private residential property prices have been rising, albeit at a slower pace. The average price per square foot for condos is significantly higher than $340 psf. For HDB resale flats, the average price per square foot is around $582, so $340 psf would be below the average for HDB flats as well.

In summary, $340 psf would generally be considered cheap compared to the current market prices for most types of properties in Singapore, especially when looking at condos and even HDB flats in many areas. To get a more precise assessment, you can check the latest transactions and listings on EdgeProp Singapore.