A studio apartment Singapore sale is the cheapest way into private property, but the sticker price is only the start. As of June 2026, the smallest resale condos change hands from around S$540,000 to S$700,000, while new launches start near S$988,000. On top of that you pay Buyer's Stamp Duty, you can only borrow up to 75% of the price, and a unit under 500 sq ft yields roughly 3% to 5% gross. This guide walks through the real numbers: the cheapest projects, what you actually need in cash, and the trade-offs of buying the smallest box on the market.
There is no legal definition of a "studio" here. In practice agents use it for a self-contained unit with one combined living and sleeping space, usually under 500 sq ft. The market term you will also see is "shoebox", which simply means any condo unit below 500 sq ft.
Size matters more than the label because it caps how small a developer can go. Since the URA guideline last updated 21 July 2023, every new self-contained unit outside the Central Area must be at least 35 sqm nett (about 377 sq ft) in internal area, and no more than 20% of a project's units can be 50 sqm or smaller. Inside the Central Area, at least 20% of units must be 70 sqm or larger. That is why genuinely tiny new units are getting rarer, and why older shoebox stock from the 2012 to 2016 building boom still anchors the cheapest end of the resale market.
Quantum, not PSF, is what gets you across the line at the bottom of the market. A freehold studio can carry a high PSF yet still have a low total price simply because it is tiny. Below are projects that have repeatedly produced sub-S$700,000 studio transactions, with figures drawn from listing portals and project pages as of June 2026. Treat every number as a "from" or "around" figure: shoebox prices move fast and depend on floor, facing and exact size.
Suites @ Guillemard in Geylang sits between Dakota and Paya Lebar MRT and is freehold, with studios from around 258 sq ft that have traded from roughly S$540,000. The Hillford in Upper Bukit Timah is the cheapest lease in the group at a 60-year tenure, which is why its sub-400 sq ft units have changed hands well under S$500,000 in the past, though the short lease bites on financing and resale. Older central freehold blocks such as units around Haig Avenue and Devonshire Road show the spread: a 388 sq ft freehold studio listed near S$650,000 at about S$1,675 PSF, while a 99-year unit at 5 Shenton Way listed near S$999,000 at about S$2,210 PSF.
| Project / area | Tenure | Size (sq ft) | From (quantum) | Approx PSF |
|---|---|---|---|---|
| Suites @ Guillemard (Geylang) | Freehold | ~258 | ~S$540,000 | ~S$2,090 |
| The Hillford (Upper Bukit Timah) | 60-year lease | ~398 | Historically <S$500,000 | ~S$1,250 |
| Haig Avenue area (Katong) | Freehold | ~388 | ~S$650,000 | ~S$1,675 |
| 5 Shenton Way (CBD) | 99-year | ~452 | ~S$999,000 | ~S$2,210 |
| Cheapest new launch (entry 1-bed) | 99-year | ~400-500 | ~S$988,000 | ~S$2,200+ |
The headline quantum hides four extra costs. First is Buyer's Stamp Duty, which everyone pays. On a S$650,000 studio the BSD works out to about S$14,100, using the IRAS tiers: 1% on the first S$180,000, 2% on the next S$180,000, then 3% above that up to S$1m. You can model your own figure with our stamp duty calculator or read the rate brackets in the BSD glossary entry.
Second is Additional Buyer's Stamp Duty, which is zero for a Singapore citizen's first home but 20% on a citizen's second property, 5% (first) for PRs, and 60% for foreigners since the April 2023 cooling measures. For an investor buying a studio as a second property, ABSD alone on S$650,000 is S$130,000, which often kills the rental-yield maths. The ABSD glossary entry has the full table.
Third is the cash gap. With a bank loan you can borrow at most 75% of the price (the loan-to-value limit), so 25% comes from you, of which at least 5% must be in cash and the rest can be CPF. On S$650,000 that is at least S$32,500 cash plus around S$130,000 in cash or CPF for the rest of the downpayment, before stamp duty. Fourth is the running cost: monthly maintenance fees of roughly S$250 to S$400, plus property tax and, for a tenanted unit, agent and income tax.
Studios sell on two stories: a cheap foothold for an owner-occupier, and a high-yield bet for an investor. Both have caveats. Shoebox units have historically returned gross rental yields of about 3% to 5%, above the 2% to 3% typical of larger condos, because the rent does not fall as fast as the price for small units. But yield is gross. After maintenance, property tax, vacancy and income tax, the net number is far thinner, and for a second property the 20% ABSD upfront can take a decade of rent to recoup.
For an owner-occupier, the comparison that matters is renting versus buying the same small space; our rent vs buy calculator shows the breakeven once stamp duty and selling costs are counted. The other honest comparison is against public housing, because a resale flat often gives more space per dollar than a private studio. If you are weighing the two routes, the HDB vs condo comparison lays out the trade-offs on price, eligibility and resale liquidity.
Cheap can mean good value or a trap. The cheapest units are often cheap for a reason: short lease, awkward layout, low floor facing a wall, or a block with weak rental demand. Run the same checks a valuer would before you sign the Option to Purchase.
At the bottom of the resale market, freehold studios at projects like Suites @ Guillemard have traded from around S$540,000, while older short-lease units have gone below S$500,000. New-launch entry units start nearer S$988,000. These are indicative June 2026 figures and move with the market, so verify current listings before offering.
Yes, foreigners can buy private condo and apartment units, including studios, without special approval. The catch is the 60% Additional Buyer's Stamp Duty applied since April 2023, which on a S$650,000 studio adds about S$390,000, on top of Buyer's Stamp Duty. That tax usually outweighs the low quantum that makes a studio attractive.
With a bank loan, the loan-to-value limit caps borrowing at 75% of the price, so you fund 25% of the price as downpayment, of which at least 5% must be in cash. On a S$650,000 studio that is at least S$32,500 cash for the deposit, plus around S$14,100 Buyer's Stamp Duty and legal fees, before any ABSD.
Studios can deliver gross rental yields of roughly 3% to 5%, higher than larger condos, because small-unit rent holds up better than price. But net yield after maintenance, property tax and income tax is thinner, and a 20% ABSD on a second property can take years of rent to recover. The maths only works for some buyers.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.