In an earlier article, we discussed that the size of sold condo units did not increase during the pandemic, contrary to assumptions that households would purchase larger units to accommodate work-from-home arrangements. In fact, the average size of resale condo units fell from 1,223 sq ft in 2020 to 1,100 sq ft in 2023.
The decline in average household size in Singapore could have contributed to the shrinking size of sold condo units. According to the Department of Statistics Singapore (DOS), the average resident household size fell from 3.5 persons in 2010 to 3.22 persons in 2020, and further to 3.09 persons last year. Likewise, the household size of residents living in condos declined from 3.4 persons in 2010 to 3.3 persons in 2020, and 3.1 persons last year (see Chart 1).
Balance between affordability and size
Many households are mindful of rising housing prices and therefore aim to purchase a home that strikes a balance between their household’s space requirements and affordability.
Two-bedroom units offer owner-occupiers the best of both worlds. A two-bedroom unit provides sufficient space to accommodate a typical household, which usually comprises three persons. However, its total price remains affordable for most buyers.
For investors, a two-bedroom unit offers access to a wider tenant pool compared to a one-bedroom unit. The smaller size of a one-bedroom unit tends to attract only singles or couples with modest budgets. In contrast, the additional bedroom in a two-bedroom unit broadens the tenant pool to include small families of three or four persons.
Driven by its appeal to a larger tenant pool, it is hardly surprising that the average rent for two-bedroom condo units in Singapore ($4.94 psf/month) has consistently trended above the overall average for condos of all sizes ($4.77 psf/month) (see Chart 2).
Source: EdgeProp Market Trends (as at 17 April 2025)
Strong demand for newly launched two-bedroom units
Based on caveats lodged with URA, 3,401 new sale transactions have taken place so far this year. PARKTOWN Residence led the pack with 1,060 transactions, followed by The Orie (692 transactions) and Lentor Central Residences (463 transactions).
PARKTOWN Residence is a 99-year leasehold condo along Tampines Street 62 in District 18. The development achieved a take-up rate of 87% during its launch in February. We did a deep dive into this integrated development in an earlier article and observed that its two-bedroom units attracted more demand than other unit types.
The condo features 586 two-bedroom units, which represent almost half of the 1,193 units in the development. Based on caveats lodged, the two-bedroom units, ranging from 592 sq ft to 764 sq ft, were sold at an average price of $2,405 psf. To date, the two-bedroom units at PARKTOWN Residence are the only unit type in the condo that has sold out (see Chart 3).
If we narrow our focus to District 5, there have been only 352 new condo sales in the district so far this year. Based on caveats lodged at the time of writing, Elta accounts for the majority of the sales with 328 transactions, followed by Terra Hill (14 transactions) and The Hill @ One-North (7 transactions).
Elta is a 99-year leasehold development along Clementi Avenue 1. Of the 501 units in the condo, 179 are two-bedroom units measuring between 614 sq ft and 807 sq ft. Two-bedroom units also make up the largest proportion of unit types in the development.
Based on caveats lodged with URA, 328 transactions have taken place for Elta so far this year, representing an overall take-up rate of 65.5%. To date, 175 caveats have been lodged for two-bedroom units at Elta, representing a take-up rate of 97.8%, the highest among all unit types in the development (see Chart 4). The two-bedroom units were sold at an average price of $2,552 psf.
Bloomsbury Residences: Two-bedders make up majority of the units
When Bloomsbury Residences was launched in earlier this month, it achieved a take-up rate of 25.1% at an average price of $2,474 psf. The two-bedroom units were the most sought-after, accounting for approximately 70% of the units sold during the launch. This is unsurprising, given that two-bedroom units check many boxes for buyers, as evident from the strong demand for such units at PARKTOWN Residence and Elta.
There are 190 two-bedroom units in Bloomsbury Residences, representing 53.1% of the total number of units in the development (see Table 1). These units, measuring between 570 sq ft and 689 sq ft, have transacted at prices ranging from $1.346 million to $1.688 million.
Readers should also bear in mind that Bloomsbury Residences is a post-GFA harmonisation project. This means that spaces such as aircon ledges and reinforced concrete ledges are not included in the saleable area. The stated unit size comprises only internal liveable space.
Of the 190 two-bedroom units in Bloomsbury Residences, 76 feature Floor Plan B4, making it the most common two-bedroom layout. It is also the largest among the two-bedroom units, at 689 sq ft. These units feature an en-suite master bedroom, an additional bedroom, and a common bathroom (see Floor Plan 1). There is also a balcony adjacent to the living area.
What makes this layout interesting is the study area located opposite the kitchen. The study is not enclosed by walls, allowing occupants to use the space as they see fit. Families with members who work from home can enclose the area to create a private study room. However, its location near the kitchen also makes it ideal as a dining area for hospitable occupants who enjoy hosting lavish parties. The flexibility of this space allows it to be customised to suit the changing spatial needs of the occupants over the years.
Flexibility increases liveability
The two-bedroom units at Elta are offered in five distinct layouts and three different sizes: 614 sq ft, 700 sq ft, and 807 sq ft. Among these, the Floor Plan Type B4 (689 sq ft) features a configuration similar to the B4 units at Bloomsbury Residences, including an en-suite master bedroom, a second bedroom, a common bathroom, and a balcony seamlessly connected to the living area.
At Bloomsbury Residences, units are designed with a flexible study space that can be adapted to suit varying needs. In contrast, Elta’s spacious 807 sq ft two-bedroom units incorporate a dedicated study nook positioned near Bathroom 2. This study area is enclosed, providing a defined workspace ideal for privacy and focused tasks (see Floor Plan 2).
PARKTOWN Residence also offers thoughtfully designed two-bedroom-plus-study units. Sized at 764 sq ft, they are slightly more generous than Bloomsbury Residences’ 689 sq ft layout. Like Elta, PARKTOWN’s study area is a defined, enclosed space placed next to a bathroom (see Floor Plan 3), making it a great option for those who prefer a more private or quiet study environment.
Minutes away from everything
When one-north was first planned, it was envisioned as a neighbourhood where one could live, work, play, and learn. The work, play, and learn components have been fulfilled with the completion of Fusionopolis, Mediapolis, the INSEAD campus, and One-North Park. However, the live component has lagged behind, as one-north is not typically associated with condos. This perception may change with the recent launch of Bloomsbury Residences.
Bloomsbury Residences is a 358-unit development along Media Circle in District 5. The 99-year leasehold project is located within the one-north precinct, adjacent to Mediapolis and the Wessex estate (see Map 1). Additionally, the development will feature 4,305 sq ft of commercial space on the first level.
Source: EdgeProp LandLens (as at 16 April 2025)
The location of Bloomsbury Residences offers future residents the opportunity to escape the busy city while still remaining just a short drive away. The condo is within a 2km radius of Holland Village, The Star, Fairfield Methodist School (Primary and Secondary), and Anglo-Chinese School (Independent) (Secondary and Junior College). It is also a short drive from the National University of Singapore, the Jurong Lake District, and the CBD.
More importantly, the average resale price of 99-year leasehold condos in District 5 has shown stronger growth compared to similar properties islandwide. Since 2020, the average resale price for such condos in District 5 has increased by 44.5%, outpacing the 36.9% growth seen islandwide. Furthermore, the average resale price in District 5 ($1,667 psf) remains lower than the islandwide average ($1,709 psf) (see Chart 5), indicating an opportunity for savvy investors to acquire a value-for-money property with potential for above-average price appreciation.
Source: EdgeProp Market Trends (as at 17 April 2025)
Conclusion
Two-bedroom units have emerged as the preferred option for many homebuyers as they seek to balance the spatial needs of their families with affordability. The shrinking average household size also indicates that the typical household in Singapore has required less space over the years.
Hence, it is not surprising that two-bedroom units are often the most sought-after in newly launched projects such as Bloomsbury Residences, PARKTOWN Residence, and Elta.
Given the compact size of two-bedroom units, the layout becomes vital for a family to live comfortably. The two-bedroom-plus-study units in Bloomsbury Residences offer buyers some flexibility to customise their home to suit the needs of their family.
