Written by: Rita Magallona
Commonwealth Towers is located in laidback Queenstown, part of the Central Region of Singapore. The neighbourhood was named after Queen Elizabeth II in honor of her 1952 coronation. As the first planned satellite town in Singapore, Queenstown is both steeped in history and designed with community living in mind.
It is now home to Commonwealth Towers by Wealthall Development Pte Ltd, a joint venture of trusted names in real estate: Hong Leong Holdings Limited, City Developments Limited (CDL), and Hong Realty (Private) Ltd. At 43 storeys, these high-rise residences offer amazing views of the Queenstown skyline.
4 Reasons to Choose Commonwealth Towers for Your Next Property Investment:
1. Location and Accessibility
You can’t beat the accessibility of Commonwealth Towers. The Queenstown MRT station is just a quick four-minute walk away. From there, the financial district is five stops away (Raffles MRT stations). Queenstown MRT station is part of the East West Line, which has multiple interchanges connecting you to regions on all points of the compass.
If you’re driving, the property is less than a kilometre from the junction of Commonwealth Drive and Alexandra Road. From there, you can reach West Coast Highway and other major thoroughfares: Ayer Rajah Expressway, Marina Coastal Expressway, and East Coast Parkway. These expressways lead to the Marina Bay Financial District and Changi Airport.
2. Rental Price and Passive Income
The upward trend in rental prices in the RCR is expected to continue in 2020, thanks to lower vacancy rates and higher tenant demand. If you decide to get tenants, make sure you’re aware of the occupancy limit.
Increase in Tenant Demand
Singapore saw a population boost of 1.2% in 2019, thanks to an influx of foreign workers and their dependants. They will find Commonwealth Towers a promising living option, given its proximity to the Downtown Core and Sentosa (18 minutes). Since the property is 10 minutes from National University Singapore, international students are also potential renters.
Monthly Rental Income for Commonwealth Towers
What’s the average monthly rental contract for a one-bedroom unit at Commonwealth Towers? Rental prices for a 400-500 sqft unit average at $2,800 in the last quarter of 2019.
You can compare the rental rates for one-bedroom properties in the area using Ohmyhome. For example, the monthly contract for a similar one-bedroom unit in Alexis is up to $2,900 as of December 2019.
Calculating the Gross Rental Yield for Commonwealth Towers
Expect an impressive 3.8% gross rental yield for your unit. This is better than the market gross rental yield in Singapore (3.30%), Japan (2.66%), and Hong Kong (2.35%).
How did we get 3.8%?
Gross rental income for 12 months/ purchase price of the property) x 100= gross rental yield.
Gross Rental Income of $2,800 x 12 months= $33,600/purchase price at $882,000= 0.024*100= 3.8%
Future Developments in Queenstown
Growth opportunities abound in the Queenstown Draft Master Plan, thanks to these prospective employers:
- Lucasfilm’s Sandcrawler at Fusionopolis
- Mediacorp’s HQ at Mediapolis
- The Metropolis office building at Buona Vista
- Unilever’s Four Acres Corporate University at Nepal Hill
4. Perks for Own Stay
Education
Is quality education a priority? Choose from several top-notch schools near Commonwealth Towers like Queenstown Primary School, Newtown Primary School, Gan Eng Seng Primary School, and Tanglin Trust School.
Leisure and Dining
Turn a corner, and you’ll likely see a heritage building in Queenstown. Some of the must-see landmarks are Princess House and Queenstown Library, the first of its kind in Singapore. For more active pursuits, there are several sports facilities and green spaces within a ten-minute walk of Commonwealth Towers.
In the mood for shopping? The nearest retail centres are Dawson Place, Anchorpoint Shopping Centre and IKEA Alexandra. You can venture out to Holland Village for more shopping and dining options.
Speaking of dining, Colbar Café in Buona Vista offers a filling meal and a nostalgia trip rolled into one. Craving for laksa? Head over to Queensway Shopping Centre for a hot bowl of janggut laksa and finish off with sweet tutu kuehs.
Amenities
Relax with your family in the sky terraces in Commonwealth Towers, located on the 5th and 24th floors. These urban gardens foster community living and provide stunning views of the city. Designed with kids in mind, the sky terraces include a toddler play area, spacious open spaces, and a playground.
Fancy a swim? Do some laps in the 50m pool or splash with your little ones in the wading pool. You can also entertain by the poolside or in one of the pavilions or lounge areas.
You don’t have to wait long to get your dream property, as the TOP was issued in December 2019.
Invest in Commonwealth Towers today!
Commonwealth Towers @Queenstown Project Details
| Developers | Wealthall Development Pte Ltd |
| TOP | 2019 |
| Price | S$2,000 psf |
| Lease type | 99-year leasehold |
| Location | District 3 |
Buying your dream home in one of Singapore’s up and coming neighbourhoods?
Best Mortgage Rate Across All Banks for Commonwealth Towers
Talk to our mortgage brokers with over 30 years of experience and get the lowest mortgage rate at 1.95% for Commonwealth Towers. Our home loan specialists will assist you with everything you need to know from Total Debt Servicing Ratio (TDSR), Loan to Value (LTV) Limits and Legal Conveyancing.
Buyer’s Stamp Duty for Commonwealth Towers
Buyer’s Stamp Duty (BSD) is tax paid on documents signed when you buy or acquire property located in Singapore.
If you plan to buy a one-bedroom unit at Commonwealth Towers as an investment property, the price is at around $882,000 which is reflective of the market value, your BSD is $21,060.
| Market Value of the Property | BSD Rate | Calculation |
|---|---|---|
| On the first $180k | 1% | $1,800 |
| On the second $180k | 2% | $3,600 |
| Remaining $522,000 | 3% | $15,660 |
| BSD Payable | $21,060 | |
Source: IRAS
Looking at another unit size? Use Ohmyhome’s In-app BSD calculator for faster calculation! Download Ohmyhome from the Play Store or App Store now!
Additional Buyer’s Stamp Duty for Commonwealth Towers
Liable property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Who is liable to pay ABSD:
- Singapore Citizen (SC) buying second, third and subsequent residential property
- Singapore Permanent Resident (SPR) buying first, second and subsequent residential property
- Foreigners or entities buying any residential property
ABSD for Singapore Citizens when Buying Commonwealth Towers
Here’s the ABSD amount you are required to pay if you are an SC:
| Property Ownership | ABSD Rate | ABSD Amount from Price $882,000 |
|---|---|---|
| If Commonwealth Towers is your second residential property | 12% | $105,840 |
| If Commonwealth Towers is your third or subsequent residential property | 15% | $132,300 |
ABSD for Singapore Permanent Resident when Buying Commonwealth Towers
Here’s the ABSD amount you are required to pay if you are an SPR:
| Property Ownership | ABSD Rate | ABSD Amount from Price $882,000 |
|---|---|---|
| If Commonwealth Towers is your first property | 5% | $44,100 |
| If Commonwealth Towers is your second or subsequent residential property | 15% | $132,300 |
ABSD for Foreigners when Buying Commonwealth Towers
Here’s the ABSD amount you are required to pay if you are a foreigner:
| Property Ownership | ABSD Rate | ABSD Amount from Price $882,000 |
|---|---|---|
| Foreigners buying any property | 20% | $176,400 |
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