Here’s how much you need to earn to afford Tembusu Grand (2023)

Looking to buy private property but not sure how much you can afford? This article is to help you make informed property decisions and beyond, especially when buying Tembusu Grand.

When it comes to buying Tembusu Grand, it pays to be mindful when working out how much you can borrow, so you don’t end up with a very expensive mistake.

Eligibility versus affordability

Eligibility is not to be confused with affordability. In the property-buying context, it is important to note that one’s eligibility to take up a home loan is not the same as one’s ability to afford a property.

How do you afford Tembusu Grand? Some financial experts say that your monthly mortgage repayment, including principal and interest, should not exceed 30% of your gross monthly income.

This is the same as the Mortgage Servicing Ratio (MSR) for HDB flats and new ECs. Others say that such requirements are too stringent.

Pick a home based on what you can afford for both upfront and ongoing payments.

While opinions on what constitutes a golden mortgage-to-income ratio may differ, what’s important to note is that financial sustainability should always be a key focus when making big-ticket purchases like property. This is so you don’t end up starved of cash for your other goals (or having to eat instant noodle and bread every day).

How much do you need to earn to buy Tembusu Grand?

To make life easier for property seekers in Singapore, we’ve crunched the numbers to provide the approximate income that you need to be earning to afford a Tembusu Grand. This will depend on the type of unit you’re buying (bigger units are generally more expensive) and its location.

These estimates are made based on the ability to service mortgage repayments with the following assumptions in mind:

  • You’re a Singapore Citizen without any other residential properties here, and hence don’t have to pay 17% Additional Buyer’s Stamp Duty (ABSD)
  • You’re paying a 25% down payment, maximising the 75% loan-to-value (LTV) limit and taking up a 30-year loan tenure
  • A medium-term interest rate of 4% is applied, as advised by the Monetary Authority of Singapore
  • You don’t have any other loans to service, including property, car loans, personal loans and student loans
  • Total Debt Servicing Ratio (TDSR) framework, which dictates that the total loans you need to service in a month should not exceed 55% of your gross monthly income

For this article, we’re looking at 2-bedroom condo units. Average prices are derived from’s Researcher, based on sales transactions that occurred in Q4 of 2022. We also used’s mortgage calculator to calculate estimated monthly mortgage repayments

 The estimated monthly income you need to buy Tembusu Grand

If you meet the minimum income requirements, here are some new launch condos with 2-bedder units that hover quite comfortably within the average price ranges in the respective market segments:

Core Central Region (CCR): 

  • Pullman Residences Newton
  • Leedon Green

Median salary in Singapore: Can I afford a Tembusu Grand?

Now that you’re caught up with how much both new and resale condos cost in Singapore, you might be asking the million-dollar question (literally): Can I really afford to buy a Tembusu Grand?

We’ll look at the income numbers published by the Ministry of Manpower’s Research and Statistics Department.

According to them, the median gross monthly income from work (this includes employer CPF contributions) of full-time employed residents in 2022 is S$5,070 an 8.33% increase from the previous year.

For the uninitiated, the median takes the income in the middle, so half of the workers earn less than the numbers below, and half earn more.

If you’re a dual-income couple looking at buying a Tembusu Grand, you’ll have twice the earning power to finance it. With your combined income, condos in the OCR and RCR will fall within your monthly affordability range.

After being in the workforce and saving up for a few years, you and your partner will probably be able to afford the hefty downpayment and sign that cheque to buy your dream Tembusu Grand.

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