Buying an Alpha Apartments unit in District 15 is a major financial decision, and getting your home loan and financing right can save you tens of thousands over the years. This guide breaks down, step by step, how to safely finance an Alpha Apartments purchase in 2024–2025, including LTV limits, BSD/ABSD, CPF use, and bank loan options in Singapore — with Homejourney as your trusted companion at every stage.
Alpha Apartments is a freehold apartment at 98 Koon Seng Road in the East Coast / Marine Parade area, within District 15 (D15 properties), comprising just 22 units, making it a low-density boutique development.[9][5][6] It sits in the Rest of Central Region (RCR), a popular zone for buyers who want city-fringe convenience with a laid-back East Coast lifestyle.[1][9] If you are looking at Alpha Apartments for sale as a home or property investment, understanding your financing options is just as important as choosing the right stack or unit type.
How much does an Alpha Apartments unit typically cost?
Based on URA transaction data, Alpha Apartments transacted around S$1.24M–S$1.41M for about 107–116 sqm (1,152–1,249 sq ft) units in recent years, which translates to roughly S$1,070–S$1,130 psf in past transactions.[1] As of 2024–2025, freehold D15 resale condos with similar characteristics in the East Coast / Marine Parade belt often see asking prices higher than those historic levels, so you should budget for some price growth on top of older URA data.[1][9]
To get the latest asking prices and available units at Alpha Apartments, use Homejourney’s project page for live data and verified insights: Projects Directory and Projects . Homejourney aggregates URA data, recent transactions and on-ground feedback to give buyers a more accurate picture before they commit.
For deeper pricing context, you can pair this guide with:
- Alpha Apartments Price Trends & Market Analysis | Homejourney Alpha Apartments Price Trends & Market Analysis | Homejourney
- Alpha Apartments For Sale in D15: Complete Homejourney Buyer’s Guide Alpha Apartments For Sale in D15: Complete Homejourney Buyer’s Guide
Key Singapore financing concepts for Alpha Apartments buyers
Before you commit to buy a Singapore condo for sale like Alpha Apartments, you need to understand these core rules that affect how much you can borrow and how you structure your purchase.
1. Loan-to-Value (LTV) limits
LTV is the maximum percentage of the property price or value (whichever is lower) that you are allowed to borrow. For bank loans, MAS currently caps LTV at up to 75% for buyers with no outstanding housing loans, with at least 5% in cash and the remaining 20% in cash or CPF Ordinary Account (OA).[MAS]
If you already have one or more housing loans, your LTV limit drops, and your minimum cash downpayment rises. For investors looking to buy condo as a second or third property, this is crucial for planning your cash and CPF needs.
2. Total Debt Servicing Ratio (TDSR)
TDSR limits the proportion of your gross monthly income that can go towards all debt repayments, including your new home loan, car loans, education loans and credit card debt. MAS currently sets the TDSR threshold at 55%.[MAS] The bank will assess your income, existing liabilities, and apply a stress-test interest rate (usually higher than current market rates) to ensure you can still service the loan if rates rise.
3. Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD)
When you buy Alpha Apartments, you must pay Buyer’s Stamp Duty based on a tiered rate on the higher of the purchase price or market value, starting from 1% and going up to higher bands for larger amounts.[IRAS] On top of this, ABSD applies depending on your residency status and how many residential properties you already own. Singapore Citizens, PRs and foreigners all have different ABSD rates, and investors often underestimate its impact on cash needed upfront.[IRAS]
Because ABSD rules have changed several times in recent years, always verify the latest rates on IRAS before committing.
4. CPF usage rules
You can generally use your CPF OA to pay for part of the downpayment, legal fees, stamp duties and monthly instalments for a private condo like Alpha Apartments, subject to CPF usage limits linked to the Valuation Limit and Withdrawal Limit.[CPF] If you are already using CPF for another property, you must factor in those amounts and the Basic Retirement Sum constraints.
Step-by-step: Financing an Alpha Apartments purchase
This section walks you through the practical steps, from budgeting to key collection, tailored to Alpha Apartments on Koon Seng Road.
Step 1: Set your budget for Alpha Apartments
Many buyers who love the East Coast lifestyle — weekend walks at East Coast Park, Katong eateries and cafés along Joo Chiat and East Coast Road — end up emotionally attached to D15 properties. As someone who has spent many evenings around Koon Seng Road’s conserved shophouses and the nearby eateries, I have seen buyers stretch too far because they fall in love with the neighbourhood first and calculate later.
To avoid that, start with a numbers-first approach:
- Check your maximum loan eligibility based on income and age using Homejourney’s tools and bank rate comparisons: Bank Rates or Mortgage Rates .
- Decide on a comfortable monthly instalment, leaving buffer for rising interest rates and lifestyle changes (children, car, travel).
- Estimate Alpha Apartments price range using URA data and Homejourney’s project insights: Projects and Projects Directory .
Step 2: Get an in-principle approval (IPA)
Before you make an offer on an Alpha Apartments for sale listing, apply for an In-Principle Approval (IPA) from one or two banks. An IPA is a non-binding indication of how much the bank is willing to lend you, based on your income documents and credit history.
Typical documents required include:
- Latest 3 months’ payslips (or NOA for self-employed)
- Latest 12 months’ CPF contribution history
- Identity documents (NRIC / passport)
- Details of existing loans and credit facilities
Homejourney works only with reputable, MAS-regulated banks and can help you compare packages transparently via Bank Rates , so you do not have to submit documents repeatedly to multiple parties.
Step 3: Make an offer and pay the option fee
Once you have your IPA and find a suitable Alpha Apartments unit via Property Search or Property Search , you can negotiate the price. For resale condos, it is common to pay an Option to Purchase (OTP) fee of around 1% of the purchase price in cash.
Insider tip from the ground in Koon Seng / Joo Chiat: boutique projects like Alpha Apartments can attract strong interest if a well-renovated unit with a good layout comes up, because supply is limited (just 22 units).[5][6][9] Serious buyers should have their IPA ready and move quickly once they are satisfied with the due diligence.
Step 4: Exercise the OTP and finalise your loan
The OTP typically gives you 14 days to exercise the option by paying a further option exercise fee (often up to 4% of the purchase price), also usually in cash or CPF. At this stage:
- Confirm your bank loan package, tenure and interest type (fixed, floating, hybrid) via Bank Rates .
- Instruct your law firm to act for you and the bank.
- Plan your CPF and cash allocations for downpayment, BSD, ABSD and legal fees.
For foreign buyers, ensure you have clarity on ABSD and any restrictions, and seek professional advice where needed — Homejourney can connect you with experienced conveyancing lawyers familiar with foreign purchaser rules.
