At combined income of $140k pa, I think you are living above your affordability level.

Something to ponder on: <<extract below copied from salary.sg website>>

Many people often wonder if they can afford to stay in private housing. There are various ways to find the answer. You can ask a bank, calculate your debt ratios, use our 7.6x guideline, or compare your income with the average income of your desired housing type – which is the main topic of this article.

The easy way is to ask your banker. But if you and your spouse are working professionals with stable incomes, your banker will most likely grant you the loan even if you will be overstretching yourselves to pay the loan installments. See how a couple got saddled with a property loan they can hardly afford.

To be safe, we recommend you carefully consider your condo purchase (or landed property purchase). Read our articles on debt ratios and 7.6x guideline, and do your sums properly. And with the recent release of the Household Expenditure Survey (HES) report by the Singapore Department of Statistics, there is one more way to confirm if you’re suited for a certain housing type.

According to the HES report, the average monthly household income of families staying in private housing is $17,795/mth.

Families staying in landed properties make an average of $20,427/mth, while those in private apartments (including condos) earn an average of $16,311/mth.