New launch condos that are set to debut in 2023
Despite a low supply of new launch condos released in 2022, buyers have also benefited by selecting units from the unsold condo inventory that was brought forward from 2021, says PropNex.
According to the URA data, 6,981 homes were sold from January to November 2022.
This data was published on December 15, 2022.
Many in the real estate sector think that this number will go up to about 7,500 units by the end of 2022.
Ismail Gafoor, the CEO of PropNex, says that these forecasts are modest.
In comparison to the 13,027 unit new launch projects in Singapore that were sold in the year 2021, the number of private residential unit sales in the year 2022 is down by 42 percent to 44 percent, which is a big change.
In 2022, a total of 17 private residential (landed and non-landed) projects and 3 executive condominiums (ECs) were launched.
That makes up an overall number of 4,500 to 5,000 new launch condos (excluding ECs) and is the least number of units launched since URA started publishing monthly sales transaction data from developers in June 2007.
It is also a 53 percent drop from the 10,496 residential units launched in 2021 (25 newly launched projects in total for that year).
There were fewer new projects introduced in 2022, but buyers still had the opportunity to choose from unsold units from previous years, which were often more reasonably priced than the new launch condos in 2022, according to Gafoor.
For example, the Normanton Park development, which had 1,862 units, was completely sold out by July 2022 at an average price of $1,865 per square foot (psf).
This was less than the average price of over $2,100 psf that some projects in the Outside Central Region, such as AMO Residences at Ang Mo Kio, Sky Eden at Bedok, and also Lentor Modern, which was launched in 2022.
The current estimate for unsold new launch condos on the market in 2022 is around 15,500 to 16,500 units.
This is a lot less than the yearly average of around 27,000 private residential units that are unsold over the last decade.
One market analyst noted that this low number of unsold units is likely to push prices upward.
Because of this, he foresees that the prices of private homes will go up by 10 percent for the entire year of 2022, which is about the same as the 10.6 percent year-over-year rise seen in 2021.
On the other hand, Gafoor expects the overall price for private homes to increase by 9 percent to 10 percent in 2022, and then a slight increase of 5 percent to 6 percent in 2023.
New Launch Condos planned for 2023
As the year comes to an end, developers are finalizing their plans for new projects to be launched in 2023.
It is expected that Sceneca Residence will be the only project to launch before the Chinese Lunar New Year.
This project will be developed by a joint partnership between MCC Land, Ekovest Berhad from Malaysia, and SGX-listed The Place Holdings.
It has 268 units and is sitting above a retail podium that comprises 19 shop units. It will be connected to Tanah Merah MRT Interchange station which is situated along the East-West MRT Line.
After Chinese New Year, it’s likely that EL Development’s Blossoms by the Park condo along Slims Barracks Rise in the one-north precinct that has 275 units, and Sim Lian Group’s 368-unit The Botany at Dairy Farm will be the new launch condos to be up for sale.
The Botany at Dairy Farm is next to Dairy Farm Residences, which made its debut in November 2019 and sold all 460 units by January 2022.
In a similar fashion, all 165 units in the One-North Eden project by TID were fully sold in just 11 months from the project’s launch back in April of 2021.
JLL Singapore thinks that buyers will be interested in new launch condos with good locations and features.
Some other projects that are likely to be successful are Terra Hill (also known as the previous Flynn Park condominium) along Yew Siang Road, which has 271 units, The Reserve Residences next to Beauty World MRT station, which is an integrated residential & commercial project by Far East Organization, which has 740 units, and the 520-unit residential project located at the Pine Grove (Parcel A) site by UOL and SingLand.
Market watchers mentioned that more than 40 new launch condos with between 10,000 and 12,000 homes are set to make their debut in 2023.
These projects are split rather evenly between the Core Central Region (CCR), the Rest of the Central Region (RCR), and the Outside Central Region (OCR) – with RCR making up around 50 percent of the bulk.
Gafoor says that about 25 percent of the more than 40 that are set to be introduced in 2023 are small, boutique developments with less than 200 residential units.
He added that these smaller projects might not sell as fast as the larger ones, which often have more family-friendly features.
The amount of unsold condo units that will be brought over from 2022 to 2023 is not expected to be very high.
This means that people who want to purchase a home in 2023 will need to choose between units that were from the carried-over stock and new launch condos in 2023 with new price points.
He also thinks that homeowners will be interested in medium to larger-scale residential projects located in the RCR and OCR, where there aren’t many unsold units, especially in the suburbs, and expects these developments to sell at least 50 percent of its units on Day 1 of sales.
3 mega new launch condos in prime District 15
In 2023, those who are interested in District 15 will be able to explore their choices from 3 large projects in the East Coast precinct.
Hoi Hup Realty and Sunway Developments are developing The Continuum, which is an 807-unit condo with freehold status on Thiam Siew Avenue.
Another one will be Tembusu Grand, which is a 638-unit project that is located at the Jalan Tembusu Government Land Sale site and is adjacent to The Canadian International School.
It is being jointly developed by both City Developments Limited and MCL Land.
Making up the full list of 3 condo projects in District 15 will be SingHaiyi Group’s Dunman Grand condominium. It will consist of 1,008 private homes along Dunman Road and it is the biggest of these 3 projects.
It is within 1 km of Kong Hwa Primary School and you can easily walk to Dakota MRT station.
It’s worth noting that the Jalan Tembusu, Dunman Road, and Pine Grove government land sales sites were sold for more than $1,300 per square foot per plot ratio.
Lentor Hills precinct and the Jurong Lake District
Hong Leong and GuocoLand look set to launch Lentor Hills Residences in the Lentor Hills estate in the 1st quarter of 2023.
This comes after the successful sales at GuocoLand’s latest 605-unit mixed-use project called Lentor Modern. It was launched in September 2022 and is connected to the newly-opened Lentor MRT station.
More than 85 percent of the private homes at Lentor Modern have already been bought as of December 2022.
Lentor Hills Residences condo has 598 units in total and is also connected to the Lentor MRT station by a sheltered walkway.
However, unlike Lentor Modern, they are closer to St Nicholas Girls’ School, a popular primary school in Singapore, which is about 1.2 km away.
Property analysts think that homebuyers will be drawn to Lentor Hills Residences, especially those in the northern region who want to move up and those in the landed precinct of Yio Chu Kang who may be buying as an investment property or part of their plans for their next generation.
Lake Garden Residences, a new condo project by Wing Tai Holdings, is also likely to get much attention.
This new 99-year leasehold residential project with 306 units will be built on the site of Lakeside Apartments, which was acquired by Wing Tai for $273.89 million via a collective sale back in May 2022.
In July 2016, MCL Land released the 710-unit Lake Grande, which was the last condominium project to be developed in the Jurong West neighbourhood.
That 99-year leasehold resale condo development was sold out and completed construction in 2019.
As part of the 1st half of the 2023 Government Land Sale programme, the government has put the Jurong Lake District back in the spotlight by releasing a 6.8-hectare white site.
This site, which is next to the Jurong East MRT Interchange Station, will be sold via a tender.
Seletar Hills and The Central Business District
The upcoming Pollen Collection by Bukit Sembawang Estates is for people who want to reside in landed homes located in the Seletar Hills Estate neighbourhood.
This 132-unit landed residential project is on the fringe of the Mimosa landed estate that is located in the Seletar Hills Estate.
It is expected to be launched for sale in the first half of 2023.
On the nearby Belgravia Drive, a total of 77 (out of the 85 launched) strata-landed residential units at Belgravia Ace were snapped up on the 1st day they went on sale in January of 2022.
The Teo family’s Tong Eng Group and Yeap Holdings worked together to develop Belgravia Ace, which has 107 units in total.
It is made up of 104 semi-detached and 3 terraced houses in total.
CDL will be making plans for a new condominium project in the Bukit Panjang precinct, near Upper Bukit Timah Road.
This new private condo development with 408 units is set to launch in the 2nd quarter of 2023.
Two mixed-use developments with residential units are coming soon to the Central Business District in the CCR.
One of them will be CDL’s Newport Residences (with 246 private homes) on the freehold site of the ex-Fuji Xerox Towers along Anson Road and the other will be IOI Properties’ 685-unit condominium along Marina View.
The 8 Shenton Way building that used to be the AXA Tower is also going to be redeveloped as well.
This 305m-tall building will be the highest skyscraper in Singapore and it will be redeveloped into a mixed-use residential & commercial project with high-end luxury apartments and will be 63-storey tall.