Luxury Properties Singapore

January 29, 2023

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More property launches in 2023

Updated, 29 January 2023

SINGAPORE: More new private property developments are expected in 2023, with one already open for preview since Jan 1.

After 21 projects were launched last year, analysts predict that 30 to more than 40 new launches could be launched this year, adding 10,000 to 12,000 new homes to the market.

About half of these units would be in the Rest of Central Region (RCR) which refers to areas in the city fringe, based on analysts’ estimates.

Another 30 per cent are expected to be built in the Outside Central Region (OCR) or suburbs and another 20 per cent in the prime Core Central Region (CCR).

Ten projects could hit the market just in the next three months, said Mr Ismail Gafoor, CEO of PropNex Realty.

“We expect some of the buyers who have held back from purchasing due to the lack of suitable options previously to target these launches, which will go some way to satiate the pent-up demand, especially for OCR homes,” he said.

Analysts also expect property prices to stabilise, growing more slowly but not to fall.

“New launches in 2023 are expected to perform well, but their performance is largely linked to the limited options in the immediate term,” said Dr Lee Nai Jia, head of real estate intelligence – data and software solutions at PropertyGuru.

Ms Tricia Song, head of research (Southeast Asia) at CBRE, said developers are also likely to pass on higher land and construction costs, but price growth should be slower than the 8.4 per cent seen in 2022 and the 10.6 per cent in 2021.

Here are some of the projects to look out for:

Sceneca Residence

What: Part of a mixed-use development with a mall, linked to Tanah Merah MRT station
Where: 26, 28 Tanah Merah Kechil Link (District 16) 
Number of units: 268
Tenure: 99 years
Price range (indicative): From S$958,000 to more than S$2.9 million
Price per sq ft (indicative): From S$1,952 psf 
Open for preview: Jan 1, 2023
Booking day: Jan 14, 2023
Target date for Temporary Occupation Permit (TOP): Q2 2026
Developers: MCC Land, Ekovest Development and The Place Holdings

The Botany @ Dairy Farm

What: Condominium near nature parks in Bukit Panjang
Where: Dairy Farm Walk (District 23)
Number of units: 386
Tenure: 99 years
Target preview: Feb 4, 2023
Developer: Sim Lian Group

Terra Hill

What: Nine blocks with five storeys, a few minutes’ walk from Pasir Panjang MRT station 
Where: 18 Yew Siang Road (District 5)
Number of units: 270
Tenure: Freehold
Target preview: Feb 10, 2023
Target booking day: Feb 25, 2023
Target TOP: 2026
Developer: Hoi Hup Realty and Sunway Developments

Blossoms by the Park

What: Residential development with shops on B1, 1st and 2nd storeys
Where: 9 Slim Barracks Rise (District 5)
Number of units: 275 units and one commercial strata lot with four retail units
Tenure: 99 years
Target preview: Q1 2023
Target TOP: Dec 31, 2026
Developer: EL Development (Buona Vista)

Lentor Hills Residences

What: Condominium near Lentor MRT Station 
Where:  Lentor Hills Road (District 20)
Number of units: 598
Tenure: 99 years
Target preview: Q1 2023
Developers: Hong Leong Holdings, GuocoLand and TID

The Reserve Residences

What: Integrated development with direct access to Beauty World MRT station and bus interchange
Where: 5 Jalan Anak Bukit (District 21)
Number of units: About 740
Tenure: 99 years
Target launch: 1H 2023
Developer: Far East Organization and Sino Group

Tembusu Grand

What: Condominium in Katong, at the junction of Tanjong Katong Road and Jalan Tembusu. It is an eight-minute walk to the upcoming Tanjong Katong MRT station.
Where: 92, 94, 96, 98 Jalan Tembusu (District 15)
Number of units: 638 
Tenure: 99 years
Target preview: 1H 2023 
Target TOP: 2027 
Developer: City Developments and MCL Land

The Continuum

What: Freehold development in the east near Joo Chiat
Where: 23 Thiam Siew Avenue (District 15)
Number of units: 805
Tenure: Freehold
Target TOP: 2027
Developer: Hoi Hup Realty and Sunway Developments

Source: CNA/hm(cy)

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