H1 2023 sees 5000 new private residential units to be launched
Singapore sees over 5000 new private residential units in the first half of 2023. 5 new condominium development is expected to enter the market in the first quarter itself.
In the first quarter alone an estimated of 1800 residential units will be available for sale. This is 40% of what was launched in the first eleven months of the year 2022. We will see more new private residential supply increase in the year 2023.
Sceneca Residence has seen a large turnout of buyers viewing their showflat. It is the first new launch of the year 2023. Next few properties slated for launch will be The Botany at Dairy Farm, Terra Hill on Yew Siang Road, Blossoms by the Park and Lentor Hills Residences. These properties are expected to be launched to the public in the first quarter of 2023.
Location of new residential supply
| Project name | Location | Tenure | Region | Developer | Estimated Units |
|---|---|---|---|---|---|
| Sceneca Residence | Tanah Merah Kechil Link | 99 | OCR | MCC Singapore, The Place Holdings, Ekovest Development | 268units |
| The Botany @ Dairy Farm | Sim Lian Group | 99 | OCR | Sim Lian Group | 385 units |
| Terra Hill | Yew Siang Road | 99 | RCR | Hoi Hup Realty & Sunway Development | 270 units |
| Blossoms By the Park | Slim Barracks Rise | 99 | OCR | EL Development | 275 units |
| Marina View Residences | Marina View | 99 | OCR | IOI Properties | 748 units |
| Lentor Hills Residences | Lentor Hills Road | 99 | OCR | Hong Leong Holdings, Guocoland & TID | 598units |
| Newport Residences | Anson Road | FH | CCR | City Development Limited | 246units |
| 8 Shenton Way | Shenton Way | 99 | CCR | Perennial Holdings, Alibaba Singapore, Chip Eng Seng, Sing-Haiyi Emerald, Piermont Hodlings, HPRY Holdings | 215units |
| 2,4,7 Mount Emily Road | Mount Emily Road | FH | CCR | ZACD International | 18 units |
| The Hill @ One North | Slim Barracks Rise | 99 | RCR | Kingsford Group | 142 units |
| Gems Ville | Lorong 13 Geylang | FH | RCR | East Asia Development | 24 units |
| Tembusu Grand | Jalan Tembusu | 99 | RCR | City Developments Limited | 638 |
| The Reserve Residences | Jalan Anak Bukit | 99 | RCR | Far East Organisation, Sino Group | 737 units |
| The Continuum | Thiam Siew Avenue | FH | RCR | Hoi Hup Realty, Sunway Development | 807 units |
| 798, 800 Upper Bukit Timah | 798, 800 Upper Bukit Timah | FH | RCR | City Developments Limited | 408 units |
Location of the new private residential launch projects
Singapore is divided in to 3 different regions and 28 districts. The Core Central Region(CCR), Outer Central Region (OCR) and the Rest of Central Region also known are RCR.Core Central Region
The supply of new private residential homes for sale are located mainly in the city fringe areas. A few prominent ones are expected to be well received by the masses.
3 large mixed commercial and residential developments in the core central region (CCR) Marina View Residences is going to be a 748 unit residential condominium located in the Marina View Government Land Sales(GLS) site. This condominium will be developed by IOI Properties. Newport Residences a 246 unit condominium at Anson Road and the 215 unit commercial project led by Pereninal Holdings and consortium at the former site of AXA Tower site at Shenton Way.
Outside Central Region
Sceneca Residence is a mixed development with commercial shops on its 1st level by MCC Land is a 268 unit condominium. Indicative price ranges from $1996 to $2069psf. The smallest available unit is a 1bedder that starts from $958,000 and their largest unit type a 4bedder starts from $3million onwards.
The other new condominium projects in the pipeline which includes Lentor Hills Residences a 598unit condominium. It is Guocoland’s second project in the location. Their first one which was launched last year was Lentor Modern. The Lentor area has seen transacted prices at the median price of $2107psf.
Lentor Modern was considered 2022 best selling condominium project which sold 84% on its first day of booking.
Rest of Central Region
The rest of the new launch that will be released for sale is found in the city fringe of Singapore (RCR). Terra Hills at Yew Siang Road (Pasir Panjang). Blossoms by the Park and The Hill @ One North are both located on Slim Barracks Rise in Buona Vista. These 3 projects are in District 5 of Singapore.
In District 15 the East side of Singapore, we will be looking at Tembusu Grand condominium at Jalan Tembusu. This project by CDL can yield 638units of new homes.The Continuum on Thiam Siew Avenue is developed by Hoi Hup and Sunway Group. A freehold condominium of 807 residential units will be up for sale.
Experts in the real estate market predicts that with such new launches available will move the market price to a new average benchmark. This is mainly due to the higher acquisition cost for the state land tender.
Prices of OCR homes to remain firm
The prices of Outer Core Region is to remain firm even with the overall supply increase. For instance CDL purchased the government land sales on Jalan Tembusu at $768million which translates to $1302psf ppr.
There are 30 new launches projects to be launched in this year 2023 compared to 21 projects in 2022.
A strong demand in the 2nd quarter was seen in 2022 after a slow start. The reason was due to the sudden market cooling measure in December 2021.
Article summarised from Business Times January 2nd
