Roughly 10,000 to 20,000 new homes to be added to the market in 2023
This year, more new private property developments will be launched, with one already open for preview since 1 January 2023.
Analysts predict that 30 to over 40 new launches will take place this year, and this will add 10,000 to 12,000 new homes in the market. In 2022, 21 projects were launched.
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This year, roughly half of new units will be located in the Rest of Central Region (RCR), which covers the areas in the city fringe.
Meanwhile, another 30% are expected to be built in the Outside Central Region (OCR), and 20% in the prime Core Central Region (CCR).
Ten projects may hit the market in just three months, according to PropNex Realty CEO Ismail Gafoor.
“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 states.
Property prices are also set to stabilise, said analysts.
“New launches in 2023 are expected to perform well, but their performance is largely linked to the limited options in the immediate term,” according to Lee Nai Jia, PropertyGuru head of real estate intelligence – data and software solutions.
Additionally, developers are likely to pass on higher land and construction costs to customers, but the price growth may be slower than the 8.4% in 2022 and the 10.6% in 2021, shared Tricia Song, head of research (Southeast Asia) at CBRE.
Here’s a roundup of the projects potential homebuyers should watch out for.
Sceneca Residence
Part of a mixed-use development with a mall, linked to Tanah Merah MRT station
Developers: MCC Land, Ekovest Development, and The Place Holdings
Location: 26, 28 Tanah Merah Kechil Link (District 16)
Number of units: 268
Tenure: 99 years
Price range (indicative): S$958,000 to over 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 TOP: Q2 2026
The Botany @ Dairy Farm
Condominium near nature parks in Bukit Panjang
Developer: Hoi Hup Realty and Sunway Developments
Location: Dairy Farm Walk (District 23)
Number of units: 386
Tenure: 99 years
Target preview: Feb 4, 2023
Developer: Sim Lian Group
Terra Hill
Nine blocks with five storeys, a few minutes walk from Pasir Panjang MRT station
Location: 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
Blossoms by the Park
Residential development with shops on B1, 1st and 2nd storeys
Developer: EL Development (Buona Vista)
Location: 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
Lentor Hills Residences
Condominium near Lentor MRT Station
Developers: Hong Leong Holdings, GuocoLand, and TID
Location: Lentor Hills Road (District 20)
Number of units: 598
Tenure: 99 years
Target preview: Q1 2023
The Reserve Residences
Integrated development with direct access to Beauty World MRT station and bus interchange
Developer: Far East Organization and Sino Group
Location: 5 Jalan Anak Bukit (District 21)
Number of units: About 740
Tenure: 99 years
Target launch: 1H 2023
Tembusu Grand
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.
Developer: City Developments and MCL Land
Location: 92, 94, 96, 98 Jalan Tembusu (District 15)
Number of units: 638
Tenure: 99 years
Target preview: 1H 2023
Target TOP: 2027
The Continuum
Freehold development in the east near Joo Chiat
Developer: Hoi Hup Realty and Sunway Developments
Location: 23 Thiam Siew Avenue (District 15)
Number of units: 805
Tenure: Freehold
Target TOP: 2027
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