New Condo To Watch Out For In 2023

New Condo Launch 2023

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Upcoming New Condo Launch 2023!

Prices for Private Residential Properties continued to climb in 3Q 2022 despite the pandemic. 4Q 2022 will generally drop in the property price index due to the lack of major launches. Sceneca Residence was speculated to launch in 4Q 2022 but postponed till 1st January 2023. 

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Credits: URA

With 2022 coming to an end, what can we expect to see in 2023? Worldwide, the pandemic seems like it is finally coming to a close, with China (The world’s largest economy) now ditching all the strict covid restrictions and opening its door to International businesses. Recession in the United States seems inevitable, U.S. Feds upping the Interest Rates to starve off high inflation, and ongoing Ukraine & Russia war in Europe.

We should expect more volatility and uncertainty in the market moving into 2023. With a bumper crop of new Private Residential Units, Executive Condominiums & HDBs expected to flood the market in 2023; the New Year will likely see supply outweigh demand. Will it affect the pricing? Very likely!

Interest rates are expected to hit a high of 5.1% before tapering in 2024. Mortgage borrowers will need to exercise financial prudence, especially during such a period of uncertainty. Sellers looking to offload properties may find it harder to achieve their desired asking price. 

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On the other hand, Developers in Singapore are optimistic about the 2023 outlook. With at least 20 new launches in the pipeline, here are the Top 5 new condo launch 2023 that we think are worth checking out!

The Reserve Residences

The Linq @ Beauty World was touted as the project nearest to an MRT Station & the future Central of Bukit Timah. The project moved 115 out of 120 apartments on the first day of launch at an average price of S$2,150 – S$2,200psf. The Reserve Residences will be the apartment right at the Central of Bukit Timah, akin to Northpark Residences at Yishun Central and Watertown at Punggol Central.

Reserve


Developer: Far East Organisation & Sino Group
Location: 1 Jalan Anak Bukit
Tenure: 99 Years
Total Units: 737 Units
Land Area: 346,600 ft²
Development: Mixed Development Integrated With Bus Interchange
Estimated Land Cost: S$1,300 psf ppr
Estimated Selling Price: S$2,443 psf

Pine Grove Parcel A

Pine Grove Parcel A, the latest GLS in 22 years, launched in the Ulu Pandan area. The last GLS project was The Serenade @ Holland in 2001. Pine Grove & Pandan Valley condominiums were up for collective sales around 2018, but there were no takers then. Under the new Masterplan, part of Clementi Forest is earmarked for detailed planning, which may greatly affect the price of the area if residential development goes ahead.

Pine


Developer: UOL Group & Singapore Land
Location: Pine Grove
Tenure: 99 Years
Total Units: 520 Units
Land Area: 242,595 ft²
Development: Condominium
Estimated Land Cost: S$1,318 psf ppr
Estimated Selling Price: S$2,612 psf

Blossoms By The Park

One-North Eden launched in 2021 was a reality check that there was a healthy demand for residential properties surrounded by the huge Biopolis Biomedical Research Hub. 85% of the project was sold on launch day. Blossoms By The Park commands a better locality and is nearer to Buona Vista MRT Station. It is the first of the two GLS land parcel launching in 2023.

Blossoms


Developer: EL Development
Location: Slim Barracks Rise Parcel A
Tenure: 99 Years
Total Units: 275 Units
Land Area: 85,663.52 ft²
Development: Condominium
Estimated Land Cost: S$1,246 psf ppr
Estimated Selling Price: S$2,366 psf

Ex-AXA Tower

Wallich Residence was the talk of the town for affluent investors looking for their first property in Singapore. The upcoming project at 8 Shenton Way is Singapore’s tallest skyscraper/private residential property. It may also be the Alibaba HQ in Singapore. If you want to own a piece of exquisite art, you cannot miss this!

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Developer: Alibaba Singapore & Perennial Holdings
Location: 8 Shenton Way
Tenure: 99 Years
Development: Mixed-Development 
Estimated Selling Price: >S$3000 psf

Dunman Grand

A mega project right beside Dakota MRT Station! The last project in the area was Waterbank @ Dakota in 2009. A lack of GLS in the area for the past 12 years and a high concentration of landed properties may fuel demand for families looking to stay within proximity to each other. The redesignation of the current vacated army camp to residential status means that there should be new GLS in the future.

Dunman


Developer: Sing-Haiyi
Location: Dunman Road
Tenure: 99 Years
Total Units: 1035 Units
Land Area: 271,657.33 ft²
Development: Condominium
Estimated Land Cost: S$1,356 psf ppr
Estimated Selling Price: S$2,600 psf

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