Amidst the macroeconomic uncertainties of 2022, last year was a slow year for private home sales also, largely due to the low stock of homes for sale. Only 17 new private residential projects were launched last year, not including the three executive condominiums launches of 2022. These totalled about 5,000 units, making 2022 the year’s lowest stock of private homes since June 2007.
For those considering an upgrade to a condominium, they were limited by the low supply and high prices driven up by demand. This year, will there be a better chance to fulfil your private home dreams? The short answer: there might be. Property experts put the estimated number of new projects this year to be 40, with about 10,000 to 12,000 units slated to be launched.
In the rest of the article, we will explore some of the most exciting upcoming private home launches in early 2023.
Launches expected in early 2023
Technically already launched, Sceneca was the first new private residential project to kick off the new year. Sales boomed at the 99-year-leasehold Tanah Merah condo, with 60% of its units snapped up on launch day (14th January). The 160 units sold out of the 268 units went for an average of S$2,072 psf, according to its developers MCC Singapore, Ekovest Development, and The Place Holdings. Sceneca Residence is located atop a 21,528 sq ft shopping podium with 19 retail units, and is linked to Tanah Merah MRT.
Sim Lian Group’s The Botany at Dairy Farm is expected to launch soon after the Chinese New Year. The condo with 368 units is next to Dairy Farm Residences at the fringe of Bukit Panjang and Upper Bukit Timah and is marketed as a luxury, eco-friendly, and peaceful destination to live in. Hillview MRT is just a stone’s throw away, as is Dairy Farm Nature Park and the Bukit Timah Expressway, which connects residents to town in 20 minutes.
EL Development’s Blossoms by the Park in one-north is also expected to launch sometime after the Chinese New Year. The mixed-use development comes hot on the heels of North Eden by TID in the same area and will consist of 275 units, including residential units and a one-storey commercial space located within 1km of one-north MRT.
After the success of Lentor Modern in 2022, Lentor Hills estate will be getting another condo very soon. Jointly developed by Hong Leong Holdings and GuocoLand, the new 598-unit Lentor Hills Residences is being prepared for launch in the first quarter of 2023. It boasts amenities like being 300m from Lentor MRT station and a location within 1.2km of the popular school CHIJ St Nicholas Girls’ School.
Launches in District 15
District 15 covers the area bordering the city and East Coast Park, putting it in the rest of the Central Region sub-market of private homes. Three large-scale projects are in the works here, of which their lands were sold for more than $1,300 psf per plot ratio. The Continuum at Thiam Siew Avenue is an 807-unit freehold condo by Hoi Hup Realty and Sunway Developments. At Jalan Tembusu, we have City Developments Ltd (CDL) and MCL Land’s 638-unit Tembusu Grand, adjacent to the Tanjong Katong campus of the Canadian International School. Finally, the largest of the three is a 1,008-unit project at Dunman Road by SingHaiyi Group, located next to the Geylang River and a short walk from Dakota MRT.
Conclusion
There are plenty more residential projects in the pipeline for 2023, meaning lots to look forward to for homebuyers on the hunt for their next home. Meanwhile, it could also be time to start thinking about when to sell your current home while your new home comes along.
For fuss-free property sales, we highly recommend engaging a trusted property agent in Singapore to facilitate the transaction for you. With their experience, they can pitch your home at the best price and even advise you on how to present it in the best light to increase your chances of clinching a good deal.
Get more property advice when you make a free strategy call with real estate agent Joel Choy today!