Major new condo launches in Q1 2023 were well-received and the year began on a slower yet promising start, as predicted in the PropertyGuru Singapore Property Market Report Q1 2023.
On 3 April 2023, the Urban Redevelopment Authority (URA) released flash estimates for Q1 2023. Figures show that private residential property prices have increased by 3.2%, compared to the 0.4% increase in Q4 2022. For the Outside Central Region (OCR), prices recovered, rising 1.9% after dropping 2.6% in Q4 2022. Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, notes that largely this is due to the major Q1 2023 condo launches such as Sceneca Residence and The Botany at Dairy Farm.
Over in the Rest of Central Region (RCR) and Core Central Region (CCR), there were 4% and 1% increases in prices respectively. This reflects the higher prices transacted during the launch of Terra Hill (see below for more on this project) in the RCR, as well as the continued strong demand for larger units more than 2,000 sq ft (i.e. Klimt Cairnhill in the CCR moved 17 units in January 2023; 15 of which were larger than 2,000 sq ft).
Without further ado, let’s check out the new major condo launches in Q1 2023.
1. Sceneca Residence
|Name of condo||Sceneca Residence|
|Launch date||14 January 2023|
|Address||24 Tanah Merah Kechil Link|
|Number of units||268|
|Types of units available||1-bedroom to 4-bedroom (including penthouses)|
|Developer||MCC Land (TMK) Pte Ltd|
|Expected TOP date||2026|
Despite its proximity to the Christmas 2022 and Chinese New Year 2023 festivities (i.e. when market activity tends to slow), Sceneca Residence sold 60%, or 160 of its 268 units on launch day. Most of the buyers were Singaporeans.
75% of the units transacted, averaging at S$2,072 per sq ft (PSF), were 1-bedroom and 2-bedroom units. These were priced from $958,000 and from $1.33 million, respectively; all of the 48 one-bedroom units have been sold. The 2,756 sq ft 4-bedroom penthouse, the largest of four penthouses within the development, was sold for over $5 million.
Jointly developed by MCC Singapore, Ekovest Development, and The Place Holdings, Seneca Residence has direct access to Tanah Merah MRT station along the East-West Line (EWL), and even shopping centres Bedok Mall, Bedok Town Centre, Changi City Point, and Eastpoint Mall.
The project is also close to bustling work districts, such as Changi Airport and Changi Business Park, and recreation venues Downtown East, East Coast Park, and delicious food at Simpang Bedok. For parents, their children will be close to St. Hilda’s Primary School, Fengshan Primary School, Temasek Polytechnic, Anglican High School, etc.
Find out more about Sceneca Residence on PropertyGuru.
2. Gems Ville
|Name of condo||Gems Ville|
|Launch date||January 2023|
|Address||Geylang Lorong 13|
|Number of units||24|
|Types of units available||1-bedroom+study to 3-bedroom dual-key|
|Developer||East Asia Geylang Development Pte Ltd|
|Expected TOP date||2025|
This boutique single-block, seven-storey development in Geylang has an exclusive 24 residential units – each with its own balcony – with communal facilities that include a 19m lap pool, gym room, barbecue, alfresco dining, and garden.
Located near the heart of Singapore, Gems Ville is within walking distance of three MRT stations: Aljunied MRT station and Kallang MRT station on the EWL, and Mountbatten MRT station on the Circle Line (CCL). Travel to the Central Business District is just a few stops away as well.
Due to its central location, there are plenty of wide-ranging amenities around. These include the Sports Hub, Paya Lebar Quarter, Old Airport Road Food Centre, Geylang Methodist School (Primary & Secondary), Dunman High School, Chung Cheng High School (Main), James Cook University, etc. Geylang is also known as a foodies’ heaven, and a fantastic supper haunt.
Find out more about Gems Ville on PropertyGuru.
3. Terra Hill
|Name of condo||Terra Hill|
|Launch date||25 February 2023|
|Address||18 Yew Siang Road|
|Number of units||270|
|Types of units available||2-bedroom to 5-bedroom|
|Developer||Hoi Hup Sunway Kent Ridge Pte Ltd|
|Expected TOP date||2026|
During the launch weekend in February, about 38%, or 102 units were sold with an average of $2,650 PSF. During the preview, the sales gallery along South Buona Vista Road drew over 10,000 visitors.
As 2023’s first freehold private condo launch in RCR, Terra Hill features 270 units. Of these, 30 are from the exclusive The Prestige Collection, a mix of 24 4-bedroom units (from $5 million) and six 5-bedroom duplex penthouses. The remaining 240 units are a mix of 2-bedroom, 3-bedroom, and 4-bedroom units, part of the Signature Collection and priced from $1.5 million.
The freehold luxury condo sits on top of the former Flynn Park. Its hillside location means that residents get an amazing view of southern Singapore. In addition, Terra Hill is located within the up-and-coming Greater Southern Waterfront area, which will see much development in the next decade.
Nearby amenities include Harbourfront Centre and Kent Ridge Park; Pasir Panjang MRT station is also a short walk away. Families can also enjoy quick jaunts to Sentosa or head to Queenstown to soak up the nostalgic vibe of the neighbourhood.
Find out more about Terra Hill on PropertyGuru.
4. The Botany at Dairy Farm
|Name of condo||The Botany at Dairy Farm|
|Launch date||4 March 2023|
|Address||3 Dairy Farm Walk|
|Number of units||386|
|Types of units available||1-bedroom to 5-bedroom|
|Developer||Sim Lian JV (Dairy Farm) Pte Ltd|
|Expected TOP date||2027|
On the first day of its launch day, almost 50%, or 187 of 386 of units were sold. These included all 36 of its one-bedroom units and almost all of its 104 2-bedroom units – likely purchased for the development’s investment potential.
With most buyers Singaporeans, they were likely also drawn to the $2,070 average PSF price, which is slightly lower than that of similar OCR non-landed new private residential homes ($2,088 PSF) in January 2023.
The project is close to Hillview MRT station, and tranquil nature spots Dairy Farm Nature Park and the popular Bukit Timah Nature Reserve. For parents, nearby schools include Chestnut Drive Secondary School, Bukit Panjang Primary School, CHIJ Our Lady Queen Of Peace, and Assumption English School.
Find out more about The Botany at Dairy Farm on PropertyGuru.
Possible New Condo Launches in Q2 2023
|Possible new condo launches in Q2 2023||District|
|Tembusu Grand (launched on 15 April 2023)||15|
|Blossoms By The Park (launching on 29 April 2023)||5|
|Lentor Hill Residences||26|
|The Hill @ One-North||5|
|The Reserve Residences||21|
How Might Q2 2023 New Launch Condos Perform?
According to Dr Tan, the 3.2% growth observed for overall private property prices in Q1 2023 is indicative that prices are stabilising amid slower sales.
“However, the prices for private properties are unlikely to drop in the near term. Despite the increasing gap in pricing expectations between sellers and buyers, sellers can still hold out and maintain high asking prices due to the tight labour and rental market,” he said.
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