25 to 31 July 2023
TMX Maxwell, Orchard Sophia, and The Arden previewed over the weekend. Meanwhile, HDB has pushed back the August BTO 2023 launch to end-September 2023.
1. TMW Maxwell previews units from $3,188 per sq ft (PSF), attracts over 1,000 visitors
TMX Maxwell saw more than 1,000 people visit its sales gallery during its opening over the weekend. Sales booking will start on 12 August 2023.
Located on Maxwell Road, the 99-year leasehold development comprises 324 residential units spread across a single 20-storey block as well as a four-storey commercial podium and three-storey basement car park.
About 62% of the residential units are “flip/switch” studio units, spanning 474 to 484 sq ft. These units feature flexible furniture, such as a movable walk-in wardrobe and a queen-size Murphy bed that is integrated with a sofa.
The development also offers 73 1-bedroom units, measuring 517 to 882 sq ft, and 50 2-bedroom units, ranging from 786 to 872 sq ft.
With prices starting from $3,188 PSF, around 85% of the units are priced between $1.5 million and $2 million.
Nestled on a 41,799.5 sq ft site, TMW Maxwell is jointly developed by CEL Development, Chip Eng Seng’s holding group for its property development business, SingHaiyi Investments and Chuan Investments, a Hong Kong-listed company.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru commented on the uniqueness of this development, “TMW Maxwell is an avant-garde, bold and targeted concept of a residential development for those who appreciate live, work and play given its locational attributes in CBD. As 62% of the residential units are less than 500 sq ft, the financial outlay of $1.5m to $2m is lighter on the wallet for the professional millennial buyers looking for a home to call their own.”
2. Orchard Sophia previews units from $2,750 PSF
Another Q2 2023 major new condo to preview on 29 July 2023 was Orchard Sophia, a five-storey condo with 78 units sitting on a 23,881.5 sq ft plot located in prime District 9.
- About 15% of the units will be 1-bedroom units, ranging between 441 and 484 sq ft
- About 71% of the units will be 2-bedroom units, ranging between 581 and 710 sq ft
- There will be three 3-bedroom units of 764 sqft
- The remaining units will comprise 3-bedroom dual-key units ranging from 829 to 840 sq ft
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group says that as pricing disparity between properties in the Core Central Region (CCR) and those in the Outside Central Region (OCR) diminishes in the current market landscape, “Orchard Sophia emerges as a golden opportunity for both investors and owner-occupiers.
Situated on Sophia Road in the coveted District 9, this freehold gem offers the majority of its units sweeping, unobstructed views of the city – an enticing proposition for young professionals. The locale boasts a robust rental demand, courtesy of its vicinity to esteemed tertiary institutions like LaSalle College of the Arts, Nanyang Academy of Fine Arts (NAFA), School of the Arts (SOTA), and Singapore Management University (SMU), not to mention its closeness to the Central Business District (CBD).”
3. The Arden previews units from $1,688 PSF
Boutique condo The Arden, located on Phoenix Road, off Choa Chu Kang road, opened for preview on 29 July 2023. With 105 units total, the upcoming major new condo launch will be 2-bedroom units at 657 sq ft to 4-bedroom-plus-study apartments at 1,389 sq ft, including a flexible layout titled “CoSpace”.
Starting prices for The Arden units is $1,688 PSF.
Dr Lee Nai Jia said that The Arden is perfectly poised to attract both upgraders and first-time homebuyers in the West. “Showcasing the innovative CoSpace concept, it offers adaptable living spaces designed to seamlessly meet the changing needs of homeowners throughout their life stages.
Nature enthusiasts will appreciate its close proximity to the rail corridor, Dairy Farm Nature Park, and Bukit Timah Nature Reserve. Additionally, with LRT stations just a short walk away and unit pricing starting at a competitive $1688 PSF, The Arden presents an attractive and affordable opportunity for those looking to elevate their living experience.”
4. August BTO 2023 launch postponed to September 2023
HDB has pushed back the August BTO 2023 launch to September 2023, reported The Straits Times.
This comes as the ballot results for May BTO 2023 launch will only be announced in the first week of August 2023 instead of July 2023 while the results for the Sale of Balance Flats (SBF) launch will be released in the last week of August 2023.
The new timeline will enable interested flat applicants to know their queue position before applying for a flat in the next sales launch.
The move will also provide HDB more time to “finalise the system changes needed for the new First-Timer (Parents & Married Couples) priority category and other changes which will take effect from the next sales exercise”.
The May BTO 2023 sales exercise saw system glitches, which resulted in long waiting times for some potential buyers in the virtual waiting rooms, among others.
5. Private home prices dip by 0.2% in Q2 2023
Private home prices slightly dropped by 0.2% in the second quarter of 2023, marking its first decline since Q1 2020, showed Urban Redevelopment Authority (URA) data.
This comes amid a decline in non-landed property prices and a significant moderation in landed property price hikes.
In Q2 2023, non-landed property prices fell 0.6%, reversing the 2.6% increase posted in the previous quarter. For landed properties, prices rose 1.1% during the quarter, significantly moderating from the previous quarter’s 5.9% hike.
Meanwhile, rentals of private homes grew by 2.8% in Q2 2023, lower than the 7.2% hike seen in Q1 2023.
6. HDB resale prices are up in Q2 2023, and transaction volume drops
Prices of HDB resale flats increased for the 13th consecutive quarter, climbing 1.5% in Q2 2023, according to The Business Times.
While it is higher than Q1 2023’s 1% growth, it is still lower than the average quarterly increase of 2.5% in 2022, showed HDB data.
HDB attributed the price moderation to the implementation of a strong pipeline supply and the introduction of cooling measures to moderate demand and encourage prudent borrowing.
Nonetheless, 21 out of 26 HDB towns posted price gains during the quarter under review, compared to 12 in the previous quarter. Geylang recorded the biggest price growth of 18.7%, followed by Central Area and Bedok at 8.6% and 4.3%, respectively.
Meanwhile, resale transaction volume fell 6.7% to 6,514 cases in Q2 2023 – its lowest in the past three years since Q3 2020.
With about 16,000 HDB flats set to enter the market as they hit the five-year minimum occupation period this year, Dr Tan Tee Khoon expects HDB resale prices to be further moderated.
“In the coming quarters ahead, we could see prices oscillate between slight increases and decreases,” he said.
7. All signs point to HDB resale prices hitting a peak, says Dr Tan Tee Khoon
With HDB resale prices modestly growing by 1.5% in Q2 2023 and resale volume declining by 6.7%, Dr Tan Tee Khoon said all signs point that HDB resale prices are hitting a peak.
“While buyers are still willing to pay price premiums for space, there are clear indications that government intervention has worked. The September 2022 property cooling measures have deterred more private property owners from ‘rightsizing’ to HDB flats due to their 15-month wait-out period. This can be seen by the stabilising number of million-dollar HDB flats,” noted Dr Tan.
8. Property cooling measures effectively dampen foreign buying activity
The April 2023 property cooling measures have been effective in bringing down the number of private properties purchased by foreigners by almost 23% quarter-on-quarter (QoQ), said Dr Tan Tee Khoon.
Aside from tempering foreign buying, the cooling measures also encouraged Singaporeans and permanent residents to buy for occupancy.
“Singapore citizens can now be described as having a single ‘bullet’ when buying a home, following the April 2023 cooling measures; the raised Additional Buyer’s Stamp Duty (ABSD) rates also encourage them to prioritise buying for occupancy,” said Dr Tan.
In fact, the number of non-landed homes bought by foreigners significantly declined to only 27 units in June 2023, which works out to about 2.5% of the total non-landed transactions.
Looking ahead, Yip sees the proportion of acquisitions by foreigners to stand at about 2% while acquisitions by permanent residents are forecasted to increase by up to 20%.
9. Government to explore more equitable access to housing for singles
National Development Minister Desmond Lee said suggestions to providing singles with more equitable access to housing types in mature and non-mature estates as well as prime locations will be studied, reported The Straits Times.
Notably, singles are barred from directly purchasing Prime Location Public Housing model (PLH) flats from HDB and the resale market.
Speaking at the Forward Singapore exercise, Lee noted the diverse needs of singles and second-time buyers when it comes to home ownership.
“We know that if we leave everything to market forces, and only provide a rental social safety net, we will become like other cosmopolitan, successful cities, but also inherit the same housing woes they have… where home ownership is dismal and rental stresses mean that landlords determine the fate of tenants,” he said.
To address affordability, ideas being considered include variations of the “rent-to-own” model and the possibility of purchasing flats with shorter leases to cater to singles who prefer to rent initially due to financial reasons or for flexibility.
Aimed at shaping the city-state’s future and social compact, the Forward Singapore exercise has engaged more than 16,000 Singaporeans since its launch in June 2022.
Related article: HDB Single Scheme and Joint Singles Scheme: Guide to Buying HDB Flat As a Single in Singapore
10. Construction works on the new Brickland MRT station to start next year
Construction works for the new Brickland Station MRT station on the North-South Line (NSL) are set to start in 2024, revealed the Land Transport Authority (LTA).
The new station – which is expected to be completed in 2034 – will be located between Bukit Gombak and Choa Chu Kang stations.
LTA noted that it will be the third MRT station to be constructed on the existing elevated rail line, following Canberra station on North-South Line and Dover station on East-West Line (EWL).
Aside from the station, a viaduct and crossover tracks will also be built so that modification works can be carried out on the existing NSL tracks.
“Brickland Station will help commuters in the area save up to 15 minutes in travel time towards the city centre and the commercial hub in Jurong Lake District (JLD),” said LTA.
It will also provide better MRT connectivity for residents in Bukit Batok West, Keat Hong, Pavilion Park as well Tengah’s Brickland district.
“It will also serve existing educational institutions in the vicinity, such as ITE College West, Swiss Cottage Secondary School, and St. Anthony’s Primary School by providing more direct access to the rail network,” added LTA.
11. PUB, URA identifies site for new Kranji water reclamation plant, NEWater factory
An approximately 26-hectare (ha) site around the former Keretapi Tanah Melayu (KTM) railway has been identified for the new Kranji Water Reclamation Plant (WRP) and Kranji NEWater Factory.
Located north of the existing Kranji WRP, the identified site includes a portion of the former KTM railway alignment, a cemetery at the former Kampong Wak Selat and a 10ha plot of vegetated land, revealed national water agency PUB and URA.
It will also include a part of the existing site for the new facilities.
PUB and URA said the site selection factored in environmental considerations and the long-term land use needs of Singapore.
They expect construction works to start in 2027, with the new Kranji WRP and Kranji NEWater factory set to be operational by 2035.
PUB and URA noted that this critical infrastructure will “support existing and upcoming residential and industrial developments in the north and north-western areas, including Admiralty, Woodlands, Sungei Kadut Eco-District and Tengah New Town”.
12. North-South Corridor to free up 30 football fields of road space
To be completed in phases from 2027, the 21.5km North-South Corridor (NSC) – which runs from Admiralty to Rochor – is expected to free up surface road space equivalent to around 30 football fields for other uses, reported The Straits Times.
Senior Minister of State for Transport Amy Khor said this would mean wider footpaths, bus lanes and dedicated cycling paths, new community spaces and more greenery for residents and workers near the NSC.
She revealed that surface road traffic within this stretch will be diverted to a 12.3km underground road tunnel in the south, currently under construction as part of the $7.47 billion project, and an 8.8km viaduct in the north.
Dr Khor made the statement at a public engagement session jointly organised by the National Parks Board (NParks) and the Land Transport Authority (LTA) to seek ideas on how to redesign the freed-up road space.
“(Thirty football fields) is a lot of space in land-scarce Singapore. Valuable space,” she said.
“What we are working on today is how to reimagine, rejuvenate, repurpose these spaces,” added the minister.
Related article: Turf Club Closing, Kranji Redeveloping: 4 Biggest Changes to the North of Singapore By 2033
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
