Lentor Mansion, Lumina Grand EC, and More: How Did Major New Condo Launches Perform in Q1 2024?

Hillhaven, Lumina Grand, The Arcady, Lentoria, Lentor Mansion, and Ardor Residence: we saw six new condos (including an executive condo, or EC) launch in Q1 2024, double the number of major new condo launches in Q4 2023 (Remember J’den, Hillock Green, and Watten House?).

According to Urban Redevelopment Authority (URA) Q1 2024 residential private property flash estimates, prices of non-landed homes have increased by 1% quarter-on-quarter (QoQ) and 5% year-on-year (YoY). Dr Tan Tee Khoon, Singapore Country Manager, PropertyGuru said this indicates the possibility of prices meeting resistance and peaking soon.

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Now, let’s dive into how major new condo launches performed in Q1 2024!

1. Hillhaven

Hillhaven sold 59 (or about one-third) of its 179 units released during its Phase 1 sales launch on 20 January 2024.

Unit prices started from $1,903 per sq ft (PSF). The most popular configurations of Hillhaven were the 2-bedroom and 3-bedroom units. All of the buyers were Singapore Citizens and Singapore Permanent Residents (PRs), and the majority (70%) were between 31 and 50 years old.

Jointly developed by Far East Organization and Sekisui House, the 99-year leasehold condo at Hillview Rise has 341 units on a sprawling 10,400 sq m site, spread across two residential blocks of 27 and 28 storeys, respectively.

Hillhaven is within walking distance of the Hillview MRT station on the Downtown Line (DTL). The District 23 condo is also close to green lungs like Dairy Farm Nature Park and the Rail Corridor.

Referencing these attributes, Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group said, “Our analysis of the 2023 sales data indicates a clear trend: projects situated close to MRT stations and nature reserves tend to perform exceptionally well in the market.”

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2. The Arcady

The Arcady sold less than a third, or 51, of its 172 units during its launch weekend on 20 January 2024. All 11 of the 1-bedroom and study units were sold, along with 25 of the 38 2-bedroom units. This was similar to Hillhaven’s sales, which launched on the same weekend.

Here’s an interesting tidbit: The Arcady was formerly Euro-Asia Apartments, bought through a successful collective sale in 2022. The Euro-Asia Apartments was 10 storeys high and had 84 units. When it receives its Temporary Occupation Permit (TOP) in 2028, The Arcady will have a 24-storey tower and more than double the number of units.

Sitting on a 56,476 sq ft site, The Arcady is about 380 metres from Boon Keng MRT station on the DTL and a six-minute walk to the North East Line (NEL). Myriad schools, malls, and other amenities are nearby.

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3. Lumina Grand EC

Lumina Grand saw healthy demand, with more than half, or 269, of its 512 units sold during its launch weekend on 27 January 2024, at an average launch price of $1,464 PSF. This is probably because it’s an EC and possibly the only one that will be launched this year. Lumina Grand had previously opened e-applications on 12 January 2024.

City Developments Limited (CDL) said that among its 3-bedroom to 5-bedroom configurations, the 3-bedroom premium and 4-bedroom units were the most popular among buyers. These were priced starting from $1,388,000 and $1,628,000, respectively.

Lumina Grand, located in District 23 at the junction of Bukit Batok Road and Bukit Batok West Avenue 5, comprises 10 residential blocks of 12 to 13 storeys. The development offers almost 40 recreational facilities on site. These include a 50m lap pool, a gym, a tennis court, two clubhouses, reading lounges, and a kids’ play zone.

Dr Tan said, “Being the only EC launch in 2024, this development would be welcomed by property seekers who wish to live near Tengah Town, which is the ‘new Bishan’ of the west and the first car-free town centre.

Besides, nearby Copen Grand EC was fully sold in Oct 2022. Given the benefits of the housing grant, no upfront ABSD for current HDB flat lessees upgrading to EC, and a deferred payment scheme, I expect Lumina Grand’s sales applications to reflect the demand for it.”

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4. Lentoria

Lentoria sold 50 units, 19% of the development’s 267 units, during its launch weekend of 2 March 2024, at an average of $2,120 PSF.

Of the sold units, developer TID (a joint venture between Hong Leong Group and Mitsui Fudosan) noted that the two-bedroom and three-bedroom configurations were the most popular, making up over 70% of the units sold. “Prospective buyers were particularly drawn to the fact that Lentoria will be looking to serve its notice of vacant possession by July 2027,” TID added.

Commenting on Lentoria’s opening sales performance, Dr Lee said, “The exuberance [of the property market] witnessed from 2021 to 2022 has subsided, and the market has largely stabilised in its current equilibrium. Amid the uncertainty, the sales at Lentoria are encouraging despite the number of new launches in the Lentor area.”

Lentoria is about a four-minute walk from Lentor MRT Station on the Thomson-East Coast Line (TEL). This makes it the fourth new launch within the Lentor area. A total of six state land sites have been sold so far.

Singapore’s newest MRT line, the TEL brings commuters directly to Woodlands North MRT Station, where a future connection will be built to the Johor Bahru–Singapore Rapid Transit System (RTS) Link that will seamlessly connect Woodlands to Johor Bahru, Malaysia.

On that note, Dr Lee said, “We anticipate demand in the area (Lentor) to remain stable, appealing to property seekers from the northeast and north regions of Singapore. With the upcoming completion of the RTS link, the homeowners will be five stops from Woodlands North and enjoy superb accessibility to Johor Bahru, where they could maximise their Singapore dollar earnings.”

Interestingly, the launch of Lentoria coincided with the same weekend that international popstar Taylor Swift kicked off her slew of six concerts in Singapore.

Dr Tan commented, “Perhaps this is the first time a developer sales launch coincided with a massively popular concert. Dubbing it the Taylor Swift effect, there could be property seekers who would rather put their purchase plans on hold than miss The Eras tour!”

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5. Ardor Residence

Ardor Residence was also launched on 6 March 2024 while Taylor Swift was having her sold-out concerts here. The five-storey block offers a total of 35 well-designed units that come with distinctive finishes and luxury appliances. According to records, there was a transaction for a 980 sq ft three-bedroom unit within the freehold condo in March for $2.42 million, or $2,465 PSF.

Located within the RCR at Haig Road, Ardor Residence offers a range of two-bedroom plus study to four-bedroom plus units. If you want a great view of District 15, buyers can also opt for penthouse units within the freehold condo in this coveted district.

To be served by the upcoming TEL expansion, Ardor Residence is just seven minutes by foot to Katong Shopping Centre. Parents will be pleased that within the 1km radius are choice schools that include Tanjong Katong Primary School, Tanjong Katong Secondary School, Haig Girls’ School and Chung Cheng High School.

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6. Lentor Mansion 

Lentor Mansion sold 400 units, which made up 75% of its total units, during its launch over the weekend of 16 March 2024. Prices started from $2,104 PSF and went up to $2,478 PSF. GuocoLand and Hong Leong Holdings moved 214 units of the most popular two-bedroom configuration, followed by 84% of the three-bedroom units, 16% of the four-bedroom units, and 13% of the five-bedroom units. The majority of buyers (99%) were Singaporeans and Singapore Permanent Residents (PR).

Of its stellar performance, Dr Tan shared, “While overall market sentiments were lifted with the positive news, it would be circumspect to maintain that the sales results may not necessarily be replicated in future launches.

However, what is perhaps clearer is that there are property seekers looking out for value-buys where a blend of location, amenities (integrated developments, near transport nodes and good schools) and sweet spot pricing could lead to more positive outcomes.”

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Possible New Launch Condos in 2024

We’ve previously shared the expected major new launches for 2024, along with our Singapore Property Market Outlook.

The list above includes projects launched in Q1 and those anticipated to launch in Q2, such as The Hill @ One-North, The Hillshore, and Sora.

Please note that these are only projections. The exact timing and quantity of launches are not known, with some forecasting over 40 launches throughout the year.

Are you thinking of purchasing a new launch condo? Our PropertyGuru Finance Mortgage Experts can help you navigate your new home journey by finding you the best mortgage option.

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