Article by Mabel Tan
The last round of property cooling measures introduced by the Singapore government in December 2022 seemed to have only caused a little blip on the upward property prices. Reports that buyers have been snapping up new condo launches in 2023 continue to make headline news.
If you have been unable to procure a new condo unit amidst all the launch frenzy, fret not. Part of the government’s plans to taper property prices include an expanded supply stream that would see between 30 to 40 new private residential projects to be launched this year, bringing the highest annual supply of around 19,000 total units since 2017.
We bring you our review of 5 interesting, not-yet-launched residential projects starting in the second-half 2023 to get you started. Without the vested interests of property agents or bankers who are bound to promote only the projects that they are committed to, we hope this would help expand your options as you consider in the ultra-competitive Singapore property market.
Your Key Consideration Factors in Property Purchase
Location, location, location.
We all know that the value of the property is tied intrinsically to its address, and so this review would list the upcoming launches based on the property districts they belong to.
Freehold versus 99-Year Leasehold
Beyond the differential price tags in each of the 3 main district regions however, another key factor in land-scarce Singapore is the distinction between the typical 99-leasehold versus the increasingly rare freehold title.
Integrated Development versus Standalone Condo Project
Last but not least, consider your investment (rental) or housing (own-occupancy) objectives against the appeal of integrated developments that include a mix of retail, commercial and MRT accessibility, against preferences for standalone condo projects that may promise more privacy and facilities.
Let’s bring you these 5 upcoming projects according to their district region, with the above factors considered as well.
Source: PropertyGuru
Core Central Region (CCR)
The district that contains arguably the most expensive locales, including the central, downtown and financial districts (which also includes Sentosa, by the way). With the highest psf property prices, set against the most prized locations for commerce, and business, with branded amenities to boot, CCR property is clearly not for the faint-hearted.
This is exactly where the allure of CCR is; some would argue that this high-end segment has evergreen, luxury appeal given how closely it is tied to the image and economy of Singapore, and hence, premium valuations that is less subject to the vagaries of cyclical upheavals.
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32/34 Gilstead Road
Key Facts
Expected Launch Date: 2H 2023
Location: Gilstead Road
Tenure: FREEHOLD
Developer : Kheng Leong (UOL Group)
Type: Standalone Condo Project
Orchard Road and the prime shopping and commercial belt in central Singapore.
Source: TODAYonline
A low-rise condo development with an estimated 56 new homes, nestled between Newton MRT station to the south and the same distance from Novena station to the north. Think high-end, exclusive apartments in close proximity to the shopping belt and the central Singapore.
Oh, and did we mention that this is a rare freehold property developed by Kheng Leong, who is affiliated by the UOL Group in Singapore controlled by the Wee family?
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Marina View Residences
Key Facts
Expected Launch Date: 3Q 2023
Location: Union Street / Shenton Way
Tenure: 99-year leasehold
Developer: Boulevard View (subsidiary of IOI Properties)
Type: Integrated Development including hotel, retail and F&B
Marina Bay area in the financial district.
Source: Pexels
Part of the mixed development with an expected 905 residential housing units and a 540-hotel, this is part of an integrated plan to rejuvenate the coveted Marina Bay area and would include a range of retail and F&B outlets right in the heart of the financial district. Needless to say, this taps directly into the uber-high networth of the finance economy in Singapore.
Rest of Central Region (RCR)
The RCR is roughly defined as those intermediate areas sandwiched between the CCR and rest of Singapore’s mass populace housing (OCR; below).
Considered to be the mid-tier housing segment, the RCR would offer the widest range of mid to high-end, luxury to mass development projects of varying sizes whether for investors, owner-occupiers, or empty nesters.
The RCR has also demonstrated the highest pick-up in sale prices at 4.4% in the 1st quarter of 2023 in spite of the cooling measures. This is the highest increase as compared to the other 2 regions that indicate high unyielding demand. Not to mention, prices for RCR units have skyrocketed by almost 80% in the 10-year period since 2013 – way exceeding the 41% for CCR and 69% for OCR.
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81/83 Meyer Park
Key Facts
Expected Launch Date: 2H 2024
Location: Meyer Park
Tenure: FREEHOLD
Developer: UOL and Singapore Land Group (both affiliated to UOB)
Type: Standalone Condo Project
East Coast Park
Source: nparks.gov.sg
Expected to yield about 230 to 250 housing units in the high-rise development, the project would boost of unblocked views that is close to East Coast Park – not to mention accessibility to the upcoming Katong Park MRT station and the branded schools and facilities along the East Coast of Singapore.
UOL’s previous launch in the same vicinity of Meyer House saw a 100% sellout rate that was attributed to the rare freehold tenure and the exclusivity of the locale – so watch this closely!
Outside Central Region (OCR)
The OCR is defined as the rest of Singapore not covered by CCR or RCR above.
Traditionally understood to be mass housing estates, this region comprises a wide mix of different price points and demographics. Don’t let its name fool you though, many of the districts here are well-sought after mature estates in Singapore where the amenities are well developed.
Some housing areas in OCR have also been earmarked by the Singapore government as part of its urban transformations to become key growth areas tying in amenities with economic activities and jobs. These significant redevelopments have seen prices rise in tandem with the appeal for integrated living and working.
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The LakeGarden Residences
Key Facts
Expected Launch Date: 3Q 2023
Location: Yuan Ching Road
Tenure: 99-year leasehold
Developer: Boulevard View (subsidiary of IOI Properties)
Type: Standalone Condo Project
Jurong Lake Gardens
Source: nparks.gov.sg
Tied to the urban transformation of the Jurong, and boosting of unblocked waterfront views of Jurong Lake, Chinese and Japanese Garden, this development leveraged on the potential upside of the growth area to bring 306 units with close accessibility to MRT networks, nearby malls and 2 hospitals nearby.
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Former Bagnall Court
Key Facts
Expected Launch Date: 2H 2024
Location: Upper East Coast Road
Tenure: FREEHOLD
Developer: Roxy Pacific Holdings
Type: Standalone Condo Project
East Village mall
Source: TimeOut
Located near key amenities along Upper East Coast such as East Village, Eastwood Centre and Changi City Point, this development is another rare freehold development that would capitalize on the upcoming Sungei Bedok MRT interchange. The rustic feel of the eastern parts here are matched with close accessibility to East Coast Park and Jewel Changi Airport for those who prefer the pace of suburban living here.
