Roughly 10,000 to 20,000 new homes to be added to the market in 2023

This year, more new private property developments will be launched, with one already open for preview since 1 January 2023.

Analysts predict that 30 to over 40 new launches will take place this year, and this will add 10,000 to 12,000 new homes in the market. In 2022, 21 projects were launched.

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This year, roughly half of new units will be located in the Rest of Central Region (RCR), which covers the areas in the city fringe.

Meanwhile, another 30% are expected to be built in the Outside Central Region (OCR), and 20% in the prime Core Central Region (CCR).

Ten projects may hit the market in just three months, according to PropNex Realty CEO Ismail Gafoor.

“We expect some of the buyers who have held back from purchasing due to the lack of suitable options previously to target these launches, which will go some way to satiate the pent-up demand, especially for OCR homes,” he states.

Property prices are also set to stabilise, said analysts.

“New launches in 2023 are expected to perform well, but their performance is largely linked to the limited options in the immediate term,” according to Lee Nai Jia, PropertyGuru head of real estate intelligence – data and software solutions.

Additionally, developers are likely to pass on higher land and construction costs to customers, but the price growth may be slower than the 8.4% in 2022 and the 10.6% in 2021, shared Tricia Song, head of research (Southeast Asia) at CBRE.

Here’s a roundup of the projects potential homebuyers should watch out for.

Sceneca Residence

Part of a mixed-use development with a mall, linked to Tanah Merah MRT station

Developers: MCC Land, Ekovest Development, and The Place Holdings

Location: 26, 28 Tanah Merah Kechil Link (District 16)

Number of units: 268

Tenure: 99 years

Price range (indicative): S$958,000 to over S$2.9 million

Price per sq ft (indicative): From S$1,952 psf

Open for preview: Jan 1, 2023

Booking day: Jan 14, 2023

Target TOP: Q2 2026

The Botany @ Dairy Farm

Condominium near nature parks in Bukit Panjang

Developer: Hoi Hup Realty and Sunway Developments

Location: Dairy Farm Walk (District 23)

Number of units: 386

Tenure: 99 years

Target preview: Feb 4, 2023

Developer: Sim Lian Group

Terra Hill

Nine blocks with five storeys, a few minutes walk from Pasir Panjang MRT station

Location: 18 Yew Siang Road (District 5)

Number of units: 270

Tenure: Freehold

Target preview: Feb 10, 2023

Target booking day: Feb 25, 2023

Target TOP: 2026

Blossoms by the Park

Residential development with shops on B1, 1st and 2nd storeys

Developer: EL Development (Buona Vista)

Location: 9 Slim Barracks Rise (District 5)

Number of units: 275 units and one commercial strata lot with four retail units

Tenure: 99 years

Target preview: Q1 2023

Target TOP: Dec 31, 2026

Lentor Hills Residences

Condominium near Lentor MRT Station

Developers: Hong Leong Holdings, GuocoLand, and TID

Location: Lentor Hills Road (District 20)

Number of units: 598

Tenure: 99 years

Target preview: Q1 2023

The Reserve Residences

Integrated development with direct access to Beauty World MRT station and bus interchange

Developer: Far East Organization and Sino Group

Location: 5 Jalan Anak Bukit (District 21)

Number of units: About 740

Tenure: 99 years

Target launch: 1H 2023

Tembusu Grand

Condominium in Katong, at the junction of Tanjong Katong Road and Jalan Tembusu. It is an eight-minute walk to the upcoming Tanjong Katong MRT station.

Developer: City Developments and MCL Land

Location: 92, 94, 96, 98 Jalan Tembusu (District 15)

Number of units: 638

Tenure: 99 years

Target preview: 1H 2023

Target TOP: 2027

The Continuum

Freehold development in the east near Joo Chiat

Developer: Hoi Hup Realty and Sunway Developments

Location: 23 Thiam Siew Avenue (District 15)

Number of units: 805

Tenure: Freehold

Target TOP: 2027

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