In Q4 of 2023, over 3,500 new homes will be built

According to CBRE, developers announced 15 new private residential developments with 4,528 units (excluding ECs) for sale in 2022. CBRE further believes that developers launched in the year to date 17 private non-landed projects with a total of 6,773 units.

District 23 buyers are likely to witness the debut of the 341-unit Hillhaven located at Hillview Rise, developed by Far East Organization and Sekisui House. The site was acquired at a state tender in the month of November 2022. S$320.8 million, or close to S$1,024 psf for each plot ratio. Analysts had previously estimated launch prices between S$1,800 and S$1,900 per square foot.

In the context of a slowing market The most recent caveats issued by the Urban Redevelopment Authority (URA) Realis platform suggest that the median price in the mass-market segment for this year is about S$2,074 / square foot. This includes the new suburban private homes, excluding executive condominiums (ECs) located within the Outside Central Region (OCR).

Lim said that the costs of RCR developments, including Sky Botania, a 172-unit project located along Serangoon Road, and The Hill @ One-North which has 144 units, will range between S$2,400 to S$2,600 per square foot. Watten House, in the CCR is expected to launch with a cost of between S$3,300 and S$3,400 per square foot.

Although the pressure that was initially put on developers to lower prices has diminished in recent years. However, rising interest rates and costs for holding might deter them from doing so. The market will find it difficult to accept the higher costs, since the increased stamp duty rates have stopped foreign investors and investors from entering.

The ABSD payable rate is 25 percent, with a non-remissible component of 5 per cent, for sites purchased between July 2018 and December 2021.

UOL and Singapore Land are also planning to construct a freehold condominium located at Watten House located on Shelford Road, in the City Centre or CCR.

Three mixed-use projects are currently in the pipeline including the 748-unit Marina View Residences condominium on the Marina View Government Land Sale site (GLS), developed by IOI Properties, CapitaLand’s redevelopment JCube into the 368-unit J’Den Condo and the 215 units Skywaters Residences located in the site of the former AXA Tower located on 8 Shenton Way.

Click on this: Blossoms condo

They are scheduled to launch sometime in the latter half of September or early October, with prices between S$2,150 and S$2,250 per square feet for Hillock Green, and S$3,300-S$3,400 for Watten House.

According to data from Statistics Singapore, the cost of steel reinforcing bars an essential building material, decreased by 27,7 percent in July.

In the city’s fringe or Rest of Central Region (RCR) The median cost of homes sold is S$2,511 per sq ft; in the prime Core Central Region (CCR) CCR, the median is S$2,903 psf.

Five projects said to be planned for a Q4 launch are expected to yield 2,370 units. The properties that are not finished will be added to the existing stock which has been steadily growing because new projects aren’t being filled up.

Hillock Green and Lentoria, two of the three new condominiums that are already on the market will be located within the Lentor Hills Estate in District 26. The Hillock Green consortium won the site in an GLS tender for S$481 million or S$1,108psfppr. The tender was held in September 2022. The 265-unit Lentoria is situated on land purchased by Hong Leong Holdings and Mitsui Fudosan in the same tender, for S$276.4 million or S$1,130 psf per.

The majority of new launches of the year had psf rates above S$2,100. Market watchers predict that prices will remain stable in the next few months.

The launch of Marina View Residences is the main focus of the CCR. The 748-unit development is set to be constructed on a property that IOI Properties won in a auction by the state two years ago in the amount of S$1.51billion or S$1,379 per sq ft ppr. UOL Group, Singapore Land Group, and Singapore Land Group acquired the freehold Watten House site, formerly Watten Estate Condominium in a collective sales auction in October 2021 at S$550.8 Million or S$1,786 sq ft per.

In the fourth quarter, more than 10 residential private projects that comprise more than 3,500 homes are expected to be launched. Prices are likely to hold at current levels despite indications of the decline in homebuyers’ enthusiasm as financing and land costs still high in wake of the market cooling measures, experts suggest.

One of the projects scheduled to go on sale in the next few weeks will be Hillock Green, a 474-unit condo being developed by Yanlord Land Group, China Communications Construction Company and Soilbuild Group Holdings.

A majority of forthcoming launches scheduled for the final three months of this year could be located in the suburbs or OCR with one of them being in District 23 (Upper Bukit Timah), one located in District 17 (Changi) Two are located in District 22 (Jurong) as well as two in District 26 (Lentor and Upper Thomson).

In District 22, CapitaLand’s J’Den condo is expected to be sold at a price of S$2,000 to S$2,100 per square foot. The Jurong region will see the 440-unit Sora located by Chip Eng Seng, KSH Holdings and SingHaiyi Group. The 99-year leasehold condo is located in the old Park View Mansions, which was sold en bloc for S$260 million or $1,023 ppr in July 2022.

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