Archive for category: Real Estate

Read more: Rents for new Grade A offices are expected to be higher, according to Colliers International, which brokered this office purchase

The top condo that set new price-psf records between June 9 and 16 was The Atria located at Meyer. The 1,475 square feet, three-bedroom unit located on the 2nd first floor in the freehold condominium located at Meyer Road was sold for $3.12 million ($2,116 per square foot) in June 12. The sale is a leap above the record that was set in the year before, when an 1,615 square foot two-bedder at the 13th floor sold at $3.35 million ($2,075 per square foot) on April 8.

Atria in Meyer is a 158-unit condominium which was completed in the year 1996. The condominium is a 24 storey block that has two- and four-bedroom apartments with sizes ranging from 1,044 square feet to 2,949 sq feet.

The property is located in The Marine Parade area in the highly sought-after District 15. It’s also one of the few condos on Meyer Road that face East Coast Park as well as the sea. Other condos along this section are The Seafront at Meyer, Hawaii Tower and the soon-to-be Meyer Mansion, Meyer Park and The Meyerise.

The two transactions above were the sole two in The Atria at Meyer where units have been sold for over $2,000 per square foot. However, the condominium has seen a substantial increase in average transaction costs in the past 20 years. Based on a table of caveats provided by EdgeProp Singapore, the average price was around $875 per square foot in June 2003 which grew to $1,181 per sq ft at the end of June. In June 2013, the average cost at condominium was at $2,043.

The positive price change puts The Atria at Meyer on the same level as some of the freehold condos in the vicinity. For instance, The Seafront on Meyer has an average cost of $2,083 psf however, resales in Hawaii Tower are going for approximately $1,760 per square foot. The forthcoming luxury project Meyer Mansion commands the most expensive price to date at $2,747 psf.

The second-highest psf-price record recorded for the week was set by an 420 sq ft one-bedroom apartment in Sturdee Residences. The 17th floor unit was sold for $888,000 ($2,115 per square foot) the 15th of June. The previous high of psf at the condo was a one-bedroom, 420 square feet unit located on the 26th level, which was sold for $870,000 ($2,072 per square foot) on April 21.

Sturdee Residences is a 99-year leasehold condominium located situated on Beatty Road in District 8. The 305-unit condominium was built through SL Capital, a subsidiary of the local property development firm Sustained Land. The development is situated near to Farrer Park MRT Station, the project is a 30 storey twin-tower building that has a mixture of one to five bedroom units that span from 420 – 1,830 square feet.

Prior to the time that the project was launched the project was launched, the project had 122 models (40%) were sold at a preview for VIPs on April 23rd on the 23rd of April, the 23rd of April. The units were sold for an average cost of $1,550 per square foot. Ten units were purchased during the launch of public sales in April. The whole project was sold at 97% sold by the end of January 2018.

The price of rent in Sturdee Residences has been steady over the last few years, rising from $1,660 in June 2020 to $2,051 per square foot this month. Rents average around $6.40 per month. which means that the majority of tenants in the condo get a yield of approximately 3.9%.

However, only one condo closed the week with an all-time low in psf. The 2,045 sq ft five-bedroom apartment on the ground floor in Amber Park was sold by the developer, City Developments Ltd (CDL) with a value of $4.5 million ($1,956 per square foot) on the 16th of June. The previous record low was an auction of 1,572 square foot five-bedder located on the 5th floor $3.5 million ($2,226 per square foot) on the 24th of October 2021.

Amber Park is a 592-unit development. Amber Park was jointly built by mainboard-listed property company CDL as well as Hong Realty. It is a freehold property located on Amber Gardens in District 15. The project has a mix of units ranging from one-bedroom-plus-study units of 463 sq ft, to a six-bedroom-plus-study penthouse of 5,005 sq ft.

Amber Park was initially launched to the public on May 5th, 2019 It sold up to 115 units with an average cost of $2,425 per square foot. At the time the developers had only 150 units to be sold. Since since then the sales have been slow, with the condo selling around 99.5% of its units through April this year.

However, the sale that took place on June 16 is the first time that a unit in Amber Park has been sold by the developers at less than $2,200 per square foot. The developers have sold a 2,142 sq feet, five bedroom unit located on the 2nd floor, for $5 million ($2,334 per square foot) on May 18 of this year.

Resale caveats include at minimum six sub-sales. They range from the purchase of a 463 square foot apartment to $1.24 million ($2,679 per square foot) in May 3, of this year to the purchase of a 743 sq. ft property to $2.1 million ($2,827 per sq ft) in April, this year.

Comparatively, Amber Park still holds one of the most expensive median prices among condominiums within the Amber Park neighbourhood. According to EdgeProp Singapore analytics, Amber Park is averaging price of $2,515 per square foot. It is much higher than the neighbouring condominiums One Amber ($2,045 per sq ft) as well as the Esta ($2,123 per square foot). The most recent project that is now completed can be found at Amber Sea on Amber Road, where prices are on average $2,628 per square foot.

Read this post: The Berth by the Cove is a 200-unit condominium with a 99-year leasehold along Ocean Drive in Sentosa Cove

The preview for Pinetree Hill on June 29 and its official launch in July 15 provide the Pandan Valley-Pinegrove neighborhood located in District 21 the chance to live a fresh life. “We are taking advantage of the demand that has been building over the last fourteen years” declares UOL Group CEO Liam Wee Sin.

The most recent project to be launched in the neighborhood in 2009 was the Trizon in 2009. The 289-unit Trizon located at Ridgewood Close was developed by Singapore Land Group and completed in 2012. The most recent deal for the freehold property in District 10 was completed in June, when a 2,067 square feet three-bedder on the 20th floor was sold at $4.176 million ($2,021 per sq ft) in accordance with the caveat that was lodged.

Pinetree Hill is an 80/20 joint venture of SingLand’s listed property developer UOL Group and its subsidiary SingLand Group.

The idea is “a house built on an uphill”, Liam states. The private condominium, which has 520 units, consists of three residential blocks that are elevated 12.6m (equivalent to 4 storeys) above the surface. The blocks comprise only twelve% from the total 242,561 square feet of 99-year leasehold site which leaves some 88% to be used for landscaping and facilities.

The units are facing north and south with the site being bordered with Ulu Pandan Road, Pandan Valley and Pine Grove. The units facing south toward Pine Grove will have views of Dover Forest, a 5ha park with greenery. North facing units will have unobstructed view of 85ha Clementi Forest, according to Anson Lim, UOL Group general manager (residential marketing).

P&T Consultants is the design architect of Pinetree Hill, while Danish firm Henning Larsen is the landscape architect.

Site Elevated site
The frontage of the side facing Ulu Pandan Road is 10m above street level. With the added 12.6m elevation the lowest floor of the tower’s rear is going to be 8 floors higher than the ground. This means that even the units on the bottom floor will be able to see the crowns of trees in Clementi Forest, says UOL’s Lim.

The slope of 10m along Ulu Pandan Road will be heavily landscaped, and will have the three “pinetree nests” or nest-shaped pavilions that will be lit at night, creating an attractive development element, according to Lim.

Units at Pinetree Hill range from a one-bedroom-plus-study of 538 sq ft to a five-bedroom premium of 1,733 sq ft.

Only 22 units (4%) are one-bedroom-plus-study units, with two-bedroom types ranging from 700 to 915 sq ft making up 226 units (43%). Three-bedders with 969 sq ft – 1,421 sq ft are the 159 homes (30.7%).

As per the developer according to the developer, around 78% or% (or 407) units of Pinetree Hill comprise one- to three-bedroom apartments.

Four-bedroom and four-bedroom deluxe apartments between 1,292 and 1,668 sq ft, which comprise 90 apartments (17.3%), with five-bedroom units that measure 1,733 sq ft comprising 22, which is (4%). The five- and four-bedroom luxury units are fitted with bathrooms and include an exclusive lift lobby as well as an open-plan kitchen with sliding doors that open up to the living room as well as the balcony, creating a spacious area for those who wish to entertain in their home. The kitchen also features an island.

Pinetree Hill homes are priced at $2,236 per square foot. One-bedroom-plus-study starts from $1.248 million ($2,320 psf); a two-bedroom from $1.588 million ($2,269 psf); a three-bedroom from $2.198 million ($2,268 psf); a four-bedroom from $3.173 million ($2,456 psf); and a five-bedroom from $4.268 million ($2,463 psf).

The penthouse that has five bedrooms and 2,874 sq feet in Pinetree Hill has a price at $8 million ($2,784 per square foot).

Neighbourhood renewal
Nearby close by is Pandan Valley, one of Singapore’s earliest major private condominium complexes. Built in 1978, Pandan Valley has seven 14-storey blocks spread over an area of area of 865,000 square feet on a freehold site. Owners of the 45-year old private condo tried to make an $2.6 billion joint sale in September of 2018, however, it was not able to take off.

“I am in love with the area,” says Ai Ling who has lived in Pandan Valley for many years. “It’s green with the [Sungei Ulug Pandan] park connector as well as Holland Village nearby. It is also possible to get a bus ride towards Ghim Moh Food Centre or Clementi Mall.”

The development at Pine Grove, the 170-unit Astor Green and the 254-unit Cavendish Park were completed in 1995 and 1996 respectively. The most significant addition is the 660-unit, private HUDC (Housing and Urban Development Company) property, Pine Grove, completed in 1984. The owners of Pine Grove tried to negotiate a collective sale for a reserve that was $1.86 billion on February 19, 2019. The company was revived in July 2019 for $1.7 billion, but it was unable to find an interested buyer.

UOL and SingLand were awarded both the Pinetree Hill site (Pine Grove Parcel A) with a maximum bid of $671,500800 ($1,318 plot ratio per plot which is also known as the per plot ratio) by June 20, 2022. The price was only $1800 (0.0001%) above the second highest bidder’s value at the end of the auction.

The next door neighbor next to Pinetree Hill is Pine Grove Parcel B that is set to be launched in August, under the Confirmed List of GLS 2H2023 program. The site located at Parcel B is believed to produce around 560 units. Should it is the case that this GLS site is sold in the auction, it will take approximately 15 to 18 months before a new residential development is put up to be offered for sale. “A new residential project that is being developed located on the site located at Parcel B is expected to be ready for launch by the close of 2024 or 2025” is the estimate of Liam.

He’s a bit hesitant about UOL’s interest in neighboring Parcel B. “There are a lot of other sites that are part of the GLS program,” he says.

‘First-mover advantage’
Another site which UOL and SingLand might be focusing on could be Clementi Avenue 1, which will also launch in August as part of the GLS 2H2023 program. Clementi Avenue 1 is a residential site could result in 500 units, and is situated between two developments by UOL along with SingLand -the Clement Canopy and Clavon.

UOL and SingLand acquired Clement Avenue 1 as the initial GLS site located at Clementi Avenue 1 in December 2015 for $302.1 million ($615 psf per month). The 505-unit Clement Canopy, which is 505 units in size Clement Canopy was launched in February of 2017. It was sold out and finished by March 2019, with the average of $1,374 psf as per URA Realis.

Second GLS site located at Clementi Avenue 1 officially launched in the year 2019. UOL as well as SingLand agreed to pay $491.3 million ($788 per square foot psf) to acquire the site after the end of the auction in July of this year. The project was officially launched as the Clavon, a 640-unit project. Clavon by the month of December, 2020, and was sold completely in September 2022, at an average of $1,639 per sq ft. This project was scheduled to completion by 1H2024.

“At The Clement Canopy, after it was opened and completely sold out, the next parcel helped to fill it. site,” says Liam. “It also helped us be a leading player in the region.”

In addition, he says “we are the very first to be in Ang Mo Kio Avenue 1 and the first on Clementi Avenue 1 and the first in Canberra as well as in Pine Grove”.

He continues: “For many years, we’ve moved to areas where there were too dense.”

UOL, SingLand and Kheng Leong Co jointly submitted bids for and were awarded the GLS site located at Ang Mo Kio Avenue 1 in June 2021. $381.381 million ($1,118 per sq ft ppr). A 372-unit Amo Residence was launched in July 2022. The previous project that was that was launched in the area was The Panorama in 2014.

So far, Amo Residence has been 99.5% sold at an average of $2,112 per square foot. The first unit that were sold in Amo Residence was the biggest of three penthouses, 2,497 square feet five-bedroom apartment that sold for $6.008 million ($2,406 per square foot). The units are all sold with the exception of two penthouses that remain.

UOL, SingLand and Kheng Leong Co have also joined forces in Canberra Drive to develop the 448-unit Watergardens project in Canberra. They officially launched Watergardens on August 20, 2021 and the development was completed in March this year, with an average cost of $1,446 per square foot. The interest in the Canberra neighborhood had increased since the Canberra MRT Station opened on the North-South Line in November 2019.

“For Pinetree Hill, we once again benefited from the advantage of being first to move,” Liam says. “At at the same time, it was important to stayed away from areas with a high concentration of sites which could result in an intense competition in the beginning and then sales.”

Schools, greenery, pricing differential
Based on the cost of land at $1,318 per square foot per acre, Ismail Gafoor, CEO of PropNex believes that Pinetree Hill’s cost could be between $2,300 and $2,500 per sq ft.

Gafoor says she believes that Pinetree Hills’ proximity to the private residential enclaves in Holland in addition to Mount Sinai in prime District 10 may also attract wealthy families that live in the area.

Another aspect is the development’s closeness (within one kilometer) of 1km to Henry Park Primary School and Pei Tong Primary School as per Mark Yip, CEO of Huttons Asia. He envisions Pinetree Hill enjoying panoramic views of the surrounding greenerythe “Bukit Timah Nature Park to the North, and an urban skyline in the south”.

As per Ken Low, managing partner of SRI, “At Pinetree Hill you’re getting District 10’s ease of use however, at a lower cost that is within the range of”.

Low points for Freehold Holland Tower, that was listed property developer Wing Tai Holdings bought the entire block at $76.3 million ($1,746 psf per ppr) in March of this year. SRI Capital Market brokered the deal. Based on the sale price the high-end new district 10 development is expected to launch with prices between $3,300 and $3500 per square foot Low estimates. (See possible condos using an En block calculation)

“Pinetree Hill’s position in District 21 technically puts it within the city’s fringe (or RCR”Rest Central Region”” states Eugene Lim, key executive officer of ERA Realty Network. “But it’s just one block away from the most sought-after districts or CCR (Core Central RegionCCR [Core Central Regional. This is similar to living in the CCR with RCR costs.”

Another draw are the greenery that surrounds Pinetree Hill. “We are in Clementi Forest, with Botanic Gardens only five minutes from our property,” says Low.

Foreign demand
Apart from the locals In addition to locals, UOL’s Liam believes that the area is an attractive destination for foreign buyers, including recently-minted permanent residences (PRs) as well as foreign buyers not affected with the one-time 60% additional stamp duty on buyers.

The ERA’s Lim says he agrees. The proximity of Pinetree Hill to the CCR is a sign that “It’s just as good as an CCR project” Lim says. Although housing demand is predominantly dependent on local consumers, Lim expects to see greater demand by Singapore PRs. While foreigners are likely to be the minority, he says.

“Pinetree Hill’s location is close to one-north and which is the National University of Singapore and other universities,” UOL Liam says. “It’s located close to Holland Village, Orchard Road, Science Park and the Jurong Lake District.”

With the upcoming Maju MRT station, which will be located on the Cross Island Line, Pinetre Hill will be two MRT stops away from to the Jurong Lake District, which could be the second CBD and also a live-work-play-play precinct Adds Liam.

If you drive, it’s only 10 minutes to one-north, and just 15 minutes away from Jurong Lake District Liam adds. Shenton Way and the CBD are just 20 minutes away. So, he anticipates buyers to be to “the eastern and the central parts of Singapore”.

It is expected that the developer will also offer free transport service between Holland Village and Buona Vista MRT Stations for the initial year following that temporary occupancy permit has been issued, slated for September 2027. Dover as well as Clementi MRT stations are the closest MRT stations currently.

The government unveiled its 2H2023 GLS program on June 21st and stated that it would be the biggest increase in the last decade in terms of supply. Residential development sites launched for 2023 add 9,250 units to the existing supply. “The increasing supply is a way to catch up more than any other thing,” says Liam. “It’s an adjustment post-Covid following a slowdown of the GLS program in the past 3 years.”

Based on Liam, the growth of supply is less pronounced as compared to the four years following the Global Financial Crisis of 2008. The last time that additional GLS sites were established in 2009; however, from 2010 until 2013 from 2010 to 2013, from 2010 to 2013, new GLS sites were launched at the rate of 11,000-16,600 units per year He explains.

With more launches of new projects on the horizon, homeowners are looking to develop projects that “create value, have high-quality indoor spaces, and are able to meet the changing needs of their lifestyles” Liam says. Liam.

Tampines mixed-use development site
UOL and SingLand as well as CapitaLand came out as the highest from three proposals for the residential and commercial site located at Tampines Avenue 11 after the tender was closed on the 27th of June. The proposed development will be connected to an interchange for buses, a community club, and hawker center. The development will be connected with Tampines North MRT Station on the Circle Line.

CapitaLand will have the 50% part of the joint venture and UOL along with SingLand having the remainder of 50%. Based on the offer of more than $1.206 billion, for the site with the maximum gross floor area (GFA) that is greater than 1.36 million square feet that is around $885 psf for each GFA.

The residential portion that is part of the site could result in around 1,190 units. This development is the first time that UOL and CapitaLand have collaborated. UOL as well as CapitaLand. “We believe there is synergy between the two joint venture participants,” says Liam. “This site will also have the advantage of being first to move, given that the most recent GLS site granted in the Tampines region was awarded in the year 2017. This region Outside Central Region has a very low inventory of housing, especially in Tampines which is an extremely sought-after estate that is mature and sought-after.”

The most recent GLS site that was awarded in 2017 was Tampines Street 86, which was launched in the past and fully sold as 816 units of Tapestry. Tapestry through City Developments.

“Watten House,” it’s the follow-up to MeyerHouse’
The opening of Pinetree Hill will be followed by the opening of Watten House in 4Q2023. Watten House is a redevelopment of the previously-owned Watten Estate Condo located in Singapore, which UOL and SingLand bought in a single transaction at $550.8 million ($1,723 per square foot per) in the month of October 2021. The freehold site located in District 11’s prime area is situated within a mile of two highly-rated primary schools, including Nanyang in Singapore and Raffles Girls’.

Watten House is a five-storey, 180-unit development. “It’s expected to become the sequel to MeyerHouse and our Masterpiece Collection,” says Liam.

The freehold 56 unit MeyerHouse has been completed March 2022 and has since been 100% sold. The architect responsible for this award-winning development is the well-known WOHA Architects, who collaborated with the internationally renowned designer Yabu Pushelberg and landscape architect Henning Larsen (formerly known as Ramboll Studio Dreiseitl).

After the popularity of MeyerHouse, UOL and SingLand bought the adjacent Meyer Park in an en bloc purchase that was worth $392.18 million ($1,668 psf per month) in February of this year.

“What I love most about Meyer Park is that the Meyer Park site is that it’s one of the few waterfront sites that are available and is a freehold property,” Liam says. Liam. “It provides unblockable sea views towards the south, and perspectives of the Mountbatten Estate’s landed estate to North.”

Meyer Park is also near Tanjong Katong Primary School Kong Hwa School and Eton International Pre-school Mountbatten Road. “This will be the same process that we use to select the additional sites,” says Liam.

Read more: Millennium Group establishes a regional office in Singapore for the Southeast Asia region

As the June school holiday is closing in, property developers are ramping up the launch of their projects. The weekend between June 24 and 25 will be the unveiling of the City Developments Limited’s (CDL) 4-08-unit The Myst at Upper Bukit Timah Road as well as the 598-unit Lentor Hill Residences developed by the joint venture of Hong Leong Holdings, TID and GuocoLand.

For the listed property the giant CDL The Myst is an opportunity to returning back to this area of Upper Bukit Timah Road area after more than 30 years. CDL built the 596-unit neighboring Cashew Heights Condo on Cashew Road in 1992. Cashew Heights has a 999-year lease beginning in 1882. The next door property to it is the 6,96-unit Hazel Park Condo and the 80-unit Hazel Park Terrace that was designed by CDL’s sister firm Hong Leong Holdings and completed in the year 2000. Each of CDL as well as Hong Leong Holdings are part of the Kwek family-owned Hong Leong Group. The two developments have leases of 999 years starting in 1882.

In addition to Cashew Heights, CDL is also well-versed in the area as it has also developed various other developments in District 23 such as four29 units of Tree House at Chestnut Avenue (completed in 2013) which was a joint project by CDL together with Hong Leong as well as four66 units The Rainforest executive condo (EC) located at Choa Chu Kang Avenue 3 (completed in 2015) and sixty2-unit Blossom Residences EC (completed in 2014) located on Segar Road.

CDL additionally has the EC development site located at Bukit Batok West Avenue which it was awarded in September of last year by submitting an offer of $336.068 million, or $626 per square foot for a plot. The new EC will be estimated to contain 500 units and is set to launch in 1H2024. CDL has also been working on several initiatives in the Hillview region.

The 99-year leasehold condominium The Myst is an redevelopment of the former Tan Chong Industrial Park, which CDL bought for $126.3 million. The purchase concluded on April 20, 2022. “When we bought this sprawling 179,009 sq feet site by way of an off-market purchase we were amazed by the surrounding area that is lush with tropical greenery Nature parks, reservoirs and nature parks,” comments Sherman Kwek, CDL Group CEO, in a press release. “We were looking for a great chance to create a beautiful green masterpiece that is harmoniously with the lush landscape in Upper Bukit Timah.”

Close proximity to greenery and amenities
According to CDL The site draws people who appreciate being near to nature. In addition to its proximity to green areas such as those of the Bukit Timah Nature Park, as well as the Rail Corridor It also has numerous amenities for living, such as restaurants, schools and transportation connectivity.

In the future, for residents from The Myst, the nearest MRT station is Cashew located on the Downtown Line, a fiveseven-minute walk. There is a Bukit Panjang MRT Station is just a 10-minute walk or an MRT station near The Cashew Station. The closest shopping mall to Hillion Mall. Hillion Mall, which is connected to a transport hub, which includes Bukit Panjang MRT Station, Bus Interchange Bukit Panjang MRT Station, LRT station, as well as a bus interchange.

“The natural environment is perfect for those who would like to be away from the hustle and bustle of city centre and be more in tune with the natural world,” says ERA Realty Network the chief Executive Officer Eugene Lim.

In addition to in addition to the Bukit Timah Nature Reserve It is also located near other nature parks like Chestnut Nature Park, Dairy Farm Nature Park and the recently launched Rifle Range Nature Park, says Mark Yip, CEO of Huttons Asia.

The schools in the area vary between Bukit Panjang Primary School to Greenridge Secondary School, Assumption English School, CHIJ Our Lady Queen of Peace and St Francis Methodist School. An international school German European School Singapore is located nearby.

Within the Schools, Bukit Panjang Primary and CHIJ Our Lady Queen of Peace are located within a 1-km distance of The Myst The Myst, according to Huttons Yip. This will be a great choice for parents with children who are of the age of schooling.

‘Unblocked views’
“With an exclusive access road that runs from Upper Bukit Timah Road, The Myst is tucked away from the main road, giving the Myst a mysterious and exclusive atmosphere,” says Markus Cheng as the associate at ADDP Architects, the design architect of The Myst.

The development is comprised of two towers of 24 stories, that are set back by at most 45m (in the east) and 60m (in the south) from the boundaries of the neighboring Hazel Park Condo. The towers are north-south orientation and the they are designed to maximize views, as per ADDP’s Cheng.

Units that face south will enjoy an unobstructed view of Bukit Timah Nature Reserve starting from 10th Floor. North-facing units will get an unobstructed view at and the Rail Corridor. The towers’ units will also be able to see the low-rise residential estate as well as The Greenridge Secondary School field as well as the lush greenery and swimming pools of the gardens of The Myst.

The two towers share a an area of only 25% on the site area, which leaves 75% for facilities and greenery. “As these two towers are not overlapping certain stacks will have two views,” says ERA’s Lim. “With the majority of% part of the site area used for grounds and landscaping, we’ve got 100% view that is unblockable.”

The landscaping, developed in conjunction with the landscape architects Ecoplan Asia, is geared towards creating an “hideaway” as well as the concept of a “Morning misty forest” according to Cheng which is also the inspiration behind the development’s name. Cheng says that the amenities and the landscaping are laid out in an “courtyard design” and includes a number of pavilions, including an elevated lounge with a view of the lap pool of 50m and an outdoor lounge that has the possibility of a relaxing pavilion.

“One of the cheapest priced cars in 2023′
For a diverse variety of buyers for homes, The Myst has a variety of one-to five-bedroom apartments ranging between 517 sq. ft. to 1,690 sq feet. One-bedders with 517 sq feet comprise 48 units. Two-bedroom and two-bedroom-plus-study units of 678 to 732 sq ft comprise 145 units.

The remaining 143 units are three-bedroom units, which range between 850 and 1,153 sq feet. Four-bedroom units that range from 1,453 to 1,518 sq ft comprise 49 units, and five-bedroom units that measure 1,690 sq ft comprise the remaining 23 units.

Three-bedroom and two-bedroom units make up the majority of the units — 288 properties (70.6%) — within The Myst.

As per Ismail Gafoor, CEO of PropNex, The Myst will probably appeal to HDB upgraders from the neighboring areas that include Bukit Panjang Teck Whye and Choa Chu Kang. The project could also attract owners who are looking to upgrade from older condos or properties close by.

Yet, Gafoor does not rule out investors, as they tend to favor two-bedroom and one-bedroom properties due to their smaller size. “I anticipate The Myst to be one of the cheapest new condo launches coming in 2023.” Gafoor says.

According to CDL, one-bedroom-plus-study of 517 sq ft are priced from $998,000 ($1,930 psf), and two-bedroom of 678 sq ft are upwards of $1.33 million ($1,962 psf). Three-bedroom models starting from 850 sq ft start at $1.708 million ($2,009 per square foot) 4 bedroom units beginning at 1,518 sq ft start at $2.826 million ($1,862 per square foot). Five-bedroom units with 1,690 square feet cost $3.18 million ($1,882 per square foot).

A third of the units in Myst are for sale. Myst have been priced “at the sweet spot” in the range of $1.5 million or less, “making it a desirable option for buyers and investors” CDL says. CDL.

New major launch in over two decades
The last launch in the region was a small development of only 34 units Bukit 828 developed by Roxy Pacific Holdings. It was officially launched in the year 2018. Similar projects of a similar size, the most recent new development in the enclave is the neighboring Hazel Park Condo, launched around the middle of the 1990s, and finished in the year 2000.

“It has been over twenty years since the first major construction project was announced within Bukit Timah. Upper Bukit Timah area,” claims Huttons Yip. “Hence there may be waiting for the construction of new houses in the area.”

The most recent sale in Hazel Park Condo was for 135 square feet, three-bedroom apartment on the 17th floor. It was sold at $2.13 million ($1,596 per square foot) in April of this year. In March, a third three-bedroom apartment of 1,324 square feet, situated on the 8th floor was purchased at $2.268 million ($1,713 per square foot).

In the meantime, Bukit 828 was launched in September of 2018 and was sold for a price of $1,599 psf.

The Myst could be the final lot of land that can be used to be used as a residential property within The Upper Bukit Timah area, making it more scarce as per Yip. It is planned to completion in March 2029.

Upcoming launches
Alongside The Myst in addition to The Myst Lentor Hills Residences, the upcoming releases include the 520 unit Pinetree Hills in Pine Grove developed by UOL Group and Singapore Land Group SingHaiyi’s 1 008 unit Grand Dunman on Dunman Road and The 360-unit Altura executive condominium at Bukit Batok West Avenue 8. owned by Qingjian Realty.

“There was no launch during the school holidays of June in addition, the Lunar Seventh Month starts on August 16,” According to Yip. “Thus we anticipate for more launch launches in the months of July through the middle of August.”

The majority of developers will begin launching their venture after they’ve received the required approvals, which includes the green signal by the Controller of Housing for the show flats, according to PropNex’s Gafoor. “Developers are less worried about what developer is launching or previewing at the same time,” he adds. “They are confident about their product’s strengths and are confident that they can attract buyers from surrounding regions. For buyers looking for homes this means that they’ll have a lot of projects to anticipate.”

With the rising interest rates and macroeconomic issues, many developers want to hit an average of 40% sales figure on the weekend of the launch, says Gafoor. “Selling hundreds of units during the weekend of launch means strong performance.”

In 1H2023 around 9 new ventures were unveiled (see the table). Huttons believes that this year will be finished with 20-30 projects being launched, based on the approvals of regulators, according to Yip. This is a far cry from the initial estimates of more than 40 launches in the beginning of the year.

“The rate of take-up for the recent launch have been high and could continue to increase for the forthcoming launch,” says Yip. “The number of units that are not sold in the market is at a low level, and there is plenty of liquidity. The buyers believe that property as an asset in tangible form is a safe security against inflation, and it is likely to appreciate in the mid to long.”

Read more: Novena has four brand-new semi-detached homes for sale, starting at $7.2 million each

Developers sold 1,038 homes that were not executive condos (ECs) during May the month of May, which was 17% over the sales of 887 in the previous month, based on the data released by URA on 15 June. This brings the total number of private homes sold to 3,181 units over during the initial five months.

The figures for May are the most private home sales for a new month in the month of May since 2022 which saw 1,355 new homes sold, says Christine Sun, senior vice director of research analytics for OrangeTee & Tie. This is also the five consecutive month of growth. With the addition of ECs sales grew to 16% between 909 and 1,055 units during May.

The sales were aided by the introduction of two major projects: The Reserve Residences and The Continuum which are both inside The Rest of Central Region (RCR). The two projects helped boost sales, developers launched a total of 1,595 units, excluding ECs available for sale in May, more than double the 798 units that were launched in the month before. This is the biggest annual launch in a month since Nov. 2021’s 1,283 units claims Chia Siw-Chuin from JLL’s chief of research in residential homes, research and consulting.

The Reserve Residences situated on Jalan Anak Bukit in District 15, sold 635 of the total 732 units that were released to the market in May. The Reserve Residences had 523 units sold for the median price of $2461 which makes it the top-selling private residential development in the in the month of May. Its Continuum is an 816-unit freehold development located situated at Thiam Siew Avenue recorded the sale of 225 units at the median price of $2,720 per square foot. Together, both projects have boosted the sales of the RCR which was recorded as 847 units during May. This is the equivalent of 82% of the total developer sales.

Within the Core Central Region (CCR) there were 152 new homes offered by developers in the month of May. This is fifteen% from developers’ total sales of new homes and the 26.9% fall m-o-m. The top-selling CCR projects comprise the Atelier that sold 22 units for an average price of $2,685 per square foot in May, and Pullman Residences Newton that sold 16 units for an average price of $3,278 per square foot.

The Outside Central Region (OCR) the number of new homes sold was 39 homes (4% of developers’ new home sales) which was bolstered by the absence of new launches and a tense inventory of unsold homes. “Based on URA statistics, of the massive market projects that have been put up to be sold in the OCR approximately 93% all homes (excluding EC) in the developments have already sold, leaving only a few choices for prospective buyers” says PropNex’s Wong. OCR unit sold during May show an 23.5% decline compared to the month prior.

A noticeable dip in purchases made by foreigners
The new private home sales that took place in May were mostly fueled by demand from the local market and local demand, which was reflected in Singaporean citizen and permanent resident (PRs) accounting for 85.5% and 11.1% of transactions, respectively. Chia Siew Chuin, the head of research and research for residential homes and consulting at JLL noting that demand from both categories of buyers is still strong despite cooling measures, increased rates for homes and rising interest rates. “Fundamental locally-based demand for private residences is strong, especially for projects that stand out with appealing characteristics and launches in areas where the demand for homes continues to outstrip the supply of private homes for sale,” she remarks.

However, the percentage of new homes owned by foreign buyers slowed. In May, foreign buyers bought 36 non-landed homes, making of 3.5% of non-landed new private home sales, as compared to the 8% that was recorded in April. PropNex’s Wong says that it’s the least amount of foreign buyers since the end of December 2021.

Lam Chern Woon, head of research and consulting at Edmund Tie, attributes the decrease to the doubled rate of additional Buyer’s Stamp Duty (ABSD) for foreigners, which has now risen to 60%. “The harsh ABSD rate for international buyers have certainly caused a lot of people to stop on their home buying journeys,” he comments.

Eugene Lim, key executive officer of ERA Realty Network concurs. “The CCR and RCR market that used to attract more interest from foreign buyers witnessed a noticeable reduction in transactions with foreign buyers. The number of units purchased by foreigners decreased from 38 units to 21 units within CCR as well as by 27 units to 13, in RCR,” he adds. In The Continuum The Continuum and The Reserve Residences The developments saw just two and three units bought by foreigners.

Lee Sze Teck, senior director of research at Huttons Asia, believes that the proportion of purchases made by foreigners will continue to decline over the months ahead. “There was a period of transition in May which allowed buyers to buy properties in the country that had been exercised before the 17th of May to fall under the earlier ABSD rates of 30%. Therefore, the full impact of the cooling measures will be apparent by June” He explains. Huttons estimate that the percentage of home purchases from foreign buyers could decrease to about 1% in the future.

The sales in June are expected to be more moderate
Looking ahead PropNex’s Wong anticipates that new residential sales of private homes to experience an increase in June, due to a lack of new launches but the number of transactions could increase next month, in light of a number of new projects being planned. “We anticipate the launch of sales for Lentor Hills Residences as well as The Myst in early July as well as Pinetree Hill, Grand Dunman along with Lake Garden Residence could potentially be on the market too,” she says. The five projects of The RCR and OCR will offer an overall total of over 2,800 homes.

Huttons’ Lee adds that Altura the executive condominium within Bukit Batok is scheduled to its launch in July. He expects a strong demand for the project, pointing out that it’s the first EC project to be launched in Bukit Batok in the last 22 years.

Leonard Tay, head of research at Knight Frank Singapore, expects local demand to remain the main driver of the demand for new homes in 2023, as new projects get underway. “Demand for new goods is expected to remain firm…so as long as the price is within the affordable levels for this type buyers,” he opines. The author adds that foreign homebuyers are likely to keep their eyes open at present to evaluate the effect of the new policies on the primary section of market. Knight Frank is maintaining its estimate of developers new home sales that will range from 77,000 and 8,000 units over the whole year.