After a strong 2021 where total transaction volumes for new launch private non-landed properties amounted to 12,574 for the whole year (a 34 per cent increase y-o-y), what are the next highly anticipated new launches for 2022?
The Singapore property market had a robust 2021 with private residential transactions at 28,734 units (excluding ECs), a large 57 per cent increase from 2020, when a total 18,295 units were transacted. This and the increasing prices are probably the reason for the new cooling measures announced at the end of the year.
Despite the cooling measures, we at lushhomemedia.com expect buyers demand for properties to remain high due to the impact from construction delays, the need for larger living spaces due to work from home, and the Singaporean dream of owning their own space. So what are the upcoming new launches that are due in 2022?
Scheduled for launch in 2022 are 41 new private residential projects, with a total of 5,389 units of which 22% are in the Core Central Region (CCR), 37% in the Rest of Central Region (RCR), and 41% in the Outside Central Region (OCR). However, while the number of projects is higher than 2021’s, the number of available units is much smaller at 5,389. Also, the new cooling measures on 16 December 2021 may see developers push back their new launches or release fewer units for sale.
NORTHUMBERLAND (FARRER PARK) MIXED DEVELOPMENT
First up, a highly anticipated mixed used development, a mixed development at Northumberland Road will be launching soon. This new project comprises of 408 residential units of up to 23 storeys high, with commercial retail space, childcare and infant care on the ground floor. Residents and shoppers will enjoy direct access to Farrer Park MRT station on the North East Line, with Dhoby Ghaut MRT station, a triple-line MRT interchange, only two stops away.
INTEGRATED DEVELOPMENT AT JALAN ANAK BUKIT
Another integrated development that will likely see a high interest is at Jalan Anak Bukit. The new project is set to be the most noteworthy development in the Beauty World precinct, standing at the crossroads of Lower and Upper Bukit Timah, Jurong Kechil and the Pan Island Expressway. Buyers can expect an attractive mixed development of some 845 residential units with amenities and travel convenience from the nearby Beauty World MRT Station.
MIXED-USE DEVELOPMENT AT MARINA VIEW
One of the projects that is likely to command strong interest if launched this year will be the mixed-use development at Marina View. As mega development with some 905 residential units, Marina View is expected to attract buyers due to its CBD location in Marina Bay, next to Shenton Way MRT Station. It will also be the first residential project launch in the Marina Bay area since Marina One Residences in 2014.
REDEVELOPMENT OF FUJI XEROX TOWER, AXA TOWER
In the CBD, a couple of office towers look set to capitalise on the Urban Redevelopment Authority’s CBD Incentive Scheme where developers can get higher plot ratios of 25 to 30 percent if they convert eligible office blocks built more than two decades ago into mixed-use developments.
First, the Fuji Xerox Tower site will likely see a 51- storey mixed-use commercial, residential and serviced apartment tower with a gross floor area GFA of 655,000 sqft. Around 60 per cent of GFA for residential units for sale and serviced apartments for lease.
Next, the AXA Tower site is expected to see a mixed-use project with 268 apartments, 100 hotel rooms, 847,808 sqft GFA of offices and 86,187 sqft of retail space.
FREEHOLD SITE AT THIAM SIEW AVENUE
Two luxury high-rise condominiums with more than 800 units are expected to be launched at the freehold site at Thiam Siew Avenue. They is located within walking distance to two MRT stations, Paya Lebar Interchange MRT Station (for the East-West and Circle Lines) and Dakota MRT Station on the Circle Line. The sites are poised to benefit from their proximity to Paya Lebar Central precinct, URA’s first Business Improvement District pilot program outside the CBD.
MIXED-USE DEVELOPMENT AT TANAH MERAH KECHIL LINK AND BEDOK POINT
Buyers looking at the east of Singapore can look forward to the new launches at Tanah Merah Kechil Link and the redevelopment of Bedok Point.
The site at Tanah Merah Kechil Link is located about five minutes’ walk from Tanah Merah MRT station, This 99-year leasehold development will be a relatively small and exclusive project, with an integrated shopping mall on the lower floors and 265 residential units above. It will offer easy access via MRT to Changi Airport and Expo, making it ideal for those who work in the area.
The current Bedok Point mall will make way for a residential development with commercial units on the ground floor. The new project at New Upper Changi Road is situated in an excellent location in the heart of a mature town at less than 2 minutes’ walk to Bedok MRT station.
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