Upcoming Property Launches in 2023: What to Keep an Eye On

There are expected to be a significant number of new private residential developments launched in 2023. Last year saw 21 such projects launched, and analysts predict that this number could increase to between 30 and 40 in the coming year. These new developments are expected to add between 10,000 and 12,000 new homes to the market.

According to estimates from analysts, around half of these new units will be located in the Rest of Central Region (RCR), which refers to areas on the city fringe. Another 30% are expected to be built in the Outside Central Region (OCR) or suburbs, while the remaining 20% will be located in the prime Core Central Region (CCR).

There are already some new private property developments open for preview since the start of the year, and it is expected that a further 10 projects could hit the market within the next three months. Ismail Gafoor, CEO of PropNex Realty, has said that he expects some buyers who have previously held back from purchasing due to a lack of suitable options to target these new launches, which should help to meet pent-up demand, particularly for OCR homes.

Analysts also predict that property prices will stabilize in 2023, with growth slowing but not falling. Tricia Song, head of research for Southeast Asia at CBRE, has said that developers may pass on higher land and construction costs to buyers, but that price growth is expected to be slower than the 8.4% seen in 2022 and the 10.6% in 2021.

Dr Lee Nai Jia, head of real estate intelligence – data and software solutions at PropertyGuru, has commented that the performance of new launches in 2023 is likely to be strong, but will be linked to the limited options currently available in the market. Overall, the expectation is that the addition of these new private residential developments will help to meet demand and contribute to a stabilizing property market.

Are you interested in purchasing at a new launch in 2023? Here are some of the projects to look out for:

Sceneca Residence
What: Part of a mixed-use development with a mall, linked to Tanah Merah MRT station
Where: 26, 28 Tanah Merah Kechil Link (District 16) 
Number of units: 268
Tenure: 99 years
Price range (indicative): From S$958,000 to more than 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 date for Temporary Occupation Permit (TOP): Q2 2026
Developers: MCC Land, Ekovest Development and The Place Holdings

The Botany @ Dairy Farm
What: Condominium near nature parks in Bukit Panjang
Where: Dairy Farm Walk (District 23)
Number of units: 386
Tenure: 99 years
Target preview: Feb 4, 2023
Developer: Sim Lian Group

Terra Hill
What: Nine blocks with five storeys, a few minutes’ walk from Pasir Panjang MRT station 
Where: 18 Yew Siang Road (District 5)
Number of units: 270Tenure: Freehold
Target preview: Feb 10, 2023
Target booking day: Feb 25, 2023
Target TOP: 2026
Developer: Hoi Hup Realty and Sunway Developments

Blossoms by the Park
What: Residential development with shops on B1, 1st and 2nd storeys
Where: 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
Developer: EL Development (Buona Vista)

Lentor Hills Residences
What: Condominium near Lentor MRT Station 
Where:  Lentor Hills Road (District 20)
Number of units: 598
Tenure: 99 years
Target preview: Q1 2023
Developers: Hong Leong Holdings, GuocoLand and TID

The Reserve Residences
What: Integrated development with direct access to Beauty World MRT station and bus interchange
Where: 5 Jalan Anak Bukit (District 21)
Number of units: About 740
Tenure: 99 years
Target launch: 1H 2023
Developer: Far East Organization and Sino Group

Tembusu Grand
What: 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.
Where: 92, 94, 96, 98 Jalan Tembusu (District 15)
Number of units: 638 Tenure: 99 years
Target preview: 1H 2023 
Target TOP: 2027 
Developer: City Developments and MCL Land

The Continuum
What: Freehold development in the east near Joo Chiat
Where: 23 Thiam Siew Avenue (District 15)
Number of units: 805
Tenure: Freehold
Target TOP: 2027
Developer: Hoi Hup Realty and Sunway Developments

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