Private Home Sales up in February 2023: A Comprehensive Analysis

Overview: A Promising Month for Private Home Sales

In February 2023, developers experienced a notable increase in private new home sales, reaching a total of 432 units sold (excluding executive condominiums) according to data from the Urban Redevelopment Authority (URA). This figure represents a 9.9% month-on-month growth compared to the 393 units sold in January 2023. Although the number of sales is still 20.3% lower than February 2022, and 28% below the average sales for the past five years in February, experts see this as a positive sign for the market.

Key Developments: Terra Hill and Gems Ville

Last month, the market saw the launch of two new projects: Terra Hill and Gems Ville. Terra Hill, a 270-unit freehold project developed by Hoi Hup and Sunway Developments, is located on Yew Siang Road. Gems Ville, on the other hand, is a 24-unit freehold boutique development along Lorong 13 Geylang.

Terra Hill emerged as the top-selling project in February, with 97 units sold at a median price of $2,699 psf. Its sales accounted for 22% of the total new private home sales for the month.

Sales Growth Driven by Core Central Region Projects

The Core Central Region (CCR) played a significant role in driving sales for February, with 51.4% of developer sales attributed to CCR projects. In total, 222 private housing units were sold in the CCR primary market, more than double the 107 units released in the previous month.

As stated by Tricia Song, the head of research for Southeast Asia at CBRE, seven out of the ten highest-performing projects in February were freehold developments located within the Core Central Region (CCR). Among them were Pullman Residences Newton, which sold 38 units at a median price of $3,171 psf, and Leedon Green, which sold 21 units at a median price of $2,943 psf.

Steady Foreign Demand for Luxury Homes

In February, foreign buyers also maintained a steady interest in the market. Non-permanent residents purchased 54 new homes, compared to 53 units in January. This marked the highest monthly sales to foreigners since June 2022. Most of these buyers chose luxury homes, with 35 new condos purchased in the CCR.

Looking Ahead: Upcoming Launches and Projections

Market experts anticipate that sales volumes in March will be supported by The Botany at Dairy Farm, a 386-unit project developed by Sim Lian Group. The 99-year leasehold project saw over 48% of its units taken up during its launch weekend at an average price of $2,070 psf.

Several other launches are expected to boost new home sales momentum in the coming months. These include Blossoms by the Park at Slim Barracks Rise by EL Development; Tembusu Grand at Jalan Tembusu by City Developments and MCL Land; The Continuum at Thiam Siew Avenue by Hoi Hup and Sunway Developments; and The Reserve Residences at Jalan Anak Bukit by a joint venture between Far East Organization and Sino Group.

Leonard Tay, head of research at Knight Frank Singapore, believes that these new launches may encourage more buyers to enter the market. He maintains a full-year projection for new private home sales of about 7,000 to 8,000 units for 2023. Other consultants’ forecasts also remain unchanged, ranging from around 7,000 to 9,000 units.

Upcoming New Condo East Coast Singapore

This article explores the luxury living experience offered by three upcoming East Coast Singapore condominiums: Tembusu Grand, The Continuum, and Grand Dunman. These high-end residences cater to discerning homeowners seeking a unique and opulent lifestyle in one of Asia’s most vibrant cities. Join us as we unveil the key development features and amenities of luxury living on Singapore’s picturesque eastern shoreline.

Why do people love living along the East Coast of Singapore? 

Among the notable features of Singapore’s eastern coastline is its proximity to the much-loved urban retreat, East Coast Park. Highly valued by the residents of this island country, the park offers a perfect getaway from the chaos of city life. So bask in the sunshine, delight in the sandy beaches, and engage in many enjoyable activities within this lush sanctuary.

• Picnics and Barbecues: Enjoy quality time with family and friends under swaying coconut palms.
• Themed Parks: Get active at the Water Ski Park, Xtreme SkatePark, and Coastal PlayGrove.
• Dining Options: Satisfy your taste buds with a diverse selection of local and international cuisines at East Coast Lagoon Food Village, East Coast Seafood Centre, and various establishments along the coast.

The Continuum – A Freehold New Launch Condo at East Coast’s Thiam Siew Ave in District 15

The Continuum is an exclusive freehold development in District 15. This remarkable new launch condominium by Hoi Hup Realty and Sunway Developments boasts 816 units spread across four blocks of 17 stories and two blocks of 18 stories. Located in the mature estate of Thiam Siew Avenue, The Continuum offers a variety of unit types ranging from 1 to 5-bedroom Penthouse units, including Signature and Prestige Collections.

The Continuum enjoys proximity to renowned primary schools such as Kong Hwa School, Haig Girls’ School, and Tanjong Katong Primary School. In addition, it is conveniently located within a short drive to popular eateries in Joo Chiat/Katong and the trendy Paya Lebar district, which features PLQ and Paya Lebar Square.

This development offers extensive amenities, including two sky gardens, a conservation clubhouse, and an overhead bridge linking the northern and southern sites. The units are north-south to maximize natural ventilation and avoid the direct afternoon sun.

Accessibility is a crucial feature of The Continuum, with Dakota and Paya Lebar MRT stations just a 10-minute walk away. As a result, residents will enjoy seamless connections to the Downtown, Bayfront, and CBD areas. The development also offers easy access to major expressways like KPE, PIE, ECP, and Nicoll Highway, making it a short drive to the CBD, Orchard Road, and Changi Airport.

Numerous shopping malls surround the KINEX, Kallang Wave Mall, Parkway Parade, i12 Katong, Paya Lebar Square, Paya Lebar Quarter, Singpost, and Suntec City Continuum. In addition, residents can relish the vibrant food scene of the East Coast, with Old Airport Road Market & Food Centre, Sims Vista Market, Geylang Serai Market & Food Centre, and Kallang Estate Market nearby.

The Continuum’s location is set to improve further with the URA Masterplan for Kallang, including the rejuvenation of the Kallang River and increased connectivity for pedestrians and cyclists. The Paya Lebar Central precinct is also part of the URA’s pilot Business Improvement District (BID) program, driving revitalization efforts and increasing employment opportunities for residents. Finally, the redevelopment of Paya Lebar Airbase in the 2030s will bring additional amenities and commercial hubs to the area, making The Continuum an excellent choice for potential homebuyers.

Tembusu Grand – A Luxurious New Launch Condo on East Coast along Jalan Tembusu Road in District 15

Tembusu Grand is a new launch condominium with a 99-year lease at Jalan Tembusu in the Katong neighborhood, District 15. Developed by City Developments Ltd (CDL) and MCL Land, this prestigious project features 638 residential units ranging from 1 to 5 bedrooms, including two 5-bedroom penthouses. The condo’s design is inspired by the heritage Tembusu trees and offers an array of facilities, including a concierge service, a 50m infinity lap pool, and two clubhouses.

Tembusu Grand is just an 8-minute stroll from Tanjong Katong MRT station on the Thomson-East Coast Line, ensuring seamless connectivity to the Marina Bay region and the city’s heart. For drivers, the development is close to the East Coast Parkway (ECP) and Marina Coastal Expressway (MCE), connecting residents to the city and Changi Airport in just 15 minutes.

The development is surrounded by prestigious schools, such as Tanjong Katong Primary, Kong Hwa School, Haig Girls’ School, and Tao Nan School. In addition, expatriate families will appreciate the proximity to the Canadian International School.

Residents will enjoy many shopping and dining options nearby, with malls like Parkway Parade, i12 Katong, and Paya Lebar Quarter within a short drive. In addition, the Katong and Joo Chiat enclave offers diverse food options, and several hawker centers are nearby.

Nature lovers will appreciate the proximity to East Coast Park, offering a variety of recreational facilities along Singapore’s longest park. As per URA Masterplan, future developments in the area include the transformation of Kallang Industrial Estate, the rejuvenation of Old Kallang Airport, and developments at the Kallang sports and entertainment hub.

With its strategic location, luxurious offerings, and excellent connectivity, Tembusu Grand is set to become a highly sought-after residence for homebuyers in Singapore.

Grand Dunman leasehold condo along Dunman Road, nearby Dakota MRT

Grand Dunman new launch condominium is a 99-year leasehold property in the desirable District 15 along Dunman Road. Offering approximately 1,000 residential units, this development is within walking distance to Dakota MRT station on the Circle Line, providing residents with easy access to the Central Business District, Paya Lebar, and Botanic Gardens.

Grand Dunman boasts an ideal location with many shopping malls nearby, including Paya Lebar Quarter, Singpost Centre, Paya Lebar Square, and KINEX. The area is also known for its diverse range of eateries, such as Old Airport Road Food Centre, cafes in the Katong/Joo Chiat vicinity, and dining options within the malls in Paya Lebar.

The development is close to prestigious schools like Kong Hwa, Tanjong Katong Primary, and Chung Cheng High School (Main). In addition, parents will benefit from the Ministry of Education’s home-school distance program, which calculates the shortest distance between schools and residences during Primary 1 registration exercises.

Grand Dunman residents will also enjoy the convenience of being near East Coast Park, providing various outdoor activities like Coastal Playgrove, Quad bike rentals, and glamping experiences. Additionally, healthcare facilities like clinics and Parkway East Hospital are near the development.

Developed by Sing-Haiyi Jade Pte. Ltd., a subsidiary of Sing-Haiyi Group, Grand Dunman promises to be a well-rounded residential development catering to diverse lifestyle needs in the heart of District 15.

Grand Dunman offers a luxurious living experience, with most units featuring unblocked views of the surrounding landed private housing estates. The development has been thoughtfully designed to cater to various family sizes and preferences, offering a range of unit types and configurations.

Grand Dunman is equipped with an array of facilities for recreation and relaxation, including a swimming pool, fitness center, barbecue pits, and landscaped gardens, allowing residents to enjoy an active and healthy lifestyle.

The development is well-connected to major expressways such as the East Coast Parkway (ECP), Pan-Island Expressway (PIE), and Kallang-Paya Lebar Expressway (KPE), providing easy access to various parts of Singapore. In addition, Changi Airport is a short drive away, offering convenience for frequent travelers.

Near Grand Dunman, there is a rich heritage and cultural scene, with the Katong and Joo Chiat areas well-known for their Peranakan architecture and history. Residents can explore charming shophouses, art galleries, and museums, immersing themselves in the unique local culture.

You can check out our in-depth review and analysis here: Grand Dunman condo review.

In conclusion, the allure of East Coast Singapore’s posh living is epitomized by the imminent arrival of three exquisite condominiums: Tembusu Grand, The Continuum, and Grand Dunman. Each development promises an unparalleled experience for those with discerning tastes, offering lavish amenities and prime locations along the picturesque eastern coastline. 

Meyer Park at Marine Parade: A Premium Seafront Property Set for Collective Sale at $420 Million

A Rare Opportunity in the Desirable District 15

Meyer Park, an exclusive freehold seafront condominium at 81 and 83 Meyer Road in Marine Parade, has been introduced for collective sale at a reserve price of $420 million. This remarkable opportunity allows developers to invest in the highly sought-after Meyer Road precinct, known for its luxury high-rise developments and stunning panoramic sea views.

Land Rate and Development Potential

The reserve price translates to a land rate of approximately $1,720 per square feet per plot ratio (psf ppr) after considering a development charge of $78.2 million. This charge includes a 7% bonus floor area. The site is zoned “residential” with a plot ratio of 2.8%, encompassing a land area of approximately 96,672 sq ft and an 88m frontage facing the sea. The maximum allowable gross floor area is about 289,628 sq ft, factoring in the bonus floor area of 7%.

Redevelopment Possibilities and Current Status

Built-in 1980s, Meyer Park currently houses 60 apartment units. According to Ms. Swee Shou Fern, Head of Investment Advisory at Edmund Tie, the exclusive marketing agent for this property, the new development can accommodate up to 251 units. The site boasts expansive, uninterrupted sea views to the south and a clear, open vista over a Mountbatten bungalow enclave to the north. The combination of these factors will undoubtedly appeal to prospective home buyers.

Comparing Prices with Nearby Properties

Recent transactions at Meyer Park include a high-floor 1,808 sq ft unit that sold for $2.565 million in July 2020, amounting to a psf price of $1,418. In March the same year, a larger low-floor 2,659 sq ft unit was transacted for $3.6 million, or $1,354 psf. Another unit of the same size but on a higher floor went for $4.075 million, or $1,533 psf, in August 2019.

In comparison, units at GuocoLand’s Meyer Mansion project, located near 79 Meyer Road, have been transacted at prices ranging from $2,403 to $3,293 psf since its launch in September 2019. The residential development is still under construction, with an estimated temporary occupation permit (TOP) expected in 2024.

A Prime Location with an Abundance of Amenities

Meyer Park’s strategic location offers residents a perfect blend of tranquil city-fringe living and a robust network of amenities. Nearby malls include Parkway Parade and i12 Katong, while heritage shophouses provide a unique selection of retail and food and beverage businesses. Schools in the vicinity include Tao Nan Primary School, Dunman High School, and Victoria Junior College, among others.

The Collective Sale Tender

This marks the first time Meyer Park has obtained the required 80% owners’ consent for a collective sale, despite four previous attempts. The sale tender for 81 and 83 Meyer Road is set to close on September 9 at 3 pm. Developers seeking to replenish their land banks will appreciate this site’s exclusive location and palatable size, which is ideal for a mid-sized luxury high-rise development.

Upcoming New Condominium in District 15 – East Coast

Grand Dunman is the upcoming Dakota new launch condo leasehold residential development located in District 15 at 409 Dunman Road, Singapore. The project comprises a mix of apartment units, with sizes ranging from 1 to 4 bedrooms. Residents can enjoy an array of lifestyle amenities, including a swimming pool, gymnasium, and BBQ area. Grand Dunman is well-connected, with Dakota MRT Station and Paya Lebar MRT Interchange nearby, and offers easy access to major expressways. Shopping malls, reputable schools, and East Coast Park are within close proximity, making Grand Dunman an ideal choice for modern living. Register now for an early show flat preview today: https://thegranddunman.sg/view-showflat/

Tembusu Grand: Exceptional Weekend Sales Amid Economic Challenges

Tembusu Grand Achieves 53% Sales at $2,465 PSF

City Developments Ltd (CDL) and MCL Land’s latest joint project, Tembusu Grand, experienced an impressive opening on April 8th, with a take-up rate of 53.3%. Out of 638 units, 340 were sold at an average price of $2,465 PSF, illustrating the resilience of homebuyer demand in the face of economic uncertainties and increasing interest rates.

Overwhelming Interest: 14,000 Visitors During the Preview

The preview of Tembusu Grand attracted 14,000 visitors across two weekends leading up to the official launch. Singaporeans accounted for 90% of the buyers, while the remaining 10% comprised Permanent Residents (PRs) and foreigners from countries such as China, Malaysia, and the United States.

Diverse Range of Unit Sizes and Prices

Tembusu Grand offers a wide selection of unit sizes, catering to different buyer preferences:

• One-bedroom plus study: 527 sq ft
• Two-bedroom: 667 sq ft
• Three-bedroom: 990 sq ft
• Four-bedroom: 1,432 sq ft
• Five-bedroom: 1,711 sq ft
• Penthouses: 2,691 sq ft each

Apartment prices at Tembusu Grand begin at $1.248 million for one-bedroom plus study units, followed by $1.548 million for two-bedroom units, $2.278 million for three-bedroom units, $3.288 million for four-bedroom units, and $4.028 million for five-bedroom units. These competitive prices cater to various homebuyers, from first-time purchasers to seasoned investors.

High Demand in the Rest of Central Region (RCR)

With over 50% of units sold on the first day, Tembusu Grand has become the best-selling project in the RCR, according to Mark Yip, CEO of Huttons Asia. Over 70% of units sold were one-bedroom-plus-study, two-bedroom, and two-bedroom-plus-study types, with most buyers being investors or first-time homebuyers.

The popularity of Larger Units and Family-Friendly Locations

The 3 and 3 Bed + Study apartments were equally popular, with many units sold. Larger units, including 3, 4, and 5 bedrooms, accounted for almost 30% of the units sold. Ismail Gafoor, CEO of PropNex, notes that the project’s competitive pricing helped it gain traction among investors and upgraders, even amid the current economic climate.

Tembusu Grand’s appeal extends beyond investors, with families being attracted to the development’s proximity to reputable schools such as Tanjong Katong Primary School, Haig Girls’ School, Kong Hwa School, Tao Nan School, Tanjong Katong Girls’ School, Chung Cheng High School (Main).

Convenient Connectivity and Amenities

The project’s prime location, within an eight-minute walk to the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line, further adds to its appeal. In addition, residents enjoy easy access to the CBD, Marina Bay financial district, and Changi Airport via major expressways like the East Coast Park Expressway, Pan-Island Expressway, and Kallang-Paya Lebar Expressway.

The vibrant neighborhood surrounding Tembusu Grand offers a plethora of hip cafes, trendy shops, and various dining options, enhancing the living experience for its residents. CDL Group CEO Sherman Kwek emphasizes that the strong demand for Tembusu Grand reflects the appeal of well-designed homes in this sought-after locale.

Strong Track Record and Pent-up Demand

Ken Low, Managing Partner of SRI, attributes the average sale price of $2,465 PSF at Tembusu Grand to the solid track record and popularity of the District 15 neighborhood. In addition, the lack of launches in the previous year has also contributed to the pent-up demand for new projects in the area.

CDL and MCL Land’s previous project launches, Piccadilly Grand and Copen Grand, also achieved strong results on their opening days. 88.2% of the 407-unit Piccadilly Grand, located at Farrer Park, has been sold. These units’ average selling price is $2,130 PSF, reflecting the project’s strong market performance. In contrast, the 639-unit executive condo Copen Grand at Tengah Garden Walk was entirely sold within a month of its launch at an average price of $1,334 PSF.

Upcoming Launches and Market Outlook

Huttons’ Yip notes that the current unsold residential inventory is 16,152 units. With a below-average completion of new homes expected from 2024, the market outlook remains favorable for upcoming launches in 2023 and potential homebuyers this year.

The sales results at Tembusu Grand demonstrate buyer confidence in more significant developments, according to PropNex’s Gafoor. In addition, the strong performance of the 638-unit project is anticipated to positively impact other upcoming launches, such as Blossoms by the Park, Dunman Residences, and The Continuum.

In conclusion, the exceptional sales performance of Tembusu Grand, despite economic challenges and higher interest rates, highlights the strong demand for well-designed homes in prime locations. The project’s diverse unit sizes, family-friendly location, and convenient connectivity have made it popular among investors, upgraders, and families. The positive market outlook for upcoming launches further signifies the resilience of Singapore’s property market in the face of uncertainties.

SingHaiyi Group Secures Dunman Road GLS Site with a Winning Bid of $1.284 Billion

SingHaiyi Group’s Dominant Position in the Dunman Road GLS Tender

SingHaiyi Group has emerged as the highest bidder for the Government Land Sales (GLS) site at Dunman Road, with a winning bid of $1.284 billion, which translates to $1,350 per square foot per plot ratio (psf ppr). This is a significant achievement for the property developer, as the Dunman Road site received just two bids. The runner-up offer, tendered by a group consisting of City Developments Ltd (CDL), TID and Hong Leong Group, amounted to 1,122 per square foot/ $1.067 billion. The name for the development has been released and will be called Grand Dunman. https://thegranddunman.sg/

Market Insights: Developers’ Cautious Approach to Residential Sites

The limited number of bids for the Dunman Road site indicates a cautious approach by developers in acquiring residential sites, particularly larger ones. According to Ong Teck Hui, JLL’s Senior Director of Research & Consultancy, this caution stems from the low unsold inventory and recent successful Piccadilly Grand and Liv@MB launches. In addition, the significant 20.3% gap between the top and second-highest bids reflects a restrained effort to compete by the lower bidder.

This tender highlights that billion-dollar sites are low demand in the current market due to the risks associated with the capital outlay and the challenge of marketing over 1,000 units within the deadline of five-year deadline to obtain the Additional Buyer’s Stamp Duty (ABSD) remission.

Comparing the Dunman Road Tender with Other GLS Tenders

The percentage difference between the two bids for the Dunman Road site is the widest for a residential GLS tender since the Jalan Jurong Kechil tender closed in September 2018. Nicholas Mak, Head of Research & Consultancy at ERA Realty Network, reports that the difference between the top and second-highest bids in the Jalan Jurong Kechil GLS tender was 31.3%.

SingHaiyi’s successful bid of $1,350 per square foot per plot ratio (psf ppr) for the coveted property development project is approximately 4% higher than the $1,302 psf ppr paid by CDL for the GLS site located at Jalan Tembusu in District 15, which concluded in January earlier this year. The competitive bidding process indicates the robust demand for prime real estate in the area and underscores the value that both SingHaiyi and CDL place on these high-profile developments. The Jalan Tembusu site, which could yield around 640 units, attracted eight bids at the close of its tender.

Potential Development of the Dunman Road Site

The Dunman Road site has the potential to be developed into a new residential project comprising approximately 1,040 units.

In the highly sought-after District 15, two significant property developments are gearing up for launch: the Jalan Tembusu GLS site and the Thiam Siew Avenue site with freehold tenure, acquired en bloc by a joint venture between the esteemed Hoi Hup Realty and Sunway Developments in November last year. These remarkable developments are poised to offer a wide range of amenities and luxurious living options for those seeking the perfect blend of convenience and luxury. In addition, the Thiam Siew Avenue site can be developed into a new 820-unit condominium project.

Tricia Song, the Head of Research for Southeast Asia at CBRE, has observed that despite the highly desirable location of the Dunman Road site, the number of bids received for it was relatively low. She believes that the site’s large size and competition from new developments at Jalan Tembusu and Thiam Siew Avenue are the primary reasons for this. According to her estimates, the upcoming residential project at Dunman Road, Grand Dunman Price could be launched at $2,200 to $2,300 per square foot per plot ratio (psf ppr) – estimated.

Investment Potential in District 15 Properties

The competitive bidding for the Dunman Road site and the upcoming developments in District 15 demonstrate the strong investment potential of properties in this area. With the enhanced connectivity offered by the Thomson-East Coast Line, the value of properties in District 15 is expected to appreciate in the long term.

Furthermore, the limited supply of residential land in District 15, combined with the increasing demand for properties in prime locations, acquires properties in this area as a potentially lucrative investment opportunity.

Overall Outlook for Singapore’s Property Market

In property development, the prudent strategy employed in obtaining residential locales, exemplified by the Dunman Road GLS tender, signifies a more deliberate and cautious approach amidst prevailing market dynamics. Developers endeavor to present superior-quality ventures, aligning with the metamorphosing inclinations of domicile purchasers and investors while remaining vigilant of the hazards inherent in large-scale undertakings.

Notwithstanding this conservative attitude, the real estate sphere in Singapore persists in demonstrating tenacity, propelled by elements such as a fortified, unswerving economy and a heightened appetite for properties situated in preeminent locales. By the mutable terrain, developers are anticipated to maintain their concentration on cultivating worth for their constituents while addressing the requisites and preferences of home acquirers and financiers.

Seaside Residences: A Gem Amidst East Coast’s Scenic Seascapes

Seaside Residences is an exemplary seaside development strategically located on Singapore’s East Coast, boasting unparalleled sea views, luxurious amenities, and seamless connectivity. This prestigious project by Frasers Property, Sekisui House, and Keong Hong Holdings sets a new benchmark for sustainable and innovative coastal living.

Embracing the Sea: Unrivalled Views and Thoughtful Design

Seaside Residences features four 27-story towers deliberately designed to optimize the breathtaking sea views. With approximately 80% of the 841 units offering uninterrupted panoramas, residents can fully appreciate the scenic coastline through full-height glazed windows and generous balconies.

The award-winning ADDP Architects have masterfully arranged the towers with a north-south orientation to reduce heat load and energy consumption. Their innovative approach to sustainability and design excellence has garnered Seaside Residences numerous accolades, including the EdgeProp Singapore Excellence Awards 2022 for Design Excellence, Sustainability Excellence, and Top Development for Completed Projects in the Non-Central Area.

Luxurious Amenities: Elevating the Living Experience

At Seaside Residences, an array of top-notch amenities is available, enriching the daily lives of its residents. The development features a 115-meter infinity pool, a covered bicycle park with 140 parking spots, and a pet pavilion. In addition, landscaped greenery and EV charging stations enhance the eco-friendly, upscale lifestyle.

A triple-story communal sky terrace connecting the 14th to 16th floors provides a residents’ lounge, reading lounge, and viewing deck, ensuring all occupants can access the mesmerizing 45-meter panoramic sea view. In addition, horizontal and vertical sunscreens on the eastern and western facades minimize solar heat gain, demonstrating Seaside Residences’ commitment to sustainability.

Seamless Connectivity and Proximity to Amenities

Seaside Residences is three minutes from the upcoming Siglap MRT Station on the Thomson-East Coast Line. In addition, an underground link connects residents to East Coast Park, offering easy access to the beach and recreational facilities.

Families will appreciate the development’s proximity to reputable schools, including Victoria School, Tao Nan School, CHIJ (Katong) Primary School, Opera Estate Primary School, and St Stephen’s School, all within a 1 to the 2-kilometer radius.

Versatile Unit Layouts: Catering to Diverse Needs

Seaside Residences offers diverse unit types, from studios to five-bedroom apartments, spanning 424 sq ft to 2,690 sq ft. Three-bedroom and larger units feature a flexible room adjacent to the kitchen, perfect for a helper’s room, study, walk-in pantry, wine cellar, or additional storage. This flex-space concept, pioneered by ADDP Architects, adds versatility and convenience to the living experience.

Every unit also includes a “Living Closet” or “Liveco,” a dedicated storage area with shelves and racks to accommodate various household items. This innovative space-saving solution reflects the developers’ commitment to delivering practical and functional homes.

A New Benchmark for East Coast Living

Seaside Residences redefines the East Coast living experience with its harmonious blend of sustainable design, luxurious amenities, and strategic location. With breathtaking sea views, versatile living spaces, and seamless connectivity, this development sets a new standard for coastal living and enhances the overall appeal of the East Coast neighborhood.

Upcoming New Launch Condominium along Singapore’s East Coast District 15

The distinguished Grand Dunman Condo, an exceptional condominium with a 99-year leasehold, prepares for its highly-anticipated debut along the esteemed Dunman Road in the much-coveted District 15. The development boasts an advantageous location, situated only a short distance from the Dakota MRT station on the Circle Line, which provides unmatched connectivity for the esteemed residents.

The Grand Dunman, with its estimated 1,040 residential units, aims to offer a wide range of amenities to cater to future homeowners’ diverse lifestyles and preferences. Most units have unimpeded views of the landed private housing estate, enhancing the quality of living.

Additionally, the Grand Dunman takes pride in its proximity to prestigious educational institutions such as Kong Hwa School, Tanjong Katong Primary School, and Chung Cheng High School, making it an ideal choice for families seeking a blend of luxury and convenience in a prime location. Register to be updated on the latest Grand Dunman Floor plans and layouts.

Expanding Singapore: A Comprehensive Look at Bayshore’s Future Developments

Introduction

Singapore has announced plans to clear approximately 31 hectares (ha) of forested land near East Coast Park to make way for housing developments and a connecting road in the upcoming Bayshore precinct. This comprehensive article provides an in-depth look at the future developments in the area, including the integration of the Thomson-East Coast Line, the environmental impact assessment report, and Singapore’s ongoing efforts to balance urban development and nature conservation.

Bayshore Precinct along Singapore’s East Coast

The Bayshore area, situated on reclaimed land, has been designated for housing development since 2003. The precinct’s plans encompass a mix of public and private homes served by two future MRT stations on the Thomson-East Coast Line. Site clearance works are slated to commence in 2023, spanning three phases, with completion estimated by 2029. The construction of housing developments will follow, taking approximately four to six years.

Thomson-East Coast Line Integration

The Bayshore and Bedok South MRT stations, set to be operational by 2023, will serve the Bayshore precinct. These stations are part of the Thomson-East Coast Line, which will enhance connectivity and provide residents greater access to other parts of Singapore.

Environmental Impact Assessment Report

The Housing and Development Board (HDB) recently published an environmental impact assessment report prepared by DHI Water and Environment Consultancy for HDB and the Land Transport Authority (LTA). The report included baseline ecological surveys conducted between April and July and an environmental plan covering the affected area’s ecology.

The study recorded a total of 196 flora species, with 16 deemed to be of local conservation significance. Additionally, 147 fauna species were documented, six of which are bird species considered to be of local conservation significance. Despite these findings, the report deemed the habitats and biodiversity within the study area to be of “minor to moderate” conservation value.

The report also predicted several “irreversible” ecological impacts of construction and operational phases. These include habitat loss, injury or mortality to existing fauna, human-wildlife conflict, and bird-building collisions. The majority of the adverse effects were determined to be of minimal to minor importance, with the exception of the destruction of the habitats of plants and animals during the construction phase, which was projected to have a moderately substantial impact, even after the implementation of mitigation strategies.

Recommended mitigation measures include:

• Transplanting conservation-significant flora species.
• Avoiding barbed wire around work sites.
• Avoiding peak bird breeding and nesting seasons.
• Targeting four animal species for trapping and translocation during clearance works.

Balancing Urban Development and Nature Conservation

Clearing forested areas in Bedok highlights Singapore’s ongoing challenge of balancing urban development with nature conservation. The authorities continue to seek feedback and input from the public to ensure that environmental considerations are taken into account in the planning process.

A recent example of this balancing act can be seen in the Ulu Pandan area, where concerns over the fate of Dover Forest led to a public debate. After receiving feedback on an environmental study, the authorities decided to develop the eastern half of Ulu Pandan, approximately one-third of the land, for public housing. In contrast, the western half, considered to have richer biodiversity and more threatened flora species, will be left untouched in the medium term. However, plans for this portion of land will be revisited in about a decade.

Conclusion

The upcoming Bayshore precinct will significantly change the East Coast Park area, with housing developments and connecting roads built on approximately 31 hectares of forested land. As Singapore grows, balancing urban development with nature conservation remains crucial to the city-state’s planning process.

Integrating the Thomson-East Coast Line will provide improved connectivity for residents, and the environmental impact assessment report highlights the importance of considering ecological factors in urban development projects. By engaging the public and implementing mitigation measures, Singapore aims to minimize the adverse effects on the environment while continuing to develop its infrastructure to meet the needs of its population.

For more info visit: https://www.ura.gov.sg/Corporate/Planning/Master-Plan/Regional-Highlights/East-Region

Singapore’s Private Home Prices Up by 3.2% in Q1 2023: Unveiling the Key Drivers and Future Outlook

Overview: A Robust Growth in Private Residential Property Prices

In Q1 of 2023, Singapore’s private residential real estate market witnessed a noteworthy augmentation of 3.2% q-o-q, as divulged by the Urban Redevelopment Authority’s (URA) preliminary calculations. This advancement outpaced the preceding trimester’s 0.4% upswing, with y-o-y valuations soaring by 11.3%. This composition probes the elements spurring this escalation, the comportment of landed and non-landed domiciles, and the prospective trajectory of Singapore’s exclusive abode sector.

Main Growth Factors: New Projects and Unwavering Housing Demand

The upswing in private residential prices can be attributed to a few factors. First, new projects launched in the last quarter, such as the 270-unit Terra Hill at Yew Siang Road, fueled the growth. Second, unwavering housing demand persisted despite economic challenges, including higher interest rates, weaker economic growth, and increased buyer stamp duties for high-value properties.

Wong Xian Tang, Head of Research for Singapore and Southeast Asia at Cushman & Wakefield, highlights that the continued growth in private residential prices reflects the robust housing demand. Similarly, independent property market observer Nicholas Mak emphasizes the market’s resilience following the cooling measures announced in September 2022.

Performance of Landed and Non-Landed Properties

Landed Properties: Strong Demand Driving Price Growth

In Q1 2023, landed property prices rose by 5.7% q-o-q, with sales at Pollen Collection, a 132-unit development in Seletar Hills by Bukit Sembawang, contributing to this growth. Tricia Song, Head of Research, Southeast Asia, at CBRE, points out that the median prices for terraced houses at Pollen Collection increased from $1,893 per square foot (psf) in Q4 2022 to $2,199 psf in Q1 2023.

Leonard Tay, Head of Research at Knight Frank Singapore, notes that the demand for landed properties remains strong, as buyers are willing to pay a premium for this scarce housing format in high-rise Singapore.

Non-Landed Properties: Faster Price Growth Led by Rest of Central Region

Non-landed property witnessed a 2.5% quarterly augmentation, surpassing the prior quarter’s 0.3% escalation. Consequently, the Rest of the Central Region (RCR) underwent a 4% quarterly appreciation, while the Outside Central Region (OCR) and Core Central Region (CCR) observed ascents of 1.9% and 1% quarterly, in that order.

The launches of new projects like Terra Hill in RCR, Seneca Residence in Tanah Merah, and The Botany at Dairy Farm in Dairy Farm Walk contributed to this growth, achieving prices of $2,650, $2,072, and $2,070 psf, respectively.

Future Outlook: Cautious Optimism Amid Economic Headwinds

Despite the robust growth, Song from CBRE expects a more cautious sentiment among buyers in the coming months due to high-interest rates, tighter financing conditions, and a slowing economy. However, she maintains her forecast of 7,500 to 8,500 new private home sales in 2023, considering upcoming launches such as Tembusu Grand, The Continuum, and Lentor Hill Residences.

A mega development to be unveiled is the upcoming Grand Dunman Condo, a luxurious new condominium development set to debut in the highly sought-after Dakota district in Q3 of 2023. This prestigious development has been designed to embody opulence and elegance and promises to redefine modern living within an esteemed neighborhood.

Wong from Cushman & Wakefield anticipates private home prices to experience favorable growth in 2023, albeit at a slower pace of approximately 3% to 5%, compared to the 8.6% surge recorded last year. He identifies several factors supporting this growth, including a stable job market, sustained HDB upgraded demand due to rising HDB resale prices, China’s reopening, and low unsold inventory levels.

The Role of Foreign Buyers in Singapore’s Residential Property Market

In Q1 2023, the local residential property market witnessed a resurgence of foreign buyers. Lee Tze Teck, Senior Director of Research at Huttons Asia, reveals that out of the 1,403 new project units sold, foreign buyers purchased an estimated 127 units, as per caveats as of March 31. Top projects favored by foreign buyers in Q1 2023 include Riviere, Klimt Cairnhill, Perfect Ten, Leedon Green, Pullman Residences and The Botany at Dairy Farm.

Conclusion: A Market Poised for Continued Growth Amid Economic Challenges

Singapore’s private residential property market has demonstrated remarkable resilience in Q1 2023, with private home prices growing by 3.2% q-o-q. New project launches, relentless housing demand, and the resurgence of foreign buyers have driven the market’s performance. While economic headwinds may result in a more cautious sentiment among buyers, experts maintain a positive outlook for the sector, with upcoming launches potentially driving demand and prices expected to experience moderate growth throughout 20

Navigating the 2023 Real Estate Investment Landscape in Singapore: A Comprehensive Analysis

A Cautious Beginning to 2023 for Singapore Real Estate Investments

As global real estate firm Knight Frank reports, Singapore’s real estate investments in 2023 began on a cautious note. The Q1 update for the year highlights total of $4.2 billion in investment sales, which is a reduction 61% year-on-year as compared to the $10.8 billion recorded during the same period in 2022. 

Residential Deals Reach $1.6 Billion.

Residential deals in the first quarter of 2023 amounted to $1.6 billion, encompassing collective sales for Meyer Park, Bagnall Court, and Holland Tower, which totaled approximately $583.8 million. The sale of Holland Tower marks the first successful residential en bloc transaction in the Core Central Region (CCR) since property cooling measures were introduced in December 2021. This indicates a potential resurgence of interest in prime location development sites as China reopens its economy.

However, the en bloc environment remains challenging due to the substantial disparity in price expectations between sellers and developers. From 2021 to now, collective sales have achieved a success rate of around 33%, compared to the 63% success rate observed during 2017-2018.

Commercial Market Sees Muted Activity, Industrial Sector Gains Momentum

While the commercial market was subdued mainly in the first quarter of 2023, the sale of 39 Robinson Road to Yangzijiang Shipbuilding for $399 million and the acquisition of a 50% stake in Nex by Frasers Centrepoint Trust and Frasers Property for $652.5 million were notable transactions. These deals contributed to the total sales in the sector reaching $1.9 billion.

In contrast, the industrial sector experienced a 62.8% quarter-on-quarter increase in investment sales, amounting to $681.1 million. This is primarily due to the market’s focus shifting while it awaits the potential repricing of assets in the commercial sector. Key industrial deals during the quarter included M&G Real Estate’s acquisition of four Cycle & Carriage properties for approximately $333 million and Ho Bee Land’s disposal of 12 and 31 Tannery Lane for $115 million.

Market Outlook: Challenges Ahead Before Stability Returns

Knight Frank anticipates that the pace of investment activity in Singapore’s real estate market will worsen before improvements are observed. Macroeconomic uncertainties and turbulence in the global banking sector have led to financing challenges for buyers, investors, developers, and banks alike. These challenges are expected to persist until there are visible signs of global economic and financial stability.

As a result, investors are predicted to remain cautious, monitoring the market for signs of repricing before making their next moves. Knight Frank has consequently revised its projections for full-year investment sales from a range of $22 billion to $25 billion down to a range of $20 billion to $22 billion.

Conclusion

The Singapore real estate investment market has started 2023 on a cautious note, with a considerable decrease in investment sales compared to the previous year. The residential and industrial sectors experienced some noteworthy deals, while the commercial market remained relatively quiet. As the market navigates ongoing challenges and uncertainties, investors are expected to remain prudent and watchful for signs of stabilization and repricing before making an investment decision.

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