This year, new launch projects in the Core Central Region (CCR) have performed exceptionally well. Investors have snapped up units in CCR projects such as Irwell Hill Residences, Midtown Modern, and Jervois Mansion, which are among the top 10 based on sales percentage.
Table 1: Top 10 New Launches in 2021 (by Sales Volume)
| Project Name | Launch Date | Region | Units Sold | Average Price (PSF) | Total Units | Sell-Through Rate (%) |
|---|---|---|---|---|---|---|
| Normanton Park | Jan | Rest of Central Region (RCR) | 1,452 | $1,779 | 1,862 | 78.00 |
| CanningHill Piers | Nov | Rest of Central Region (RCR) | 579 | $2,992 | 696 | 83.19 |
| Pasir Ris 8 | Jul | Outside Central Region (OCR) | 428 | $1,598 | 487 | 87.90 |
| Irwell Hill Residences | Apr | Core Central Region (CCR) | 407 | $2,666 | 540 | 75.37 |
| Midtown Modern | Mar | Core Central Region (CCR) | 403 | $2,723 | 558 | 72.22 |
| The Reef at King’s Dock | Jan | Rest of Central Region (RCR) | 381 | $2,338 | 429 | 88.81 |
| The Watergardens at Canberra | Aug | Outside Central Region (OCR) | 327 | $1,450 | 448 | 72.99 |
| The Commodore | Nov | Outside Central Region (OCR) | 166 | $1,490 | 219 | 75.80 |
| One-North Eden | Apr | Rest of Central Region (RCR) | 162 | $1,964 | 165 | 98.20 |
| Jervois Mansion | Oct | Core Central Region (CCR) | 101 | $2,578 | 130 | 77.70 |
Source: URA REALIS (data as of 17 December 2021)
“Ultra-luxury projects like Park Nova and Les Maisons Nassim were sold at benchmark prices,” says AnjiaSG real estate consultant Leo Kwek.
Leo stated that 32 of the 54 units at Park Nova were sold (59%) at a median price of SGD 4,844 psf, while Les Maisons Nassim sold 3 units at a median price of SGD 5,930 psf, including a penthouse that set a new record at SGD 75 million, or SGD 6,210 psf. On the other hand, Jervois Mansion was popular for its attractive pricing (average price of SGD 2,578 psf), having sold 101 of its 130 units.
“Ultra-high-net-worth individuals (UHNWIs) are finding value in Singapore’s luxury property market, which may be seen as a better deal compared to other international financial hubs,” Leo said. “The friendly business environment, combined with high quality of life and vaccination rates, continues to attract wealth to the country. Relatively low taxes are another plus.”
Canninghill Piers, a prominent project in the area launched last November, has sold 579 units (83%) to date at an average price of SGD 2,992 psf. Its super penthouse was sold for SGD 48 million (SGD 5,360 psf), the second-highest penthouse transaction of the year. Leo said, “Its rare prime location at Clarke Quay, with its unique features, has been well-received by both locals and foreigners.”
In the Rest of Central Region (RCR), Normanton Park was the first new project launched in 2021 and also the year’s top-selling project. According to caveats lodged, as of December 17, 1,452 of its 1,862 units (78%) have been sold at an average price of SGD 1,779 psf.
AnjiaSG notes that in the Outside Central Region (OCR), the 487-unit Pasir Ris 8 was one of the key projects that sparked a suburban buying frenzy. About 428 units (88%) have been sold at an average price of SGD 1,598 psf, with four units selling for over SGD 2,000 psf. Leo noted, “In 2021, HDB upgraders drove new home demand in the OCR and RCR regions.”
This year’s housing demand stemmed from the need for more space for work-from-home and home-based learning, Leo added. He noted, “With ample liquidity from profits gained in the financial markets, buyers turned their attention to tangible assets like Singapore real estate for stable returns.”
Total new home sales in November reached 1,547 units, a 70% month-on-month increase. This was the strongest November for new home sales in a decade, following the 1,702 units transacted in November 2011. AnjiaSG’s Leo noted that compared to the same period last year, developers sold double the volume of the 774 units in November 2020.
“December’s sales volume is unlikely to surpass last month’s,” Leo pointed out. In the first weekend of December, the 137-unit Mori sold 45% of its units. The last two projects launched this year were Zyanya, a 34-unit boutique development at Geylang Lorong 25A by local construction company Boldtek Holdings, which announced its official launch on December 18; and CK Asset Holdings’ 230-unit high-end condominium in District 10, Bukit Timah, “Perfect Ten,” scheduled for launch on December 19.
With dwindling inventory and the introduction of new property cooling measures, Leo expects new home sales to slow to between 9,000 and 10,000 units next year, with private home prices rising by about 3% to 5%, in line with Singapore’s projected GDP for 2022.
Condo Prices (Starting From)
NORMANTON PARK
Price: SGD 996,870
Unit Price: $1,892 ($/sqft) / $20,361 ($/sqm)
Area: 527 sqft / 49 sqm
Unit Type: 1 Bedroom
CANNINGHILL PIERS
Price: SGD 1,450,000
Unit Price: $3,288 ($/sqft) / $35,392 ($/sqm)
Area: 441 sqft / 41 sqm
Unit Type: 1 Bedroom
PASIR RIS 8
Price: SGD 1,438,000
Unit Price: $2,025 ($/sqft) / $21,801 ($/sqm)
Area: 710 sqft / 66 sqm
Unit Type: 2 Bedroom
IRWELL HILL RESIDENCES
Price: SGD 1,166,000
Unit Price: $2,930 ($/sqft) / $31,534 ($/sqm)
Area: 398 sqft / 37 sqm
Unit Type: Studio
MIDTOWN MODERN
Price: SGD 1,487,000
Unit Price: $3,636 ($/sqft) / $39,134 ($/sqm)
Area: 409 sqft / 38 sqm
Unit Type: 1 Bedroom
THE REEF AT KING’S DOCK
Price: SGD 2,173,000
Unit Price: $2,433 ($/sqft) / $26,193 ($/sqm)
Area: 893 sqft / 83 sqm
Unit Type: 2 Bedroom + Study
THE WATERGARDENS AT CANBERRA
Price: SGD 1,131,000
Unit Price: $1,502 ($/sqft) / $16,167 ($/sqm)
Area: 753 sqft / 70 sqm
Unit Type: 2 Bedroom
ONE-NORTH EDEN
Price: SGD 2,805,000
Unit Price: $2,005 ($/sqft) / $21,582 ($/sqm)
Area: 1399 sqft / 130 sqm
Unit Type: 4 Bedroom
Frequently Asked Questions
1. If I own an HDB flat, can I still buy a condominium?
If at least one member of your household is a Singapore Citizen and your HDB flat has met the five-year Minimum Occupation Period (MOP), you can purchase a condominium.
If all members of your household are Permanent Residents (PRs), you must sell your HDB flat within six months of taking possession of the condominium, as PR households are not allowed to own both an HDB flat and a private condominium simultaneously.
2. What if I find defects in my new launch property after handover?
The Singapore government has very strict regulations for developers. Under these regulations, developers provide a one-year warranty period after the property handover.
If any quality issues arise within this one-year period, you can report them to the developer, and they will arrange for maintenance personnel to rectify the defects.
3. Freehold or 99-year leasehold, which is better?
There is no standard answer to whether a 99-year leasehold or a freehold property is better.
This is because every buyer’s purpose and needs are different, and the decision should be based on individual circumstances.
One man’s meat is another man’s poison.
However, it is certain that the property’s tenure is by no means the only factor to consider when purchasing a home.
4. Should I buy a new launch or a resale property?
Generally, if your goal is faster capital appreciation, a new condominium would be better. If you are more concerned about rental yield, a resale condominium might be a better option.
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