Following a sluggish beginning to 2024, the Singapore real estate market has been comparatively quiet. The environment of high interest rates and the cooling measures implemented at the end of 2023 undoubtedly didn’t help. However, as the second half of the year approaches, everything is going to change.
Why?
Because there are a ton of upcoming launches.
Let’s quickly review the performance of the launches in the first half of 2024 and what that might mean for the remainder of the year before I share those.
1st Half 2024 Recap: The Early Players
We had Arcady and Hillhaven at the beginning of the year, but neither was doing well.
- Arcady at Boon Keng: Arcady is a freehold project whose prices started at less than $2,400 per square foot and sold 51 out of 172 units.
- Hillhaven: Phase 1 saw the sale of 59 out of 179 units, with prices starting at S$1,903 per square foot. Remarkably, a large number of apartments on higher floors were reserved for a later release. During the launch, only 17% of the units were sold.
Nonetheless, under the new URA harmonization guidelines, things began to improve with the opening of Lentor Mansion. 75% of the 533 units in this project, which ranged in price from $2,104 to $2,478 per square foot, were sold, shocking many.
This success was probably made possible by the new URA guidelines as well as the developer GuocoLand’s solid reputation.
Following that, we witnessed Sora Condo in the west and Hill @ One North in the north, both of which did fairly well during their respective launches.
My Top 3 Launches for 2H 2024
After observing the first half, these are the three launches for the second half of 2024 that I’m most looking forward to:
1. Toa Payoh GLS
- Situated in a developed town with few available condos.
- There are currently just over 2,000 condo units in Toa Payoh. This new site will only add about 800 more.
- Prices range from $2,400 to $2,500 psf, and I expect strong interest due to the property’s proximity to reputable schools like CHIJ and Pei Chun.
2. Park Town Residence (Tampines Avenue 1)
- A sizable development with 1,190 units - unusual for new releases.
- Mixed-use integrated development with a projected starting price of $2,100 to $2,001 per square foot.
- Surrounded by recently built BTOs, a sign of high demand for upgraders.
3. Chuan Park
- This project is finally launching 916 units in Lorong Chuan after overcoming strata board obstacles.
- It’s been a while since there have been any new developments in the field, so this launch is significant.
- Estimated price: $2,500 to $2,600 psf.
The Dark Horse: Emerald @ Katong
Emerald @ Katong has the potential to be 2024’s surprise performer. Unlike the highly talked-about Tembusu Grand, this East project has basement parking. With this development and the new URA harmonisation guidelines, Sim Lian could stand out thanks to its strategic move.
Pricing estimate: Taking into account both the harmonisation and MRT effect, starting at $2,700 psf.
Well, these are my best predictions, plus one possible dark horse that might surprise us all for the second half of 2024!
