20 to 27 June 2023
City Developments Limited (CDL) has opened The Myst – a 408-unit condo in Upper Bukit Timah – for preview on 24 June 2023, with unit prices ranging between $998,000 and $3.18 million. The 598-unit Lentor Hills Residences also opened for preview on 24 June 2023, and it is set to launch on 8 July 2023.
1. CDL opens The Myst for preview
City Developments Limited (CDL) has opened The Myst – a 408-unit condo in Upper Bukit Timah – for preview on 24 June 2023, with unit prices ranging between $998,000 and $3.18 million.
The 99-year leasehold project comprises two 24-storey residential towers and features five unit types: one-bedroom plus study units (517 sq ft), two-bedroom units (678 sq ft), three-bedroom units (850 sq ft), four-bedroom units (1,518 sq ft), and five-bedroom units (1,690 sq ft).
Prices for one-bedders start at $998,000, $1.33 million for two-bedroom units, $1.708 million for three-bedroom units, $2.826 million for four-bedroom units, and $3.18 million for five-bedroom units.
CDL revealed that around one-third of the units at the development are offered at a “sweet spot of $1.5 million and below”.
Commenting on the location of The Myst, Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group said, “The advent of hybrid work structures has seen a marked increase in demand for homes nestled near natural parks and green corridors.
Research underscores that residents in green-rich areas experience less mental stress and enjoy enhanced overall well-being. Proximity to MRT lines further bolsters accessibility to essential amenities, bringing convenience right to the doorstep.
This project uniquely caters to the needs of matured residents seeking to rightsize their living arrangements, as well as younger individuals eager to provide their parents with a serene, yet well-connected home environment.”
Sales bookings for The Myst will commence on 8 July 2023.
Related article: What Do Singaporeans Think About the April 2023 Property Cooling Measures?
2. Lentor Hills Residences opens for preview, prices start at $945,000
Lentor Hills Residences, a 598-unit condominium project along Lentor Hills Road, opened for preview on 24 June 2023, with sales booking set to begin on 8 July 2023.
Jointly developed by Hong Leong Holdings, Guocoland and TID Pte. Ltd., the 99-year leasehold project comprises five towers of eight- to 23-storeys.
Unit sizes range from 452 sq ft for one-bedroom units to 1,399 sq ft for four-bedroom units. The project also offers dual key units which range between 1,302 sq ft and 1,399 sq ft.
Prices for a one-bedroom unit start from $945,000, $1,356,000 for 2-bedroom units, $1.822 million for a 3-bedroom unit, and $2.535 million for a 4-bedroom unit. Meanwhile, the price for dual key units starts from $2.642 million.
Lentor Hills Residences will be the second new launch condo to debut in the Lentor Hills estate after September 2022’s launch of GuocoLand’s integrated development, Lendor Modern. On this, Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru highlighted, “Previously, the 605-unit project was met with strong demand and 84%, or 508 of its 605 units, were taken up during its launch weekend at an average price of $2,100 per square foot (PSF).
Given Lentor Hills Residences’ proximity to Lentor MRT station on the Thomson-East Coast Line (TEL) and nearby amenities, upgraders and first-time homebuyers will be attracted to live in a convenient yet conducive environment at a sweet spot price from $1,834 PSF.”
Lentor Hills Residences is expected to achieve its Temporary Occupation Permit (TOP) in December 2026.
3. Tiong Bahru HDB resale flat sold for a record $1.5 million
An HDB resale flat at 50 Moh Guan Terrace was sold for $1.5 million in May 2023, making it the most expensive HDB resale flat to be transacted.
With a strata area of 176 sq m, the flat is located on the fourth floor of a walk-up apartment building and comes with a 99-year lease that commenced in 1973, revealed Knight Frank.
The transaction eclipsed the previous high set by a 5-room loft at SkyTerrace@Dawson, when it was sold for $1.418 million in June 2022.
Knight Frank Property Network Head Evan Chung said the jumbo flat is nestled within the Tiong Bahru estate, surrounded by lush greenery.
He believed the HDB flat’s proximity to artisanal cafes, old local coffeeshops, and a bakery increased its appeal to buyers.
Knight Frank noted that flat buyers have increasingly turned to bigger homes since the end of Singapore’s Circuit Breaker in June 2020. This comes as the COVID-19 pandemic has changed the way people use their home space, contributing to the hike in demand and pushing up prices for larger-sized units.
“Notwithstanding headlines of million-dollar HDB apartments being sold, it is reassuring to know that most flats remain within reach,” said Chung.
Related article: 4-room Million-dollar HDB Flats in Singapore: Where Are They Found? (2023)
4. Tengah flat buyers unhappy over centralised cooling system’s “ugly” look
While they are yet to receive their keys, some Tengah flat buyers have expressed their dissatisfaction over the “ugly” look of the centralised cooling system, after seeing online photos of them in a flat, reported CNA.
SP Group, the company responsible for the installation, maintenance and management of the cooling system, said the photos were unauthorized and did not show the finished product.
A homeowner, who has cancelled the cooling system installation for his unit, described the trunking as “very unsightly”, noting that the size seems to be double that for conventional air-con trunking.
Another owner is concerned about the trunking’s configuration.
“They run through the main door… you can see that the trunking actually cuts through the living room and goes to the bedroom via the exterior walls of the bedroom. So that is one of the big problems,” he said.
SP Group revealed that around 10,400 households have signed up for the cooling system, which will debut in Tengah BTO flats.
On how many have backed out, the company said less than 0.5% cancelled their application for the cooling system.
5. Singapore ramps up private housing supply to highest in a decade
Singapore has raised the supply of private housing under the Confirmed List of the Government Land Sales (GLS) Programme for 2H 2023 to 5,160 units, from 4,090 in the first half, reported CNA.
This brings the total supply for the whole year to its highest in a decade, at 9,250 units. It is also almost 50% higher than 2022’s supply and about 2.5 times that of 2021’s supply.
Under the 2H 2023 GLS Programme, there are eight private residential sites – including one for Executive Condominiums (ECs) – on the Confirmed List and nine Reserve List sites.
“With the collective sales market staying anaemic, the government has stepped up its supply of land to meet strong demand for housing in its 2H 2023 GLS Programme,” said Lee Sze Teck, Senior Director of Research at Huttons Asia.
The Reserve List sites, on the other hand, comprise six private residential sites, one hotel site, one commercial site and one white site. These sites could yield an additional 3,430 private housing units, 530 hotel rooms, and 93,350 sq m gross floor area of commercial space.
6. Massive Jurong Lake District (JLD) site launched for sale
A 6.5-hectare (ha) site, which is split into three plots of land, has been put up for sale to prospective master developers to kickstart a new precinct within the Jurong Lake District, reported CNA.
Located near the Jurong East MRT interchange, the site could yield around 1,700 housing units, 146,000 sq m of office space as well as 73,000 sq m of gross floor area (GFA) for shops, entertainment, hotel, restaurants, community uses, and more offices.
The Urban Redevelopment Authority (URA) expects the proposed integrated development to be progressively completed in the next 10 to 15 years, with the first phase of growth including 600 private homes and 70,000 sq m GFA of office space.
Notably, it would be Singapore’s second master development site following the 3.55ha Marina Bay Financial District and its largest at 6.5ha or around 12 football fields.
With this, OrangeTee & Tie’s Deputy CEO Justin Quek sees developers forming consortiums to bid for the sizeable white site.
“Given the flexibility of phasing the development over time and the lack of exciting new happenings in the West in recent times, we could possibly see three to five bidders,” he added.
Meanwhile, analysts believe the success of Jurong Lake District as the next central business district (CBD) would depend on its ability to convince businesses to relocate there, reported TODAY.
Related article: Turf Club Closing, Kranji Redeveloping: 4 Biggest Changes to the North of Singapore By 2033
7. Foreigners’ share of home sales on the rise despite curbs
The proportion of non-landed private homes acquired by non-citizens has been on the rise at 23% for this year up to early June 2023, up from 19% in 2020, reported The Business Times.
Singapore Permanent Residents (PRs) accounted for the bulk of the acquisition, at 17% of private homes bought this year, up from 15% in 2020.
Foreigners, on the other hand, made up 6%, up from 4% in 2020.
Analysts noted that the hike in Additional Buyer’s Stamp Duty (ABSD) in April 2023 saw private property purchases by PRs decline 23.2% to 291 units in May 2023 from 379 units over the same period in 2022.
As a percentage of overall sales, however, PR demand for May 2023 remained quite similar to 2022 at 16%, compared to 17% for the entire 2022.
“Foreigner (non-PR) purchases have come off more significantly, in both absolute and percentage terms, to 4% in May 2023, against 5% for the full-year 2022, and 7% in Q1 2023,” said Tricia Song, Head of Research for Southeast Asia at CBRE.
Despite the various property cooling measures rolled out by the government, foreign buying has remained steady due to foreigners and PRs having significant capital and Singapore being an attractive destination to invest in, said market watchers.
8. Three condos register new PSF price high, Grange 1866 tops the list
Three condominiums in Singapore registered new PSF price highs between 2 and 9 June 2023, with Grange 1866 topping the list following the sale of a two-bedroom unit for $2.59 million or $3,390 PSF on 7 June 2023.
This is the District 10 project’s first unit to have crossed above $3,300 PSF. The sale of the 764 sq ft unit surpassed the previous high set on 19 January 2023, when an 829 sq ft unit was transacted for $2.61 million or $3,145 PSF.
Royal Hallmark in District 15 also posted a new PSF price high with the sale of a 797 sq ft 3-bedroom unit for $1.82 million or $2,289 PSF on 2 June 2023. This eclipsed the previous record set in December 2022, when a 797 sq ft unit changed hands for $1.78 million or $2,237 PSF.
The Hermitage in District 10 also recorded a new PSF price high when a fourth-floor unit, measuring 818 sq ft, was transacted for $1.72 million or $2,096 PSF on 5 June 2023. This surpassed the previous high posted in September 2022 when an 850 sq ft unit was sold for $1.75 million or $2,058 PSF.
9. Government ramps up the supply of industrial land under the 2H 2023 GLS programme
The government has launched a total of 9.81ha of industrial land under its Industrial GLS programme for 2H 2023.
Notably, there are five sites on the Confirmed List, with a total area of 6.43ha, and three on the Reserve List, totalling 3.38ha, revealed the Ministry of Trade and Industry.
Sites on the Reserve List will only be put up for sale if an interested party offers a minimum purchase price that is acceptable to the government, or if there is sufficient market interest.
Huttons noted that the site area on the Confirmed List is a 63.2% increase from the 3.94 ha launched in 1H 2023. In fact, it is the highest industrial land supply “since 2H 2014 when 9.5 ha of industrial land was launched”.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
