Blossoms By The Park, Tembusu Grand, and More: How Did Major New Condo Launches in Q2 2023 Perform?

On 3 July 2023, the Urban Redevelopment Authority (URA) released their residential private property flash estimates for Q2 2023. Residential private property prices saw a 0.4% decrease quarter-on-quarter (QoQ), compared to the 3.3% increase in Q1 2023. This was the first quarter of price decrease observed after 12 consecutive quarters of price growth.

Price moderation of residential private property in Singapore was expected: a knock-on effect of the increased housing supply, including condos receiving their Temporary Occupation Permit (TOP) across 2023.

However, prices were bolstered by Blossoms By The Park, The Reserve Residences, and Tembusu Grand, among other major new condo launches in Q2 2023 that were well-received – especially on the heels of the April 2023 property cooling measures raising Additional Buyer’s Stamp Duty (ABSD) rates, most drastically for foreigners, who now pay up to 60% ABSD property taxes.

Want to find out how major new condo launches in Q2 2023 performed? Let’s dive right in!

1. Tembusu Grand

Tembusu Grand was the only major new condo in Q2 2023 to launch before the April 2023 property cooling measures were announced. Over half of the units (i.e. 53% or 340 of the 638 units) were snapped up during its launch weekend.

Of the buyers, 90% were Singaporeans. The remaining 10% comprised Singapore Permanent Residents (PRs) and foreigners. All of the unit types fared well, but in particular, the 2-bedroom, 2-bedroom plus study, and 3-bedroom units performed the best.

Tembusu Grand units were sold at an average of $2,465 per sq ft (PSF), which was on par or higher than some of the properties in the area. This is notable as Tembusu Grand is a leasehold condo, while many other properties in the Katong area are freehold.

It also has trendy cafes, restaurants, and shopping malls within easy reach. Parents with young children may be delighted to stay near Tanjong Katong Secondary School and Tanjong Katong Girls’ School. The city centre is a short 30-minute bus ride away.

Find out more about Tembusu Grand on PropertyGuru.

2. Blossoms By The Park

On the flip side, Blossoms By The Park was the first major new condo in Q2 2023 to launch after the April 2023 property cooling measures came into effect. Among those affected by the ABSD hikes were Singaporeans, who now had to pay up to 20% for their second property and 30% for their third and subsequent properties.

However, 200 out of the 275 units (i.e. 73%) were snatched up, of which 96% were Singaporeans. Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru commented that the stellar performance “demonstrates the faith and confidence of our local buyers in selecting private residential projects with strong attributes for their purchase.

Meanwhile, 4% of buyers are foreigners and again this reinforces their belief in Singapore’s sound fundamentals despite the increased ABSD rates.”

Blossom By The Park units ranged from 1-bedroom to 4-bedroom premium units in a single 27-storey block and were transacted at an average price of $2,423 PSF. The development also has three storeys of commercial space, which in the future will house conveniences such as retail, and F&B outlets.

Part of the draw of Blossoms By The Park is that the 99-year leasehold condo is head and shoulders above other developments in the area, which stand between 13 and 15 floors. The condo has the advantage of being on a site with a plot ratio of up to 3.0, which means the built-up floor area can be up to three times the land size. In this case, it is 256,956 sq ft.

For future residents, the condo is a short five-minute stroll to Buona Vista MRT station. It is also close to Rochester Mall, The Star Vista, the Holland Village enclave, and business districts One-North Park and The Metropolis. It is also a short MRT ride to popular schools that include Anglo-Chinese Junior College (ACJC) and Singapore Polytechnic.

Find out more about Blossoms By The Park on PropertyGuru.

3. The Continuum

Over the 6 May 2023 launch weekend of The Continuum, a total of 216 or 26.5% of the 816 available units were sold at an average price of $2,732 PSF. They are spread over six 17- and 18-storey blocks, compromising 60% of 2-bedroom and 3-bedroom units.

Developed by Hoi Hup Sunway Katong Pte. Ltd, The Continuum is the next Q2 2023 major new launch condo in District 15, following the launch of Tembusu Grand. However, the difference between the developments is that The Continuum is a freehold condo, while Tembusu Grand has a 99-year leasehold.

Dr Tan Tee Khoon commented that this indicates homebuyers value freehold tenure as a prized investment for the long haul, even for legacy purposes.

With the anticipated deceleration of the en bloc market, there may be fewer freehold launches in District 15 in the future; this increases the attractiveness of The Continuum, in particular for homebuyers looking to downgrade from landed homes or wish to stay near their parents in the same district.

Find out more about The Continuum on PropertyGuru.

4. The Reserve Residences

Mixed-used integrated development The Reserve Residences sold 520 units of the 635 units released during its launch weekend in May 2023, at an average price of $2,460 PSF. This was over 70% of the total 732 units available.

The Bukit Timah 99-year leasehold condo was snapped up by a majority of Singaporeans and PRs, with 1% (i.e. three buyers) being foreigners from the United States.

One of the star features of The Reserve Residences: the condo, which comprises eight blocks, will sit above a shopping mall. Residents can choose from 1-bedroom units to 5-bedroom units, duplexes, and penthouses, which range from $1.11 million to over $3.5 million.

In addition, Bukit Timah, which is part of the Beauty World locale, is part of a transformation seeded in the URA Master Plan 2019 that will seamlessly integrate public spaces and pedestrian networks with transport and community uses.

It’s likely that residents will have access to an integrated transport hub as well. For those with school-going children, schools such as Methodist Girls’ School (MGS) and Pei Hwa Primary School, popular primary schools, are within a 1km radius.

Find out more about The Reserve Residences on PropertyGuru.

5. Grange 1866

Freehold condo Grange 1866 is precisely what its name proclaims: it is located near Orchard MRT station. Offering 1-bedroom and 2-bedroom units, with sizes ranging from 527 to 829 sq ft, the 60-unit single tower block development will be another gem along Singapore’s most famous shopping belt.

Befitting of its luxe location, the project charms with its modern, contemporary design, alongside amenities that include a swimming pool and a gym. What’s more, each apartment will boast creature comforts such as a walk-in wardrobe, quality appliances and sanitary fixtures, and full marble finishes in the living room, dining room, and bathroom.

Find out more about Grange 1866 on PropertyGuru.

New Launch Condos in Q3 2023

As of today (14 July 2023), major new condo launches in Q3 2023 include Lentor Hills Residences and The Myst. Over their launch weekends on 10 July 2023, Lentor Hills Residences sold 50% or 298 of its 598 units at an average price of $2,080 PSF while The Myst sold 27% or 110 of its 408 units at an average price of $2,057 PSF.

How Might Q3 2023 Major New Condo Launches Perform?

Taking into consideration the price moderation for private residential property in Q2 2023, Dr Tan Tee Khoon said that the adjusted ABSD rates from the April 2023 property cooling measures mean that property seekers now have a single ‘bullet’ when purchasing a property.

While some are re-evaluating their buying decisions and have become more selective of their choices, many have still decided to proceed, nonetheless.

“That said, the recent announcements of more land released for residential property development in the 2H2023 Government Land Sales (GLS) programme, as well as the 6.5ha Jurong Lake District site, could see prices and rent in Singapore moderate further in the next two to three years,” said Dr Tan.

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