10 to 17 July 2023
Grand Dunman sold 550 or 54.6% of its 1,008 units during its launch over the weekend at an average price of $2,500 per sq ft (PSF). Meanwhile, Pinetree Hill, UOL Group, and Singapore Land Group’s residential project in Ulu Pandan moved nearly 38% or 150 of its 400 units during its launch over the weekend at an average price of $2,460 PSF.
1. Grand Dunman sells over 50% of units over its launch weekend
Grand Dunman sold 550 or 54.6% of its 1,008 units during its launch over the weekend at an average price of $2,500 PSF, reported The Business Times.
Developers SingHaiyi Group and CSC Land Group said Singaporeans accounted for 90% of buyers, while Singapore Permanent Residents (PRs) and foreigners made up 9% and 1%, respectively.
2-bedroom units registered the highest sales, with buyers snapping 77% of the available units from $1.55 million or $2,330 PSF.
It was followed by 3-bedroom units, which sold 61% at a starting price of $2.21 million or $2,309.
The developers also sold 58% of the 1-bedroom units at a starting price of $1.09 million or $2,418 PSF.
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group commented that Grand Dunman’s sales make it the “top-performing project for 2023 thus far, judging by the number of units sold. The strategic location, close proximity to Dakota MRT station, Kong Hwa School, and the scenic East Coast Park, combined with the well-thought-out design that leverages unobstructed views, have all likely played significant roles in bolstering sales.”
He moves on to say that 90% of buyers being Singaporean residents reinforces the perception that buyers are prepared to pay a premium for well-located and well-designed projects.
“The robust sales also underscore a sustained demand for private housing among local buyers. The project has especially appealed to residents of District 15, with many buyers likely to have extended family in the vicinity,” Dr Lee said.
Related article: Blossoms By The Park, Tembusu Grand, and More: How Did Major New Condo Launches in Q2 2023 Perform?
2. Nearly 38% of Pinetree Hill sold over its launch weekend
Pinetree Hill, UOL Group, Singapore Land Group’s residential project in Ulu Pandan, moved nearly 38% or 150 of its 400 units during its launch over the weekend at an average price of $2,460 PSF, reported The Business Times.
UOL General Manager for Residential Marketing Anson Lim revealed that 1-bedroom and 2-bedroom units with study accounted for 61% of the total sales.
The remaining units sold were bigger units comprising 3-bedroom to 5-bedroom units.
Lim noted that Singaporeans and PRs made up 99% of the buyers.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru called Pinetree Hill’s launch weekend performance “promising”, and that “the likely profile of these buyers would be owner-occupiers who are familiar with the locale, and families with school-going children due to the proximity to reputable schools. Moreover, the buyers are Singaporeans and PRs.
These buyers would enjoy first-mover advantage both in price and choice of units as future phases of sales are likely to reflect the scarcity of available private residential inventory in the vicinity for the next couple of years.”
3. Six BTO projects to be built in Mount Pleasant
Six BTO projects comprising around 5,000 flats will be built within the upcoming Mount Pleasant housing estate, with the first project to be launched in 2025, reported CNA.
HDB shared plans to sensitively integrate heritage elements from the Old Police Academy as well as pre-war black-and-white bungalows into the 33-hectare (ha) housing estate, located near Central Catchment Nature Reserve and Bukit Brown.
Notably, six buildings at the Old Police Academy will be retained, of which four will be “adapted for contemporary purposes”.
HDB has also appointed a heritage consultant, Studio Lapis, to guide efforts to salvage heritage items and reuse them as structural elements in the new estate.
To enhance the estate’s distinctiveness and identity, the Old Police Academy workgroup proposed some road names, which were endorsed by the Street and Building Names Board (SBNB).
4. HDB resale prices at 17 of 26 towns hit record levels
Seventeen of the 26 towns in Singapore have already set record resale prices for HDB flats as of July, with the highest registered in Bukit Merah at $1.5 million, reported Singapore Business Review citing OrangeTee.
Only five towns have yet to register million-dollar flats, including Jurong West, Sengkang, and Bukit Panjang. However, OrangeTee believes these towns may soon record their first million-dollar transaction as some flats were sold above $900,000.
Resale prices of HDB flats have been on the rise for 13 straight months.
In fact, prices rose 1.4% month-on-month (MoM) in Q2 2023 as 21 out of 26 towns posted increases in average resale prices. Geylang recorded the biggest price hike at 18.7%, followed by Central Area and Bedok at 8.6% and 4.3%, respectively.
Looking ahead, OrangeTee expects HDB resale flat prices to continue rising albeit at a slower pace of 4% to 6% for the entire 2023.
This comes as some demand may divert to the BTO market as HDB launch more flats in mature estates such as Bedok, Bukit Merah, Queenstown, and Kallang/Whampoa which are usually popular among buyers.
5. HDB expects to complete all BTO projects delayed by COVID-19 by early 2025
HDB expects to complete all BTO projects delayed by the COVID-19 pandemic by early 2025, reported The Straits Times.
HDB revealed that it has completed around 72% of such projects, or 66 developments, between October 2022 and June 2023, with the remaining projects still under construction.
In 1H2023, HDB completed around 12,000 flats across 16 BTO projects – the highest figure achieved in the half-yearly period since 2018.
Among the projects completed is Anchorvale Village, the residents of which were invited to collect their keys on 10 July 2023.
Notably, the 197 flat buyers of Anchorvale Village are eligible for compensation of between $1,100 to $4,500 due to the completion delay. The average reimbursement amount is pegged at about $3,000.
However, HDB said the buyers would receive the maximum reimbursement amount they are eligible for, without them having to submit any claims/proof of expenses.
6. Eight winning solutions to be piloted at Jurong Lake District (JLD)
Imagine a building with air temperatures that are regulated based on weather forecast, ambient temperature and number of occupants.
This smart building management solution – created by start-up Zuno Carbon – is one of the eight winning entries at the JLD Innovation Challenge that will be piloted at a small scale at IMM and JEM.
“Agencies and stakeholders will review their effectiveness, with a view to potentially scale up the solutions and deploy them in other areas of JLD and beyond, to benefit more developments and the wider public,” said the Urban Redevelopment Authority (URA) in a release.
Held from 24 February 2023 to 5 May 2023, the JLD Innovation Challenge saw participating teams proposing novel urban solutions for challenge statements provided by the district’s stakeholders.
They include Lendlease Global Commercial Reit, Ng Teng Fong General Hospital, Jurong Community Hospital, CapitaLand, SMRT, Science Centre Singapore, and the Land Transport Authority (LTA).
More than 100 solutions were received from start-ups, research institutes, and established companies.
The eight winners were selected “for their potential in reducing resource usage and waste, improving energy efficiency and commuting experiences, community engagement and inclusivity”.
Related article: Jurong Lake District, Tengah: 4 Most Exciting Features Coming to the West Side of Singapore By 2033
7. Two sites in Simei rezoned for residential use
After more than a decade, Simei may finally see new public housing rise within the area as two sites in Simei Road have been rezoned from educational to residential use, reported The Straits Times.
Based on URA’s proposed amendment to its Master Plan, the smaller land parcel is bounded by Simei Road and Simei Lane and is currently occupied by a plant nursery, Sing See Soon Floral & Landscape.
The larger of the sites, located near Upper Changi MRT station, houses the former Changkat Changi primary and secondary schools. It was identified as a possible site for public housing and amenities.
The move comes as the authority aims “to achieve a better mix of private and public housing within towns”.
Analysts expect the new flats to enjoy unblocked and panoramic views since there are many landed properties within the vicinity.
“It’s possible that many young people may want to move there since their parents could be staying in the older flats in the eastern part of Singapore such as Marine Parade and Tampines,” said Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie.
8. The average rent for 3-bedroom private non-landed homes was down 3.2% in May 2023
The average median rent for 3-bedroom apartment units declined 3.2% MoM in May 2023, although it increased 17.8% year-on-year (YoY), revealed Savills.
Singapore’s District 4 submarket registered the highest median monthly rent of $9,300. It was followed by District 1 and District 9, with median rents at $8,500 and $7,500, respectively.
However, the average median rent for 1-bedroom to 4-bedroom units overall dropped 2.2% MoM across all districts, reversing April 2023’s 2.4% MoM increase.
Savills attributed the weakening in rents to the influx of new supply and the challenging economic conditions, which saw companies tighten their budgets.
“For renters in Singapore, relief is in the air as rentals in more districts start to soften. For investors, their financial position is still protected as the rental decline remains moderate,” said Alan Cheong, Savills Research & Consultancy’s Executive Director.
Despite the marginal decline in rents, landlords’ overall yield remains healthy, he added.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
