J’den, Hillock, Green, and Watten House were the only Q4 2023 major new condo launches. How did this seasonal dip in the number of major new condo launches affect the private property market?
According to Urban Redevelopment Authority (URA) Q4 2023 residential private property flash estimates, residential private property prices increased 2.7% in Q4 2023; after a 0.8% increase and 0.2% dip in Q3 and Q2 2023, respectively.
According to Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, “The strong performances of Outside Central Region (OCR) condo launches bolstered prices in the region.” He also noted that price fluctuations across 2023, following 12 consecutive quarters of price growth, “suggest that residential private property prices have peaked.”
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Now, let’s delve into how J’den, Hillock Green, and Watten House performed!
1. J’den
| Name of condo | J’den |
| Launch date | 11 November 2023 |
| District | Boon Lay / Jurong / Tuas (D22) |
| Address | Jurong East Central 1 |
| Tenure | 99-year leasehold |
| Number of units | 368 |
| Types of units available | 1-bedroom to 4-bedroom |
| Developer | CapitaLand Development |
| Expected TOP date | 2028 |
J’den sold 88% (323 out of 268) of its units across its launch weekend at an average price of $2,451 per sq ft (PSF). 99% of the buyers were Singapore Citizens and Singapore Permanent Residents (PRs). Out of this pool of buyers, three out of five were 40 years old and under. A majority of them are also currently living in the west side of Singapore.
Based on URA caveats (accurate as of 26 December 2023), J’den was the top-performing residential non-landed private property of Q4 2023. It is in a good location: close to Jurong East MRT station, on the former site of JCube mall. J’den, a mixed-use development, will also be directly connected to said MRT station and shopping malls in the future.
Dr Tan Tee Khoon noted, “J’den has all the attributes of a new launch that would perform well, namely, an integrated development. Coupled with the Jurong Lake District (JLD) narrative, the enthralling 88% sales achievement over one weekend is in tandem with market expectations.” In addition, there could have been pent-up demand for a residential property like J’den as the last major new condo launch in the area was J Gateway in 2013.
Interested in J’den? Browse all J’den condo listings on PropertyGuru.
2. Hillock Green
| Name of condo | Hillock Green |
| Launch date | 11 November 2023 |
| District | Mandai / Upper Thomson (D26) |
| Address | Lentor Central |
| Tenure | 99-year Leasehold |
| Number of units | 474 |
| Types of units available | 1-bedroom to 4-bedroom |
| Developer | Lentor Central Developments |
| Expected TOP date | 2028 |
Hillock Green saw 27.6% (131 out of 474) of its units sold at a median of $2,108 PSF. Located in the Lentor area, near Ang Mo Kio, Hillock Green competes with other condos that had already been launched there in 2023 and 2022, including Lentor Hills Residences and Lentor Modern. It attracted over 1,600 visitors during the first weekend of its preview.
A significant number of those who bought Hillock Green units currently live in the Ang Mo Kio Planning area and the northeast region. As another Q4 2023 major new condo launch in the OCR, Hillock Green comprises two 23-storey blocks that are just a three-minute walk to Lentor MRT station on the new Thomson-East Coast Line (TEL) that stretches from Woodlands North MRT station (four stops) to the east via town (nine stops to Orchard MRT station) and the Central Business District (15 stops). There will also be a direct RTS Singapore link from Woodlands North to Johor Bahru in Malaysia.
Dr Lee Nai Jia, Head of Real Estate Data Intelligence, Digital and Software Solutions at PropertyGuru Group commented, “Lentor is fast becoming a real estate hotspot in the Outside Central Region, with Hillock Green at its core drawing attention from both upgraders and newcomers from the Ang Mo Kio locale. Offering an appealing average price of $2,108 PSF, Hillock Green stands out for its affordability amidst a market that often sees new launch prices hitting $2,400 and beyond.”
Interested in Hillock Green? Browse all Hillock Green condo listings on PropertyGuru.
3. Watten House
| Name of condo | Watten House |
| Launch date | 18 November 2023 |
| District | Newton / Novena (D11) |
| Address | Shelford Road |
| Tenure | Freehold |
| Number of units | 180 |
| Types of units available | 3-bedroom to 5-bedroom |
| Developer | UOL Group and Singapore Land Group (SingLand) |
| Expected TOP date | 2026 |
Watten House sold more than half (57%, or 102 out of 180) of its units. These units were transacted at an average price of $3,230 PSF, with 96% of its buyers comprising Singapore Citizens and PRs.
As the only CCR Q4 2023 major new condo launch, Watten House’s draw is its larger luxury homes that span 3-bedroom to 5-bedroom units. In addition, it is a freehold property within central Singapore. Some of the choice schools in the vicinity include Singapore Chinese Girls’ School, Chinese High, Hwa Chong Junior College, and Anglo-Chinese School.
Dr Tan Tee Khoon said, “Watten House is a bespoke freehold development in the upscale prime District 11. There are only 180 units and all larger bedroom types appeal to families with school-going children as it is near choice schools. As the preview was conducted by appointment, buyers were prequalified to ensure the higher sales conversion rate that it achieved on the day of the sales launch. The remaining 78 units may just be snapped up in no time!”
Interested in Watten House? Browse all Watten House condo listings on PropertyGuru.
Possible New Launch Condos in 2024
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How Might Major New Condo Launches in 2024 Perform?
Overall, transactions in Q4 2023 eased to a lower level compared to 2022. In tandem, transaction volumes among foreigners have decreased; this demographic continues to bear the strongest effects of the April 2023 property cooling measures.
Where do we go from here? Dr Tan Tee Khoon commented, “In the first six months of 2024, property prices are anticipated to remain high yet stable. Demand, while subdued, should maintain a consistent upward trajectory.”
“The rental sector is projected to experience a gentle deceleration which may in turn impact property seekers buying for rental yield as property taxes rise. Although the Singapore housing market’s performance might appear relatively uneventful at this juncture, its inherent stability is likely to still resonate favourably with both investors and homeowners,” he added.
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