The Reserve Residences is the top-selling project in 2023, both in terms of number of units and percentage of units sold (Picture: Far East Organization)
Like the stock market, new project launches always produce surprises, especially in a year rocked by high interest rates, property cooling measures, money laundering scandals and macroeconomic uncertainty.
Among the top 10 project launches in 2023, five are in the city fringe or the Rest of Central Region (RCR), and the rest are in the suburbs or Outside Central Region (OCR).
Integrated developments are typically ranked at the top, and this year is no different. The Reserve Residences was the best-selling project in 2023 – by the number and percentage of units sold. Since its launch in May, 662 (90%) of the 732 units in the 99-year leasehold apartment project have been taken up as at Dec 27, 2023. The project achieved a median price of $2,473 psf.
Read also: Bukit Timah Turf City - Rare Homeownership Opportunity in a Prime District
Since its launch in May, 662 (90%) of the 732 units in The Reserve Residences have been taken up as at Dec 27 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Developed by Far East Organization and Sino Group, The Reserve Residences at Jalan Anak Bukit in the Bukit Timah area is part of a mixed-use development that includes 160 serviced apartments, the 215,280 sq ft Bukit V mall and is integrated with a transport hub, a new air-conditioned bus interchange and a direct underground link to Beauty World MRT Station.
In 2022, GuocoLand's Lentor Modern took the No. 1 spot in the number of units sold, with 518 of the 605 units taken up at an average price of $2,104 psf. It is an integrated development, with a 96,000 sq ft mall directly linked to the Lentor MRT Station. The project was also the first to be launched in the new Lentor Hills estate in the northeast region.
With 436 units (73%) sold as at Dec 27, Lentor Hills Residences is in third place by number of units sold and fifth place by percentage of units sold (Photo: Hong Leong Holdings)
The second project to be launched in Lentor Hills estate was Lentor Hills Residences by a GuocoLand, Hong Leong and TID consortium. The 598-unit, 99-year leasehold condo was 50% sold on its launch weekend in July. With 436 units (73%) sold as at Dec 27, Lentor Hills Residences is in third place by number of units sold and fifth place by percentage of units sold.
A close second to The Reserve Residences in terms of the proportion of units sold at a new project launch in 2023 is J'den by CapitaLand Development Singapore. On the first day of launch on Nov 11, 323 units (88%) were sold at an average price of $2,451 psf. To date, 327 units (89%) have been spoken for, and the median price achieved as of Dec 27 is $2,479 psf.
At J'den, 327 units (89%) have been spoken for, and the median price achieved as of Dec 27 is $2,479 psf (Photo: CapitaLand Development Singapore)
The stellar sales achieved at J'den came as no surprise, given its location within the Jurong Lake District and the government's Master Plan for the district with added amenities and connectivity. There hasn't been a new residential project launched in Jurong East since J Gateway in 2013.
A redevelopment of the former JCube mall, the 40-storey J'den will be the tallest residential tower in the Jurong Lake District. The residential tower has a two-storey commercial podium linked to the Jurong East MRT Interchange Station and neighbouring malls and office towers.
Read also: The unique challenges of boutique developments
Blossoms by the Park is 82% sold at a median price of $2,441 psf as at Dec 27, and it is in fourth place among the top 10 selling new projects launched in 2023 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Blossoms by the Park was one of the surprise chart-toppers of 2023. The 275-unit private condo at Slim Barracks Rise in one-north was launched three days after the cooling measures took effect on April 26. Additional buyer's stamp duty (ABSD) for property investors and foreign buyers of residential property was hiked. The shocker was the doubling in ABSD for foreigners to 60%.
On its launch day, EL Development sold about 200 units (73%) at Blossoms by the Park. The project is 82% sold at a median price of $2,441 psf as at Dec 27.
The 360-unit Altura at Bukit Batok West Avenue 8 by Qingjian Realty and Santarli Realty was the only executive condo (EC) project launched in 2023. To date, 88% of the project has been sold at a median price of $1,478 psf, a new high for an EC project.
With 615 units (61%) sold, Grand Dunman emerged second among the best-selling new projects in 2023 (Photo: SingHaiyi Group)
In 2023, three sizeable new condo projects were launched in the East Coast neighbourhood of prime District 15, namely the 638-unit Tembusu Grand by City Developments Ltd (CDL), the 818-unit The Continuum by Hoi Hup Realty and Sunway Developments, and the 1,008-unit Grand Dunman by SingHaiyi Group and CSC Land Group. Despite the competition with 2,464 new units launched in District 15, all three projects emerged among the top 10 by take-up.
Grand Dunman on Dunman Road was the only mega-development (above 1,000 units) launched in 2023. A short walk to the Dakota MRT Station on the Circle Line, Grand Dunman is also the nearest to an MRT station among the three condos in the East. The project drew 10,000 visitors to its preview weekend and sold 550 units (55%) on its launch weekend in July. With 615 units (61%) sold, Grand Dunman emerged second among the best-selling new projects in 2023.
The 638-unit Tembusu Grand is in fourth place, with 376 (59%) sold at a median price of $2,461 psf (Photo: City Developments Ltd)
The 638-unit Tembusu Grand is in fourth place, with 376 (59%) sold at a median price of $2,461 psf. The project is located in the Katong neighbourhood, near amenities like shopping malls and schools.
Read also: Luxury living in the new heart of Bukit Timah
The 818-unit The Continuum at No. 7 is another surprise among the top 10 in terms of units sold. Redevelopment of 22 houses along Thiam Siew Avenue, The Continuum is the only freehold development among the three in District 15. Pitched as an upscale condo and launched just 10 days after the cooling measures, 293 units (36%) have been sold at a median price of $2,730 psf.
Launched just 10 days after the cooling measures, 293 units (36%) at The Continuum have been sold at a median price of $2,730 psf (Photo: EdgeProp Singapore)
Sceneca Residence, previewed on Jan 1 and launched a fortnight later, is regarded as the first new project launch of 2023. It sold 60% of the units on the launch weekend. The project is 65% sold at a median price of $2,086 psf, putting the project at No. 6 among the top-sellers in 2023 by percentage of units sold.
Located at Tanah Merah Kechil Link, Sceneca Residence has two residential blocks of 14- and 15-storeys that will sit on top of the 20,000 sq ft mall Sceneca Square, which includes a mix of cafes, restaurants, shops and a 10,000 sq ft new-to-market supermarket. Hence, it could also be regarded as an integrated development.
Sceneca Residence is 65% sold at a median price of $2,086 psf, putting the project at No. 6 among the top-sellers in 2023 by percentage of units sold (Photo: MCC Land)
In the western region, the 386-unit The Botany at Dairy Farm by Sim Lian Group was over 48% sold when it was launched in early March. By the end of 2023, the 99-year leasehold condo is 58% sold at a median price of $2,065 psf.
The 99-year leasehold The Botany at Dairy Farm is 58% sold at a median price of $2,065 psf as at end 2023 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
At Upper Bukit Timah Road, CDL is redeveloping the former Tan Chong Industrial Park into the 408-unit private condo, The Myst. It was launched in July, and to date, the project is 44% sold at a median price of $2,072 psf.
The Botany and The Myst are in the ninth and tenth spot among the top 10 by number of units sold.
The 408-unit The Myst was launched in July, and to date, the project is 44% sold at a median price of $2,072 psf (Photo: City Developments Ltd)