Buyers don’t seem to be taking a break in 2021. Just when they were hoping a return to Phase II could slow the pace, the opposite has happened: transaction volumes and prices have started to rise.
For those waiting in the starting blocks, “waiting” may not pay off after all. Here’s a rundown of the top selling new releases that should likely get you moving sooner:
| Project | April 21 | May 21 | June 21st | Total number of units sold | Current utilization rate |
| IRWELL HILL RESIDENCES | 315 | fifteen | 11 | 341 | 64 percent |
| RESIDENCE PROVENCE | 0 | 229 | 20th | 249 | 68 percent |
| NORMANTON PARK | 81 | 53 | 62 | 196 | 56 percent |
| TREASURE IN TAMPINES | 49 | 65 | 80 | 194 | 93 percent |
| ONE-NORTH EDEN | 141 | 8th | 8th | 157 | 94 percent |
| THE RESIDENCES IN FLORENCE | 34 | 37 | 47 | 118 | 80 percent |
| MEDIUM WOOD | 23 | 42 | 46 | 111 | 62 percent |
| PARC CENTRAL RESIDENCES | 37 | 45 | 24 | 106 | 91 percent |
| AVENUE SOUTH RESIDENCE | 30th | 26th | 36 | 92 | 74 percent |
| OLA | 23 | 36 | 29 | 88 | 69 percent |
1. Irwell Hill Residences
Sales: 341 from April to June 2021
Location: Irwell Hill (District 09)
Developer: City Development Limited
Lease: 99 years
ABOVE: 2026
Last known prices:
Current prices show a range of $ 2,460 to $ 4,123 psf (see above for the large discrepancy) and an average price of $ 2,643 psf.
For the more discerning of you who noticed the staggering $ 4,123, it was because the $ 9 million penthouse was sold in April.
Notable details
We highlighted Irwell Hill for its surprisingly low starting price as it is a new apartment in District 9. The smallest units (from 398 to 614 sq. Ft.) Started at just $ 1.06 million and were among the first to sell.
Even the larger units (up to 667 sq. Ft.) Stayed under $ 2 million, which is on the low end for a new River Valley condo.
Irwell Hill Residences is clearly built for investors, around 80 percent of the units are single and double rooms. There is very little green space in this location and only two schools within enrollment distance (River Valley and Alexandra Primary). Together with the small one size fits all, most families can rule this out.
Couples or singles can still use this apartment for their own use. It is within eight minutes of Great World City, which is also the location of the MRT station.
Overall, it is a condominium with very high rentability, which, given the small amount, has the potential for strong rental yields. One potential downside is the long lease status of Irwell Hill Residences, which are located in an area surrounded by condominiums.
2. Provence Residence (Executive Condominium)
Sales: 249 from April to June 2021
Number of units: 413 units
Location: Canberra Crescent (District 27)
Developer: MCC Land
Lease: 99 years
ABOVE: 2026
Last known prices:
Current prices indicate a price range of $ 1,004 to $ 1,273 psf and an average price of $ 1,151 psf.
Notable details
Although its location is undeveloped, Provence Residence gets around the problem by being a rare EC that’s pretty close to an MRT station. It is only a nine-minute walk to the Canberra MRT station. The main highlight of the area – Bukit Canberra – is just 850 meters away; This is about a 12-minute walk or less than five minutes by car.
Bukit Canberra will be the integrated hub for the area, which will include sports and lifestyle facilities, as well as food and retail.
Unfortunately, there is little else in the area to keep you entertained at the moment.
In return, Provence Residence is currently one of the cheapest new features, even for an EC. There are units of up to 1,065 sq. ft., which settled for less than $ 1.16 million, while units up to 925 sq. ft. have sometimes dropped below $ 1 million.
Coupled with the lack of ABSD upfront for upgraders (because this is an EC), Provence Residence is a very manageable move for HDB residents. The larger units are exactly what the market is asking for; hence the strong response despite the remote location.
3. Normanton Park
Sales: 249 from April to June 2021
Quantity: 1,862 (49 percent sold)
Location: Normanton Park (District 05)
Developer: Kingsford Huray Development
Lease: 99 years
ABOVE: 2023
Last known prices:
Current prices indicate a range of $ 1,611 to $ 1,902 psf and an average price of $ 1,803 psf.
Notable details:
After all the drama surrounding his no sale license, it looks like Kingsford Huray will meet his deadline in time. Normanton Park isn’t the best for those who don’t have a car – though it’s only a four-minute drive or a bus stop or two to One-North (the bus stop is right outside the apartment).
However, there is also no MRT within walking distance, so you’ll need to take the bus to One-North and get to the MRT station from there.
One-North is a technology and media hub, and accommodation in the area has been limited; As such, this apartment is of interest to both home buyers and investors (although the upcoming One-North Eden offers little competition).
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Normanton Park is also close to Kent Ridge and only a two minute drive from NUS. There are also schools nearby, such as INSEAD, which can serve as alternative student accommodation. All in all, there is a large pool of interested parties and vacancies shouldn’t be a problem.
For home buyers, Normanton Park is also known for its proximity to Holland V, which is only a seven minute drive away. One-North also offers many everyday conveniences like Guardian and Cold Storage.
The prices are on the low end, which is not surprising given that Normanton Park is a mega development. For example, a 1,034 square foot unit still costs under $ 1.7 million. However, some buyers don’t like the lack of privacy with such a large development.
4. Treasure at Tampines
Sales: 194 from April to June 2021
Number of items: 2,203
Location: Tampines Lane (District 18)
Developer: Sim Lian (Sweetheart) Pte. GmbH.
Lease: 99 years
ABOVE: 2023
Last known prices:
Current prices indicate a range of $ 1,189 to $ 1,826 psf and an average price of $ 1,409 psf. The wide price range reflects a notable rise in prices since its launch in 2019 (see below).
Notable details:
This is the largest condominium development in Singapore and in our original review we found it to be one of the cheapest.
While Treasure at Tampines is still not expensive for a new launch, note that the average price for the last batch of units has increased. The current average of $ 1,409 psf is above an average price of $ 1,325 psf at the start of the launch.
Treasure at Tampines doesn’t actually have an MRT within easy walking distance, although you can bike to Simei MRT station (about 500 meters). The main attraction will be the short distance to the heart of Tampines where you will find shopping malls like Century Square, Tampines One and Eastpoint. There are also many offices here as Tampines is the regional center of the East.
Most properties closer to central Tampines are now exorbitantly expensive, so Treasure at Tampines offers a convenient (if a little further afield) alternative.
In terms of investing, this is a 50-50 perspective. Many investors will be concerned about future competition given the sheer numbers. Family buyers, however, will likely appreciate the more extensive amenities and reasonable price for a grown area.
You have to act fast if you want to buy here as the sale is on the last remaining houses. We were told that most of the remaining units are the larger ones (about 1,324+ sq. Ft.) So you can expect anything between $ 1.7 million and $ 1.8 million.
5. One North Eden
Sales: 157 from April to June 2021
Number of units: 165
Location: Slim Barracks Rise (District 05)
Developer: Hong Leong Group / Mitsui Fudosan
Lease: 99 years
ABOVE: 2025
Last known prices:
Current prices indicate a range of $ 1,779 to $ 2,257 psf and an average price of $ 1,992 psf.
The decrease in price is due to the fact that the remaining units are larger, with a higher amount, but a lower price per square meter.
Notable details:
This is the smaller, more private counterpart to Normanton Park (see above). As we said about District 05, the new product launches near One-North are easy to sell. The area is a technology and media hub that so far has limited accommodation. Together with schools like INSEAD, ESSEC and NUS nearby, the demand here has exceeded the supply for many years.
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One-North Eden is closer to Fusionopolis than to Normanton Park. One-North MRT station, connected to Fuisionopolis, is just a seven-minute walk away. Residents can also go to The Star Vista or Rochester Mall, which is about an eight-minute walk away in most conditions.
In terms of immediate amenities, One-North Eden has a clear advantage over Normanton Park. It also helps that it is a mixed-use property with some commercial space attached (six commercial units are not very significant, but some people insist that there is a small grocery / restaurant downstairs).
However, being a much smaller facility, the communal facilities are a shadow of what you get from Normanton Park. They also pay, on average, much more than they would at Normanton Park, with even a 947-square-foot unit going for $ 1.778 million.
This development sells out quickly and has lost the last eight units; but we suspect those who can’t get a unit here will quickly turn their gaze to Normanton Park.
This article was first published in Stackedhomes.
