Your search results

3 Trends For New Launch Properties In 2023

Posted by Jayson Ang on March 20, 2023

| 0

TLDR

When considering buying or selling a property in Singapore, it’s crucial to understand the market dynamics and key metrics. In 2023, there will be around 40+ new launches for buyers to choose from, each offering different advantages. Newly completed properties come with a one-year defect warranty period but may come at a premium price. On the other hand, new launches provide a variety of options but often have higher prices and longer waiting periods. Understanding these factors can help you make an informed decision that aligns with your needs and budget. For personalized advice and assistance, consider seeking guidance from real estate professionals who can offer strategic advice and help connect you with potential buyers.

I will be discussing new launches for the year 2023. This year, there are approximately 40+ new launches estimated to be launched for the entire year. In the last two years, there was a slew of en bloc activities as well as government land sales, and for the first half of this year, there will also be more government land sales to satisfy the demand from developers to acquire more land.

As a condo buyer looking for a condominium in the market, you will typically have three different types of products to choose from. The first product is resale properties in the entire market, the second type is newly completed properties, and the third is new launches.

In 2023, there will be an estimated 36 condos that will be newly completed and will likely be owned by people who bought them about three to four years back, starting from 2019-2020.

Some owners may have bought them last year or in 2021 because they bought the balance units. These units will definitely not be put on the market for sale as the owners need to fulfill a minimum of three-year seller stamp duty period.

If you are attracted to newly completed properties, you will likely be the type of home buyer who loves to buy brand new properties that nobody has stayed in before. They still come with a one-year defect warranty period, which is a plus point. However, you will have to pay a premium as no owners will resell their property at the same price that they bought it from the developer.

Going into new launches is the third option, and there will be about 40+ different new launches for you to choose from this year. However, it is important to understand some key metrics before making a decision.

In my last blog post, I talked about two charts that showcased upcoming new launches for the year 2023 and the movement that new launches seem to have, with an estimated movement upwards in terms of benchmark pricing of $400psf every five years. For today’s context, we want to look at a new chart that I have come up with.

I did an estimated supply based on the project launch date of properties currently being launched at the moment, plus another four years, to see if there will be an upcoming oversupply situation in the condo market. Based on this, it seems that the supply is very well managed by the government, which is good for existing homeowners because our government needs to calibrate the introduction of Government Land Sales (GLS) very carefully to avoid a glut situation in the condo market.

To recap, there are about 340,000 condos and apartments in Singapore, out of which about 70,000 are being owned by foreigners and PR. There are about 260,000 being owned by Singaporeans. It is essential to note that foreigners and PRs have to pay an Additional Buyer’s Stamp Duty (ABSD).

In conclusion, if you are looking to buy a new launch property in 2023, it is important to understand the three different types of products and key metrics before making a decision.

With approximately 40+ new launches to choose from, there are plenty of options available for buyers. However, it is essential to note that the prices of new launches are often higher, and the waiting period can be longer. By understanding these key factors, you can make an informed decision and choose the best property that fits your needs and budget.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Buying Tips Top List

Finding the Perfect Match: Top 20 : A Guide to Choosing the Best Property Agent in Singapore

Jayson Ang – December 17, 2022 –

TLDR When it comes to buying or selling real estate in Singapore, having a professional and knowledgeable property agent is...

All Blog Posts Buying Tips

Are You Considering Paying Off Your Mortgage Loan Ahead of Time? Is It the Right Financial Move?

Jayson Ang – May 11, 2023 –

TLDR When considering mortgage options in Singapore, it's essential to understand the differences between HDB loans and bank loans. HDB...

Mandarin Top 5

5 Tips : Riding the Wave: How to Profit from the Upcoming Boom in Singapore’s Property Market

Jayson Ang – August 5, 2024 –

Singapore's property market has always been a hot topic among investors and homebuyers alike. With million-dollar HDBs being sold and...

All Blog Posts Opinion

Unveiling the Truth: Why Freehold is Not Always the Optimal Choice for Property Investment

Jayson Ang – January 4, 2023 –

TLDR When it comes to investing in real estate in Singapore, traditional beliefs may not always hold true in today's...

Mandarin Top 5

Top 5 Rules for Investing in Singapore’s Property Market – Expert Insights!

Jayson Ang – October 15, 2024 –

Investing in Singapore's property market has long been considered a lucrative and stable investment option. With its robust economy, strong...

All Blog Posts Opinion

Singapore Property Bubble Ahead? My Friends Share My Market Predictions

Jayson Ang – March 12, 2023 –

TLDR The author delves into various opinions on the Singapore property market for the year 2023. Experts have differing views...

All Blog Posts Buying Tips Opinion

UNCOVERING the Secret to Profitable Small Boutique Condos!

Jayson Ang – November 30, 2024 –

TLDR Boutique condos, with fewer than 100 units, are known for price fluctuations due to infrequent transactions and higher upkeep...

All Blog Posts Opinion

What is Buyer’s Stamp Duty (BSD) in Singapore and How Does It Work?

Jayson Ang – February 14, 2023 –

TLDR When it comes to navigating the Additional Buyers Stamp Duty (ABSD) in Singapore, legal strategies are available to overcome...

Mandarin Top 5

Top 5 : Best Street Art Murals in Singapore

Jayson Ang – December 17, 2024 –

Singapore, a vibrant and multicultural city-state, is not only known for its iconic landmarks and delicious cuisine but also for...

Mandarin Top 5

Top 5 Best Instagrammable Spots in Singapore

Jayson Ang – November 7, 2024 –

Singapore, a vibrant and modern city-state, is known for its stunning architecture, lush green spaces, and colorful streets. With its...

Mandarin Top 5

Top 5 Factors : What Is Considered “Luxury” In The Singapore Property Market?

Jayson Ang – December 3, 2024 –

The Singapore property market is known for its high-quality residential properties, attracting both local and international buyers. Luxury real estate...