Budget 2024: What To Expect For The Singapore Residential Market?
TLDR In 2025, owner-occupiers of residential properties can benefit from property tax relief based on the Annual Value Band. Retirees...
Read More
TLDR
The real estate sector in 2023 saw significant policy shifts affecting both private and public housing, with various changes like hikes in ABSD rates and tweaks to public housing regulations. In 2024, exciting prospects await with new property launches near MRT stations, mixed-use projects, and developments close to schools and amenities. Whether you seek nature, transport convenience, or educational proximity, there’s something for everyone in the upcoming projects. Consider factors like transport links, school proximity, and mixed-use developments when deciding whether to buy, sell, or wait in the current real estate market.
As we approach the tail end of the year, it’s natural to start reflecting on what’s been and eagerly anticipate what’s ahead. If we were to cast our gaze back, it’s pretty clear that 2023 was a noteworthy period for the domestic real estate sector with plenty of policy shifts affecting both private and public housing.
From hikes in additional buyer’s stamp duty (ABSD) rates, to increased marginal buyer’s stamp duty rates for more expensive properties, to a bunch of tweaks to public housing regulations, including the stricter rule for picking build-to-order (BTO) flats, and the upcoming reclassification of flats from the latter half of 2024, it can be quite a head-scratcher for newcomers.
In light of the cooling measures introduced in April 2023, the numerous policy alterations to chew over, and stubborn interest rates, some hopeful buyers have decided to hit the pause button to assess their choices. For those who are still hunting for their dream home or a solid investment property, 2024 is set to offer some thrilling prospects. Here’s a sneak peek at some potential new projects slated for launch in the first half of the coming year.
Some Possible New Launches* In 1H 2024
Source: PropNex Research, PropNex International (*not listed in any particular order; subject to change)
Among the bunch, a couple of projects stand out as real gems. They’re like the gold medal winners of the property game. One of these is Skywaters Residences, previously known as AXA Tower, on Anson Road. This place is set to be Singapore’s highest building once it’s done, taking the title from Guoco Tower, which currently stands proud at 283.7m. Another noteworthy project is over at Marina Gardens Lane. It’s the first piece of land sold in the fresh Marina South district. Both of these high-profile developments are within an easy stroll to an MRT station – Tanjong Pagar station for Skywaters Residences and the soon-to-be-opened Marina South station for the Marina Gardens Lane project. Actually, quite a few of the upcoming launches are conveniently located near an MRT station, meaning you could walk there in under 10 minutes. Pretty cool, right?
If you’re hunting for a home with seamless MRT access, these developments might just hit the sweet spot: the old Meyer Park plot (a short 7-minute stroll to the soon-to-be-unveiled Katong Park MRT stop); plots along Bukit Timah Road & Duke’s Road (again, only 7 minutes to the Botanic Gardens MRT hub); The Hill @ One North (a brisk 6-minute walk to Buona Vista MRT hub); the once-known La Ville site (6 minutes to the budding Katong Park MRT stop); the former Peace Centre location (6 minutes to Bencoolen MRT stop); the Mount Emily initiative (6 minutes to Little Indian MRT stop); Lentoria (a convenient 5-minute journey to Lentor MRT stop); Lentor Gardens venture (5 minutes to Lentor MRT stop); Hillhaven (7 minute amble to Hillview MRT stop) and The Arcady @ Boon Keng (just 7 minutes to Boon Keng MRT stop).
Coming soon, we’ve got a bunch of exciting projects right next door to MRT stations. Just off the top, these include: Bukit Timah Link (a quick 3-minute walk to Beauty World MRT station); Marina View Residences (just two minutes to Shenton Way MRT station); Newport Residences (5 minutes away from the upcoming Prince Edward Road MRT station); the site of the old Bagnall Court (only a minute’s jaunt to the Sungei Bedok MRT station on the horizon); the site of the former Chuan Park (a mere minute to Lorong Chuan MRT station); Marina Gardens Lane project (a single minute to the upcoming Marina South MRT station); and Skywaters Residences (1 minute to Tanjong Pagar MRT station).
According to a 2023 survey from PropNex, about 40% of home buyers believe that being close to transport services is a big plus when buying or investing in residential property. Given the number of future launches near MRT stations, it’s safe to say we could see a surge of interest, especially if the price tags are reasonable.
For those on the hunt for mixed-use projects, you’ll have plenty to choose from in 2024. The Hill @ One North and the Marina Gardens Lane project are set for residential use with commercial spots on the ground floor, while Newport Residences (the former Fuji Xerox Tower) and Skywaters Residences in the city centre will each feature a commercial podium. These mixed developments are usually a hit with buyers because they offer more convenience and might also lead to bigger financial gains down the line.
City developments seem to have everything, but they often lack nearby schools. Looking at the planned projects for the first half of 2024, a few stand out for their close vicinity to educational institutions. Take the Jalan Tembusu project, for instance – it boasts over 10 schools in its immediate surroundings. Then there’s the former East Court location, surrounded by eight primary schools, four of which – CHIJ (Katong) Primary, Haig Girls’ School, Tanjong Katong Primary, and Tao Nan School – are within a one-kilometer radius. Another District 15 project, the former La Ville site, is just a hop, skip, and jump away from Dunman High School.
In Singapore, your home’s distance from a school can influence Primary 1 registration priority. Some property investors even think that being near popular schools can push up property values.
Staying on the subject of schools, two projects in Lentor Hills are conveniently located near CHIJ St. Nicholas Girls’ School. The Bukit Timah Road & Duke’s Road project is less than a kilometer from Nanyang Primary and Raffles Girls’ Primary, while The Hill @ One North is pretty close to Fairfield Methodist Primary and New Town Primary, not to mention Henry Park Primary.
On another note, the Bukit Timah Link project is nicely positioned near Pei Hwa Presbyterian Primary and Ngee Ann Polytechnic. The development on Mount Emily Road will be near the upcoming St. Margaret’s Primary, as well as cultural hubs like the LaSalle College of The Arts, Nanyang Academy of Fine Arts, and School of the Arts.
If you’re drawn to the allure of nature, several upcoming developments might pique your interest. Consider Hillhaven, nestled in Hillview Rise, or the future enterprise at Bukit Timah Link, both just a leisurely stroll away from the lush expanse of Bukit Timah Nature Reserve. This reserve is no ordinary green belt; it cradles Singapore’s tallest summit, Bukit Timah Hill. For an unbeatable proximity to verdant landscapes, the new Sora venture on Yuan Ching Road, neighbouring the vast Jurong Lake Gardens, stands unrivalled.
If your heart yearns for city life but still craves a touch of nature, we’ve got you covered. Here are some projects that might strike the right balance. The impending development at the juncture of Bukit Timah Road and Duke’s Road comes highly recommended, as it offers easy access to the esteemed Singapore Botanic Gardens, our nation’s first UNESCO Heritage Site. Additionally, Marina View Residences and the forthcoming endeavour in Marina Gardens Lane are conveniently located adjacent to the iconic Gardens by the Bay.
Taking all factors into account, there’s a compelling lineup of attractive projects slated for the first half of 2024. Whether you prefer a locale close to nature, convenient transport connections, or proximity to schools and amenities, there’s something for everyone.
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 …
The Best Time to Invest in Singapore’s Property Market: Timing is Everything
Investing in the property market is a significant decision that requires careful consideration and analysis. One crucial factor that determines...
Read More
Singapore Property Investing: Is It Better To Flip Or Hold?
Investing in Singapore property can be a profitable venture, but investors must choose the right strategy to maximize their returns....
Read More
Navigating Singapore’s Real Estate Market: The Truth Behind 5 Common Misconceptions
The real estate market in Singapore is known for its stability and attractiveness to investors both locally and internationally. However,...
Read More
6 Unexpected Property Warning Signs That Can Be Negative for Some, But Beneficial for Others
TLDR When considering property preferences, what may appear as a disadvantage to some buyers could be a unique opportunity for...
Read More
Discover the 3 Top Factors Impacting HDB Resale Valuation in Singapore: What Every Buyer Must Know!
TLDR The blog post discusses the increased demand for HDB resale flats and the impact on prices. It emphasizes the...
Read More
A Comprehensive Guide for Buying Landed Real Estate in Singapore
TLDR When it comes to buying landed property in Singapore, there are three main types: terrace houses, semi-detached homes, and...
Read More
Should You Be Upgrading To A Condo In 2023?
TLDR The 2022/23 property market is experiencing high prices, making it challenging for individuals to decide whether to upgrade their...
Read More
What is a Tenancy Agreement (TA)
TLDR When it comes to understanding property jargon, it's crucial to familiarize yourself with the specifics of a Tenancy Agreement...
Read More
5 Disastrous Property Transaction Nightmares (and How to Avoid Them)!
TLDR When attempting to sell your property, various worst-case scenarios can hinder the sale process significantly. These scenarios include buyers...
Read More
Should Buying A Low Lease Project Be A Viable Option?
TLDR When considering low lease projects in Singapore, it's crucial to evaluate your individual needs, financial standing, and future plans....
Read More
Could It Be Wise to Sell Your Property After Just 3 to 4 Years?
TLDR In this blog post, the writer delves into the Singapore property market, particularly focusing on the effectiveness of quick...
Read More
Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!
Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...
Read More
5 Things to do When You Go For A Property Viewing In Singapore
5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...
Read More
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons Here are the top 5 reasons why Chinese investors...
Read More
The Top 5 Legal Considerations When Investing In A Property In Singapore
Investing in property in Singapore is an attractive option for many, given the country's stable economy and strong demand for...
Read More
Four Things to Avoid When Renting Out an HDB Flat
TLDR Renting out an HDB flat in Singapore can be a lucrative source of secondary income. Key considerations include adhering...
Read More
Increase in ABSD April 2023
TLDR The impending rise in ABSD (Additional Buyer's Stamp Duty) is expected to suppress investment demand, allowing local homebuyers to...
Read More
The Secret Strategies of Singapore’s Property Tycoons: Lessons You Can Learn
The Singapore property market has always been a hot topic for both locals and foreign investors. With its stable economy,...
Read More
Top 5 Factors : What I Wish I Had Known about Singapore Property Market
Singapore's property market has always been an attractive investment option for both local and foreign investors. With its stable economy,...
Read More
