HDB Market Outlook 2023
TLDR: Understanding the HDB Market Outlook 2023 The HDB resale market showed resilience in 2022, with significant growth in sales...
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Alright, let’s talk about 2024. We’re not expecting the same kind of shortages we’ve seen after COVID-19. Some folks are even guessing we might see north of 11,600 new units cropping up from about 38 fresh launches. And keep in mind, these are just the big boys on the block – we might have a few small ones joining the party too. If you’re a homeowner getting ready to jump into the market, we’ve whipped up a handy list of these upcoming launches you should know about:
New launches for 2024
| Projects | Street | District | Tenure |
| 21 Anderson | 21 Anderson Road | 10 | FH |
| 32 Gilstead | Gilstead Road | 11 | FH |
| 33 Devonshire | Devonshire Road | 10 | FH |
| Amber Sea | Amber Gardens | 15 | FH |
| Ardor Residence | 181 Haig Road | 15 | FH |
| Aurea (Former Golden Mile Complex) | Beach Road | 7 | 99 |
| Bukit Timah Link | Bukit TImah Link | 21 | 99 |
| Champions Way | Champions Way | 25 | 99 |
| Clementi Avenue 1 | Clementi Avenue 1 | 5 | 99 |
| Creston Residences | Still Road | 15 | FH |
| Deluxe Residences | Lorong Melayu | 14 | FH |
| Dunearn Road | 870 Dunearn Road | 21 | FH |
| Former Bagnall Court | Upper East Coast Road | 16 | FH |
| Former Caldecott Broadcast Centre | Andrew, Olive & John Road | 11 | 99 |
| Former Central Mall | Havelock Road | 1 | FH |
| Former Chuan Park | Lorong Chuan | 19 | 99 |
| Former East Court | Koon Seng Road | 15 | FH |
| Former Far East Shopping Centre | Orchad Road | 9 | 999 |
| Former Jansen Mansions | 25 Jansen Road | 19 | FH |
| Former Kew Lodge | Kheam Hock Road | 11 | FH |
| Former La Ville | Tanjong Rhu Road | 15 | FH |
| Former Meyer Park | Meyer Road | 15 | FH |
| Former Mount Emily Road | 2, 4, 6 Mount Emily Road | 9 | FH |
| Hillhaven | Hillview Rise | 23 | 99 |
| Jalan Tembusu | Jalan Tembusu | 15 | 99 |
| Kassia | Flora Drive | 17 | 99 |
| Keppel Bay Plot 6 | Keppel Bay | 4 | 99 |
| Lentor Central | Lentor Central | 26 | 99 |
| Lentor Mansion | Lentor Gardens | 26 | 99 |
| Lentoria | Lentor Hills Road | 26 | 99 |
| Lorong 1 Toa Payoh | Lorong 1 Toa Payoh | 12 | 99 |
| Lumina Grand (EC) | Bukit Batok West Avenue 5 | 23 | 99 |
| Marina Gardens Lane | Marina Gardnes Lane | 1 | 99 |
| Marina View Residences | Marina View | 1 | 99 |
| Newport Residences | 80 Anson Road | 2 | FH |
| One Sophia | Sophia Road | 9 | 99 |
| Pine Grove Parcel B | Pine Grove | 21 | 99 |
| Plantation Close (EC) | Plantation Close | 24 | 99 |
| Sora | 91 Yuan Ching Road | 22 | 99 |
| Tampines Avenue 11 | Tampines Avenue 11 | 18 | 99 |
| Tampines Street 62 (Parcel B) (EC) | Tmapines Street 62 | 18 | 99 |
| The Arcady | 2 Saint Barnabas Lane | 12 | FH |
| The Hill @ One North | Slim Barracks Rise | 5 | 99 |
| The Hillshore | 292 Pasir Panjang Road | 5 | FH |
Projects you’re likely to see first
Heads up, folks! A bunch of cool stuff is set to blast off either real soon or within the first chunk of this year. So, keep your eyes peeled and stay tuned!
1. Lumina Grand (EC)
Lumina Grand, the inaugural executive condominium (EC) project of the year, has made its grand appearance on Bukit Batok West Ave. 5, coming up alongside Altura, another EC that had its launch in August of the previous year and is set to reach completion in 2027. Spread across ten blocks, Lumina Grand boasts an impressive tally of 512 units.
Potential residents are offered a diverse selection of homes at Lumina Grand; from cozy 3-bedroom apartments measuring 936 sq. ft., to spacious 5-bedroom units spreading across 1,711 sq. ft. The starting price for a 3-bedroom unit stands at S$1.34 million, which equates to $1,429 per sq. ft. Premium 3-bedroom units are also available, starting at $1.39 million or $1,432 per sq. ft. For those in need of more room, 4-bedroom units commence at $1.63 million (S$1,413 per sq. ft.), while prospective 5-bedroom dwellers can expect a price tag of around $2.1 million (S$1,402 per sq. ft.).
However, considering that Altura still has units up for grabs with an 88% take-up rate at the time of writing and an average pricing of $1,475 per sq. ft. according to Square Foot Research, it’s likely that potential buyers will weigh their options between the two.
Strategically positioned between Bukit Batok West and Tengah, these projects offer promising prospects. Though the Tengah side lacks development for now, with its first MRT stations scheduled for 2027, residents will likely depend on bus services to Bukit Gombak in the interim.
In terms of local amenities, residents will be catered to by the existing HDB enclave, offering familiar comforts such as coffee shops, clinics, and small grocery stores. Both Lumina Grand and Altura promise pleasant views of the surrounding greenery, nestled between Tengah Plantation Village and Bukit Batok Hillside Park. However, the area is presently lacking in substantial retail and entertainment facilities.
Additionally, future residents will benefit from convenient access to ACS Primary, although this is still a while away, as the school plans to relocate only in 2030.
2. Hillhaven
Nestled just a stone’s throw away from Hillview MRT (DTL), Hillhaven stands as one of the rare housing plots in Hillview that enjoys the convenience of being near the railway station, barring any future zoning changes. The neighborhood didn’t spark immediate interest among buyers, given the initial slow sales at nearby Midwood and Dairy Farm Residences. However, it’s worth mentioning that there are more housing plots around that are yet to be developed, coupled with a significant reserve site at Dairy Farm – hinting at more enhancements down the line.
Hillhaven is a petite establishment hosting 341 units within its two-block radius. It’s an ideal choice for those who wish for a well-balanced blend of amenities without the hustle and bustle of a crowded community.
Positioned strategically, Hillhaven is one of the most accessible condos in the vicinity, just across the street from HillV2 and neighboring Midwood. While HillV2 might not be the largest mall around, it houses a supermarket and caters to most everyday needs. Moreover, Beauty World, which is just one MRT stop away, offers a few older shopping centers and promises future improvements with The Linq @ Beauty World and The Reserve Residences (both featuring commercial elements). Therefore, we believe residents won’t experience any inconvenience.
The property also enjoys a prime location sandwiched between Bukit Panjang Hill and Bukit Timah Nature Reserve. The Rail Corridor runs parallel to this area, enabling some residents to leisurely cycle to The Rail Mall in under 10 minutes.
As for the pricing, it hovers around $2,000 psf (with a starting point of $1,907 psf), aligning broadly with the market rates from the previous year.
Nestled within Hillhaven, you’ll find cozy two-bedroom apartments measuring around 678 square feet. These are up for grabs starting at a cool $1.37 million, which translates to about $2,020 per square foot. If you’re after something a bit roomier, we’ve got three-bedroom options (some even come with a study!) that vary from 947 to 1,195 square feet. You can snag one of these starting at $1.835 million, working out to roughly $1,938 per square foot. For those needing more space, our four-bedroom offerings kick off at 1,259 square feet and max out at 1,636 square feet. These family-friendly units can be yours starting from $2.44 million, again at about $1,938 per square foot.
3. The Arcady
Introducing The Arcady: the inaugural freehold property launch of 2024, nestled in the heart of Boon Keng. The project, though intimate with only 172 units, boasts a multitude of compelling features.
The Arcady is situated at an ideal location, within a stone’s throw from Boon Keng MRT station (NEL), and served by a comprehensive range of bus services. With no less than 13 different bus routes at its doorstep and merely three subway stops away from both Dhoby Ghaut and Serangoon MRT stations, residents can effortlessly access the city centre and the NEX Megamall.
However, The Arcady might not be everyone’s definition of a tranquil family haven, given the bustling traffic and scant green spaces. Nonetheless, its convenience is unparalleled, especially with its proximity to a plethora of dining options that dot the nearby roads. This prime location could attract potential landlords looking for lucrative rental properties.
The projected pricing for the units stands around $2,500 per square foot, a figure that some may find steep. However, this price tag is anticipated, factoring in the premium associated with freehold properties. One potential concern for prospective buyers could be the presence of two nearby places of worship, which some might perceive as a source of noise disturbance.
4. The Hill @ One North
Anticipate a sneak-peek of this exclusive condominium around the corner of February or March. Nestled near One-North Residences, this intimate development only hosts 142 units, offering a contrast to its older, established neighbor from 2009.
If you recall, the recent unveilings in this vicinity such as Blossoms by the Park and One-North Eden enjoyed quite a positive reception – an indicator that residential units in this locale are in demand, despite their small project sizes.
The potential of this property leans towards being a rental investment, serving two demographic groups. One group encompasses expat professionals employed at Fusionopolis, Biopolis or within the One-North tech sphere. The other group is composed of international students attending nearby institutions such as ESSEC, INSEAD and NTU @ One-North.
Fusionopolis itself boasts amenities like a supermarket, pharmacy and a variety of dining options. However, for more extensive needs, the One-North MRT station is a short stroll away, linking residents to Star Vista Mall at Buona Vista in just one stop. Additionally, the vibrant lifestyle hub of Holland V is conveniently a single stop away.
As for the pricing, we’re still in the dark given the preview is forthcoming. However, speculation from some real estate professionals suggests a price point hovering around $2,300 psf.
5. Lentoria
The Lentor vicinity is currently undergoing a remarkable metamorphosis. Anyone who’s visited Lentor recently might be taken aback by the significant construction activities in progress.
In recent times, Lentor has seen a surge of fresh developments; ranging from Lentor Hills to Lentor Modern. These names have consistently appeared over the last year, and now, Lentoria joins this growing list.
This marks the fourth out of six Government Land Sales (GLS) sites in the area. Intriguingly, GuocoLand, Hong Leong, or a combination of these corporations are behind the development of five of these sites (hence, don’t anticipate a fierce price competition).
Lentoria is conveniently located just a stone’s throw away from Lentor Modern. While it could be considered as competition, it’s not entirely disadvantageous. Lentor Modern boasts a sizeable commercial sector which should in turn provide amenities for the residents of Lentoria—an essential aspect given the absence of major shopping centers in the vicinity.
Accessibility isn’t an issue either, with the Lentor MRT station (TEL) being within comfortable walking distance, making public transport readily available. However, do note that Lentor is located on the outskirts, implying a likely extended journey to the city center.
For those who missed out on their preferred units in earlier Lentor projects, Lentoria offers a new opportunity. We’re yet to receive information on pricing but rest assured, we’ll keep you updated.
Lentoria is set to be the smallest project so far, offering only 267 units. Moreover, it’s one of the two GLS sites here within a kilometer proximity to the popular CHIJ St Nicks, making it potentially attractive to many.
6. Sora
Sora’s proximity to the newly inaugurated LakeGarden Residences, which is just a brief five-minute stroll away, is bound to pique buyers’ interest. Real estate agents have hinted that price points at Sora hover between $1,900 and $2,100+ psf, closely paralleling those at LakeGarden Residences (whose average stands at $2,111 psf as per Square Foot Research).
Sora, a mid-sized property, slightly overshadows LakeGarden in terms of scale with 440 units compared to LakeGarden’s 306. Despite this, both share similar geographical benefits. The stunning panorama of Jurong Lake Gardens, showcasing the beauty of the Chinese and Japanese Gardens, is a shared advantage.
Not only is this landscape one of Singapore’s most photographed locales, but it also offers residents the opportunity for tranquil strolls as the condos are conveniently situated at the garden’s threshold.
Additionally, the HDB neighborhood across the road caters to regular amenities, with the typical fare of coffee shops, minimarts, and hair salons available. The area also boasts more than one NTUC FairPrice, and the Taman Jurong Food Centre is within easy reach.
However, a drawback remains the absence of a direct pedestrian route to the MRT station. Bus 49, which stops near the condo, is required to reach Lakeside MRT (EWL). Once there, Jurong East MRT is merely two stops away, home to shopping centers like JEM and IMM.
In terms of cost, Sora’s prices range from $1,900 to $2,000 psf, with three-bedroom units fetching approximately $1.85 million ($1,953 psf).
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.
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