Home hunters looking to buy a private property could be faced with a tighter selection of units this year. PropNex estimates that over 30 new launches, including three executive condominium (EC) projects could hit the market in 2022 – potentially offering some 8,000 to 9,000 new homes. In addition, many of the launches in 2022 are small- to mid-sized developments.
Based on the launch pipeline for 2022 – about 36% of the units will be in the Outside Central Region (OCR), 37% in the Rest of Central Region (RCR), and about 27% in the prime Core Central Region (CCR). These launches – especially in the OCR, also known as the mass market – will go some way to meeting demand from owner occupiers.
Kicking off this year’s new launches is 107-unit Belgravia Ace, a freehold strata landed housing project in Ang Mo Kio Avenue 5. The development features 104 semi-detached properties and three terraces. This project would be particularly attractive to buyers seeking a more spacious home and the experience of living in a landed property.
Home buyers can also look forward to The Arden in Phoenix Road which is expected be launched in January/February. The 99-year leasehold development will comprise 105 dwelling units and it should appeal to diverse groups of buyers from families to young professionals as well as HDB upgraders, who want a modern home that is close to nature and nestled in a tranquil environment, given its location within a low-density landed property enclave.
It is probably fair to say that the Central Region stole the spotlight in 2021, with several new projects captivating buyers and selling extremely well at launch – such as Normanton Park, One-North Eden, The Reef at King’s Dock, Midtown Modern, Irwell Hill Residences, and CanningHill Piers. In 2022, it could well be the OCR’s turn to shine even brighter as the new cooling measures rolled out in December 2021 may exert some pressure on Central Region sales.
Buyers looking for an OCR project that is conveniently located within easy reach of an MRT station will have a few options this year. They include the Tanah Merah Kechil Link project (at the doorstep of Tanah Merah MRT station) by MCC Land, GuocoLand’s new launch at Lentor Central (will be integrated with Lentor MRT station), and the upcoming development in Ang Mo Kio Avenue 1 (about 500m from Mayflower MRT station) by a joint venture between UOL Group, Singapore Land Group and Kheng Leong Company.
Once known as the darling of the private residential segment, ECs will remain a hot favourite among home buyers, particularly first-time Singaporean home buyers and those upgrading from HDB flats. Three EC projects could be launched this year, starting off with North Gaia in Yishun Avenue 9, followed by Tengah Garden Walk EC and Tampines Street 62 EC in the later part of 2022. ECs tend to be popular with buyers as their pricing could be 20% to 30% cheaper than other private condo launches. This segment is also unlikely to be affected by the new cooling measures as the EC buyers are least impacted by the ABSD rate hikes compared to investors and foreigners.
A number of projects are likely to be launched in the downtown area and central business district. One of the most highly anticipated ones is the mixed-use development at Marina View by IOI Properties Group. The project – near Shenton Way MRT station - will offer 905 residential units and it will be the first new private housing launch in the Marina Bay locale since Marina One Residences was put on the market in 2014.
Meanwhile, the redevelopment of several buildings could also boost fresh private home supply in the city centre, as the future developments will likely feature a residential component. These potential launches may include the former Realty Centre in Enggor Street, the former Fuji Xerox Towers in Anson Road, the former AXA Towers in Shenton Way, the former Peace Centre in Sophia Road, and the former Maxwell House in Tanjong Pagar.
There are also some exciting new launches in the city fringe, including the mixed-use Jalan Anak Bukit project (by Far East Organization & Sino Group) in the charming Beauty World area, and another in Northumberland Road (by CDL & MCL) near the Little India heritage district. Both the Jalan Anak Bukit and the Northumberland Road projects will be well-served by public transportation, being connected to the Beauty World MRT station and Farrer Park MRT station respectively. These two upcoming launches are set to inject greater vibrancy to their surrounding neighbourhoods.
Prospective buyers who missed out on One-North Eden last year can look forward to two new projects nearby – Slim Barracks Rise (Parcel A) by EL Development and Slim Barracks Rise (Parcel B) by Kingsford Development – in the one-north precinct, Singapore’s premier R&D and innovation district.
Another RCR new launch to watch is LIV@MB, a redevelopment of the former Katong Park Towers by Bukit Sembawang. The 298-unit project off Mountbatten Road is nestled within an exclusive private residential area, and is a short walk from the upcoming Katong Park MRT station on the Thomson-East Coast Line.
Unlike previous years, there would be limited mega condo projects to be launched for sale in 2022. Based on PropNex’s tracking of the potential launches, none of the upcoming developments have more than 1,000 residential units in the project. The Marina View project with an estimated 905 units will be the largest new launch expected this year (see table below). In contrast, the past years saw numerous sizable projects put on the market, such as Normanton Park (1,862 units), Treasure at Tampines (2,203 units), Riverfront Residences (1,472 units), Parc Clematis (1,468 units), and The Florence Residences (1,410 units), amongst others.
Reach out to PropNex salespersons today to find out which new launch project will meet your housing needs and investment objectives.