Your Dream Home May Be Around The Corner. Check Out The Potential New Launches In 1H 2024

It is that time of the year where we start to consolidate what has been and contemplate what is to come. Looking back, it is fair to say that 2023 has been a pretty eventful year for the residential property market, chockful of policy announcements that will impact both the private and public housing segments. 

From tighter additional buyer’s stamp duty (ABSD) rates, to higher marginal buyer’s stamp duty rates for higher-value properties, to a swathe of changes to public housing policies, such as the stricter non-selection rule for build-to-order (BTO) flats, and the reclassification of flats from the second half of 2024, amongst others. For the uninitiated, it could be mind boggling.

In view of the April 2023 cooling measures, the various policy changes to mulled over, and sticky interest rates, some prospective buyers have decided to call a time-out to evaluate their options. For those who are still in the market for a new home or an investment property, 2024 will provide some exciting opportunities. Here are some potential new projects that could hit the market in the first half of 2024.

Some Possible New Launches* In 1H 2024

Source: PropNex Research, PropNex International (*not listed in any particular order; subject to change)

Among the lot, there are a couple of projects that are likely to be seen as somewhat of a trophy project, with unique characteristics, or a first-mover advantage in an up-and-coming precinct. The Skywaters Residences (former AXA Tower) in Anson Road will be a likely candidate, as it will be the tallest building in Singapore once it is completed – stealing the crown from The Guoco Tower which stands at 283.7m. The other would be the Marina Gardens Lane project, being the first sale of site in the new Marina South precinct. Both Skywaters Residences and Marina Gardens Lane project are within walking distance to an MRT station – namely Tanjong Pagar station and the upcoming Marina South station respectively. In fact, a number of the upcoming launches enjoy close proximity to the MRT station, and by that we mean less than 10 minutes’ walk from the project.

If MRT connectivity is a top priority, buyers can consider these projects: former Meyer Park site (7 mins to upcoming Katong Park MRT station); Bukit Timah Road & Duke’s Road site (7 mins to Botanic Gardens MRT interchange station); The Hill @ One North (6 mins to Buona Vista MRT interchange station); former La Ville site (6 mins to upcoming Katong Park MRT station); former Peace Centre site (6 mins to Bencoolen MRT station); Mount Emily project (6 mins to Little Indian MRT station);  Lentoria (5 mins to Lentor MRT station); Lentor Gardens project (5 mins to Lentor MRT station); Hillhaven (7 mins to Hillview MRT station) and The Arcady @ Boon Keng (7 mins to Boon Keng MRT station).

Upcoming projects that are virtually at the doorstep of an MRT station, meanwhile, include: Bukit Timah Link project (3 mins to Beauty World MRT station); Marina View Residences (2 mins to Shenton Way MRT station); Newport Residences (5 mins to upcoming Prince Edward Road MRT station); former Bagnall Court site (1 min to upcoming Sungei Bedok MRT station); former Chuan Park (1 min to Lorong Chuan MRT station); Marina Gardens Lane site (1 min to upcoming Marina South MRT station); and Skywaters Residences (1 min to Tanjong Pagar MRT station).

Based on PropNex’s Home Buyers’ sentiment survey 2023, proximity to transport nodes was cited as a key attribute when buying or investing in a residential property, garnering votes from four in 10 respondents. With so many upcoming launches located close to an MRT station, it is likely that buying interest could be healthy, especially if units are priced sensitively.  

Meanwhile, prospective buyers who are scouring the market for mixed-use projects will have several to choose from amongst the 2024’s slate. Both The Hill @ One North and the Marina Gardens Lane project are zoned for residential use with commercial at the first storey, while Newport Residences (former Fuji Xerox Tower) and Skywaters Residences in the city centre will each have a commercial podium. Mixed-developments tend to be more popular among buyers as they are seen to offer greater convenience, and potentially also enjoy healthier capital gains in the future.

While projects in the city appear to have it all, they fall short when it comes to proximity to schools. Going by the upcoming launches in 1H 2024, some of the projects with a good selection of schools nearby include the Jalan Tembusu project which has more than 10 schools in its vicinity. The former East Court site does not lose out, with eight primary schools nearby including four – CHIJ (Katong) Primary, Haig Girls’ School, Tanjong Katong Primary, and Tao Nan School - that are within 1-km radius of the site. Another project in District 15, the former La Ville site is a stone’s throw from Dunman High School.  

In Singapore, the distance between the home and school affects priority admission for Primary 1 registration. Some investors also believe that the proximity to sough-after schools can help to influence property prices.

Still on schools, the two projects in the Lentor Hills estate are near CHIJ St. Nicholas Girls’ School, the Bukit Timah Road & Duke’s Road project is within 1-km from Nanyang Primary and Raffles Girls’ Primary, while The Hill @ One North is situated close to Fairfield Methodist Primary and New Town Primary, as well as Henry Park Primary.

Meanwhile, the Bukit Timah Link project is near to Pei Hwa Presbyterian Primary and the Ngee Ann Polytechnic. The project in Mount Emily Road will be close to the upcoming St. Margaret’s Primary, as well as the LaSalle College of The Arts, Nanyang Academy of Fine Arts, and School of the Arts.

If nature ranks highly, then a few projects should fit the bill. Hillhaven in Hillview Rise and the upcoming project at Bukit Timah Link are minutes’ walk to the Bukit Timah Nature Reserve – home to Singapore’s highest peak, the Bukit Timah Hill. In terms of direct access to greenery, the new project Sora in Yuan Ching Road is quite hard to beat as it is right next to the sprawling Jurong Lake Gardens.

Should you wish to live closer to the city centre and yet not too far from nature, these are some projects that could do the trick. For instance, the future development on the Bukit Timah Road & Duke’s Road site is a short walk to the Singapore Botanic Gardens, the country’s first UNESCO Heritage Site. Meanwhile, Marina View Residences and the project in Marina Gardens Lane are a stone’s throw from Singapore’s major attraction, Gardens by the Bay.

All things considered, there are choice picks lined up in the first half of 2024 - be it projects that are close to nature, or those that are near to key transport nodes, as well as within easy reach of schools and amenities.

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