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\n8 to 14 August 2023
\nThree Q3 2023 major new condos \u2013 TMW Maxwell, The Arden, and Orchard Sophia\u00a0\u2013 launched over the weekend. Meanwhile, ahead of Prime Minister Lee Hsien Loong\u2019s National Day Rally 2023 speech, property experts predict the announcements he could make.
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\n1. TMW Maxwell sells seven projects across its launch weekend<\/p>\n
Buyers snapped up\u00a09%, or seven of the 80 units released for sale during phase one of the launch of TMW Maxwell over the weekend. This reflects a 2.2% take-up rate based on the project\u2019s total units.
\nThese units transacted at between $1.5 million and $2.47 million, at $3,143 to $3,739 per sq ft (PSF). They comprised four studio units, two 1-bedroom units, and one 2-bedroom unit.
\nDr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru said that \u201cTMW Maxwell is an avant-garde live, work, and play concept. It will naturally take time for it to gel with the palette of its targeted band of buyers who want to live in the Core Central Region (CCR).\u201d
\nAs for TMW Maxwell\u2019s launch weekend performance, \u201cIts\u00a0sales so far have been likely impacted by property seekers deferring their buying decisions.\u00a0They\u2019re\u00a0in a very narrow window to browse the market and finalise their purchases before the start of the Lunar Seventh Month,\u201d Dr Tan added.
\nRelated article:\u00a0Blossoms By The Park, Tembusu Grand, and More: How Did Major New Condo Launches in Q2 2023 Perform?
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\n2. The Arden sells 26% of its units over the weekend<\/p>\n
Another Q3 2023 major new condo launch, The Arden, Qingjian Realty\u2019s residential project at Phoenix Road, sold 26% or 27 out of its 105 units during its launch over the weekend.
\nThe units were sold at an average price of $1,750 PSF. In comparison, other new project launches within the Outside Central Region (OCR) this year had average prices of between $2,057 and $2,121 PSF.
\n\u201cThe Arden stands out as an exceptionally competitively priced private residential project in Singapore, poised to captivate upgraders residing in the Bukit Panjang locale,\u201d said\u00a0Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group.
\nHe added, \u201cThe recent slower-than-anticipated sales of The Arden can be attributed to a convergence of factors:\u00a0prospective buyers being occupied with extended weekends, the observance of the Ghost Month Period, and a multitude of other property launches transpiring simultaneously within the same timeframe.\u201d
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\n3. 24% of Orchard Sophia sold at $2,800\u00a0PSF<\/p>\n
Orchard Sophia sold\u00a024.4%, or 19 of its 78 units during its launch over the weekend. The units achieved an average price of $2,800 PSF.
\n\u00a0
\nSituated at the top of Sophia Road within prime District 9, freehold Orchard Sophia is a redevelopment of two condos (i.e. Sophia Ville and Fairhaven) which developer DB2 acquired for $62 million in 2020.
\nThe project is located near various schools including St Margaret\u2019s Primary School, LASALLE College of the Arts, Singapore Management University (SMU), School of the Arts (SOTA), and Nanyang Academy of Fine Arts (NAFA).
\nDr Tan Tee Khoon commented, \u201cOrchard Sophia\u2019s appeal is in its relatively sweet spot pricing of about $2,800 PSF for new launches in prime districts and the fact that it is within 1km of St. Margaret\u2019s Primary and the current Anglo-Chinese School (Junior).
\nIts exclusive location on the top of Sophia Road and proximity to Dhoby Ghaut MRT station also bodes well for well-heeled property seekers who wish to live centrally and at a healthy distance from the hustle and bustle of Orchard Road. Given that the total size of the development is 78 units and muted foreign buyers, 23% sales is a commendable start!\u201d
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\n4. The government to adjust public housing schemes and provide extra help to older workers with inadequate CPF savings
\nPM Lee has highlighted the need to adjust the country\u2019s HDB schemes\u00a0to maintain their inclusivity while ensuring that public housing continues to be affordable and accessible, reported CNA.
\nIn delivering his annual National Day message, PM Lee also acknowledged the need to provide \u201cextra help\u201d to older workers who lack adequate CPF savings for retirement.
\nHe\u00a0pointed out that the development of more public housing has led to fewer undeveloped sites for new HDB estates.
\nExisting non-mature estates are also maturing with improved amenities and transport links, resulting in a shift in housing development towards mature estates.
\nWith these, property analysts expect the changes in the public housing policies to include a higher income ceiling and higher subsidies for first-time homebuyers, reported TODAY.
\nDr Lee Nai Jia pointed out that similar to how Health District @ Queenstown was piloted in 2021, health districts in other estates across Singapore may be expected. This may be announced alongside the launch of more community care apartments, targeting the elderly community.
\nIn tandem, Dr Lee suggested that there may be additional HDB schemes to allow the elderly to cash out a portion of their property equity and supplement their CPF funds.
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\n5. Woodlands jumbo HDB flat sold for $1.15 million, the most expensive flat in\u00a0the estate
\nA jumbo HDB resale flat in Woodlands has been sold for $1.15 million, making it the most expensive HDB flat to be sold within the non-mature estate in July 2023. Spanning 1,905 sq ft, the unit is located at Block 816 Woodlands St 82.
\nShin Min Daily News reported that a similar-sized flat three floors down was sold for $930,000 also in July, which translates to a whopping difference of around $220,000.
\nAnalysts attributed the wide price gap to the flat\u2019s interior decoration as well as to the fact that the flat was well maintained.
\nThey explained that an appreciative buyer would be more than willing to pay a good price for flats that are better decorated to save on renovation costs. Moreover, good-quality electrical appliances and furniture may have also pushed up the selling price.
\nOverall, Woodlands has recorded 17 million-dollar HDB flats, with the first being sold in May 2022. A common feature among these flats is that they were all jumbo units measuring between 1,894 and 2,067 sq ft.
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\n6. Choa Chu Kang HDB flat breaks record with $6,600 monthly rent
\nAn HDB flat in Choa Chu Kang set a new record when it was rented for $6,600 per month in May 2023, surpassing the previous high set by an Ang Mo Kio flat which was rented for $6,500 per month in February 2023.
\nThe $6,600 monthly rent was $2,000 to $4,000 higher than the rents achieved for similar flats this year.
\nHDB data showed that the flat is located at Block 641 Choa Chu Kang Street 64. The 2,314 sq ft executive flat has a remaining lease of 74 years since Block 641 was completed in 1998.
\nAnalysts attributed the unit\u2019s record rental price to the flat\u2019s rarity, reported Shin Min Daily News. Notably, it is an executive maisonette unit, which means it is two-storey home that typically comes with four bedrooms, a balcony, and three toilets.
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\n8. Upcoming completion of the Singapore Rail Linkway boosts demand for Johor Bahru properties<\/p>\n
With the Johor Bahru-Singapore rapid transit system (RTS) expected to be completed by end-2026, Johor Bahru has been witnessing a rise in property transactions.
\nThe 4km cross-border service is expected to move up to 10,000 commuters in both directions per hour.
\nIn Q1 2023, Johor saw 7,497 residential property transactions with a total value of RM3.2 billion (S$947 million) \u2013 marking the second-highest transaction volume just behind Selangor.
\nThe Business Times reported that the figure was 12% higher than the same period in 2020 before the COVID-19 pandemic struck.
\nOf the 7,497 transactions, almost 60% (4,307) were for residential properties in Johor Bahru.
\nChia Zi Jin, Principal of CRA Valuers and Realty Consultants, pointed to the RTS as the biggest catalyst now.
\n\u201cProperty developers are tapping into the positive news of the RTS and are rolling out new projects,\u201d said Chia, adding that the selling price at several new launches within Johor Bahru city centre is now pegged at above RM1,000 (S$294) PSF.
\nSingapore\u2019s higher rents and sale prices also helped drive demand for residential properties across the Causeway, said Jonathan Lee, Group Chief Executive of Keller Williams in Malaysia.
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\n9. Agent-free property platforms are on the rise
\nSeveral online property dealing platforms are emerging, touting themselves as direct connectors between buyers and sellers, eliminating real estate agents from the picture.
\nOne such platform is Kucing, which uses a peer-to-peer model to facilitate residential property sales, reported The Business Times.
\nThe platform boasts features such as interactive augmented heat maps, market trends, and tools to track sales and negotiate deals.
\nHowever, there are benefits to engaging agents. Dr Tan Tee Khoon\u00a0shares that agents have the requisite and relevant knowledge to help clients transact their properties at the best possible price at the right time.
\n\u201cCommissions with the agents are negotiable and can also be performance-based, so that the sale, lease or purchase can be a win-win,\u201d he explains.
\n\u00a0
\n10. PropertyGuru Singapore Property Market Report Q3 2023<\/p>\n
The HDB resale market may have reached its peak in Q2 2023, amid a slowdown in price growth and decreasing demand, according to the Singapore Property Market Report Q2 2023, as reported by CNA.
8 to 14 August 2023 Three Q3 2023 major new condos \u2013 TMW Maxwell, The...<\/p>\n","protected":false},"author":1,"featured_media":138784,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-138783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/08\/singapore-ann-siang-hill.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-A6r","jetpack-related-posts":[{"id":138567,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tmw-maxwell-orchard-sophia-and-the-arden-preview-over-the-weekend-august-bto-2023-launch-postponed-to-september-2023-and-more\/","url_meta":{"origin":138783,"position":0},"title":"TMW Maxwell, Orchard Sophia, and The Arden Preview Over the Weekend, August BTO 2023 Launch Postponed to September 2023, and More","date":"July 31, 2023","format":false,"excerpt":"\r TMW Maxwell, Orchard Sophia, and The Arden Preview Over the Weekend, August BTO 2023 Launch Postponed to September 2023, and More25 to 31 July 2023 TMX Maxwell, Orchard Sophia, and The Arden previewed over the weekend. Meanwhile, HDB has pushed back the August BTO 2023 launch to end-September 2023.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/07\/TMW-maxwell-condo-singapore-cover1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11646,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nationwide-tightens-lending-criteria-for-buy-to-let-landlords\/","url_meta":{"origin":138783,"position":1},"title":"Nationwide tightens lending criteria for buy-to-let landlords","date":"April 29, 2016","format":false,"excerpt":"\r Building society\u2019s changes come as the Bank of England attempts to rein in buy-to-let lendingNationwide building society is tightening up its criteria for lending to buy-to-let landlords ahead of changes to how much tax relief they will be allowed to claim against their repayments.Landlords who take new loans from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8148,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/solid-weekend-sales-at-the-wisteria-cairnhill-nine\/","url_meta":{"origin":138783,"position":2},"title":"Solid weekend sales at The Wisteria, Cairnhill Nine","date":"March 14, 2016","format":false,"excerpt":"\r Cairnhill Nine drew a strong response during the VIP preview and official launch. (Photo: CapitaLand) Two newly launched private residential projects reported brisk sales over the weekend, an indication that units within integrated developments remain popular despite the lacklustre housing market. The Wisteria in Yishun sold more than 80\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101852,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-orchard-road-condo-to-launch-on-saturday\/","url_meta":{"origin":138783,"position":3},"title":"New Orchard Road condo to launch on Saturday","date":"November 30, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the swimming pool at 3 Orchard By-The-Park by YTL Land. Malaysian home builder YTL Land & development is poised to unveil a 77-unit freehold condo within the Orchard Road area on Saturday (1 Dec), reported the Straits Times. Dubbed 3 Orchard By-The-Park, the development is adjacent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parc-greenwich-sells-65-of-units-over-launch-weekend\/","url_meta":{"origin":138783,"position":4},"title":"Parc Greenwich sells 65% of units over launch weekend","date":"September 14, 2021","format":false,"excerpt":"\r Parc Greenwich sells 65% of units over launch weekendAll the 2-bedroom and 5-bedroom apartments were fully sold, while the 3-bedroom units sold 220 of its 370 units. The 4-bedroom apartments also sold 74 out of its 98 units. Photo: Frasers Property Parc Greenwich, an executive condominium (EC) development next\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/Parc-Greenwich-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":123484,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-commodore-sells-more-than-70-of-units-over-launch-weekend\/","url_meta":{"origin":138783,"position":5},"title":"The Commodore sells more than 70% of units over launch weekend","date":"November 29, 2021","format":false,"excerpt":"\r 162\u00a0out of 219 The Commodore units were sold over its launch weekend,\u00a0with all\u00a0one- and two-bedroom units\u00a0being fully sold. Source:\u00a0JBE Holdings The Commodore, JBE Holdings\u2019 latest residential development near Canberra MRT, sold over 70% of its 219 units during its launch weekend. 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\nThe report, based on over 600,000 listings on PropertyGuru\u2019s website, indicates a decelerating residential property market.
\nThe Singapore property sale demand index for HDB resale flats, for instance, fell 6.4% quarter-on-quarter (QoQ) in Q2 2023, signalling a peak in buyer interest.
\nAt the same time, HDB resale flats\u2019 asking prices grew 0.6% in Q2 2023, down from the 1.6% increase seen in the Q1 2023.
\nWhile the gap between buyers\u2019 and sellers\u2019 expectations persists, the increased options due to the completion of more\u00a0BTO flats and flats reaching\u00a0Minimum Occupation Period\u00a0(MOP) may ease the pressure on buyers to meet high prices.
\nOver at the non-landed private home market, the median asking price growth slowed to 0.3% in Q2 2023 from 0.9% in Q1 2023.
\nPropertyGuru\u2019s data also show that the non-landed private home\u2019s sale demand index fell 2.3%, suggesting that the market may be reaching its peak and that prices may stabilise in the next quarters.
\nAlthough buyers may have more options, PropertyGuru expects upcoming major new condo launches to have a premium over resale homes.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…TMW Maxwell, The Arden, and Orchard Sophia Launch Over the Weekend, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"