4 New Launches To Look Out For In the 2nd Half of 2020
After a busy year of launches in 2019, the first half of 2020 was a slightly quieter affair with less than 3000 new units being launched for sale (there were 11345* units launched in the whole of 2019). The Covid-19 pandemic forced developers to scale back plans and delay launches, with some choosing instead to quietly offer “preview sales” to get things rolling during Singapore’s Circuit Breaker period.
By now, a good number of the projects from 2017-2018’s en-bloc wave have been launched for sale, with just over 20 launches expected for the rest of 2020.
If you’ve been waiting to sink your money into a brand new home but have not found the right fit yet, it isn’t too late – in fact, with the softening economy and growing unsold supply, some say a “buyer’s market” is forming which could spring some good deals.
Check out these 4 “launching soon” projects to keep an eye on:
Forett At Bukit Timah
Where? Toh Tuck Road (District 21)
Size? 633 units
Tenure? Freehold
Launch? Estimated end-July 2020
A 633 unit development to be built by Qingjian Group on the plot of the former Goodluck Gardens, Forett At Bukit Timah will bring added life to the otherwise quiet private housing enclave up Toh Tuck Road. It will be the largest and only freehold launch in District 21 for a few years to come.
As part of URA Master Plan 2019, the area will see a major rejuvenation plan unfold which could lend support to property values in area. In addition, popular schools (such as Pei Hwa Presbyterian, Methodist Girls School) and tertiary institutions are all around the corner.
The development will also be one of the first in the area to be subject to URA’s tighter conditions on Maximum Allowable Dwelling Units (read more about this HERE), which should mean units will be designed with more floor space (as compared to a number of existing developments nearby with rather compact-sized units).
Freehold projects are usually priced between 25-35% above similar leasehold ones. Nearby 99-year leasehold Daintree Residence was launched at around $1700psf in 2018. There have been hints that Qingjian may pop out a handful of Forett’s units at under $2000PSF – and if that turns out true, prepare your cheque books because those units won't remain available for long!
Clavon
Where? Clementi Avenue 1 (District 05)
Size? Number of units not yet confirmed
Tenure? 99 years leasehold
Launch? Estimated 3Q 2020
Clavon is only the 2nd condominium to be built in the mature estate of Clementi, next to The Clement Canopy – which, by the way, sold all 505 units in just 18 months following its February 2017 launch. This makes a testament to the potential and value of the area…and why not?
Aside from the convenience the area holds (Clementi MRT 5 minutes’ walk away, Ayer Rajah Expressway right behind…), investors will like the fact that there’s NUS, NUS High, United World College, Anglo-Chinese School Independent, Singapore Polytechnic, One-North, Science Park…a long list of educational institutes and business clusters nearby. All of this spells potential rental demand.
With quantums expected to start from around $600,000, it’s a pretty affordable buy for those keen to foray into the property market but don’t have the deepest pockets.
The Landmark
Where? Chin Swee Road (District 03)
Size? 396 units
Tenure? 99 years leasehold
Launch? Estimated end-July/early-August 2020
If you like the idea of living near the CBD but didn’t like One Pearl Bank, you will have another stylish option to consider soon.
A re-spawn of the former Landmark Tower (bought enbloc in 2018), The Landmark will rise out of the northern slope of the historic Pearl's Hill bringing with it all-round views of the city. What's nice about it is that it's of slightly lower density than One Pearl Bank (which has a whopping 774 units in one vertical complex!).
Parc Central Residences (Executive Condominium)
Where? Tampines Street 86 (District 18)
Size? 695 units (to be confirmed)
Tenure? 99 years leasehold
Launch? Estimated early 4Q 2020
Want to get out of your Tampines flat but remain rooted close to family and the community? The good news is that after many years (the last being Citylife in 2013), Tampines will finally see a new Executive Condominium launch – and because it has been that long so you can probably expect that the upcoming launch of Parc Central Residences will draw huge interest.
The site sits at the far end (coming in from Bartley Road East) of a row of new condominiums. Frankly, there’s nothing exciting about its location for now, except that it makes for easy passage into Pasir Ris, Sengkang, Punggol and Serangoon.
However, entering when there’s nothing exciting may just prove to be an opportunity since in Singapore our landscape changes quickly – and indeed, there are rejuvenation plans for the space used by Paya Lebar Airport. Parc Central Residences, sitting at the doorstep of this region is in prime position to benefit from this.
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I agree that its challenging deciding on a place to purchase. After all, prices of new launches these days aren’t exactly a thing to cheer about. With the many clients I have served, a love for the project ends up being the #1 consideration, rather than profit potential - after all, you're looking for a home.
As a matter of fact, if you choose the right project – and the right unit – you may still be able to turn in a profit on the resale market in future (I will be discussing the topic of "Property Prices - Where Are They Heading in 2021 and Beyond" in an upcoming editorial - look out for it!).
Here with UppMarketSG, I do a lot of research and analysis on market and transaction trends. So if you’re weary and unsure what to choose and could benefit from a one-on-one consultation, you’re always welcome to connect with me.
Meanwhile, do follow @UPPMARKETSG on Facebook, Instagram and Twitter for updates on the projects discussed in this editorial (and also for others NOT mentioned on this editorial!). UppMarketSG also has one of the most complete and up-to-date catalogues of Singapore’s New Launch Projects – check them out here.
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