Against all odds, the non-landed private property market, including condominiums and executive condominiums (EC), has surpassed expectations and proven highly resilient in the COVID-19 pandemic. But all good things must come to an end.
The announcement of the December 2021 property cooling measures saw the first quarter of 2022 kick-off to a modest start. New private home sales slumped in the first quarter due to the lack of launches and the Chinese New Year festive lull period. According to the Singapore Property Market Report Q2 2022, asking prices for non-landed private property continued to rise in Q1 2022, but at a slower pace; this mirrors the Q1 2022 figures reported by URA.
Still, there is high demand for executive condominiums (ECs), in part thanks to the limited stock on the market. The EC market has been unscathed by the recent round of property cooling measures, with both HDB upgraders and first-time home purchasers showing strong interest in executive condos.
So, what’s in store for new condo launches in 2022? Here’s what homebuyers can look forward to.
New Condo Launches in 2022: What Launched in Q1 2022
Before we dive into the upcoming condo launches in 2022, here are a few condos and an EC that have already been launched.
Most of these newly launched condos sold more than 50% of their units on their launch weekend! LIV@MB sold a whopping 75% of units while Piccadilly Grand moved 77% of units.
Some of the best performing new condo launches in Q1 2022 include Normanton Park, The Florence Residences and Dairy Farm Residences with 263, 98, and 72 units sold respectively.
Now on to what we can expect for the rest of the year!
Upcoming New Launch Condos in 2022: What Can We Expect
1. Condo TOP 2022: Marina View Residences
Who can forget the $1.508 billion sole bid for the Marina View white site by IOI Properties Group in September 2021? The result is this upcoming 99-year leasehold condo. It will consist of 905 units and is targeted at affluent buyers with work or business interests in the CBD.
The new condo will be located smack in the middle of CBD, next door to the Downtown MRT station and it is less than 10 minutes’ walk from several other stations including Telok Ayer, Raffles Place, and Marina Bay. Landmarks like Lau Pa Sat, Boat Quay, and Marina Bay Sands will also be within walking distance.
If you want to live in the area now, browse other existing Marina View properties for sale on PropertyGuru.
2. Condo TOP 2022: Sceneca Residence (Tanah Merah Kechil Link)
Located about a five-minute walk from Tanah Merah MRT station, this 99-year leasehold development will be a relatively small and exclusive project, with an integrated shopping mall on the lower floors and 265 residential units above. It will offer easy access via MRT to Changi Airport and Expo, making it ideal for those who work in the area.
Read more here.
Browse all condos for sale near Tanah Merah MRT station on PropertyGuru.
3. Condo TOP 2022: Lentor Modern
The upcoming 605-unit, 99-year leasehold Lentor Central project will be located about three minutes by foot from the new MRT station on the Thomson-East Coast line, Lentor. The Lentor Hills area is currently under development, but residents will be close to the Yio Chu Kang, and Thomson areas and their amenities.
This new condo launch will be part of a mixed-use development, with a "96,000 sq ft commercial podium". Numerous schools, such as Anderson Primary School, Catholic High School, CHIJ St Nicholas Girls’ School, and Raffles Institution are also in the vicinity. After a long workday, residents can also head to the nearby Hillock Park for a walk or to work out.
Read more here.
Browse all condos for sale near the future Lentor MRT station on PropertyGuru.
4. Condo TOP 2022: Jalan Anak Bukit Residences
The 99-year leasehold Jalan Anak Bukit project in the Beauty World area is another mixed-use development comprising commercial space and residential units and will be integrated with a bus interchange.
The development, which will be located a few minutes’ walk from Beauty World MRT station, will enjoy easy access to established schools in the Bukit Timah area such as Hwa Chong Institution and Methodist Girls’ School. The Jalan Anak Bukit site will also offer 700 residential units and 150 serviced residences.
Browse all condos for sale near Beauty World MRT station on PropertyGuru.
5. Condo TOP 2022: AMO Residences (Ang Mo Kio Avenue 1)
The highly sought-after EC site for the 372-unit, 99-year launch at Ang Mo Kio Avenue 1 will be within walking distance of Mayflower MRT station, as well as less than 15 minutes’ walk from schools such as CHIJ St Nicholas Girls’ School and Ai Tong School. The medium-size development will comprise 370 units.
Browse all condos for sale in Ang Mo Kio on PropertyGuru.
6. Condo TOP 2022: Tengah Garden Walk EC (Tengah Garden Residences)
The 615-unit Tengah Garden Walk EC comes hot on the heels of multiple BTO launches in the Tengah area, which is currently being developed into a new residential estate. Named Tengah Garden Residences, it will be located within walking distance of upcoming Jurong Region line MRT stations Hong Kah and Tengah Plantation.
7. Condo TOP 2022: Evelyn Road
Evelyn Road is a small freehold, new condo launch in the city fringe Novena area is expected to be sought-after by affluent buyers. It will be built on an en bloc site where two semi-detached houses used to stand. Consisting of just 25 units, the development will be a short walking distance from both Newton and Novena MRT station, as well as shopping malls United Square and Velocity @ Novena Square.
Browse all condos for sale in Newton on PropertyGuru.
8. Condo TOP 2022: Phoenix Road (The Arden)
This 99-year leasehold development will be built on an en bloc site on Phoenix Road in the Bukit Panjang area previously housing two three-storey blocks of shops and apartments. The Arden will consist of 105 units and be located about 4-minutes’ walk from Bukit Panjang MRT station and a short distance from Hillion Mall and Bukit Panjang Plaza.
Browse all condos for sale near Bukit Panjang MRT station on PropertyGuru.
9. Condo TOP 2022: Sky Eden
Frasers Property has decided to redevelop their Bedok Point mall on New Upper Changi Road into Sky Eden, a mixed-use development that will include residential units. Residents will enjoy an excellent location in the heart of a mature town at less than 2 minutes’ walk to Bedok MRT station.
Browse all condos for sale in Bedok on PropertyGuru.
New Condo Launches: List of Condo that TOP in 2022
As far as what to expect from new condo launches in 2022, those who are looking for home condos in the Outside Central Region (OCR) have a fairly wide selection to choose from.
However, in general, the number of new condo and executive condo launches will be lower than in previous years as the government has tightened the supply of land released through the Government Land Sales (GLS) Programme.
In addition, interest rates are expected to rise in 2022, which could make financing more costly and dampen interest in the projects. Take for instance, fixed rates have almost doubled in May 2022, as compared to the start of the year. Those who wish to buy a new launch condo in 2022 will need to monitor interest rates and prices closely to ensure affordability.
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This article was written by Joanne Poh. A former real estate lawyer, she writes about property and personal finance and spends her free time compulsively learning languages and roller skating in carparks.