As we bid farewell to the past year and welcome the new one, the spotlight falls on some remarkable achievements in Singapore’s real estate landscape. In this article, we aim to spotlight the top 5 best performing new launches of 2023, offering insights into why they stood out. Our goal is to help you recognise the exceptional features that contributed to their success, in the hopes of providing valuable insights for your own real estate journey.
To gauge the success of these new launches, we examine two key metrics: the percentage of units sold compared to the total available units in the development and the overall number of units sold. This article focuses on projects that not only achieved significant sales figures but also demonstrated a high percentage of units sold relative to the total inventory.
Please note that, as this article emphasises the two metrics discussed earlier, some noteworthy new launches that performed reasonably well might not be included. We have previously written an in-depth review for each of the 5 new launches featured in this article. You can find the respective links for each development below.
The Reserve Residences
The Reserve Residences, a 99-year leasehold project by Far East Organisation in collaboration with Sino Group, emerged as the top-performing project in 2023. It excelled both in terms of the number of units sold and the percentage relative to the total project inventory. Situated in the prestigious Bukit Timah neighbourhood and District 21, it stands as the only integrated development in the area, featuring Bukit V retail mall, a bus interchange, and proximity to Beauty World MRT.
With a total of 732 units, The Reserve Residences achieved remarkable success on its launch weekend, selling 520 units out of 635 released—equivalent to an impressive 82% of the released units or 71% of the total inventory. Notably, all one-bedroom units ranging from 440 to 495 square feet were sold out during this period. As of December 27, 2023, 662 units, accounting for 90% of the total, have been sold, with an average price per square foot (PSF) of $2,473.
The project’s outstanding performance, despite the cooling measures announced in April 2023, can be attributed, in our opinion, to its attractive launch price of $2,460 PSF. This competitive pricing, combined with its sought-after location and integrated amenities, positioned it favourably against other developments in the neighbourhood and the broader Rest of Central Region (RCR). Interestingly, the majority of buyers on launch weekend were below 40 years of age. The project’s proximity to renowned primary schools, such as Methodist Girls’ and Pei Hwa, hints at potential future family planning among buyers, even if they currently don’t have school-age children.
Moreover, the majority of buyers were Singapore Citizens or Permanent Residents, with only three exceptions—US citizens taking advantage of favourable ABSD rates under the US-Singapore Free Trade Agreement. These factors collectively contribute to The Reserve Residences’ impressive launch weekend performance.
Click here to read an in-depth review of The Reserve Residences.
Grand Dunman is a mega development with 1,008 units in the heart of the East Coast area. As the only mega development of 2023, it achieved remarkable sales, with 550 units sold, representing 54.6% of the available units. The average price per square foot (PSF) during the launch weekend was $2,500. Fast forward to December 27, 2023, a total of 615 units, equivalent to 61% of the available units, have been successfully sold, with the average PSF reaching $2,522.
Mega projects often attract significant attention, and Grand Dunman is no exception. With a diverse range of unit configurations, from 1 to 5 bedrooms, including dual-key options for 2 and 3 bedrooms, it caters to families and investors, possibly explaining the strong turnout on launch weekend.
Among the 2023 new launches in District 15, Grand Dunman boasts the best connectivity. In comparison to other projects like Tembusu Grand and The Continuum, Grand Dunman is the closest to an MRT Station, just a 3 minute walk from Dakota MRT Station on the Circle Line. The nearby expressways such as the Pan Island Expressway (PIE) and East Coast Parkway (ECP) enhance its connectivity, further facilitating commutes to the rest of Singapore. Additionally, it is in close proximity to schools like Kong Hwa, Tanjong Katong Primary, and Chung Cheng High School (Main), along with a variety of dining options at Tanjong Katong and Old Airport Road Food Centre.
Grand Dunman’s success can be attributed to its inherent strengths: being a mega development and strategically located. Its seamless connectivity to amenities and schools, along with an attractive price point and diverse unit configurations, further increases its appeal to both families and investors.
Click here to read an in-depth review of Grand Dunman.
Lentor Hills Residences
As of December 27, 2023, Lentor Hills Residences, a 598-unit development along Lentor Hills Road, has successfully sold 436 units. Surrounded by lush greenery and nearby scenic parks, it offers a tranquil living experience. During its launch weekend on July 8 & 9, 2023, the project successfully sold 298 units, representing 50% of the total inventory, with an average price of $2,080 PSF. A contributing factor to its success might be the spillover effect from the nearby Lentor Modern, launched in September 2022. Those who missed out on 1 and 2 bedroom units at Lentor Modern found another opportunity at similar configurations in Lentor Hills Residences. Notably, 94% of the 1 bedders and 70% of the 1 bedder plus study were sold, along with 73% of the 2 bedders and 65.8% of the two bedders plus study during the launch weekend.
Lentor Hills Residences offers a diverse range of unit configurations, from 1-bedders to 4-bedroom dual-key units, appealing to a wide buyer pool, including smaller and larger families, as well as investors. The rarity of dual-key units in recent launches made them particularly attractive, especially for multi-generational families and those looking to transition from older developments in the vicinity.
Situated just 250 metres from Lentor MRT Station on the Thomson-East Coast Line, future residents can enjoy convenient access to the North-East Line at Woodlands or Caldecott on the Circle Line within 3 or 4 stops respectively. Additionally, Lentor Hills Residences is close to several popular food centres, as well as several schools including Anderson Primary, CHIJ St Nicholas Girls’, Presbyterian High, and Nanyang Polytechnic. Nature enthusiasts can also indulge in nearby trails at Lower Peirce Reservoir, Thomson and Windsor Nature Parks, and Bishan-Ang Mo Kio Park.
As of December 27, 2023, the average price per square foot (PSF) for Lentor Hills Residences was $2,106. The appealing price point, paired with its strategic location providing both serene surroundings and convenient access to amenities, are key factors in the development’s success. Families benefit from the best of both worlds, enjoying tranquillity amidst lush greenery, while investors could potentially witness capital appreciation with unfolding developments in the area in years to come.
Click here to read an in-depth review of Lentor Hills Residences.
Within a 1 KM radius of Grand Dunman, Tembusu Grand stands out as another top performer among 2023 new launches. Positioned along Jalan Tembusu in the lively Katong area, surrounded by traditional shophouses and a variety of dining options, Tembusu Grand achieved commendable success during its launch on April 8 & 9, 2023. Selling 340 units out of 638, it constituted 53% of the total units, with an average price of $2,465 per square foot (PSF). Notably, Tembusu Grand was the best performing development in the RCR at the time of its launch. The unit configurations range from 1 bedder plus study to 5 bedders, including two exclusive penthouse units, and all unit types witnessed commendable take-up rates, especially the two-bedder, two-bedder plus study, and 3-bedder units, according to the developer.
Though not directly adjacent to an MRT station, Tembusu Grand is conveniently located approximately 1 KM from Dakota MRT Station on the Circle Line. The upcoming Tanjong Katong MRT Station, expected to be completed this year, is a mere 10-minute walk away. Despite the slightly extended distance to an MRT station, its immediate access to the vibrant amenities and entertainment in bustling Katong compensates for this.
Positioned in the heart of the famed ‘food paradise’ and nightlife hub of Katong, Tembusu Grand also benefits from proximity to eight malls, creating a well-connected and lively environment.
As of December 27, 2023, 376 units have been sold, accounting for 59% of the total, with an average price of $2,461 per square foot (PSF). This pricing aligns reasonably well with the sought-after locale and compares favourably to other developments in the RCR. The strategic proximity to reputable schools, as highlighted in the Grand Dunman feature above, positions Tembusu Grand as an attractive option for families seeking convenience and a vibrant lifestyle, along with investors aiming to capitalise on the locale’s rentability.
Click here to read an in-depth review of Tembusu Grand.
J’Den stands as an intriguing and significant addition to Jurong estate in District 22, taking over the site from JCube Mall. This mixed-use development, spanning 40 storeys in a single block, includes 2 storeys of retail space, making it the tallest mixed-use development in Jurong Lake District. Comprising a total of 368 units, J’Den made a remarkable impact on its launch day, 11 November 2023, with 323 units sold—equivalent to an impressive 88% of the total inventory. The average price per square foot (PSF) at launch was $2,451.
J’Den offers unit configurations ranging from 1 bedder to 4 bedders, with high take-up rates across all types. Notably, the 1 bedder and 2 bedders were particularly popular, with all units in these categories sold out on launch day. In terms of the demographic of buyers on launch day, 60% were 40 years of age and below, and 62% were currently residing in the West region.
Undoubtedly, CapitaLand, the developer of J’Den, prioritised catering to families. Alongside typical condominium facilities, J’Den boasts a unique Lazy River for residents to bask and relax.
Connected to Jurong East MRT Interchange, residents have seamless access to the East-West Line, North-South Line, and the upcoming Jurong Region Line (expected in 2029). The development is linked to Westgate and IMM malls via J-Walk, a sheltered elevated pedestrian network connecting J’Den to other developments in the Jurong Lake District. Additionally, J’Den will be part of the upcoming Jurong East Integrated Transport Hub, featuring a bus interchange, community club, public library, sports centre, and commercial spaces.
With plans to transform Jurong Lake District into the largest business district outside the CBD, J’Den’s attractively reasonable average price point positions it as a bargain. As of 27 December 2023, 327 units have been sold, constituting 89% of the total, with an average price of $2,479 per square foot (PSF). The combination of seamless connectivity amid the ongoing transformation and an appealing price point contributed to J’Den’s impressive success.
Click here to read an in-depth review of J’Den.
Consistent Factors That Contributed to Their Success
Each of the five developments highlighted in this article shares some consistent factors that contributed to their success. These factors act as essential drivers, fostering demand and supporting capital appreciation.
Proximity to MRT Stations:
This is an important consideration for discerning buyers. Notably, all five featured developments are conveniently situated within walking distance of an MRT station. The ease of connectivity significantly influences a property’s desirability.
Proximity to Conveniences and Amenities:
Easy access to dining options, supermarkets, shopping malls, and leisure spots is a crucial factor that enhances a property’s appeal, especially for families planning to reside in the property themselves.
Proximity to Schools:
Proximity to schools, particularly reputable ones, is crucial for families with school-going children. Given the current policy prioritising families residing within a 1 KM radius of a school, many parents are actively seeking homes near their chosen school.
Palatable Entry Price Quantum
Choosing a property at the right price is essential. Whether you plan to stay indefinitely or have an exit plan in mind, it’s crucial to assess if the price aligns with future market conditions. Acquiring a property at an unreasonably high price may hinder finding the next buyer. Additionally, considering the overall price quantum is vital, as it determines the Loan-to-Value (LTV) ratio and Total Debt Servicing Ratio (TDSR) for potential buyers down the line.
Whether you’re considering a new launch or a resale non-landed property, it’s crucial to take note of the fundamental factors that these developments share, as discussed in the section above. These factors significantly contribute to a strong demand from potential buyers when you decide to sell. This eases the process of finding the next buyer and achieving your desired selling price in the future.
If you are interested in any of the developments in this article, or simply need guidance on your real estate journey, don’t hesitate to reach out to us here. Our experienced consultants are eager to support you.
Disclaimer: Information provided on this website is general in nature and does not constitute financial advice or any buy or sell recommendations.
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