53% sold.
A year ago, new launches were selling out like hotcakes. Prices were soaring, and each new launch was setting record prices with impressive sales on 1st day of the launch, with many projects selling out at 80% on day 1. Tembusu Grand bucks the trend with only 53% Sold
Here is a look at the sales figures for selected new launches in 2022/2023
Apr 2023
Tembusu Grand - 638 Units
Tenure: 99 years, D15
Developer: CDL and MCL
53% Sold on Launch Day
Average Price sold: $2,465 psf
There are 1-5 Bedrooms (BR) for this project. Prices start from $1.248m for 1-BR to $4.028m for 5-BR. Unlike the earlier launches, it was not a sell-out for 1BR and 2 BR. 1-2 BR are usually snapped up by investors looking to rent and would usually be almost sold out on day 1. For Tembusu Grand, there is a 22% 1BR and 2BR combination balance.
March 2023
Botany at Dairy Farm -386 Units
Tenure: 99 years, D23
Developer; Sim Lian Land and Sim Lain Development
48% sold on Launch Day
Average Price sold: $2,070 psf
There are 1-5 BR for this project. Prices start from $998,000 for 1-BR+ Study and $2.9m for 5-BR. All 36 1-BR and 93% of the 104 2-BR were sold on day 1.
Feb 2023
Terra Hill -270 Units
Tenure: Freehold, D5
Developer: Hoi Hip Realty and Sunway Developments
38% sold on Launch Day
Average Price sold: $2,650 psf
There are 2 to 5 BR for this project. The bulk of the sales is from the 2BR, with 52 out of 70 units sold.
Jan 2023
Seneca Residences - 268 Units
Tenure: 99 years, D16
Developer: MCC Singapore, Ekovest Development and The Place Holdings
60% sold on Launch Day
Average Price sold - $2,072 psf
Seneca Residences has 1-4BR for this project. Prices start at $958,000 for 1 BR and up to 5-6 million for Penthouses. The bulk of 1BR and 2 BR were sold on day 1.
Sep 2022
Sky Eden - 158 Units
Tenure: 99 years, D16
Developer: Frasers Property Singapore
70% sold on Launch Day
Average Price sold: $2,100 psf
Sky Eden has 2 to 4 bedrooms. It is a mixed-use development. The 2 BR were priced from $1.31m, and the 4 BR is priced from $2.6m. The 2 BR were fully sold on Day 1
May 2022
Liv@ MB - 298 Units
Tenure: 99 years, D15
Developer : Bukit Sembawang Estate
75% sold on Launch Day
Average Price sold: $2387 psf
Piccadilly Grand - 407 Units
Tenure: 99 Years
Developer: CDL and MCL Land
77% sold on Launch Day
Average Price sold: $2150 psf
The launches in 2022 have more success, with over 70% sell-out on average compared to the 50% average sell-out rate in 2023. Statistically, the units that sell out first are the 1-2 bedroom under 1.5m quantum. The 3BR and above options tend to move slowly.
Upcoming New Launches
We expect the take-up rate to hover around 40-50%. For the latter part of the year, there will be several mega launches, including The Continuum (D15), Grand Duman (D15), The Reserve Residences (D21) and Blossoms by the Park ( D5).
Given the number of units, high-interest rates and escalating prices, attracting new buyers in today's environment would be challenging.
Thus, careful research in choosing your next property is essential. For more information and detailed analysis, do drop us a message here . We would be happy to share our expertise with you.
