Introduction: A Dynamic Year in Real Estate
2024 heralds an exciting chapter in Singapore’s property market, with notable launches from City Developments Ltd (CDL) and Far East Organization. These launches, particularly Lumina Grand EC and Hillhaven condo, are setting trends and shaping expectations for the year.
Executive Condominiums: A Surge in Demand and Value
Executive Condominiums (ECs) are experiencing a surge in popularity, and CDL’s Lumina Grand EC in Bukit Batok is a shining example. This development offers a range of units to accommodate diverse needs, with prices reflecting the demand for quality living spaces in strategic locations:
- Three-bedrooms: 936 sq ft, starting at S$1.34 million (S$1,429 psf).
- Three-bedroom premium: S$1.39 million (S$1,432 psf).
- Four-bedrooms: S$1.63 million (S$1,413 psf).
- Five-bedrooms: S$2.1 million (S$1,402 psf).
Strategically located, Lumina Grand EC promises to offer its residents a balance of urban accessibility and tranquil living. Its proximity to educational establishments makes it an attractive choice for families.
EC Market Trends: A Closer Look
The Executive Condominium market has shown remarkable growth and resilience. Recent data indicates a significant rise in median prices, reflecting the increasing value homebuyers place on ECs. Notable developments contributing to this trend include:
- North Gaia (April 2022): 616 units at S$1,301 psf.
- Copen Grand (October 2022): 639 units at S$1,345 psf.
- Tenet (December 2022): 618 units at S$1,381 psf.
- Altura (August 2023): 360 units at S$1,480 psf.
These trends suggest a robust market with a steady appreciation in value over time.
Copen Grand EC: A Testament to High Demand
Adding to CDL’s portfolio, Copen Grand EC, developed jointly with MCL Land, was a resounding success. Its quick sell-out within a month of launch in October 2022 underscores the high demand for well-located ECs. The development catered to various preferences, with prices ranging from S$1.08 million for two-bedroom plus study units to S$2.17 million for five-bedroom units.
The Shift to Private Condominiums: Spotlight on Hillhaven
Far East Organization’s Hillhaven is redefining luxury living in the Hillview area. As a 99-year leasehold condo, Hillhaven offers 341 units across two blocks, with a range of unit sizes and pricing to cater to diverse lifestyles:
- Two-bedroom units: Starting at S$1.37 million (S$2,020 psf).
- Three-bedroom units: Starting from S$1.835 million (S$1,938 psf).
- Four-bedroom units: Starting from S$2.44 million (S$1,938 psf).
This development is expected to set a new benchmark in the private condominium sector, following the increasing demand for luxury and convenience in prime locations.
Private Condominium Market: A Growing Preference
The private condominium market is also witnessing a surge in interest. Projects like Far East’s The Reserve Residences in Beauty World, which saw about 70% of its 732 units sold over the launch weekend in May 2023 at an average price of S$2,460 psf, indicate a robust demand. This trend reflects the market’s inclination towards private condos in strategic locations, offering lifestyle amenities and connectivity.
2024 Real Estate Forecast: Diverse Opportunities Ahead
The year 2024 is set to be a landmark year for Singapore’s property market. With an estimated 20 new residential projects, including additional ECs by Hoi Hup Realty, Sunway Developments, and Sim Lian in Tampines, the market is poised to offer a wide range of options for homebuyers and investors. This diversity in projects underscores the evolving nature of Singapore’s real estate, catering to various needs and preferences.
Conclusion: A Promising Year for Singapore’s Property Market
The impending sales booking for Lumina Grand EC on January 27 and the launch of Hillhaven are just the beginning of what promises to be an exciting year in real estate. These developments, with their strategic locations, variety in unit sizes, and attractive pricing, present prime opportunities for those seeking new homes or investment ventures. 2024 is shaping to be a year of dynamic growth and opportunities in one of the world’s most vibrant real estate landscapes.
Stay tuned for more insights and updates on Singapore’s evolving real estate world!