How did the major new condominium launches perform in the fourth quarter of 2023?

J’den, Hillock, Green and Watten House were the only major new condo projects to hit the market in the fourth quarter of 2023. How has this seasonal decline in the number of major new condo projects impacted the private real estate market?

According to the Urban Redevelopment Authority (URA)’s fourth quarter 2023 flash estimates for private residential real estate, private residential real estate prices increased by 2.7% in the fourth quarter of 2023, following an increase of 0.8% and a decrease of 0.2% in the third and second quarters of 2023.

According to Dr Tan Tee Khoon, Country Manager for Singapore at PropertyGuru, “strong performances of new residential launches outside the Central Region (OCR) have pushed up prices in the region.” He also noted that after 12 consecutive quarters of price growth, price fluctuations in 2023 “suggest that private residential property prices have peaked.”

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Now let’s look at the performance of J’den, Hillock Green and Watten House!

1. J’den

J’den sold 88% (323 out of 268) of its units during its opening weekend at an average price of $2,451 per square foot (PSF). 99% of buyers were Singapore citizens and Singapore Permanent Residents (PRs). Of this buyer pool, three out of five were aged 40 and below. The majority of them also currently live in Western Singapore.

Based on URA restrictions (as of 26 December 2023), J’den was the best performing private residential property in Q4 2023. It has a good location: close to Jurong East subway station, on the former site of JCube shopping centre. J’den, a mixed-use project, will also be directly connected to the said subway station and shopping centres in the future.

Dr Tan Tee Khoon noted, “J’den has all the characteristics of a new launch that would do well, namely an integrated development. Coupled with the history of Jurong Lake District (JLD), the impressive sales success of 88% in a weekend is in line with market expectations.” In addition, there may have been pent-up demand for a residential property like J’den, as the last major new condominium development in the area was J Gateway in 2013.

Interested in J’den? Browse all J’den condo listings on PropertyGuru.

2. Hillock Green

27.6% (131 out of 474) of Hillock Green’s residential units were sold at a median price of $2,108 per square foot. Located in the Lentor district near Ang Mo Kio, Hillock Green competes with other condominiums already launched there in 2023 and 2022, including Lentor Hills Residences and Lentor Modern. It attracted over 1,600 visitors in its first weekend of previews.

The story continues

A significant number of the buyers of Hillock Green units currently live in the Ang Mo Kio planning area and the North Eastern region. Another major new condominium development in Q4 2023 in the OCR, Hillock Green consists of two 23-storey buildings just a three-minute walk from Lentor MRT station on the new Thomson-East Coast Line (TEL), which runs from Woodlands North MRT station (four stops) east across the city (nine stops to Orchard MRT station) and the Central Business District (15 stops). There will also be a direct RTS Singapore connection from Woodlands North to Johor Bahru in Malaysia.

Dr Lee Nai Jia, Head of Property Data Intelligence, Digital and Software Solutions at PropertyGuru Group, commented: “Lentor is fast becoming a property hotspot in the Outside Central Region, with Hillock Green taking centre stage, attracting the attention of both upgraders and newcomers from the Ang Mo Kio area. With an attractive average price of $2,108 per sq ft, Hillock Green stands out for its affordability in a market where new product prices often reach $2,400 and above.”

Interested in Hillock Green? Browse all Hillock Green condo listings on PropertyGuru.

3. Wattenhaus

Watten House sold more than half (57% or 102 out of 180) of its units. These units traded at an average price of $3,230 per square foot, with 96% of buyers being Singaporeans and PRs.

As the only major new condo development in Q4 2023 in the CCR, Watten House boasts larger luxury apartments ranging from 3 to 5 bedrooms. It is also a freehold property in central Singapore. Preferred schools in the area include Singapore Chinese Girls’ School, Chinese High, Hwa Chong Junior College and Anglo-Chinese School.

Dr Tan Tee Khoon said: “Watten House is a bespoke freehold residential project in the upscale District 11. There are only 180 units and all the larger room types are attractive to families with school-going children as it is close to preferred schools. As the preview was by appointment, buyers were pre-qualified to ensure the higher sales conversion rate achieved on the day of the sales launch. The remaining 78 units could be snapped up in no time!”

Interested in Watten House? Browse all Watten House property listings on PropertyGuru.

Possible new condominiums in 2024

Want to buy a condo now? Browse all condo listings on PropertyGuru.

How might large new condo projects perform in 2024?

Overall, transactions fell to lower levels in the fourth quarter of 2023 compared to 2022. At the same time, transaction volumes among foreigners declined; this population group continues to be the most affected by the measures to cool the real estate market in April 2023.

What happens next? Dr Tan Tee Khoon commented: “In the first six months of 2024, property prices are expected to remain high but stable. Demand, while subdued, is likely to maintain a steady upward trend.”

“The rental sector is expected to experience a slight slowdown, which in turn could impact property seekers who are turning to rent-to-own due to rising property taxes. Although the performance of the Singapore property market may seem relatively uneventful at present, its inherent stability is still likely to resonate positively with investors and homeowners,” he added.

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