6 newly launched condominiums with actual price decreases in 2021

The news is rife about Pasir Ris 8, and it may seem like prices are only going one way – up. Amid all the positivity, however, we have a little beacon of hope: some projects have seen lowered, rather than raised, prices at their new launches.

While there’s never a guarantee of a discount, here are some places where we’ve seen suggestions of it happening:

A note on how we determined the price movements

For all of the following, we took every effort to track prices among similar units, on a similar floor or lower (using higher floor units, or units with a very different layout, can give a misleading impression on whether they’re being sold at a lower price).

There may also be some distortions from returned units; these are cases where the booking fee was made, but the transaction still failed for some reason. These units may go back up for sale at a lower price.

Developers also change their pricing decisions from time to time, and there are many variables at work; a corner unit may not see any discounts, even as others on the same floor are being priced to move.

As such, we cannot guarantee that you will receive a lower price; but we can provide an indicator – based on existing transaction data – on where price dips have been seen.

New launches that have seen lowered prices in Q2 2021:

1. Park Colonial

Location: Woodleigh Lane (District 13)

Developer: CEL Unique Development Pte. Ltd.

Lease: 99-years

TOP: 2022

Number of units: 805

Project name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
Park Colonial	$978,120	463	$2,113	May 5, 2021	8 Woodleigh Lane #11-37	-0.70 per cent
Park Colonial	$985,000	463	$2,128	March 21, 2021	8 Woodleigh Lane #10-37

A unit one floor higher transacted for 0.70per cent less in Q2 compared to in Q1.

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Park Colonial is neck-and-neck with Woodleigh Residences, which is just across the road. Both these properties are next to Woodleigh MRT station; and given their proximity, you can consider the commercial elements of Woodleigh Residences to also benefit Park Colonial.

For more extensive retail needs, NEX megamall is just an eight-minute drive from this development. On top of this, the Stamford American School is directly behind Park Colonial, which makes this highly rentable real estate.

While this is one of the best-located properties in District 13, everything we say about Park Colonial can reasonably apply to Woodleigh Residences as well.

We suspect that apparent dip in prices may also be due to this head-to-head competition, and might tip buyers in Park Colonial’s favour. Note that the average price for Park Colonial ($1,930 psf) is currently much lower than Woodleigh Residences (about $2,142 psf).

While Park Colonial holds the advantage in pricing, other factors – such as unit layouts and facilities – boil down to personal and subjective evaluation.

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2. The Hyde

Location: Balmoral Road (District 10)

Developer: Aurum Land Pte. Ltd.

Lease: Freehold

TOP: 2022

Number of units: 117

Project name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
The Hyde	$2,118,000	775	$2,733	June 18, 2021	11 Balmoral Road #06-07	-3.87 per cent
The Hyde	$2,203,000	775	$2,843	Jan 15, 2021	11 Balmoral Road #04-07

A big difference of an almost four per cent decrease in price despite being two floors higher!

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It’s always a tougher fight for boutique new launches in terms of buyer awareness, even despite how differentiated the offering may be. The Hyde does face a very immediate competitor too, in Sloane Residences.

That said, affluent homeowners will consider The Hyde as a breath of fresh air. This small development is located just off Balmoral Road, which spares it from the nightmare traffic congestions of Newton Circus.

It’s also facing more greenery and doesn’t have the heavy, glass-and-concrete ambience of The Atelier and Kopar.

In terms of location, The Hyde is less than a seven drive to the Orchard area. The closest major malls, such as Far East Plaza, are just a five-minute drive away.

There is a price on this exclusivity. The two-bedder units, from 678 to 818 sq. ft., can run up a total price of up to $1.88 million.

However, this is broadly within the norms for a home so close to Orchard (and in this area, freehold status is mostly a given). Coupled with what seems to be downward price tweaks, this is still worth a look, for anyone in the luxury market.

3. Riverfront Residences

Location: Hougang Avenue 7 (District 19)

Developer: Rio Casa Venture Pte. Ltd.

Lease: 99-years

TOP: 2024

Number of units: 1,472

Project name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
Riverfront Residences	$1,811,272	1,410	$1,285	May 14, 2021	45 Hougang Avenue 7 #07-28	-1.23 per cent
Riverfront Residences	$1,834,200	1,410	$1,301	March 1, 2021	45 Hougang Avenue 7 #07-28
Riverfront Residences	$1,265,098	915	$1,383	June 16, 2021	51 Hougang Avenue 7 #15-59	-1.21 per cent
Riverfront Residences	$1,281,112	915	$1,400	Feb 10, 2021	51 Hougang Avenue 7 #15-59
Riverfront Residences	$1,270,036	915	$1,388	June 9, 2021	51 Hougang Avenue 7 #13-59	-1.28 per cent
Riverfront Residences	$1,286,112	915	$1,406	Feb 27, 2021	51 Hougang Avenue 7 #13-59

Three units went for 1.2 per cent less than previously between Q1 and Q2

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Riverfront Residences is known for having some of the cheapest three-bedder units, as of 2021. The 872 sq. ft. units here average $1,341 psf, with an average quantum of $1,169,509.

Bear in mind this isn’t some EC we’re talking about, this is a fully private project! Of course, bear in mind this is a really compact three bedroom unit – there’s no yard or helper’s room (something most families require).

As you might expect from the low price point, this is a mega-development, with 1,472 units. However, the density is offset by the location, which faces the greenery and waterfront views of the Serangoon River (hence the name).

While immediate amenities are sparse, and there’s no MRT within walking distance, this condo is just a six-minute drive to Hougang Mall.

You can consider a more affordable alternative to Bukit Timah-esque condos, which emphasise scenic views and quiet; but you get this at a much lower price point typical of such enclaves.

Buyers who want across-the-road amenities, however, might consider the location too secluded.

4. Affinity at Serangoon

Location: Serangoon North Ave.1 (District 19)

Developer: Oxley Serangoon Pte. Ltd.

Lease: 99-years

TOP: 2024

Number of units: 1,052

Project Name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
Affinity at Serangoon	$2,293,086	1,453	$1,578	April 27, 2021	20 Serangoon North Avenue 1 #13-15	-1.25 per cent
Affinity at Serangoon	$2,322,112	1,453	$1,598	Jan 20, 2021	20 Serangoon North Avenue 1 #13-15
Affinity at Serangoon	$1,389,960	850	$1,635	May 26, 2021	20 Serangoon North Avenue 1 #09-16	-0.49 per cent
Affinity at Serangoon	$1,397,000	850	$1,643	March 21, 2021	20 Serangoon North Avenue 1 #08-16
Affinity at Serangoon	$1,364,160	850	$1,604	May 18, 2021	20 Serangoon North Avenue 1 #07-16	-1.11 per cent
Affinity at Serangoon	$1,379,000	850	$1,622	March 20, 2021	20 Serangoon North Avenue 1 #05-16
Affinity at Serangoon	$1,789,920	1,152	$1,554	April 3, 2021	20 Serangoon North Avenue 1 #11-20	-0.70 per cent
Affinity at Serangoon	$1,803,000	1,152	$1,565	March 29, 2021	20 Serangoon North Avenue 1 #10-20

Four units saw a lower price, one of which was the exact same unit.

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Affinity at Serangoon is a mega-development, which includes 40 landed units.

This is one of the headline developments in District 19, and it’s especially noted for proximity to Serangoon Garden (this is a lifestyle hub, where the famous Chomp Chomp food centre is located).

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This area is just around an eight-minute drive. Serangoon Nex, the iconic mega-mall for District 19, is also about the same distance away.

One complaint about the area, however, is the lack of MRT access by foot.

The completion of Serangoon North MRT station may fix this (it will be 10 minutes away on foot), but the station will only be up in 2029; around five years after Affinity’s TOP.

Nonetheless, this is currently one of the best known and heavily marketed properties in District 19; and we are surprised to see some lower prices.

5. Meyer Mansion

Location: 79 Meyer Road (District 15)

Developer: Meyer Mansion Pte. Ltd.

Lease: Freehold

TOP: 2024

Number of units: 200

Project name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
Meyer Mansion	$4,613,000	1,765	$2,613	April 6, 2021	79 Meyer Road #18-07	-0.53 per cent
Meyer Mansion	$4,638,100	1,765	$2,627	March 29, 2021	79 Meyer Road #17-07

One unit here transacted for about 0.5 per cent less despite being one floor higher – just in a span of eight days!

Profile:

Meyer Mansion is another in a line-up of luxury condos, which characterise District 15. This development stands out for its seafront view, as well as a view facing the area’s landed enclaves.

Along with this, you get the usual luxury condo features like private lifts, and top of the line furnishings.

A nice bonus for Meyer Mansion is that Katong Park MRT station, which will be up in 2023 (before the TOP date), is just an eight-minute walk. Low-density housing areas are usually further from public transport nodes, so this is a pleasant exception.

Amenities wise, you do need to drive. Most of what you need will be in the area of Parkway Parade and i12 Katong, which is a seven-minute drive. There’s little in the immediate vicinity, which is the price of exclusivity.

This condo is mostly an indulgence for pure homeowners; we don’t see many investors being interested, given the sheer number of luxury condos already in the area.

6. Ola (Executive Condominium)

Location: Anchorvale Crescent (District 19)

Developer: Rivia Real Estate (8) Pte. Ltd., Gamuda (Singapore) Pte. Ltd.

Lease: 99-years

TOP: 2026

Number of units: 548

Project Name	Price	Size (sqft)	$PSF	Sale date	Address	Per cent decrease
Ola	$1,039,000	926	$1,122	June 3, 2021	70 Anchorvale Crescent #11-01	-0.53 per cent
Ola	$1,044,000	926	$1,128	Jan 3, 2021	70 Anchorvale Crescent #10-01
Ola	$1,336,112	1,055	$1,267	May 18, 2021	80 Anchorvale Crescent #13-22	-2.31 per cent
Ola	$1,368,112	1,055	$1,297	March15, 2021	80 Anchorvale Crescent #12-22
Ola	$1,179,112	1,055	$1,118	April 25, 2021	80 Anchorvale Crescent #13-24	-0.18 per cent
Ola	$1,181,000	1,055	$1,120	March 15, 2021	80 Anchorvale Crescent #12-24
Ola	$1,487,612	1,389	$1,071	May 15, 2021	70 Anchorvale Crescent #02-03	-0.37 per cent
Ola	$1,493,112	1,389	$1,075	Feb 23, 2021	70 Anchorvale Crescent #01-03
Ola	$1,188,000	1,001	$1,187	May 16, 2021	84 Anchorvale Crescent #03-30	-2.22 per cent
Ola	$1,215,000	1,001	$1,214	Jan 15, 2021	84 Anchorvale Crescent #01-30

The most notable difference goes the buyer of a 13 floor unit here which was 2.3 per cent cheaper than the floor below.

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Ola is Singapore’s first luxury EC, which up till now isn’t a term we’ve heard before.

While most people assume this just means “expensive”, the price point of around $1,156 psf is still considered within the realms of affordability – and the recent dips we’ve noticed further show Ola isn’t really that pricey (perhaps using the term “luxury” backfired a little here!)

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Being in Sengkang, and far from an MRT station, the developer made a wise choice not to bank on the location alone.

This is frankly quite a sparse area, with few amenities.

So instead, Ola packs as much lifestyle and entertainment as it can into its own grounds, with a heavy emphasis on organised events, classes, and recreational areas. There’s even a tie-in with Real Madrid’s football school, for the children.

Ola still won’t appeal to those who absolutely must have an MRT station or mall nearby; but it is one of the more interesting places to live in Sengkang.

Correction notice (Aug 16, 2021):

We have received some feedback from readers on the previous version of the article, where 3 developments mentioned had lower prices on the 2nd level compared to the 1st.

A mistake was made to assume that a lower price on the 2nd floor compared to the 1st floor indicates that prices likely fell. This is untrue in most cases. According to our analysis of new launch transactions from 2016, 2nd floor units tend to transact lower than 1st floor units within the same stack. This could be due to reasons such as the ground level units having higher ceilings, but it’s not reflected in the size of the unit.

To improve the clarity of this article, we have removed these 3 developments.

Correction notice (Aug 23, 2021):

We have removed Parc Central Residences EC as we learned that the drop in prices were a result of a change in payment plans.

This article was first published in Stackedhomes.