An in-depth update of 102 new launch condos in 2021: How have the prices changed?

With property prices at a peak, everyone’s on the lookout for better prices. Discounts that developers are hard-pressed to give, with ever-rising land prices and tight deadlines. However, there are always exceptions to be found; and some unit layouts may see dipping prices, as developers hurry to clear out the remaining units.

So while there are no guarantees, here are a few new launches that might have gotten a bit cheaper. In this article, we look at how prices in the various new launches have changed over the course of the year:

An important note on the prices below

The following only takes into accounts projects where we could compare at least one full year of transactions. Only new sale transactions i.e., sales direct from the developer were taken into consideration.

For practical purposes, the following assumptions regarding unit size were used:

• One-bedder = below 600 sq. ft.
• Two-bedder = 600 to 850 sq. ft.
• Three-bedder = 851 to 1,200 sq. ft.
• Four-bedder and above = Anything exceeding 1,200 sq. ft.

These may not exactly fit the developer’s own classifications (e.g., some developments may label 800 sq. ft. units as three-bedders, 1,100 sq. ft. units as four-bedders, and so forth).  Based on these size categories, here are the overall $PSF changes between the first six months since its first sale, and the 2nd half of 2021:

Note that for the above table, only developments with at least 6 months of transaction history from its first sale is recorded and this period does not fall within the 2nd half of 2021.

There is no guarantee of lower prices for the following. It still comes down to what you’re able to negotiate with the seller, and certain high-demand or prestigious stacks may deviate significantly from the average. However, this list may at least present places to start looking.

In the next part, we take an in-depth look at the $PSF changes since the month of its first sale up till December 2021 to track its price changes. The colour ranges from red to green, with red being the lowest $PSF while green is the highest. You might notice that bigger developments that stage their pricing would have a consistent colour pattern that goes from red to green – this is generally true for larger developments.

Without further ado, here are the results:

One bedroom $PSF Changes

Two notable developments with recent price dips include The M, and Midtown Modern . Both were popular, headline developments in District 7 – they saw prices climb following their strong reception, but seem to have dipped between Q3 and Q4 last year.

Midtown Modern, for example, rose all the way from $2,927 psf to $3,211 psf between Q1 and Q2 2021, before settling back to $2,975 psf by end of that year.

While the prices are nowhere close to the deals earlier buyers got (The M started at just around $2,476 psf), they are still cheaper than they were in Q3, and worth a second look about now.

Haus on Handy also shows an unexpected opportunity, from $2,867 psf in Q3 2019, down to $2,667 psf in Q4 last year. This small development is close to Plaza Singapura, and we’d pegged it for high rentability on the strength of the location.

Two Bedroom $PSF Change

If you’ve had your eye on the Chinatown area, however, note that the average price for One Pearl Bank is now a very minor bit lower than the earlier sales in 2018. It’s dipped from $2,365 psf to $2,362 psf, as of Q4 2021.

Hyll on Holland and One Holland Village Residences have also seen price dips, and we note that both still have significant inventory despite being smaller projects. This could be a consequence of oversaturation (among other reasons), as we explained in this article .

Nonetheless, note that three-bedders for One Holland Village Residences have risen in price, showing the current market preference toward larger homes.

Haus on Handy and The M is also notable here, with two-bedders following the one-bedders in falling prices (see above).

Three Bedroom $PSF Change

With a high demand for larger homes since 2020, discounts are less common for three and four-bedder units.

The price movements of three-bedders are unsurprising as a whole – the few cases are coming from boutique properties like Myra and Mooi Residences. In some cases, such as J@63 and Parc Canberra, it may reflect the developer finishing off the last few three-bedders (hence these developments are 100 per cent sold out now).

Perhaps the most notable opportunity here is The Atelier , near the Newton area. It’s dived from $2,892 psf at the start of 2021, to $2,838 psf by end of 2021; at the same time, Kopar at Newton , one of the nearest competitors, seems to have risen significantly.

Four Bedroom+ $PSF Change

For those looking for 4 bedroom units, here are some of those notable ones that have changed:

1. Dairy Farm Residences

Pricing change for 4-bedders: From $1,497 psf (Q4 2019) to $1,451 psf (Q4 2021)

Current take-up rate: 83per cent

Location: 12 Dairy Farm Lane (District 23)

Developer: UE Dairy Farm Pte Ltd

Lease: 99-years

TOP: 2024

Number of units: 460

Highlights:

We have a full review of Dairy Farm Residences on Stacked.

The main thing to note is that Dairy Farm Residences is the major amenity for its area. This is a mixed-use project that provides 40,000+ sq. ft. of retail space – a much-needed inclusion in this otherwise sparse area.

That said, Dairy Farm Residences is definitely not for those who want urban convenience. There isn’t an MRT station nearby; and besides its own commercial elements, the other nearest malls would be The Rail Mall (six minutes’ drive) and the small HillV2 mall (four minutes’ drive).

The greenery and quiet are the main appeals for this project, with good proximity to spaces like The Rail Corridor, and the Dairy Farm Nature Park. The views are also unparalleled if you’re a nature lover, with most blocks having an unimpeded view of the greenery.

Given the price point, Dairy Farm Residences is widely seen as a way to live in a Bukit Timah-like area, without paying Bukit Timah prices. Homebuyers who prefer malls, nightlife, etc., will probably find this area quite dull.

2. Infini at East Coast

Pricing change for 4-bedders: From $1,852 psf (Q1 2021) to $1,828 psf (Q4 2021)

Current take-up rate: 83per cent

Location: 363 East Coast Road (District 15)

Developer: UE Dairy Farm Pte Ltd

Lease: Freehold

TOP: 2022

Number of units: 36

Highlights:

This boutique condo (only 36 units) is located about four minutes drive from the heart of the Katong lifestyle area – this would be the zone that includes i12 Katong and Parkway Parade. If you hitch a ride on bus 14 right outside the condo, it’s only around three or four stops.

In its own immediate surroundings, Infini has a number of popular eateries within walking distance – from a stretch of higher end-cafes like Penny University to the famous Beach Road Prawn Noodle House. The development is also close to amenities like a 7-Eleven which is located just opposite the condo.

Infini is also good for school access, with CHIJ Katong Convent, St. Patrick’s Secondary, and Tao Nan all being in priority enrolment distance. CHIJ Primary and Tao Nan are actually within walking distance, at six minutes and nine minutes consecutively.

The biggest appeal though would probably be the low-density nature of this area. There are no tall buildings looming in any direction, and there’s no bustle from large condo projects or HDB clusters anywhere nearby.

Still, this is more for homebuyers than investors. For rental, tenants are more likely to gravitate toward homes closer to i12 or Parkway Parade; and in terms of resale, District 15 may be oversaturated with boutique, freehold developments.

3. Irwell Hill Residences

Pricing change for 4-bedders: From $2,672 psf (Q1 2021) to $2,663 psf (Q4 2021)

Current take-up rate: 76per cent

Location: 2 Irwell Hill (District 9)

Developer: City Developments Limited

Lease: 99-years

TOP: 2026

Number of units: 540

Highlights:

We have a full review of Irwell Hill Residences on Stacked.

There are two important things we should clarify about Irwell Hill:

First, the price dropped even lower in Q3, to $2,540 psf. So technically, the price has risen between Q3 and Q4; but the Q4 price is still lower than the initial transactions at the start of 2021.

Second, close to 80 per cent of the units at Irwell Hill are one-bedders. It’s quite clear that this is more of an investment asset for landlords, rather than one for homeowners; the number of four-bedder sized units is quite small.

That said, Irwell Hill Residences has a surprisingly low price point, for a District 9 condo (the smaller one-bedder units have transactions as low as $1.1 million!)

Irwell Hill Residences is also a seven-minute walk from the new Great World MRT station, on the Thomson-East Coast Line. This also means, of course, the revamped Great World City itself is within walking distance and can provide most of the retail, dining, groceries, etc. that you need.

The Somerset area, where you’ll find Orchard Central, Centrepoint, etc., is just a three-minute drive away; so overall this is one of the most centrally located condos for its price tag.

That said, some investors may frown at its leasehold status, as freehold is more the norm in District 9 (this partly explains the more affordable price); but investors who are more focused on rental yield won’t find this a big issue.

Irwell Hill is a tougher sell to families unless their lifestyles are highly urban. There’s little in the way of green space (although the Raintree Lawn does go some way to make up for it), and traffic is a fact of life in such central areas. Also, only River Valley Primary and Alexandra Primary appear to be in priority enrolment distance.

4. Ki Residences at Brookvale

Pricing change for 4-bedders: From $1,826 psf (Q4 2020) to $1,804 psf (Q4 2021)

Current take-up rate: 79per cent

Location: 2 Brookvale Drive (District 21)

Developer: Hoi Hup and Sunway

Lease: 999-years

TOP: 2024

Number of units: 660

Highlights:

We have a full review of Ki Residences on Stacked.

Ki Residences provides a way to get into District 21, without the usual high prices expected from the Bukit Timah area. Also, as a 999-year leasehold property, you can effectively consider it freehold.

The trade-off is that, unlike other recent condos like Forett at Bukit Timah , the location is less convenient. Ki Residences is much further from Beauty World, for example, and getting here by public transport is a challenge. Like most properties in the Sunset Way area, there’s no sugar-coating the fact that it’s not the most accessible.

Clementi Arcade is really the closest source of everyday amenities, at around a three-minute drive. Bukit Timah Primary is the only school in priority enrolment distance.

That said, some home buyers may consider this seclusion to be a plus. Ki Residences is in one of the few truly quiet places left in Singapore; and has close proximity to green stretches like The Rail Corridor. And for those who don’t know it, Sunset Way is a foodie mecca, with a lot of unusual and experimental cafes (because rental rates for F&B in more central areas are insane).

5. Kopar at Newton

Pricing change for 4-bedders: From $2,288 psf (Q2 2020) to $2,334 psf (Q4 2021)

Current take-up rate: 62per cent

Location: 6 Makeway Avenue (District 9)

Developer: Chip Eng Seng Corporation Ltd.

Lease: 99-years

TOP: 2023

Number of units: 378

Highlights:

We have a full review of Kopar at Newton on Stacked.

Kopar at Newton stands out for being a leasehold option when nearby alternatives like The Atelier are freehold. This does help to lower the price per square foot versus The Atelier; this might appeal to investors who are focused on good rental yields and don’t really care about the leasehold status.

Another interesting decision by the developer is to utilise as little as a third of the land space for units, leaving the rest for common grounds. This makes a Kopar a much smaller development than it could otherwise be (only 378 units, which is a good size).

We suspect this may be to make up for the density of the location: Newton is very much “concrete jungle” territory, and the traffic here has been notorious since 1933. If that’s the developer’s intent, then credit to them for making a smart move: Kopar does manage to retain a luxury feel and is well-spaced out, despite the location.

The location is supremely convenient, with good proximity to Novena. United Square mall is also just around a four-minute drive.

You are, in theory, just a 10-minute drive to the Orchard area (but we wouldn’t count on that during rush hour). This is a well-located condo for those who want to be close to the shopping belt or the CBD.

Nature lovers, look somewhere else.

For more on competitively priced properties, as well as in-depth reviews for new and resale condos, follow us on Stacked . We’ll also keep you up to date on the latest trends and happenings in the Singapore private property market.

This article was first published in Stackedhomes.