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Data from the Urban Redevelopment Authority (URA) suggests that it is the best-performing sector.
By Khalil Adis
By Khalil Adis
Lentor Hill Residence located in District 28 is the top selling condominium in the OCR in the the third quarter of 2023. Photo: Hong Leong Holdings, GuocoLand and TID.
If you are contemplating a move to a condo, the next few months present a promising window of opportunity, government statistics showed.
The second quarter of 2023 data from the Urban Redevelopment Authority (URA) suggests that HDB upgraders and investors seeking condominiums in the Outside Central Region (OCR) should take note of the best-performing sectors.
Let’s delve into the latest URA findings, explore the reasons behind the success of mass market condos, and showcase notable condo launches and resales that have caught the attention of potential buyers.
Private Property Index (PPI) and Resale Price Index (RPI).
The second quarter of 2023 data from URA reveals intriguing insights.
The Private Property Index (PPI) saw a marginal decline of 0.2 per cent, reaching 194.4 points.
This marks the first dip since the first quarter of 2020 for the index, which tracks price movements in the private property market.
Concurrently, the Housing & Development Board's (HDB) Resale Price Index (RPI) showed a 1.5 per cent uptick in the second quarter of 2023 compared to the previous quarter, reaching 176.2 points.
This trend indicates a narrowing price gap between resale HDB flats and private properties, favouring HDB upgraders.
Mass market condominiums: The leading performers
The second quarter of 2023 data from the Urban Redevelopment Authority (URA) suggests that HDB upgraders and investors seeking condominiums in the Outside Central Region (OCR) should take note of the best-performing sectors.
Let’s delve into the latest URA findings, explore the reasons behind the success of mass market condos, and showcase notable condo launches and resales that have caught the attention of potential buyers.
Private Property Index (PPI) and Resale Price Index (RPI).
The second quarter of 2023 data from URA reveals intriguing insights.
The Private Property Index (PPI) saw a marginal decline of 0.2 per cent, reaching 194.4 points.
This marks the first dip since the first quarter of 2020 for the index, which tracks price movements in the private property market.
Concurrently, the Housing & Development Board's (HDB) Resale Price Index (RPI) showed a 1.5 per cent uptick in the second quarter of 2023 compared to the previous quarter, reaching 176.2 points.
This trend indicates a narrowing price gap between resale HDB flats and private properties, favouring HDB upgraders.
Mass market condominiums: The leading performers
Espana Residences. Photo: Khalil Adis.
Why are mass market condominiums in the OCR stealing the spotlight?
These condos have proven to be the best-performing sector, outpacing their counterparts in the Rest of Central Region (RCR) and Core Central Region (CCR).
Mass market condos, strategically situated in the Outside Central Region (OCR), boast affordability and local buyer appeal.
Notably, their PPI surged to 225.0 points, surpassing those in RCR and CCR.
The upward index signifies robust demand for these condos, driven by their strategic locations and reasonable pricing.
Key drivers of mass market condo success
These condos have proven to be the best-performing sector, outpacing their counterparts in the Rest of Central Region (RCR) and Core Central Region (CCR).
Mass market condos, strategically situated in the Outside Central Region (OCR), boast affordability and local buyer appeal.
Notably, their PPI surged to 225.0 points, surpassing those in RCR and CCR.
The upward index signifies robust demand for these condos, driven by their strategic locations and reasonable pricing.
Key drivers of mass market condo success
The Quartz located in Buangkok. Photo: Khalil Adis.
The popularity of mass market condos can be attributed to several factors.
These condos, situated in the suburbs, have captured the interest of local buyers, including first-time buyers and HDB upgraders.
In contrast to prime condos, which attract speculators and foreigners, mass market condos remain unaffected by the higher Additional Buyer's Stamp Duty (ABSD) implemented in April 2023.
This distinction has contributed to sustained demand among Singaporean buyers, rendering these condos resilient to market cooling measures.
Highlighting top condo launches in Q3 2023
These condos, situated in the suburbs, have captured the interest of local buyers, including first-time buyers and HDB upgraders.
In contrast to prime condos, which attract speculators and foreigners, mass market condos remain unaffected by the higher Additional Buyer's Stamp Duty (ABSD) implemented in April 2023.
This distinction has contributed to sustained demand among Singaporean buyers, rendering these condos resilient to market cooling measures.
Highlighting top condo launches in Q3 2023
According to data from Propnex, these are the three most popular mass market condo launches ranked by volume in the third quarter of 2023:
1. Lentor Hill Residences
1. Lentor Hill Residences
Lentor Hill Residence located in District 28. Photo: Hong Leong Holdings, GuocoLand and TID.
Nestled in District 20 (Mandai / Upper Thomson), this 99-year leasehold development offers 598 units ranging from one- to four-bedroom layouts.
With prices starting at $2,028 per sq ft for a one-bedroom unit, a significant 88.5 per cent of buyers are Singaporean residents.
Nearby amenities include Lentor Hill MRT station, Anderson Primary School, CHIJ St Nicholas Girls’ School, Mayflower Primary School, Mayflower Secondary School, Anderson Serangoon Junior College, Nanyang Polytechnic, AMK Hub and Thomson Plaza.
2. The Myst
With prices starting at $2,028 per sq ft for a one-bedroom unit, a significant 88.5 per cent of buyers are Singaporean residents.
Nearby amenities include Lentor Hill MRT station, Anderson Primary School, CHIJ St Nicholas Girls’ School, Mayflower Primary School, Mayflower Secondary School, Anderson Serangoon Junior College, Nanyang Polytechnic, AMK Hub and Thomson Plaza.
2. The Myst
The Myst. Photo: CDL.
Crafted by City Developments Limited (CDL), The Myst features 408 units across two 24-storey blocks.
Priced at an average of $2,070 per sq ft, The Myst showcases one-bedroom study to five-bedroom units, spanning around 517 sq ft to 2,034 sq ft.
Conveniently located MRT stations and reputable schools further enhance its appeal.
Nearby MRT stations include Cashew MRT station and the upcoming Cross Island Line.
There are also several good schools located within a 1km radius of the development such as CHIJ Our Lady Queen of Peace, Bukit Panjang Primary School and Zhenghua Primary School.
Other nearby amenities include Bukit Panjang Integrated Transport Hub, Hillion Mall, Bukit Panjang Plaza and Junction 10.
Nature lovers will be thrilled to know that The Myst is located at the doorstep of The Rail Corridor and Bukit Timah Nature Reserve.
3. Lentor Modern
Priced at an average of $2,070 per sq ft, The Myst showcases one-bedroom study to five-bedroom units, spanning around 517 sq ft to 2,034 sq ft.
Conveniently located MRT stations and reputable schools further enhance its appeal.
Nearby MRT stations include Cashew MRT station and the upcoming Cross Island Line.
There are also several good schools located within a 1km radius of the development such as CHIJ Our Lady Queen of Peace, Bukit Panjang Primary School and Zhenghua Primary School.
Other nearby amenities include Bukit Panjang Integrated Transport Hub, Hillion Mall, Bukit Panjang Plaza and Junction 10.
Nature lovers will be thrilled to know that The Myst is located at the doorstep of The Rail Corridor and Bukit Timah Nature Reserve.
3. Lentor Modern
Lentor Modern. Photo: GLL D Pte Ltd.
Found in District 23 (Upper Thomson and Springleaf), Lentor Modern stands as the inaugural integrated mixed-use development in the Lentor precinct, directly linked to Lentor MRT station.
Comprising three 25-storey towers, this 99-year leasehold development offers 605 residential units, ranging from 1- to 4-bedroom apartments, with extensive facilities and sky terraces in each tower.
Priced at an average of $2,087 per sq ft, the majority (91.1 per cent) of buyers are Singaporean residents.
Noteworthy mass market resale condos in Q3 2023
Comprising three 25-storey towers, this 99-year leasehold development offers 605 residential units, ranging from 1- to 4-bedroom apartments, with extensive facilities and sky terraces in each tower.
Priced at an average of $2,087 per sq ft, the majority (91.1 per cent) of buyers are Singaporean residents.
Noteworthy mass market resale condos in Q3 2023
Data from Propnex, showed that these are the five most popular mass market condo launches ranked by volume in the third quarter of 2023:
1. Kingsford Waterbay
1. Kingsford Waterbay
Kingsford Waterbay in District 19. Photo: Khalil Adis.
Situated in District 19 (Serangoon), Kingsford Waterbay features 1 to 5-bedroom penthouses and cluster homes.
With 11 transactions in the third quarter of 2023 at an average price of $1,399 per sq ft, its proximity to reputable schools contributes to its popularity.
These schools include CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, Holy Innocents’ High School, Montfort Secondary School and CHIJ St. Joseph’s Convent.
2. High Park Residences
With 11 transactions in the third quarter of 2023 at an average price of $1,399 per sq ft, its proximity to reputable schools contributes to its popularity.
These schools include CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, Holy Innocents’ High School, Montfort Secondary School and CHIJ St. Joseph’s Convent.
2. High Park Residences
High Park Residences located in Sengkang. Photo: Khalil Adis.
Positioned in District 28 (Sengkang), High Park Residences offers 1,390 units spanning 1- to 5-bedroom layouts, recording eight transactions with a median price of $1,523 per sq ft.
Conveniently sited next to Thanggam LRT and four stops to Sengkang MRT stations, High Park Residences is within close proximity to Seletar Aerospace Park, food & beverage joints at Jalan Kayu, Seletar Mall, Compass Point Shopping Centre and Greenwich V.
This 99-year leasehold development is popular among Singaporeans which make up 80.7 per cent of its buyers.
3. Parc Botannia
Conveniently sited next to Thanggam LRT and four stops to Sengkang MRT stations, High Park Residences is within close proximity to Seletar Aerospace Park, food & beverage joints at Jalan Kayu, Seletar Mall, Compass Point Shopping Centre and Greenwich V.
This 99-year leasehold development is popular among Singaporeans which make up 80.7 per cent of its buyers.
3. Parc Botannia
Parc Botania located next to High Park Residences. Photo: Khalil Adis.
In District 28 (Sengkang), Parc Botannia secured third place with seven transactions at a median price of $1,603 per sq ft.
Its prime location and lush surroundings attract buyers seeking a serene living environment.
There are many reputable local and international schools located near Park Botannia such as Lycee Francais De Singapour, Gems World Academy (Singapore), Hillside World Academy, Fernvale Primary School, Anchor Green Primary School and Nan Chiau Primary School.
All the above factors could perhaps explain why this condominium is the third most popular mass market development.
4. The Glades
Its prime location and lush surroundings attract buyers seeking a serene living environment.
There are many reputable local and international schools located near Park Botannia such as Lycee Francais De Singapour, Gems World Academy (Singapore), Hillside World Academy, Fernvale Primary School, Anchor Green Primary School and Nan Chiau Primary School.
All the above factors could perhaps explain why this condominium is the third most popular mass market development.
4. The Glades
The Glades located in District 16 Photo: Khalil Adis.
Located in District 16 (Bedok), The Glades recorded seven transactions at a median price of $1,646 per sq ft.
This 99-year leasehold development appeals to both Singaporeans and Permanent Residents.
Located next to Tanah Merah MRT station and one stop away from the Expo, The Glades comprises 726 units ranging from 1 to 5-bedroom penthouses.
The Glades is especially popular among Singaporeans and Permanent Residents who make up 69.3 per cent and 22 per cent of its buyers respectively.
Nearby amenities include Bedok Mall, Bedok Point, Eastpoint Mall and Changi City Point.
Popular schools located nearby include Temasek Primary School, Temasek Secondary School, Anglican High School, Temasek Junior College and Temasek Polytechnic.
5. Treasure at Tampines
This 99-year leasehold development appeals to both Singaporeans and Permanent Residents.
Located next to Tanah Merah MRT station and one stop away from the Expo, The Glades comprises 726 units ranging from 1 to 5-bedroom penthouses.
The Glades is especially popular among Singaporeans and Permanent Residents who make up 69.3 per cent and 22 per cent of its buyers respectively.
Nearby amenities include Bedok Mall, Bedok Point, Eastpoint Mall and Changi City Point.
Popular schools located nearby include Temasek Primary School, Temasek Secondary School, Anglican High School, Temasek Junior College and Temasek Polytechnic.
5. Treasure at Tampines
Treasure at Tampines in District 18. Photo: Khalil Adis.
In District 18 (Tampines), Treasure at Tampines emerges as the fifth best-selling mass market condominium development, with six units sold at a median price of $1,605 per sq ft.
Treasure at Tampines is a high-density development with 29 twelve-storey residential blocks.
Units range from 1 to 5 bedrooms starting from 463 square feet to 1,345 square feet with full condominium facilities.
Treasure at Tampines is located close to several good schools such as Temasek Polytechnic, Singapore University of Technology, Angsana Primary School and Tampines Junior College.
Nearby shopping malls include Tampines Mall, Century Square, Tampines One and Eastpoint Mall.
Conclusion
For HDB upgraders and investors exploring condo options, mass market condominiums within the Outside Central Region (OCR) offer a promising avenue.
URA's second quarter of 2023 data underscores their resilience and growth, positioning them favourably against prime condos.
With various developments available, such as Lentor Hill Residences, The Myst, and more, now is a prime time to evaluate these opportunities and capitalise on their potential benefits.
Treasure at Tampines is a high-density development with 29 twelve-storey residential blocks.
Units range from 1 to 5 bedrooms starting from 463 square feet to 1,345 square feet with full condominium facilities.
Treasure at Tampines is located close to several good schools such as Temasek Polytechnic, Singapore University of Technology, Angsana Primary School and Tampines Junior College.
Nearby shopping malls include Tampines Mall, Century Square, Tampines One and Eastpoint Mall.
Conclusion
For HDB upgraders and investors exploring condo options, mass market condominiums within the Outside Central Region (OCR) offer a promising avenue.
URA's second quarter of 2023 data underscores their resilience and growth, positioning them favourably against prime condos.
With various developments available, such as Lentor Hill Residences, The Myst, and more, now is a prime time to evaluate these opportunities and capitalise on their potential benefits.