If you’re looking to rightsize your property or a homebuyer looking for your dream home, you might be considering the latest new launch condos in 2023. While 2022 saw less than 20 new launches, it’s expected that 2023 will have around 40 new launches.
We’ve compiled a list of new launch projects that will be launching in Q1 of 2023. For homeowners who plan to sell their current property and move to a new launch, this list is perfect for you. (If you’re looking for new launch condos launching in Q2 of 2023, check out this article instead.)
Sceneca Residence (District 16)
Sceneca Residence is the latest mixed-use development in the east and will be directly connected to Tanah Merah MRT station. The project will have 268 residential units comprising 1 to 4-bedroom apartments (including penthouses) and 19 commercial units.
The project’s developers, MCC Singapore, Ekovest Development and The Place Holdings, had won the tender for the government land sales (GLS) site at Tanah Merah Kechil Link for $248.99 million ($930 psf per plot ratio).
Future residents will be able to enjoy the convenience of having a 1,000 sqm supermarket and another 1,000 sqm of retail and F&B outlets.
Check out our full review of Sceneca Residence.
Expected TOP date: 2026
Nearest MRT: Tanah Merah (East-West line)
Primary schools within 1km: St. Anthony’s Canossian, Bedok Green Primary, Temasek Primary (only certain blocks)
Average prices of new launches in District 16
There have been only a few new launches in District 16 recently. From 2018-2023, the average prices were around S$1500+ psf. However, this changed in 2022 when Sky Eden@Bedok was transacted at an average of S$2,112 psf. Most recently, Sceneca Residence had an average psf price of S$2,098.
Resale condo units in District 16
If you’re currently living in District 16 and planning to rightsize your home, you might wonder if it’s good to buy a unit at Sceneca Residence.
Here are the average prices of resale condo units in District 16.
| 3-bedroom | S$1,610,336 |
| 4-bedroom | S$2,249,913 |
| 5-bedroom | S$3,058,250 (less than 10 transactions) |
Based on transaction data from URA, Realis and 99.co, here are the average prices of 2, 3 and 4-bedroom unit types at Sceneca Residence.
|
2-bedroom |
S$1,530,814 |
|
3-bedroom |
S$2,053,564 |
|
4-bedroom |
S$3,526,667 (only 3 transactions) |
(Note: Prices will vary according to the size and floor of the unit)
Hence, if you’re looking to downsize to a new condo with one less bedroom (ie. 3-bedroom to 2-bedroom), you should be able to afford it comfortably.
Resale HDB flats in District 16
For those planning to upgrade from an HDB to a condo, here are the average prices of resale HDBs in District 16.
| 3-room | S$360,000 |
| 4-room | S$506,044 |
| 5-room | S$652,406 |
| Executive | S$841,114 |
Of course, whether or not you can afford a new condo will depend on your monthly household income and how much CPF savings and cash you have on hand.
Based on the average new launch prices of Sceneca Residence stated above, you’ll need a monthly household income of over S$9,373 to afford at least a 2-bedroom unit (assuming you’re taking the full 75% financing to maximise the LTV ratio with a 30-year loan tenure and no other debts).
Also, beyond the 2023 pipeline, buyers are already watching future launches like Vela Bay condo, located near Bayshore MRT along the East Coast.
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The Botany at Dairy Farm (District 23)
If you like living near nature, The Botany at Dairy Farm is a suitable option as it’s located near Dairy Farm Nature Park and Bukit Timah Nature Reserve. Its developer, Sim Lian Group, had won the GLS tender for the Dairy Farm Walk site for S$347 million (S$980 psf per plot ratio).
The new launch condo will have 386 units comprising 1 to 5-bedroom apartments. What’s great is that most units will potentially be able to enjoy unblocked views of the surrounding private landed estate and the nature reserves.
Check out our full review of The Botany At Dairy Farm.
Expected TOP date: 2027
Nearest MRT: Hillview (Downtown line)
Primary schools within 1km: CHIJ Our Lady Queen of Peace, Bukit Panjang Primary
Average prices of new launches in District 23
In 2022, the average price of new launches in District 23 was around S$1,672 psf. However, this changed when The Botany was launched as its average psf price was S$2,065.
Dairy Farm Residences and Midwood are the nearest new launch projects to The Botany at Dairy Farm and both projects are already fully sold. As both projects launched in 2019, it’s no surprise that The Botany at Dairy Farm’s average prices are higher.
Resale condo units in District 23
If you’re currently living in District 23 and planning to rightsize your home, we’ve compiled the district’s average prices of resale condo units in the past year.
| 3-bedroom | S$1,399,098 |
| 4-bedroom | S$1,808,159 |
| 5-bedroom | S$660,000 (only 1 transaction) |
Here are the average prices of The Botany At Dairy Farm’s 2 and 3-bedroom units, based on transaction data from URA, Realis and 99.co.
|
2-bedroom |
S$1,424,663 |
|
3-bedroom |
S$2,040,684 |
(Note: Prices will vary according to the size and floor of the unit)
The average transaction prices for 2 and 3-bedroom units at The Botany seem to be higher than that of resale projects, even if you’re looking to rightsize. However, with sale proceeds from your current condo, it should be sufficient to cover the cost of your new launch purchase.
Resale HDB flats in District 23
For potential upgraders from HDB, here are the average prices of resale HDB flats in District 23.
| 3-room | S$372,340 |
| 4-room | S$497,583 |
| 5-room | S$605,662 |
| Executive | S$734,556 |
You can use 99.co’s mortgage calculator and affordability calculator to see which unit type is within your budget. You’ll most likely have to top up a significant amount for the downpayment.
Also, your monthly household income will need to be over S$8,724 for you to be able to afford at least a 2-bedroom unit. This is assuming you’re taking the full 75% financing to maximise the LTV ratio with a 30-year loan tenure and no other debts.
Properties in District 23
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Terra Hill (District 5)
Terra Hill is perfect for those looking for a home in a city-fringe location. It’s also located near offices in one-north, Mapletree Business City and Science Park, as well as the upcoming Greater Southern Waterfront.
The freehold project is a redevelopment of the former Flynn Park, which sold for S$371 million in 2021. It will have 270 units of 2 to 5-bedroom apartments.
One of Terra Hill’s unique highlights is that it’s located on a hilltop, with potential sea views and access to the greenery at Kent Ridge Park.
Check out our full review of Terra Hill.
Expected TOP date: 2026
Nearest MRT: Pasir Panjang (Circle line)
Primary schools within 1-2km: Blangah Rise Primary
Average prices of new launches in District 5
Before the launch of Terra Hill, the average price of new launches in District 5 in 2022 was S$1,846 psf. The area saw a number of new launches in recent years, like Kent Ridge Hill Residences, Normanton Park and One-North Eden. However, with the launch of Terra Hill, the average psf price of new sale transactions in the district increased to S$2,583.
With its land price of S$1,318 psf ppr, freehold status and city-fringe location, it’s not surprising that Terra Hill’s average price is as such.
Resale condo units in District 5
For those currently living in District 5 and are planning to rightsize their home, here are the average prices of resale condos in the area.
| 3-bedroom | S$1,803,035 |
| 4-bedroom | S$2,272,843 |
| 5-bedroom | S$3,883,333 (only 3 transactions) |
Let’s look at the average prices of 2, 3 and 4-bedroom units at Terra Hill, based on transaction data from URA, Realis and 99.co.
|
2-bedroom |
S$1,973,327 |
|
3-bedroom |
S$2,660,941 |
|
4-bedroom |
S$4,409,750 |
(Note: Prices will vary according to the size and floor of the unit)
The prices seem suitable for those who want to rightsize from a 3, 4 or 5-bedder to a 2-bedder in the same district. However, the larger units like the 3 and 4-bedders might only make sense if you have more cash on hand or sufficient CPF savings.
Resale HDB flats in District 5
If you’re living in an HDB in District 5 and are looking to sell your property to move to a new launch, here are the average prices of resale HDB flats in the area.
| 3-room | S$418,847 |
| 4-room | S$661,890 |
| 5-room | S$836,504 |
| Executive | S$923,938 |
Based on the new launch prices stated above, your monthly household income will need to be over S$12,082 for you to be able to afford at least a 2-bedroom unit (assuming you’re taking the full 75% financing to maximise the LTV ratio with a 30-year loan tenure and no other debts). Use 99.co’s mortgage calculator and affordability calculator to see which condo unit type is within your budget.
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Lentor Hills Residences (District 26)
Lentor Hills Residences is the second of 7 new condo sites to be launched in the Lentor estate. Developed by GuocoLand, Intrepid Investments and TID Residential, the project is expected to have 595 units.
Residents living in Lentor can enjoy the convenience of the Thomson-East Coast line, which brings commuters to Orchard in 18 minutes and the CBD in 25 minutes. What’s more, the upcoming mixed-use development Lentor Modern nearby will have around 50 shops, including restaurants and cafes, as well as a supermarket and childcare centre.
Expected TOP date: TBA
Nearest MRT: Lentor (Thomson-East Coast line)
Primary schools within 1km: Anderson Primary, CHIJ St. Nicholas Girls’ School (Primary)
Average prices of new launches in District 26
Before 2022, the average prices of new launch transactions in District 26 were around S$1,300+ psf. But that changed in 2022 with the launch of Lentor Modern, which had an average price of S$2,125 psf.
Lentor Modern’s average prices are unsurprising as it is an integrated mixed-use development linked to Lentor MRT station. Furthermore, the Thomson-East Coast line is a major factor in reducing travel time to the city.
As Lentor Hills Residences is located about a 3-minute walk from Lentor Modern and Lentor MRT station, residents will also get to enjoy the same convenience as Lentor Modern. Hence, we foresee that the average prices will match Lentor Modern.
Resale condo units in District 26
If you’re currently living in a condo in District 26 and planning to rightsize your home, we’ve rounded up the average prices of resale condos.
| 3-bedroom | S$1,529,802 |
| 4-bedroom | S$2,008,000 |
| 5-bedroom | No transactions in the past year |
As Lentor Modern is the only new launch condo in recent years, we’ll take its average prices as the benchmark for new launch condos in the area (displayed in the table below).
|
2-bedroom |
S$1,562,466 |
|
3-bedroom |
S$2,118,877 |
(Note: Prices will vary according to the size and floor of the unit)
As you can see, the average prices of Lentor Modern are at a higher premium than the average resale prices of condos in District 26. Although you might not get much in terms of cash proceeds, you’ll enjoy the convenience of Lentor MRT station and amenities at Lentor Modern if you choose to move to a condo in Lentor.
Resale HDB flats in Ang Mo Kio and Yishun
As there are no HDB projects in District 26, we’ll look at the average prices of resale HDB flats in neighbouring estates – Ang Mo Kio and Yishun.
| Ang Mo Kio | Yishun | |
| 3-room | S$377,360 | S$372,741 |
| 4-room | S$589,249 | S$469,586 |
| 5-room | S$811,899 | S$608,623 |
| Executive | S$941,500 | S$781,167 |
Based on the new launch prices in Lentor stated above, your monthly household income will need to be over S$9,567 for you to be able to afford at least a 2-bedroom unit (assuming you’re taking the full 75% financing to maximise the LTV ratio with a 30-year loan tenure and no other debts). Use 99.co’s mortgage calculator and affordability calculator to see which condo unit type is within your budget.
Properties in District 26
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Other new launch condos to look out for in 2023
If the new launches in 2023 Q1 are not suitable for you, here are other projects launching later in the year:
- Grand Dunman (District 15)
- Tembusu Grand (District 15)
- The Continuum (District 15)
- The Reserve Residences (District 21)
- The Arden (District 23)
As more information about 2023’s new launch condos comes up, we’ll be sure to update you. For more condos launching later in the year, check out 6 new launch condos to look forward to in Q2 of 2023.
Are you planning to sell your house and move to a new launch condo? Let us know in the comments section below.
If you found this article helpful, 99.co recommends GLS H1 2023: New condo sites to look forward to and consider upgrading to and Up-and-coming estates in Singapore for future property investments.
About Faruq Senin
Faruq covers New Launch condo showflats in Singapore and writes comprehensive reviews of them. Outside of work, he is a foodie who enjoys going to cafes, exploring new places and travelling (pre-covid).
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
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