{"id":75718,"date":"2024-06-26T10:27:16","date_gmt":"2024-06-26T02:27:16","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=75718"},"modified":"2024-07-30T22:47:35","modified_gmt":"2024-07-30T14:47:35","slug":"what-factors-influence-the-success-of-a-new-launch-condo","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/","title":{"rendered":"What factors influence the success of a new launch condo?"},"content":{"rendered":"
<\/div>\n

This article was contributed by Freddie Xu.<\/strong><\/p>\n\n\n\n

Are you eyeing that shiny new condo project<\/a> in your neighbourhood, contemplating whether it’s worth the investment? <\/p>\n\n\n\n

While attending the launch weekend and browsing through the showflat may give you a glimpse of what’s on offer, there’s more to consider when it comes to the long-term success of a new launch condo.<\/p>\n\n\n\n

Let’s explore the factors that can make or break the performance of these developments, and why some excel while others falter.<\/p>\n\n\n\n

Location and connectivity<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

One of the key determinants of a new launch condo’s success is its location and connectivity. <\/p>\n\n\n\n

The proximity to transportation hubs such as MRT stations<\/a>, major roads, and bus stops enhances accessibility, making the development more appealing to potential buyers. But that\u2019s not all you should be looking into \u2013 easy access to amenities like shopping centres, schools, parks, and healthcare facilities also goes a long way in adding to the convenience and desirability of the location.<\/p>\n\n\n\n

Now, what about picking between mature and non-mature estates? <\/p>\n\n\n\n

Developments situated in established, mature neighbourhoods or emerging areas with promising growth potential usually tend to perform better. The overall appeal of these neighbourhoods, including factors like safety, cleanliness, green spaces, and community facilities, can significantly impact the attractiveness of a new launch condo and even go as far as to determine its potential rental yield, making it a crucial consideration for investors.<\/p>\n\n\n\n

Read more:<\/strong> Small condo site plan considerations that make a big difference<\/a><\/p>\n\n\n\n

Developer reputation and track record<\/strong><\/h2>\n\n\n\n

Another vital factor influencing the success of a new launch condo is the reputation and track record of the developer. <\/p>\n\n\n\n

Buyers often gravitate towards projects developed by reputable and experienced companies known for delivering quality construction and excellent after-sales service. The developer’s brand name and past successful projects can instil confidence in buyers and drive sales.<\/p>\n\n\n\n

While larger developers often invest more in advertising, showroom quality, and online promotion, smaller boutique condos may rely heavily on property agents for marketing. This difference in marketing strategy can impact the sales performance of new launch condos, with larger developments typically enjoying better launch day results and faster sell-outs due to extensive marketing efforts.<\/p>\n\n\n\n

Pricing and discounts<\/strong><\/h2>\n\n\n\n

Competitive pricing compared to surrounding resale condos, coupled with attractive discounts and incentives, is another crucial factor that influences the success of a new launch condo. <\/p>\n\n\n\n

Buyers are more inclined towards projects offering value for their money, and developers may offer discounts on less desirable units to stimulate sales.<\/p>\n\n\n\n

Amenities and facilities<\/strong><\/h2>\n\n\n\n

The availability of modern amenities and facilities is a significant selling point for new launch condos. <\/p>\n\n\n\n

\"\"
Artist impression of the gym at LIV@MB<\/figcaption><\/figure>\n\n\n\n

Developments offering comprehensive facilities like pools, gyms, and recreational spaces tend to attract more buyers. Unique or high-end amenities can also set a new launch apart from competitors and enhance its appeal in the market.<\/a><\/p>\n\n\n\n

Additionally, new technology that promotes the use of smart home features may also appeal to younger eligible buyers and gives a futuristic allure to a new project. This assures buyers that their new homes would not be behind new trends. <\/p>\n\n\n\n

Future development plans<\/strong><\/h2>\n\n\n\n

Proximity to upcoming infrastructure projects, commercial developments, or government initiatives can significantly impact the long-term value and appeal of a new launch condo. <\/p>\n\n\n\n

Buyers often look for locations with promising growth potential and future enhancements that can positively influence their investment. For this reason, keep an eye on URA\u2019s master plans<\/a> to keep yourself updated on upcoming transformations. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Read more:<\/strong> The URA Master Plan 2025: A glimpse into Singapore\u2019s future<\/a><\/p>\n\n\n\n

Unit mix and layout<\/strong><\/h2>\n\n\n\n

Offering a diverse range of unit types and sizes to cater to different buyer segments can boost the performance of a new launch condo. <\/p>\n\n\n\n

Well-designed, practical unit layouts that maximise space utilisation are often preferred by buyers and contribute to the overall success of the development.<\/p>\n\n\n\n

Market conditions and demand<\/strong><\/h2>\n\n\n\n

The overall property market sentiment, buyer confidence, and demand for new launches in a particular location play a crucial role in determining the success of a new launch condo. <\/p>\n\n\n\n

External factors such as interest rates, government policies, and economic conditions could also influence market dynamics and impact sales performance.<\/p>\n\n\n\n

Timing of launch<\/strong><\/h2>\n\n\n\n

The timing of the launch can significantly affect the success of a new condo project. <\/p>\n\n\n\n

Well-timed launches, avoiding oversaturation of the market, tend to perform better than those launched during periods of low demand. Understanding market cycles and launching at the right time can give new launch condos a competitive edge.<\/p>\n\n\n\n

Case Studies: New launches of the year and how they performed<\/strong><\/h2>\n\n\n\n

However, it’s not all cut-and-dry in the world of new launch condos. Sometimes, even with all the right ingredients, success isn’t guaranteed. <\/p>\n\n\n\n

Let’s take a look at some recent examples to illustrate this point:<\/p>\n\n\n\n

Lentor Mansion<\/strong><\/a> vs. <\/strong>Lentoria<\/strong><\/a><\/h2>\n\n\n\n

These two projects, located just opposite each other and launched within a week of each other, provide an interesting case study. Despite both projects seemingly meeting many of the criteria for success, the sales performance tells a different story.<\/p>\n\n\n\n

Sales performance<\/strong><\/h3>\n\n\n\n

During its launch weekend, Lentor Mansion achieved an impressive sell-out rate, with 400 out of 533 units sold <\/a>at a median price of S$2,269 per square foot.<\/a> In contrast, Lentoria managed to sell only 50 out of 267 units, with a sell-out rate of 18.7%, at a median price of S$2,120 per square foot.<\/a><\/p>\n\n\n\n

\"\"
Showflat model of Lentor Mansion<\/figcaption><\/figure>\n\n\n\n

Location and connectivity<\/strong><\/h3>\n\n\n\n

One key factor that contributed to the divergent sales performance is the location and connectivity of the two projects. <\/p>\n\n\n\n

Lentor Mansion<\/a> enjoys a strategic location closer to the Lentor MRT station<\/a>, just a 5-minute walk away, offering better accessibility and connectivity for residents. Furthermore, the upcoming Cross Island Line (CRL) <\/a>will feature an interchange at Bright Hill MRT<\/a> station, only 2 stops away from Lentor MRT, further enhancing the connectivity of Lentor Mansion.<\/p>\n\n\n\n

\"\"
Showflat model of Lentoria<\/figcaption><\/figure>\n\n\n\n

Unit mixes<\/strong><\/h3>\n\n\n\n

Another contributing factor to Lentor Mansion’s success is its diverse unit mix, which caters to different buyer segments. <\/p>\n\n\n\n

Featuring 2-bedroom, 3-bedroom, 4-bedroom, and 5-bedroom layouts, Lentor Mansion appeals to families of various sizes. In contrast, Lentoria offers 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom layouts, with a focus on smaller units. Lentor Mansion’s emphasis on larger family-oriented layouts and open spaces resonated well with homebuyers, making it a compelling option in the neighbourhood. <\/p>\n\n\n\n

Moreover, Lentor Mansion also featured the lowest density among all the projects launched in Lentor Hills<\/a>, providing residents with ample open spaces. And so, while both projects had their merits, Lentor Mansion’s strategic location, superior amenities, and diverse unit offerings propelled it to greater success in the market.<\/p>\n\n\n\n

Hillock Green<\/strong><\/a> vs. <\/strong>Lentor Hills<\/strong><\/a><\/h2>\n\n\n\n

Similar to Lentor Mansion and Lentoria, Lentor Hills Residences emerged as a frontrunner, outselling its counterpart, Hillock Green, for several reasons:<\/p>\n\n\n\n

Launch performance<\/strong><\/h3>\n\n\n\n

The initial sales performance of Lentor Hills Residences was notably robust, with a remarkable 50% of its units sold during the launch weekend<\/a>. On the other hand, Hillock Green only recorded a 27.8% take-up rate at its launch,<\/a> falling short of Lentor Hills Residences’ success.<\/p>\n\n\n\n

Read more: <\/strong>Hillock Green: A promising addition to Lentor Hills estate<\/a><\/p>\n\n\n\n

\"\"
Artist Impression of Hillock Green<\/figcaption><\/figure>\n\n\n\n

Timing and demand<\/strong><\/h3>\n\n\n\n

Lentor Hills Residences had the advantage of being launched earlier than Hillock Green, tapping into a wave of market demand and buyer interest in the Lentor area.<\/p>\n\n\n\n

As the third new launch in the Lentor township, Hillock Green faced stiffer competition from earlier successful launches like Lentor Modern<\/a> and Lentor Hills Residences.<\/p>\n\n\n\n

\"\"
Artist Impression of Lentor Hills Residences<\/figcaption><\/figure>\n\n\n\n

Unit mix and pricing<\/strong><\/h3>\n\n\n\n

With a larger total unit count of 598 units compared to Hillock Green’s 474 units, Lentor Hills Residences offered a broader range of options for potential buyers. Additionally, the pricing strategy of Lentor Hills Residences, featuring a median price of S$2,080 per square foot<\/a>, may have been more enticing to buyers compared to Hillock Green’s average price of S$2,108 per square foot<\/a>.<\/p>\n\n\n\n

In summary, Lentor Hills Residences’ stronger launch performance, earlier entry into the market, more comprehensive amenities, and potentially more favourable unit mix and pricing contributed to its success in selling more units than Hillock Green in the vibrant Lentor area.<\/p>\n\n\n\n

Watten House<\/strong><\/a><\/h2>\n\n\n\n

Despite initial scepticism due to its luxurious pricing comparable to landed units, Watten House defied expectations by achieving impressive sales figures<\/a>.<\/p>\n\n\n\n

\"\"
Artist Impression of Watten House<\/figcaption><\/figure>\n\n\n\n

Rarity of large format units<\/strong><\/h3>\n\n\n\n

Watten House carved a niche by offering spacious 3- and 4-bedroom units, a rarity in the market but highly sought after by affluent buyers. The scarcity of new launches with such large-format units only accentuated Watten House’s appeal to its target demographic of high-net-worth individuals.<\/p>\n\n\n\n

Proximity to Turf Club housing developments<\/strong><\/h3>\n\n\n\n

Situated near the Turf Club<\/a> housing developments, Watten House benefited from offering larger units at sensible prices compared to the steep costs associated with renovating nearby terrace homes<\/a>. This factor played a pivotal role in attracting discerning buyers looking for value and convenience.<\/p>\n\n\n\n

Demand for spacious homes in Bukit Timah<\/strong><\/h3>\n\n\n\n

In the coveted Bukit Timah area<\/a>, there is a strong demand for spacious 3- and 4-bedroom units, as evidenced by the pricing of nearby new launches. Watten House tapped into this demand by offering luxurious, generously sized units that resonated with buyers seeking comfort and prestige.<\/p>\n\n\n\n

Lack of comparable new launches<\/strong><\/h3>\n\n\n\n

With a limited supply of new launches offering similar large-format units above 1,500 sqft, Watten House capitalised on pent-up demand in the market. Its modern amenities and newer development status also positioned it favourably against older resale condos in the area, making it an appealing choice for high-end buyers seeking a blend of luxury and convenience.<\/p>\n\n\n\n

Freehold status<\/strong><\/h3>\n\n\n\n

Freehold properties<\/a>, like Watten House, are highly coveted for their legacy appeal, constituting only 34% of the total new projects across Singapore. This exclusivity further bolstered Watten House’s allure, positioning it as a prime choice for those seeking long-term value and stability.<\/p>\n\n\n\n

The Hill @ One-North<\/strong><\/a><\/h2>\n\n\n\n

Despite the project’s promising location, diverse unit offerings that include commercial spaces and an impressive turnout of 1,500 individuals during its launch weekend, The Hill @ One-North failed to meet expected sales figures, selling only about one-third of its units on the first booking day<\/a>. <\/p>\n\n\n\n

\"\"
Showflat model of The Hill @ One-North<\/figcaption><\/figure>\n\n\n\n

Pricing disparity<\/strong><\/h3>\n\n\n\n

With an estimated price average of S$2,595 psf, The Hill @ One-North may have encountered resistance from buyers who are more cautious or discerning amid current market conditions.<\/p>\n\n\n\n

The pricing strategies may not have resonated with potential buyers, especially since neighbouring developments, such as Blossoms by the Park<\/a>, were sold at a lower cost per square foot of S$2,427.<\/p>\n\n\n\n

Timing and market conditions<\/strong><\/h3>\n\n\n\n

The launch of The Hill @ One-North likely coincided with broader market trends and sentiments, influencing buyer demand and the development’s sales performance. Given the influx of new launches this year, prospective buyers may have adopted a more prudent approach, exploring multiple options before making a decision.<\/p>\n\n\n\n

Wrapping up<\/strong><\/h2>\n\n\n\n

So, whether you’re dreaming of owning a piece of paradise or looking to make a smart investment, understanding what makes a new launch condo tick is key. By considering factors like location, pricing, and developer reputation, you can make an informed decision and find the perfect place to call home.<\/p>\n\n\n\n

This article was contributed by Freddie Xu, an industry expert in new project launches. As Branch District Director at PropNex, he provides valuable insights and guidance. Freddie Xu can be reached at 98232752 <\/a>or via email at freddiexuzf@gmail.com for expert advice on navigating the new launch market and making informed investment decisions.<\/p>\n\n\n\n\n\n\n\n

\n
\n

Freddie Xu<\/h2>\n\n\n\n

Freddie Xu has always believed that property that we own is not only a home, but also an asset as well.<\/p>\n\n\n\n

Being an investor himself, he understands that a very detailed research, and having a careful planning is so important when purchasing a property<\/p>\n\n\n\n

In his last 10 years of real-estate career, he had helped numerous clients to build a successful property investment portfolio and realise a dream home as well.<\/p>\n\n\n\n

Being one of the top leading producer and a top leader in PropNex, his passion and his extensive market knowledge, this excellent service results in repeat customers and referrals.<\/p>\n<\/div>\n\n\n\n

\n
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This article was contributed by Freddie Xu. Are you eyeing that shiny new condo project in your neighbourhood, contemplating whether it’s worth the investment?  While attending the launch weekend and browsing through the showflat may give you a glimpse of what’s on offer, there’s more to consider when it comes to the long-term success of…<\/p>\n","protected":false},"author":17,"featured_media":75663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,49898,62690,73660,68244,67853","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53738,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"\nWhat factors influence the success of a new launch condo? - 99.co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What factors influence the success of a new launch condo?\" \/>\n<meta property=\"og:description\" content=\"This article was contributed by Freddie Xu. Are you eyeing that shiny new condo project in your neighbourhood, contemplating whether it’s worth the investment?  While attending the launch weekend and browsing through the showflat may give you a glimpse of what’s on offer, there’s more to consider when it comes to the long-term success of…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T02:27:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-30T14:47:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/lentor-hills-residences-4-bedroom-living-room-sofa.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4032\" \/>\n\t<meta property=\"og:image:height\" content=\"3024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"99.co\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"99.co\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\"},\"author\":{\"name\":\"99.co\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/0058658f1a1cdadf5f7d957b386c348b\"},\"headline\":\"What factors influence the success of a new launch condo?\",\"datePublished\":\"2024-06-26T02:27:16+00:00\",\"dateModified\":\"2024-07-30T14:47:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\"},\"wordCount\":2038,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/lentor-hills-residences-4-bedroom-living-room-sofa.jpg\",\"articleSection\":[\"New Launch Condo\",\"Property News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\",\"url\":\"https:\/\/www.99.co\/singapore\/insider\/what-factors-influence-the-success-of-a-new-launch-condo\/\",\"name\":\"What factors influence the success of a new launch condo? 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