New Launches
We define new launches as any condos that have not obtained TOP. There were 787 new launch transactions between 1 - 31 March 2024 with D26 making up 60% of the transactions.
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Pricing Analysis
Understanding breakeven prices* helps us estimate a fair selling price for a new launch. The difference between the selling and breakeven prices is considered the developer’s profit markup. If the breakeven price is significantly higher than the nearby prices, it might cause the new launch to be overpriced.
Developed by GuccoLand, the Master Developer leading the rejuvenation of the Lentor estate (2019 Master Plan). Under the new GFA harmonisation guidelines, price psf does not include the AC ledge, unlike the other Lentor condos in this list.
Lumina Grand is an EC with ownership restrictions. They’re therefore generally priced at a 20-30% discount from market rate. Market rate refers to the projected price in 3 - 5 years time (build time).
Lentoria is the 4th Lentor condo to launch since 2022. At 267 units, it's one of the smallest projects in Lentor.
Despite being significantly pricier than its nearby counterparts, Botany sold nearly half its units on launch day due in part to the limited housing supply nearby and high projected demand from the German European School.
It is worth noting that Lentor Hills Residences' developer bid was higher than average. This premium is reflected in its selling price. Despite being a much earlier launch, its selling prices easily top the Lentor market.
*New launches are pricier because GLS (Government Land Sales) and collective sales break-even at an average 40% premium to prices in the vicinity. Developer breakeven price is in turn calculated by adding tax, construction and other costs to the tender price for the land.
Resale
There were 871 resale transactions between 1 - 31 March 2024.
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Pricing Analysis
With resale condos, we can observe for anomalies and trends in the market by analysing price movements and volume over time. We've noted any significant observations for each condo.
Cuscaden Reserve obtained TOP in August 2023 and relaunched in March at prices from $2900 psf, down 20% from average transacted prices.
To date, all 273 resale transactions at Treasures at Tampines have been profitable. The stellar performance is bolstered by limited condo supply in the region and high growth momentum in the past years.
Sol Aces is an EC which reached its MOP (Minimum Occupation Period) in 2023.
Florence Residences is a mega-development that obtained its TOP in 2023 and one of the top pandemic winners. Prices look to be stabalising after a huge surge. It's worth noting that this is a highly competitive neighborhood with more than 100 condos within 2km radius of Kovan / Hougang MRT.
Developer Keppel is currently marketing furnished units after TOP. Sales have continued at a moderate pace. There's been increasing downward pressures on properties in pricier Districts like D9 and D10.
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© Property How Much, 2024