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Grand Dunman, Lentor Hills Residences, and More: How Did Major New Condo Launches in Q3 2023 Perform?
On 2 October 2023, the Urban Redevelopment Authority (URA) released its residential private property flash estimates for Q3 2023. Prices of residential private property increased quarter-on-quarter (QoQ) by 0.5% in Q3 2023, after a 0.2% QoQ dip in Q2 2023. However, this increase was lower than the average 2.1% quarterly increase across 2022. This may mean that the market has peaked.
Prices were bolstered by non-landed residential private properties like Grand Dunman, Lentor Hills Residences, and The Myst, among other major new condo launches in Q3 2023. Altogether, there were eight developer launches (including Alutra, an executive condo) between July and August 2023. Want to find out how each of them has performed? Read on to find out!
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Fun fact: one of The Grand Property Quest routes includes Grand Dunman, Pinetree Hill, and Orchard Sophia – three major new condo launches in Q3 2023!
Without further ado, let’s take a closer look at how major new condo launches in Q3 2023 performed!
1. Lentor Hills Residences
Name of condo | Lentor Hills Residences |
Launch date | 8 July 2023 |
District | Mandai / Upper Thomson (D26) |
Address | Lentor Hills Road |
Tenure | 99-year Leasehold |
Number of units | 598 |
Types of units available | 1-bedroom to 4-bedroom |
Developer | Lentor Hills Development Pte Ltd |
Expected TOP date | 2027 |
On its launch weekend, Lentor Hills Residences sold about half, or 298 of its 598 units, at an average price of $2,080 per sq ft (PSF). Its units were priced from $945,000 for a 1-bedroom unit (from 452 sq ft) to $2.53 million for a 4-bedroom unit (from 1,399 sq ft). Most of its buyers were Singapore Citizens, with the remaining being Singapore Permanent Residents (PRs).
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions – PropertyGuru Group commented, “Lentor is renowned as a beacon for affluent residents, given its rustic neighbourhood. We’ve witnessed a surge in demand for homes from the next generation residing in nearby landed properties and a significant influx of interest from upgraders residing in Yio Chu Kang and Ang Mo Kio.”
All the unit types were choice picks, including the larger dual-key units (priced from $2.64 million), which saw a healthy take-up rate. Ultimately, however, the more popular configurations were 2-bedroom and 2-bedroom plus study units. It ended up being the second-most popular non-landed residential private property in Q3 2023, selling 390 units (accurate as of 29 September 2023).
Find out more about Lentor Hills Residences on PropertyGuru.
2. The Myst
Name of condo | The Myst |
Launch date | 8 July 2023 |
District | 99-year leasehold |
Address | Upper Bukit Timah Road |
Tenure | Dairy Farm / Bukit Panjang / Choa Chu Kang (D23) |
Number of units | 408 |
Types of units available | 1-bedroom plus study to 5-bedroom |
Developer | City Developments Limited |
Expected TOP date | 2029 |
On its launch weekend, CDL’s The Myst sold 27%, or 110 of its 408 units at an average of $2,057 PSF. However, this sales figure was not an indication of the condo’s popularity.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru said, “Given the multiple previews that were going on simultaneously with The Myst and a couple of them only launching for sales in the coming week, the take-up of 27% is decent considering the fact that these purchasers are high intent and 100% of them are locals (99% Singaporeans and 1% PRs from China).”
The Myst ended up being the third most popular non-landed residential private property of Q3 2023, selling 151 units (accurate as of 29 September 2023).
Previously owned by Tan Chong International, the site was acquired by CDL in April 2022 for $126.3 million. Located in the Bukit Timah locale, residents can reap the benefits of being close to nature and also well-connected by public transport.
“With the advent of hybrid work structures, there has been a marked increase in demand for homes nestled near natural parks and green corridor,” added Dr Lee Nai Jia. “This project uniquely caters to the needs of matured residents seeking to rightsize their living arrangements, as well as younger individuals eager to provide their parents with a serene, yet well-connected home environment.”
Find out more about The Myst on PropertyGuru.
3. Pinetree Hill
Name of condo | Pinetree Hill |
Launch date | 15 July 2023 |
District | Clementi Park / Upper Bukit Timah (D21) |
Address | Pine Grove |
Tenure | 99-year leasehold |
Number of units | 520 |
Types of units available | 1-bedroom plus study to 5-bedroom premium, 5-bedroom penthouse |
Developer | UOL Group Limited & Singapore Land Group |
Expected TOP date | 2027 |
Over its launch weekend, UOL and Singapore Land Group’s residential project Pinetree Hill saw 150 (almost 38%) of its 400 units available sold at an average price of $2,460 PSF. Singapore Citizens and PRs made up 99% of the buyers. Of these unit configurations, 1-bedroom and 2-bedroom units with study were the most popular, comprising 61% of the total sales.
“These buyers would enjoy a first-mover advantage, both in price and choice of units, as future phases of sales are likely to reflect the scarcity of available private residential inventory in the vicinity for the next couple of years,” noted Dr Tan Tee Khoon.
They would also likely be owner-occupiers familiar with the locale, and families with school-going children as reputable schools were close by, he added. Reputable schools in the vicinity that are within 1km include Pei Tong Primary and Henry Park Primary. The Bukit Timah area also has other choice educational institutes such as National Junior College, Hwa Chong International, and Raffles Girls’ Primary.
Pinetree Hill, which will be located in Ulu Pandan, will be the first new launch within the Mount Sinai enclave after a span of 14 years. What also makes it special is its private and exclusive setting within a lush and serene neighbourhood – the Rail Corridor and Clementi Forest are within easy reach.
The 24-storey project, spanning three blocks, is made even more luxurious with its standout configurations and features. For example, all 3-bedroom units are built with a foyer at the entrance, and all 4-bedroom and 5-bedroom units offer the exclusivity of a private lift.
Find out more about Pinetree Hill on PropertyGuru.
4. Grand Dunman
Name of condo | Grand Dunman |
Launch date | 15 July 2023 |
District | East Coast / Marine Parade (D15) |
Address | 2 Dunman Road |
Tenure | 99-year Leasehold |
Number of units | 1,008 |
Types of units available | 1-bedroom to 5-bedroom grand, 5/6-bedroom grand penthouse |
Developer | SingHaiyi Group Pte Ltd & CSC Land Group (Singapore) Pte Ltd |
Expected TOP date | 2028 |
On its launch weekend, 550 of Grand Dunman’s 1,008 units (54.6%) were snapped up at an average price of $2,500 PSF. This was the largest major new condo launch in 2023.
Of the units sold, 2-bedroom units were the most popular, with 77% of the available units taken up. These were priced from $1.55 million or $2,330 PSF. The next popular configurations were 3-bedroom units (61% sold, priced from $2.21 million, or $2,309 PSF) followed by 1-bedders (58% sold, priced from $1.09 million, or $2,418 PSF).
According to SingHaiyi Group and CSC Land Group, Singapore Citizens accounted for 90% of buyers. This reinforces the perception that buyers are prepared to pay a premium for well-located and well-designed projects, said Dr Lee Nai Jia.
“The robust sales of Grand Dunman also underscore a sustained demand for private housing among local buyers. The project has especially appealed to residents of District 15, with many buyers likely to have extended family in the vicinity,” Dr Lee added.
It is easy to see why Grand Dunman has captured the hearts of Singaporeans. This stunning mega-development, located by the picturesque Kallang River, is the epitome of city living. The condo features well-appointed units fitted with top quality fittings such as De Dietrich; these are split into four zones: City Life, River Life, Nature Life, and The Grand Life. Some units are dual-key, while some have a balcony and/or private lift lobby.
Despite its grandeur and tranquil compound, practical Singaporeans who prefer not to own a car are just a two-minute walk from Dakota MRT station. It is also close to the city centre and various notable schools for families to live, work and play. There are also plenty of options when it comes to shopping, entertainment, fitness and food!
As of 29 September 2023, Grand Dunman emerged as the top-performing non-landed residential private property of Q3 2023; it had sold 577 units.
Find out more about Grand Dunman on PropertyGuru.
5. The LakeGarden Residences
Name of condo | The LakeGarden Residences |
Launch date | 5 August 2023 |
District | Boon Lay / Jurong / Tuas (D22) |
Address | 80 Yuan Ching Road |
Tenure | 99-year leasehold |
Number of units | 306 |
Types of units available | 1-bedroom to 5-bedroom plus study and penthouse |
Developer | Winville Investment Pte. Ltd. (Wing Tai Asia) |
Expected TOP date | 2027 |
Over its 5 August 2023 weekend launch, The LakeGarden Residences sold 71 of its 209 units (35%) released for sale at an average price of $2,120 PSF. There are a total of 306 units available at the development, housed across two towers, with the majority being 2-bedroom and 3-bedroom units – also the more popular types sold.
The plot of land where The LakeGarden Residences sits used to be Lakeside Apartments, which Wing Tai acquired in a collective sale for $273.9 million in 2020. It’s also interesting to note that some buyers were also residents of the former development.
Dr Lee Nai Jia said, “Amid the burgeoning options in the market and prevailing uncertain economic challenges, The LakeGarden Residences marked a 23.2% take-up rate as of 6 August 2023.
Given the influx of launches this August 2023, it’s understandable that buyers would adopt a discerning stance, keenly evaluating the market and available options. Yet, The LakeGarden Residences is likely to continue to appeal to buyers over a longer time as the potential of Jurong Lake District (JLD) continues to unfold.”
Find out more about The LakeGarden Residences on PropertyGuru.
6. Altura (EC)
Name of condo | Altura |
Launch date | 5 August 2023 |
District | Dairy Farm / Bukit Panjang / Choa Chu Kang (D23) |
Address | Bukit Batok West Avenue 8 |
Tenure | 99-year Leasehold |
Number of units | 360 |
Types of units available | 3-bedroom plus study to 5-room premium, and 4-room and 5-room penthouse |
Developer | Qingjian Realty Pte Ltd & and SNC Realty Pte. Ltd. |
Expected TOP date | 2027 |
During its launch weekend, Altura, an executive condominium (EC), jointly developed by Qingjian Realty and Santarli Realty, sold 220 out of its 360 units (61.1%) at an average price of $1,433 PSF.
As the first EC to launch in Bukit Batok in two decades, this pent-up demand also led to Altura’s strong showing and setting a new record price for ECs in Singapore. The previous record was set by Tenet in Tampines in 2022, which achieved an average price of $1,380 PSF.
Dr Tan Tee Khoon commented, “Despite Altura’s benchmark average pricing of $1,433 PSF, the buyer-following for ECs has been driven by CPF Housing Grants, availability of deferred payment schemes, upfront remission of Additional Buyer’s Stamp Duty (ABSD) if applicable, and to top it up, the strong likelihood of capital appreciation as it would be as competitively priced like a private condominium in 10 years.”
The smallest units at Altura are 3-bedroom units plus study, which is ideal for families with children. In particular, this is a key consideration, given that choice schools such as Anglo-Chinese School (ACS) Primary will be moving to Tengah in 2030, 1km from Altura.
Find out more about Altura EC on PropertyGuru.
7. TMW Maxwell
Name of condo | TMW Maxwell |
Launch date | 12 August 2023 |
District | Boat Quay / Raffles Place / Marina (D01) |
Address | 20 Maxwell Road |
Tenure | 99-year leasehold |
Number of units | 324 |
Types of units available | Studio, 1-bedroom, 1-bedroom loft, 1-bedroom plus study, 2-bedroom, 2-bedroom dual key, 2-bedroom premium |
Developer | Maxwell Residential Pte Ltd and Maxwell Commercial Pte Ltd |
Expected TOP date | 2028 |
On 12 August 2023, 9% or seven of the 80 TMW Maxwell units were sold as part of the development’s first phase of sales. Of the units that transacted, four were studio units, two were 1-bedroom units, and one was a 2-bedroom unit. They were priced from $1.5 million to $2.47 million, at $3,143 to $3,739 per sq ft (PSF).
“TMW Maxwell is an avant-garde live, work, and play concept. It will naturally take time for it to gel with the palette of its targeted band of buyers who want to live in the Core Central Region (CCR),” noted Dr Tan Tee Khoon.
“TMW’s sales so far have been likely impacted by property seekers deferring their buying decisions. They’re in a very narrow window to browse the market and finalise their purchases before the start of the Lunar Seventh Month,” he added.
The single-block luxury mixed-development TMW Maxwell, which is located at the former Maxwell House site, was the first of four launches in the prime downtown central business district to be marketed.
Find out more about TMW Maxwell on PropertyGuru.
8. Orchard Sophia
Name of condo | Orchard Sophia |
Launch date | 12 August 2023 |
District | Orchard / River Valley (D9) |
Address | 130 Sophia Road |
Tenure | Freehold |
Number of units | 78 |
Types of units available | 1-bedroom to 3-bedroom units, 3-room dual key |
Developer | Orchard Sophia Pte Ltd (DB2) |
Expected TOP date | 2030 |
On its launch weekend, Orchard Sophia, a freehold condo with seven storeys, sold 19 of its 78 units (24.4%) at an average price of $2,800 PSF. Rising above the city at the top of Sophia Road, the prime project is a redevelopment of two condos (Sophia Ville and Fairhaven) that DB2 acquired for $62 million in 2020.
Dr Tan Tee Khoon noted that Orchard Sophia’s appeal was in its “relatively sweet spot pricing” for new launches in prime districts. He also commented that it is within 1km of choice schools like St. Margaret’s Primary and the current Anglo-Chinese School (Junior). Other institutes of learning nearby include the LASALLE College of the Arts, Singapore Management University (SMU), School of the Arts (SOTA), and Nanyang Academy of Fine Arts (NAFA).
The condo is in a tranquil location yet close to Dhoby Ghaut MRT station, which serves as an interchange for three MRT lines. He said, “Given that the total size of the development is 78 units and muted interest from foreign buyers, 23% sales is a commendable start!”
Find out more about Orchard Sophia on PropertyGuru.
9. The Arden
Name of condo | The Arden |
Launch date | 12 August 2023 |
District | Dairy Farm / Bukit Panjang / Choa Chu Kang (D23) |
Address | 2 Phoenix Road |
Tenure | 99-year leasehold |
Number of units | 105 |
Types of units available | 2-bedroom to 4-bedroom plus study; 2-/3-/4-room penthouse |
Developer | Qingjian Realty Pte Ltd |
Expected TOP date | 2027 |
On the same weekend of 12 August was The Arden’s launch, another Q3 major new condo. The development sold 26%, or 27 out of its 105 units, at an average price of $1,750 PSF.
Located at Phoenix Road, which is in the Outside Central Region (OCR), The Arden was affordable, compared to the other OCR condos which have been selling at average prices of between $2,057 and $2,121 PSF in 2023.
Dr Lee Nai Jia said, “The Arden stands out as an exceptionally competitively priced private residential project in Singapore, poised to captivate upgraders residing in the Bukit Panjang locale.”
Commenting on the sales figures, he shared, “The recent slower-than-anticipated sales of The Arden can be attributed to a convergence of factors: prospective buyers being occupied with extended weekends, the observance of the Ghost Month 2023 period, and a multitude of other property launches transpiring simultaneously within the same timeframe.”
Find out more about The Arden on PropertyGuru.
Possible New Launch Condos in Q4 2023
J’den (28 October 2023 preview) | Boon Lay / Jurong / Tuas (D22) |
Hillhock Green (21 October 2023 preview) | Ang Mo Kio Mandai / Upper Thomson (D26) |
Watten House (21 October 2023 preview) | Newton / Novena (D11) |
Skywater Residences | Boat Quay / Raffles Place / Marina (D1) |
The Hill @ One-North | Buona Vista / West Coast / Clementi New Town (D5) |
Marina View Residences | Boat Quay / Raffles Place / Marina (D1) |
Newport Residences | Chinatown / Tanjong Pagar (D2) |
Peace Centre en bloc | Orchard / River Valley (D9) |
La Ville en bloc | East Coast / Marine Parade (D15) |
Note: The above information is subject to change.
How Might Q4 2023 New Launch Condos Perform?
The URA flash estimates for Q3 2023 hint that prices are expected to rise further in Q4 2023, although smaller gains may be observed.
More often than not, major new condos are launching at a starting price of $2,000 PSF, regardless of location (according to our PropertyGuru Singapore Property Market Report Q3 2023). Persisting high mortgage interest rates are also increasing the cost of acquiring private properties.
The latest Additional Buyer’s Stamp Duty (ABSD) hikes have further increased the cost for foreigners buying any property and investors buying their second and subsequent properties. As a result, we expect the uneven performance of major new condo launches in Q3 2023 to persist in Q4 2023, as buyers become more selective.
For more property news, content and resources, check out PropertyGuru’s guides section.
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