It’s been a stellar year for the private new launch market, garnering record levels of transactions. Resilient demand accelerated the number of new home transactions to a record high. The total number of new home sales for the first 11 months of 2021 rose to 12,467 units – a 24.9% (y-o-y) surge compared to the 9,982 units sold in 2020.
There have been numerous new project launches in 2021 across the different regions of Singapore – particularly in the Core Central Region (CCR), the Rest of Central Region (RCR) and Outside Central Region (OCR). But were these new launches popular enough to make the cut as the best-selling projects in their respective regions?
In this article, we explore each of these regions as we look at the top selling projects in 2021.
CCR: Increasing number of transactions in the luxury property segment
Despite prices commanding a premium in CCR, the overall number of transactions for new home sales volume have increased from 1,260 units sold in 2020 to 2,627 in 2021. Amidst the pandemic, many buyers saw an opportunity to enter the high-end private home market. CCR projects have garnered healthy interest from buyers and investors due to the good mixture of projects offered.
The pricing sweet spot hovers at $1 million to slightly below $2 million, with more buyers attracted to these price points.
Irwell Hill Residences tops as the best-selling project in CCR
Irwell Hill Residences topped the charts in the CCR. It sold over 400 units in 2021 at an average price of $2,662 psf.
Project details: Irwell Hill Residences
Property Type: Condominium
Developer: City Development Limited (CDL)
Tenure: 99-year leasehold
TOP: 2026 (expected)
Launch Date: 2021
Total units: 540
District: 9
This is a 99-year leasehold development located at Irwell Hill, offering a total of 540 units. The project is developed by the reputable CDL, which is known for its quality developments across the region. Over 80% of the units in the project are 1- and 2-bedders.
Excellent connectivity and school options
The development is at an estimated 960 to 980m to the Somerset MRT Station (North South Line). Where you can easily access the Orchard Road Shopping belt. It is also close, an estimated 382m to the upcoming Great World Station (Thomson-East Coast Line) that is expected to be completed in 2022.
If you are a parent with kids, there are a number of primary schools that are close to the developments. Within the 1 to 2km distance, there are Alexandra Primary, River Valley Primary, Anglo-Chinese School (Junior) as well.
Attractive price points
Average prices of the Irwell Hill Residences are relatively attractive, ranging from around S$2,600 to $2,900 psf. Notably, other District 9 properties in the area were launched at slightly higher prices.
Seamless work from home experience
An interesting feature of Irwell Hill Residences is its co-working spaces built as one the condo’s facilities. . At level 24 of both towers, the project features Vista Co-Work, a workspace designed exclusively for residents. The bespoke workstations are equipped with Wi-Fi and charging points as well.
Suggested available unit(s) at Irwell Hill Residences:
2BR, 614 sq ft, $1.6m ($2,630 psf)
2BR, 657 sq ft, $1.8m ($2,807 psf)
1BR, 495 sq ft, $1.4m ($2,865 psf)
Neighbouring properties:
The Avenir, 2BR, 807 sq ft, $2.3m ($2,864 psf)
Tiara, 3BR, 1507 sq ft, $2.8m ($1,911 psf)
OUE Twin Peaks, 1BR, 570 sq ft, $1.4m ($2,544 psf)
RCR: Interests for Condos remained consistent
The Rest of the Central Region (RCR), generally referred to as the mid-tier segment,
saw an increase from 4,241 units sold in 2020 to 5,638 units transacted in 2021. This attributed to a 32.9% rise in the number of transactions.
Best-selling project in the RCR: Normanton Park
Despite fewer new launches in this segment, the demand for condos remained strong. It can be primarily attributed to 2 new launches – Normanton Park and CanningHill Piers. With Normanton Park garnering over 1,400 units in sales in 2021.
Project details: Normanton Park
Property Type: Condominium
Developer: Kingsford Huray Development
Tenure: 99-year leasehold
TOP: 2023 (expected)
Launch Date: 2021
Total units: 1,862
District: 5
Normanton Park is the biggest new launch in 2021, with 1,862 units. This 99-year leasehold project offers 1 to 4 bedroom units, catering to all. Over 1,400 units have been sold so far. Fun fact, this is actually a redevelopment of the previous Normanton Park that underwent en bloc back in 2017.
Tranquil environment with a multitude of facilities
Normanton Park is nestled in a quiet, relaxing and luxurious living environment. The project has over 100 facilities and a clubhouse that are sure to keep you and your family entertained. Homeowners will be able to enjoy a premium condominium lifestyle that is seamlessly close to nature in the form of Telok Blangah Hill Park, HortPark and Mount Faber Park. For schools in the area, parents can consider Fairfield Methodist School (Primary), New Town Primary and Queenstown Primary School.
Exciting transformation in the area
The project is in close vicinity to many ongoing transformations in the area. One of which is the Greater Southern Waterfront (GSW), which will extend across the southern coastline from Pasir Panjang to Marina East. With the movement of the city terminals to Tuas, it provides the opportunity to transform prime land for redevelopment. The GSW is positioned to be one of the major gateways for live, work and play.
Reasonably positioned prices
Average unit prices of Normanton Park are in line with the prices in district 5. Hence, you can rest easy knowing that you are not paying above market value for a mega development such as this.
Suggested available unit(s) at Normanton Park:
2BR, 646 sq ft, $900k ($1,393 psf)
2BR, 657 sq ft, $1.0m ($1,607 psf)
Neighbouring properties:
The Anchorage, 3BR, 1,550 sq ft, $2.4m ($1,548 psf)
The Interlace, 3BR, 2,110 sq ft, $2.9m ($1,374 psf)
Notable mentions: Canninghill Piers
Do check out our in-depth analysis on the project.
OCR: Exponential growth in interest for mass market condos
The Outside Central Region (OCR) or commonly referred to as the Mass Market segment had a 19.5% increase in 2021. The number of units transacted grew from 4,481 in 2020 to 5,356 units in 2021.
There were not many new launch projects in the mass market region, as the top 10 projects were heavily dominated by projects that were launched in previous years.
Treasure at Tampines is the best-selling mass market project
The top selling project in the mass market segment was Treasure at Tampines. It sold over 500 units in 2021 alone, for an average price of $1,410 psf. Even with a sea of new launches, this project remains attractive for both buyers and investors alike.
Project details: Treasure at Tampines
Property Type: Condominium
Developer: Sim Lian Group Limited
Tenure: 99-year leasehold
TOP: 2023 (expected)
Launch Date: 2019
Total units: 2,203
District: 18
Treasure at Tampines is a 99-year leasehold (starting from 29 Nov 2018) condominium located at Tampines Street 11 in District 18. The development is built on the site of former Tampines Court, a privatised HUDC development with 560 units. Sim Lian Group later acquired Tampines Court in an en bloc sale in August 2018. Expected to be completed in the year 2023, the development is a brand new condo project of homegrown developer Sim Lian Group.
Highly accessible location
Treasure at Tampines is closely situated to a number of MRT stations such as Simei MRT station and Tampines MRT station. It is about 645m to the Simei MRT station. It is also one stop away from the Tanah Merah station where you can switch trains to head to the Airport as well.
If you are a motorist, the Pan Island Expressway (PIE) and the Tampines Expressway (TPE) are at your doorstep which further links to towns of Pasir Ris, Tampines, Punggol and Seletar.
Consistent demand for units
Despite being a mega development, there has been consistent demand for the units in Treasure at Tampines throughout the year in 2021. This is primarily due to the project located in a mature estate that has easy access to a range of amenities within the vicinity.
Suggested available unit(s) at Treasure at Tampines:
3BR, 915 sq ft, $1.4m ($1,603 psf)
2BR, 678 sq ft, $1.0m ($1,607 psf)
Neighbouring properties:
Eastpoint Green, 2BR, 958 sq ft, $880k ($919 psf)
Simei Green Condominium, 3BR, 1,399 sq ft, $1.0m ($778 psf)
Melville Park, 3BR, 1,345 sq ft, $1.2m ($892 psf)
Changi Rise Condominium, 3BR, 1,184 sq ft, $1.0m ($870 psf)
Verdict
All 3 condos have their own merits that distinguishes it from the pack. But what best suits you depends on your requirements. The mega developments – Normanton Park and Treasure at Tampines have garnered relatively strong interests from buyers and investors despite having a larger number of units in each of its developments. The consistent sales of these projects are due to the appealing nature to families of all sizes. Irwell Hill Residences provide a sense of exclusivity. Its excellent connectivity and accessibility to amenities has made this project a desirable location to live in as well. As of writing, the remaining units in these developments are as follows – Irwell Hill Residences (132 units), Normanton Park (389 units) and Treasure at Tampines (16 units). As demand for these projects are strong, be sure not to miss any of these projects if they catch your eye!
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Cover Image: CDL
