• Vivian Chong

Upcoming Developer New Launch Properties In District 15 & 16 (For 2023)

Updated: Oct 29


upcoming developer new launches properties in district 15 and 16


Another round of property cooling measures was announced close to midnight on 29 September 2022.


The Monetary Authority of Singapore (MAS), Ministry of National Development (MND) and Housing Development Board (HDB) jointly announced three measures to ensure prudent borrowing and moderate demand for public housing.

These measures include a 15-month wait-out period for private property owners purchasing a HDB resale flat, tightening of the maximum loan quantum limits, and lowering the loan-to-value (LTV) for HDB loans.


real estate market singapore
Cooling measures were implemented on 30 September 2022 to the property market. (Source: Today)

There are differing views on how these measures will affect the property market. Will it halt the red hot real estate market that has seen prices increased 10.6% for 2021?


In my opinion, such measures are important to ensure our property market remains stable.


While we wait and see the impact of such measures on the Singapore real estate market, let's take a look at the upcoming new projects in District 15 and 16 that developers will launch soon.



Upcoming New Projects In District 15 & 16



(1) The Continuum @ Thiam Siew Avenue (District 15)


The Continuum
2 plots of land parcels in Thiam Siew Ave was en bloc and will be launched as The Continuum. (Source: EdgeProp)

The 2 land parcels situated at Thiam Siew Avenue have been sold to a joint venture between Hoi Hup Realty and Sunway Developments.


The first land parcel are odd-numbered houses consisting of bungalows and semi-detached houses. This land parcel has an area of 135,361 sqf.


The second land parcel are the even-numbered houses consisting of semi-detached houses and bungalows. These houses sit on a combined land area of 128,436 sqf.


The project has been named The Continuum. It has a freehold tenure and a total land area of approximately 263,794 sqf. With a plot ratio of 2.8, developer can build 2 blocks with more than 800 units.


Business Times: Thiam Siew Ave freehold sites sold for S$815m; it's biggest housing site sale since 2018 cooling measures



Estimated Breakeven Price


En bloc District 15 new launch
Breakeven price for The Continuum @ Thiam Siew Avenue. (Source: EdgeProp)

These 2 plots of land at Thiam Siew Avenue was sold at $815m, or $1,488psf ppr.


EdgeProp estimated the breakeven price of The Continuum at $2,296psf ppr. This breakeven price is derived after taking in the cost of land, construction, financing, professional fees and marketing cost.



(2) Jalan Tembusu (District 15)


district 15 new launch project
Location plan for GLS land parcel at Jalan Tembusu.

Just a stone's throw to The Continuum is another plot of land at Jalan Tembusu which was sold through the GLS program in January 2022.


City Development Limited (CDL) was the highest bidder for this 99-years leasehold site.

At a plot ratio of 2.8, CDL can build 4 blocks of 20 to 21-storeys blocks, with a total of around 640 units. According to CDL, the units will enjoy sea views as well as unblocked views of the Singapore Sports Hub and the CBD skyline.


Straits Times: CDL bids $768m for Jalan Tembusu site in state land sale



Estimated Breakeven Price


District 15 new launch project
Breakeven price for the GLS site @ Jalan Tembusu. (Source: EdgeProp)

This 99-year leasehold GLS site was sold at $768m, or $1,302psf ppr.


According to EdgeProp, the estimated breakeven price is $2,059psf ppr. This price is derived after factoring the land costs, construction, financing, professional fees, marketing cost etc.



(3) Dunman Road (District 15)


This is the largest site that will be launched in District 15 in 2023!


Situated at Dunman Road near Dakota MRT, this site has been sold under the Government Land Sale (GLS) program to SingHaiYi Group at a whopping price of $1.28 billiion.


Spanning an area of 271,622 sqf and with a plot ratio of 3.5, this Dunman road site can yield up to 1,040 units.


Straits Times: GLS Sites in Dunman Road, Pine Grove awarded to highest bidders



Estimated Breakeven Price


district 15 new launch project
Estimated breakeven price for the GLS site @ Dunman Road. (Source: EdgeProp)

This 99-year leasehold GLS site was sold at $1.2 billion. This works out to be $1,351psf ppr.


EdgeProp estimate the breakeven price of this plot of land to be $2,120psf ppr, after factoring in the land cost, construction, land financing, professional fees and marketing cost.



(4) Former La Ville Site @ Tanjong Rhu (District 15)


La Ville, located on Tanjong Rhu Road has been sold en bloc to Hong Kong listed property firm ZACD Group.

The former La Ville site which was located on Tanjong Rhu Road has been sold to Hong Kong listed property firm ZACD Group for $152million.


The site sits on a freehold land area of 47,012 sqf. It has a plot ratio of 2.1 and has the potential to be redeveloped into a 107 units condominium based on an average size of 85 sqm (915 sqf).


EdgeProp: Third time lucky La Ville sold en bloc to ZACD for $152mil



Estimated Breakeven Price


district 15 new launch development
Estimated breakeven price for the en bloc site La Ville @ Tanjong Rhu. (Source: EdgeProp)

This freehold site was sold at $152m, or $1,540psf ppr.


According to EdgeProp, the estimated breakeven price is $2,362psf ppr. This price is derived after factoring cost like land, construction, financing, professional fees and marketing cost etc.


(5) East Court (District 15)


District 15 new launch
East Court has been sold to Macly Group in June 2022.

East Court, located at Koon Seng Road has been sold to Macly Group for $19.875million.


This is a freehold apartment sitting on a land size of 13,351sqf with a plot ratio of 1.4. Macly Group has plans to develop this site into a 5-storey apartment with 19 residential units.



Estimated Breakeven Price


Estimated breakeven price for East Court @ Koon Seng Road is $1,753psf ppr. (Source: EdgeProp)

This freehold site was sold at $19.875 million. This works out to be $1,063 psf ppr.


EdgeProp estimate the breakeven price of this plot of land to be $1,753 psf ppr, after factoring in the land cost, construction, land financing, professional fees and marketing cost.



(6) 173 - 183 (Odd Numbers) Haig Road


The redevelopment site enjoys dual frontage as it sits at the junction of Haig Road and Seraya Lane. (Photo: Colliers)

This site is a currently a four-storey residential building with 24 apartment units. It has a site area of 27,389 sqf with a plot ratio of 1.4.


This regular-shaped site is sitting at the junction of Haig Road and Seraya Lane and therefore enjoys dual frontage.



Estimated Breakeven Price


Estimated breakeven price for this redevelopment site at Haig Road/Seraya Lane is $2,037psf ppr. (Source: EdgeProp)

This site was sold at $49.3 million to Nanshan Group. This sale price translates to a land rate of $1,286 psf ppr.


According to EdgeProp, the breakeven price is $2,037psf ppr, after factoring in the land cost, construction, land financing, professional fees and marketing cost.



(7) Sceneca Residence @ Tanah Merah (District 16)


district 16 new launch
Sceneca Residence is a mixed- development located opposite Tanah Merah MRT.

Located directly opposite the Tanah Merah MRT Station, Sceneca Residence is a 99-years leasehold mixed-development.


Sitting on a land area of 95,587 sqf with a plot ratio of 2.8, this site can yield about 265 residential units. Being a mixed-use development, there will also be commercial space of about 21,528 sqf on the ground floor.


The maximum permissible gross floor area (GFA) for this development is 267,644 sqf.


EdgeProp: Behind the bullish bids for GLS sites in Tanah Merah and Yishun



Estimated Breakeven Price


district 16 launch
Breakeven price for the GLS site Sceneca Residence @ Tanah Merah. (Source: EdgeProp)

MCC Land bought this GLS site at $248.99m. This translates to $930.34psf per plot ratio (ppr).

According to EdgeProp, the estimated breakeven cost for Sceneca Square/ Sceneca Residence work out to $1,583psf ppr.



(8) 2H2022 GLS Reserve List - Jalan Tembusu Site (District 15)




A site in Jalan Tembusu was placed under the reserve list for the 2H2022 GLS programme.


This site is a 99-years leasehold land which can yield approximately 825-units. It is in close proximity to the site which was awarded to CDL in the earlier GLS program this year (refer to point 2 above).


MND: Release of Second Half of 2022 Government Land Sales (GLS) Programme


 

Conclusion


With these projects in District 15 and 16 launching in 2023, there are options available whether you are looking for a unit to stay or for investment.


Do note that I have only indicated the estimated breakeven price and not the estimated launch price. This is because the launch price will very much be determined by the market conditions nearer to the launch date.


However, as we compare the breakeven price of the upcoming vs existing launches, we notice the breakeven prices have increased. This is inevitable as the price of land that developers paid for were higher. Inflation also means the cost of raw materials, labour etc is higher.


There are limited units available in the existing launches which might be suitable for you. You may refer to this link to read more:


Should I Invest Now Or Wait To Buy A Property In District 15 East Coast?


If you would like to be on my broadcast list to receive the most updated information of these launches, please click below to drop me a message.



If you would like to have a non-obligated discussion on property matters, please click on the below to make an appointment.


Look forward to seeing you soon!


Make An Appointment


 

Related Readings


1) Condo Review: District 16 Sky Eden


2) District 16 @ Tanah Merah - Which Property Should I Invest In?


3) Singapore Budget 2022: Impact on Property Owners and Your Property Investments


 

About The Author

Vivian joined the real estate industry in 2002. Over the past 2 decades, she has worked with many clients on their real estate journey. She is well-versed in both HDB and private properties, as well as property investment solutions like part-purchase (decoupling), buying under trust and the different types of mortgage strategies. Vivian is active in District 15 and 16. It is easy to find her in the East Coast area stretching from Tanjong Rhu to Bayshore. Read more about her: www.vivianchong.sg



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