2023’s Top-Selling New Condo Launches at a Glance

Much like the stock market, new property launches often bring surprises, particularly in a year marked by high interest rates, property cooling measures, money laundering scandals, and macroeconomic uncertainties.

Among the top 10 bestselling projects launched in 2023, five are located in the Rest of Central Region (RCR), with the remainder in the Outside Central Region (OCR).

Integrated developments typically top the charts, and this year was no exception. In terms of both units sold and sales percentage, The Reserve Residences was the bestselling project of 2023. Since its launch in May, 662 of the 732 units (90%) in the 99-year leasehold condominium have been sold, at a median price of $2,473 psf.

Located in the Bukit Timah area, The Reserve Residences is jointly developed by Far East Organization and Sino Group. It forms part of a mixed-use development comprising 160 serviced apartments, the 215,280 sq ft Bukit V mall, and an integrated transport hub with a new air-conditioned bus interchange and direct underground pedestrian links to Beauty World MRT station.

In 2022, GuocoLand’s Lentor Modern ranked first in terms of units sold, with 518 of its 605 units snapped up at an average price of $2,104 psf. It is also an integrated development featuring a 96,000 sq ft mall with direct access to Lentor MRT station, serving as the pioneer project in the new Lentor Hills precinct in the North-East Region.

The second project launched in the precinct was Lentor Hills Residences, developed by a consortium comprising GuocoLand, Hong Leong Holdings, and TID. The 598-unit, 99-year leasehold condominium moved 50% of its units during its launch weekend in July. As of 27 December, Lentor Hills Residences has sold 436 units (73%), ranking third by unit sales and fifth by percentage sold.

Projects Near Western Employment Hubs

In terms of the proportion of units sold among new launches in 2023, CapitaLand's J'den trailed closely behind The Reserve Residences. On its first day of launch on 11 November, 323 units (88%) were sold at an average price of $2,451 psf. To date, 327 units (89%) have been taken up at a median price of $2,479 psf.

J'den’s stellar sales performance came as no surprise given its prime spot in the Jurong Lake District and the government's master plan to enhance amenities and connectivity in the precinct. Notably, Jurong East had not seen a new residential launch since J Gateway in 2013.

Rebuilt on the former JCube shopping mall site, the 40-storey J'den will become the tallest residential tower in the Jurong Lake District. The development features a two-storey commercial podium linked directly to the Jurong East MRT interchange station as well as neighbouring shopping centres and office towers.

Blossoms by the Park was another surprise chart-topper in 2023. Located along Slim Barracks Rise in one-north, the 275-unit private condo launched just three days after cooling measures took effect on 26 April, which hiked the Additional Buyer’s Stamp Duty (ABSD) for property investors and foreign residential buyers—most notably doubling the foreigner ABSD rate to a staggering 60%.

On its launch day, EL Development moved around 200 units (73%) at Blossoms by the Park. To date, 82% of the project has been sold at a median price of $2,441 psf.

Jointly developed by Qingjian Realty and Santarli Realty along Bukit Batok West Avenue 8, the 360-unit Altura was the sole executive condominium (EC) launched in 2023. To date, 88% of the project has been sold at a median price of $1,478 psf, setting a new price record for an EC development.

East Coast Projects Make the Top 10

In 2023, three major new condominium projects debuted in the prime District 15 East Coast enclave: the 638-unit Tembusu Grand by City Developments Ltd (CDL), the 818-unit The Continuum by Hoi Hup Realty and Sunway Developments, and the 1,008-unit Grand Dunman by SingHaiyi Group and CSC Land Group. Despite bringing a massive 2,464 new homes to District 15, all three developments secured spots in the top 10.

Grand Dunman was the only mega-development (exceeding 1,000 units) launched in 2023. Situated just a short stroll from Dakota MRT station on the Circle Line, it is also the closest to an MRT station among the trio of East Coast condos. The preview weekend drew over 10,000 visitors, and 550 units (55%) were sold during its July launch weekend. With 615 units (61%) sold, Grand Dunman ranked second among 2023’s bestselling new projects.

The 638-unit Tembusu Grand took fourth place, having sold 376 units (59%) at a median price of $2,461 psf. Nestled in the Katong enclave, the development enjoys proximity to lifestyle amenities and reputable schools.

The 818-unit The Continuum came in seventh, emerging as another surprise among the top 10 sellers. It is the only freehold development among the three District 15 launches. Positioned as an upscale condominium and launched just 10 days after the cooling measures, it has sold 293 units (36%) at a median price of $2,730 psf.

Launches in the Outside Central Region

Sceneca Residence previewed on 1 January and launched two weeks later, making it the first new launch of 2023. It moved 60% of its units over its launch weekend. To date, 65% of the development has been sold at a median price of $2,086 psf, placing it sixth among 2023’s bestselling projects by percentage sold.

Located at Tanah Merah Kechil Link, Sceneca Residence comprises two residential towers of 14 and 15 storeys perched above the 20,000 sq ft Sceneca Square retail podium, which features cafes, restaurants, shops, and a 10,000 sq ft supermarket.

In the West, Sim Lian Group’s 386-unit The Botany at Dairy Farm sold over 48% of its units upon its launch in early March. By the end of 2023, 58% of the 99-year leasehold condo had been transacted at a median price of $2,065 psf.

Along Upper Bukit Timah Road, CDL launched The Myst, a 408-unit private residential development. Rolled out in July, the project has sold 44% of its units to date at a median price of $2,072 psf.

By sales volume, The Botany at Dairy Farm and The Myst ranked ninth and tenth respectively.