The bustling real estate market in Singapore is slated to welcome a variety of new condominium projects in 2023. With the demand for private residential properties on the rise, these developments offer potential buyers a wide range of options in terms of location, amenities, and pricing. From freehold condos to 99-year leasehold properties, the upcoming TOP 2023 projects cater to various needs and budgets, making it an exciting time for property seekers in the city.
One of the most anticipated condo projects is Amber Park, a freehold development located in District 15, with price ranges that span from $1,199,999 to $6,880,000. Another noteworthy project is Avenue South Residence, a 99-year leasehold property situated in District 3, which offers a price range of $1,100,000 to $2,927,000. Additionally, new projects such as Cairnhill 16 and La Mariposa provide luxury living experiences, with Cairnhill 16 boasting a freehold tenure and La Mariposa featuring a TOP date in 2023.
As the real estate landscape evolves in Singapore, the various TOP 2023 condominium projects showcase unique living options designed to meet the preferences of a wide range of buyers. From location and amenities to price and tenure, the selection of properties hitting the market in 2023 demonstrates the city’s commitment to meeting the diverse needs of its residents.
List Of Completed/Near-Complete New Launch Condos
|Project||Tenure||Units||Price||MRT||Mins to MRT||About|
|Fourth Avenue Residences||99 YEARS||476||$27XX/PSF||SIXTH AVENUE MRT||5 MINS||Fourth Avenue Residences is a collection of 476 exclusive homes nestled amidst lush greenery and Good Class Bungalow Areas in Prime District 10.|
|The Gazania||FREEHOLD||250||$24XX/PSF||BARTLEY MRT||2 MINS||The Gazania holds a coveted freehold status cocooned within the tranquility of a low-rise exclusive private estate.|
|The M||99 YEARS||522||$25XX/PSF||BUGIS MRT||5 MINS||The M condo is located in Singapore’s Central Business District (CBD) on Middle Road, with 522 units and convenient access to retail outlets.|
|15 Holland Hill||FREEHOLD||57||$30XX/PSF||HOLLAND VILLAGE MRT||10 MINS||15 Holland Hill is a low-rise freehold condominium located in Holland Village, with easy access to MRT, retail, and F&B outlets.|
|Amber Park||FREEHOLD||592||$24XX/PSF||TANJONG KATONG MRT||5 MINS||Amber Park is located close to the sea, offering idyllic pleasures and convenient access to retail and F&B outlets.|
|Jervois Prive||FREEHOLD||43||$27XX/PSF||REDHILL MRT||7 MINS||Jervois Prive pays homage to the rich history of the area and offers a modern interpretation of the classical Black and White bungalow.|
|Jervois Treasures||FREEHOLD||36||$26XX/PSF||REDHILL MRT||9 MINS||Jervois Treasures offers luxury homes in Singapore’s prestigious private residential enclave, combining urban excitement with nature’s tranquility.|
|One Draycott||FREEHOLD||64||$30XX/PSF||NEWTON MRT||10 MINS||One Draycott is nestled amidst lush landscaped gardens within the quiet residential enclave of Singapore’s most sought-after address.|
|Avenue South Residence||99 YEARS||1074||$25XX/PSF||OUTRAM PARK MRT||14 MINS||Avenue South Residence is envisioned as a gateway to the live-work-play lifestyle, contributing to a dynamic city center with waterfront views.|
|Coastline Residences||FREEHOLD||144||$28XX/PSF||TANJONG KATONG MRT||2 MINS||Coastline Residences offers expansive views of the sea and luxurious living in the East.|
Key Project Details
A few notable condo projects are anticipated to be completed in 2023, such as:
- Amber Park: Expected to TOP (Temporary Occupation Permit) in 2023.
- Avenue South Residence: A 99-year leasehold development slated for completion in 2023.
- Riviere: Another 99-year leasehold project with a 2023 completion date.
Number of Units
The number of units in the condo projects scheduled for completion in 2023 varies, with some high-profile developments consisting of:
- 10 Evelyn: A low-rise freehold condominium with two blocks of 39-storey buildings, comprising a total of 774 units.
- Amber Park: A luxury development consisting of multiple units, ranging from $1,199,999 to $6,880,000.
- Avenue South Residence: Offering various units within the 99-year leasehold project, with prices from $1,100,000 to $2,927,000.
The price range for these condo projects depends on factors like location, tenure, and the type of development. A general overview of the price range for some high-profile condo projects is as follows:
- Amber Park: Prices range from $1,199,999 to $6,880,000.
- Avenue South Residence: Prices range from $1,100,000 to $2,927,000.
- Riviere: Prices range from $1,250,000 to $6,792,000.
PSF (Price per Square Foot)
Some developments’ PSF is in the public domain, giving potential buyers a better understanding of the developers’ price positioning, as seen below:
- 10 Evelyn: Developed by Capital Land, the PSF value has not been provided.
- Dunearn 386: A freehold development project in Newton / Novena with a PSF value of $25XX.
Factors Affecting Demand
Various factors affect the demand for condominiums in Singapore, including:
- Economic growth: The state of the economy impacts consumer confidence, job prospects, and the willingness of banks to lend mortgages.
- Foreign investment: Singapore condos remain an attractive investment for both locals and foreigners, especially in prime districts.
- Population growth: An increasing population creates a higher demand for housing, including condominium units.
- Government policies: Cooling measures to curb growth in property prices have an impact on demand and can affect overall market sentiment.
Amenities and Lifestyle
Singapore offers excellent shopping options within close proximity to various condominium projects expected to TOP. Singapore offers excellent shopping options within close proximity to various condominium projects expected to TOP in 2023.
Satisfy your palate with a great selection of dining options near condominiums, near MRT Station. These areas boast world-class restaurants, casual eateries, and food markets, offering both local and international fare.
Singapore boasts stunning parks and green areas. Condos located nearby offer outdoor activities like jogging and picnicking. These peaceful places strike the ideal equilibrium between city life and nature, offering a serene escape from the urban rush.
Living in condominiums provides residents with high levels of convenience and privacy. These projects often come equipped with exclusive facilities such as pools, gyms, and function rooms, which enhance homeowners’ lifestyles.
What is a Condo TOP and How Does it Work?
A Temporary Occupation Permit or TOP is an authorization issued by the Building and Construction Authority (BCA) of Singapore that allows homeowners to occupy their newly-built units while waiting for the completion of common facilities such as lifts, car parks, and landscaping. The duration of the TOP varies depending on the size and complexity of the project, but it usually lasts between three to thirty-six months.
When a developer obtains a TOP for a building, they can start handing over individual units to buyers who have already paid for them. This process is called vacant possession or VP. Once you receive the VP of your unit, you are allowed to renovate or furnish it according to your preference before moving in. However, you cannot carry out structural changes or additions without obtaining approval from relevant authorities.
The issuance of TOP is an essential milestone for developers as they need it to apply for legal completion status or CSC (Certificate of Statutory Completion) later on. CSC indicates that all legal requirements have been met, and the building is deemed fit for occupation.
Benefits of Buying a Condo with a Temporary Occupation Permit (TOP)
Buying a condo with a Temporary Occupation Permit (TOP) offers several advantages for potential homeowners. One of the main benefits is the ability to move into a brand-new unit quickly and without the long wait associated with purchasing a newly launched project. This is particularly advantageous for those who need to move into their new homes within a short period of time, as it eliminates the uncertainty that comes with waiting for a project’s completion.
Another advantage of purchasing a condo with TOP is the potential for higher capital appreciation, compared to buying a resale property. As the first owner of the unit, you will be in a prime position to enjoy maximum capital appreciation on your property, especially if you purchased it during a promotional period with developer discounts. This, coupled with the fact that the unit is brand-new, complete with all the necessary fixtures, fittings, and amenities, makes a condo with TOP an attractive option for property investors and homebuyers alike.
The availability of a better selection of units is another plus point when purchasing a condo with TOP. As opposed to buying a resale property, where the selection may be limited to what’s available on the market at that particular point in time, buying a condo with TOP allows you to choose from a broader range of options. You may also benefit from free repairs during the defects liability period, which usually comes as a standard provision in the sales agreement of new launch condos that have obtained their TOP.
In addition, immediately renting out your unit is a possibility with a TOP condo, as you will not have to wait for the building to be completed. This can be advantageous for investors who want to start earning rental income right away. Furthermore, TOP condos often come with modern facilities and amenities, such as swimming pools, gyms, and 24-hour security, which can attract a wider range of tenants. Overall, buying a TOP condo can be a smart investment decision for those looking to enter into the property market or expand their investment portfolio.
Condo TOP Pros & Cons
|– Brand new condos with Temporary Occupation Permit (TOP) available for immediate or soon move-in||– Limited availability of completed/new launch condos|
|– Curated selection of completed or nearly-TOP new launch condos in 2023||– Units in prime locations and luxury developments can be expensive|
|– Convenient access to transportation and amenities||– Risk of loss when reselling, especially during the Seller’s Stamp Duty (SSD) period|
|– Basic facilities including gym, swimming pool, BBQ pit, parking, and 24-hour security||– Concerns about construction quality and potential workmanship or defect issues|
|– Luxury developments and prime locations available||– Limited information about future developments and ongoing projects|
|– Opportunity to buy directly from developers||– Lack of customization options for already-built units|
|– Availability of odd leftover units or returned units|
Note: The information provided is based on general observations and may vary depending on specific projects and circumstances. It is always recommended to conduct thorough research and consult with professionals when considering a condo purchase.
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