Developer New Launch Condos In District 15 & 16 (For 2023)
Updated: Mar 7
New launch properties in District 15 and 16 has been running low in supply for 2022. This is especially true for the 1 and 2-bedroom units.
The good news is there will be some upcoming launches by developers here. This will increase the supply of units and options for homeowners and investors.
Which are these launches and where are they located?
Upcoming New Launch Projects In District 15 & 16
(1) The Continuum @ Thiam Siew Avenue (District 15)
Hoi Hup Realty and Sunway Developments jointly purchased the 2 land parcels that are situated at Thiam Siew Avenue.
The first land parcel sits on an area of 135,361 sqf. It consists of the odd-numbered bungalows and semi-detached houses.
The second land parcel sits on a land area of 128,436 sqf. It consists of the even-numbered semi-detached houses and bungalows.
This joint-venture development is named The Continuum. It is a freehold property and with a total land area of around 263,794 sqf and plot ratio of 2.8, developer can build 2 blocks with approximately 800 units.
Estimated Breakeven Price
Hoi Hup Realty and Sunway Developments bought these 2 plots of land at $815m, or $1,488psf ppr.
The breakeven price of The Continuum, according to EdgeProp is $2,296psf ppr. This is derived after factoring the land cost, construction, financing, professional fees and marketing cost.
(2) Jalan Tembusu (District 15)
Another plot land situated at Jalan Tembusu was sold in January 2022 through the Government Land Sale (GLS) program.
This land was sold to City Development Limited (CDL), who put in the highest bid at $768m, or $1,302psf ppr for this 99-years leasehold site.
With a plot ratio of 2.8, CDL plan to build around 4 blocks of total 640 units. According to CDL, some of the high floor units will enjoy unblocked view of the CBD skyline, Singapore Sports Hub as well as the sea view.
Straits Times: CDL bids $768m for Jalan Tembusu site in state land sale
Estimated Breakeven Price
CDL bought this plot of land at $768m, or $1,302psf ppr.
EdgeProp estimated the breakeven price to be $2,059psf ppr. This is derived after factoring the cost of land, construction, financing, professional fees and marketing cost etc.
(3) Dunman Road (District 15)
Situated near Dakota MRT at Dunman Road, this is the largest site that will be launched in 2023.
This 99-years leasehold land was sold to SingHaiYi Group under the Government Land Sale (GLS) program at a price of $1.28 billiion.
Sitting on a land area of 271,622 sqf and plot ratio of 3.5, this site at Dunman road can yield up to 1,040 units.
Straits Times: GLS Sites in Dunman Road, Pine Grove awarded to highest bidders
Estimated Breakeven Price
This GLS site was sold at $1.2 billion, which works out to be $1,351psf ppr.
According to EdgeProp, the estimated breakeven price of this plot of land is $2,120psf ppr. This price is derived after factoring in the cost of land, construction, land financing, professional fees and marketing cost.
(4) Former La Ville Site (Tanjong Rhu @ District 15)
This former La Ville site located along Tanjong Rhu Road was sold to Hong Kong listed property group ZACD Group at $152million.
The plot of land is a freehold tenure and sits on a land area of 47,012 sqf. With a plot ratio of 2.1, it can yield 107 units based on the average size 85 sqm (915 sqf).
EdgeProp: Third time lucky La Ville sold en bloc to ZACD for $152mil
Estimated Breakeven Price
This site was sold at $152m, or $1,540psf ppr.
EdgeProp estimated the breakeven price to be $2,362psf ppr. This is derived after factoring the land cost, construction, financing, professional fees and marketing cost etc.
(5) East Court (District 15)
East Court which is located along Koon Seng Road was sold to Macly Group for $19.875million.
This freehold apartment sits on a land area of 13,351 sqf. With a plot ratio of 1.4, this site can be redeveloped into a 5-storey building with 19 residential units.
Estimated Breakeven Price
This site was sold at $19.875 million, which works out to be $1,063 psf ppr.
According to EdgeProp, the estimated breakeven price for this plot of land is $1,753 psf ppr. This is derived after factoring in the cost of land, construction, land financing, professional fees and marketing cost.
(6) 173 - 183 (Odd Numbers) Haig Road
This freehold site has a site area of 27,389 sqf. It is currently a four-storey building with 24 residential units.
Sitting at the junction of Haig Road and Seraya Lane, this regular-shaped site enjoys dual frontage.
Estimated Breakeven Price
Nanshan Group purchased this site at $49.3 million, which translates to a land rate of $1,286 psf ppr.
EdgeProp estimated the breakeven price to be $2,037psf ppr. This is derived after factoring the land cost, construction, land financing, professional fees and marketing cost.
(7) Sceneca Residence (Tanah Merah @ District 16)
Sceneca Residence is a mixed-development located just right opposite Tanah Merah MRT.
Sitting on a 99-years lease with site area 95,587 sqf, this plot of land has a plot ratio of 2.8 and can yield about 265 residential units. As this is a mixed-use development, there will be commercial space (known as Sceneca Square) of about 21,528 sqf on the first floor.
The maximum permissible gross floor area (GFA) for Sceneca Residence / Sceneca Square is 267,644 sqf.
Related Reading: District 16 @ Tanah Merah - Which Property Should I Invest In?
Estimated Breakeven Price
MCC Land is the highest bidder for this GLS site at $248.99m, which translates to $930.34psf per plot ratio (ppr).
EdgeProp estimated the breakeven cost for Sceneca Square/ Sceneca Residence to be $1,583psf ppr.
(8) Jalan Tembusu Site @ District 15 (2H2022 GLS Reserve List)
A new site in Jalan Tembusu will be on offer under the reserve list in the second half 2022 Government Land Sale (GLS) program.
This 99-years leasehold site can yield approximately 825-units. It is near to the other GLS site also located on Jalan Tembusu. That site has been sold to City Development Limited in the GLS program in the beginning of 2022.
MND: Release of Second Half of 2022 Government Land Sales (GLS) Programme
Conclusion
With these upcoming developer launches in District 15 and 16, there are options available whether you are a homeowner or an investor.
We will update the estimated price nearer to the launch as prices is very much determined by the market conditions and sentiment then.
However, we can see from the breakeven price that the upcoming new launches will definitely be priced higher as the cost of land is higher. Global inflation means the cost of labor, raw materials etc is also higher.
There are limited units in the existing launches that might still appeal to you. You may refer to this link to read more:
Invest Now Or Wait To Buy A Property In District 15 East Coast?
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Related Readings
1) District 15 - Meyer Road and Amber Road. Where Should I Invest?
2) Condo Review: Sky Eden @ Bedok
3) Save on Additional Buyer's Stamp Duty (ABSD) Using Decoupling & Part-Purchase
About The Author
Vivian is an experienced real estate agent who has been in the industry since 2002.
Over the years, she has transacted numerous property deals including HDB and private properties. She is well-versed in policies and regulations involving the sale and purchase of residential properties. She has also handled many transactions involving complicated situations like contra, divorce, administration/probate cases, and decoupling / part-share purchases.
Vivian is active in District 15 and 16, and it is easy to find her in the East Coast area stretching from Tanjong Rhu to Bayshore.
Need her views on property related matters? Connect with her and have a non-obligated chat!