New home sales have been patchy in 2024, with a handful of projects clocking brisk sales while others were less sought-after by buyers and investors. In fact, 2024 looks on track to booking one of the slowest developers' sales in more than a decade.

Based on figures from the Urban Redevelopment Authority (URA), developers sold 3,049 new homes (ex. EC) in the first nine months of 2024 - down by nearly 43% from 5,329 units sold in the same period in 2023.

The fewer new projects coming on and the limited selection - as several launches are boutique developments - likely crimped choices for prospective buyers and investors. Many homebuyers have dipped into existing launches for buying opportunities in 2024.

All that is set to change and developers' sales may be turbocharged in 2025.

The market is set to welcome an attractive slate of new launches, with an estimated 20 projects (see Table 1) expected to come on in the first half of 2025 (1H 2025). They include mixed developments in eye-catching locations, highly-anticipated city-fringe projects, and a clutch of exciting projects in the Core Central Region (CCR) - which raises the question, will the CCR roar back to life in 2025?

Table 1: Estimated new project launch pipeline in 1H 2025

Source: PropNex Research, PropNex International (as at 29 October 2024), subject to change without prior notice

Here's a list of some highlighted projects (with more than 300 units in development) based on certain key locational or project attributes.

First-timer homebuyers and HDB upgraders who are seeking a more accessible entry to the private residential market can look to two upcoming executive condo projects which may be launched in 1H 2025. One of them being the 760-unit Aurelle of Tampines in Tampines Street 62, while the other EC project that can potentially yield 560 new EC units is in Plantation Close, next to Novo Place EC.

Aurelle of Tampines - which is located next to Tenet EC - is within walking distance to an upcoming mixed development in Tampines Avenue 11 (more on this later) and the future Tampines North MRT station. Meanwhile, the second Plantation Close EC project is a stone's throw from two MRT stations, Tengah Park and Bukit Batok West stations, and it is also not far from the commercial hub in Jurong East. Both EC projects are anticipated to draw healthy buying interest.

EC, as a public-private housing hybrid continues to be favoured by eligible buyers given their more affordable pricing compared with mass market private condo launches. Although prices of new ECs have been inching up in recent years, they are still substantially lower than that of suburban condos - the prices of many OCR new launches have tipped over $2,000 psf. Overall, PropNex expects to see a pent-up demand for new ECs as there are limited unsold stock in the market, at around 170 unsold units at the end of September 2024.

The Outside Central Region (OCR), or mass market segment could also feature a few exciting projects in 1H 2025, including ELTA in Clementi and Lentor Central Residences in the up-and-coming Lentor Hills estate.

There have not been many new condo projects in Clementi, since the launch of Clement Canopy in 2017, and Clavon in 2020. Hence, the upcoming 501-unit ELTA, which is located between the two aforementioned sell-out projects could similarly be well-received by buyers. It could be especially appealing to families, given the range of schools in the vicinity, such as Clementi Primary School, Pei Tong Primary School, Nan Hua High School, NUS High School of Math and Science, the National University of Singapore, Singapore Polytechnic, as well as the Japanese Primary School, and United World College of South East Asia (Dover Campus).

In Lentor Hills, buyers can look forward to the sixth new condo launch - Lentor Central Residences which will offer 477 new units. The project is minutes' walk to the Lentor MRT station, as well as the commercial offerings at the upcoming Lentor Modern mixed development. Demand for homes in the five existing launches in Lentor Hills been healthy, with around 86% of the total 2,477 units transacted as at 20 October 2024, based on caveats lodged. The five previously launched projects comprised Lentor Modern, Lentor Hills Residences, Hillock Green, Lentoria, and Lentor Mansion.

Meanwhile, prospective buyers who are keen on mixed developments will have fresh options in the mass market and the city centre, depending on their lifestyle preferences and budget. Typically, such projects tend to be popular among buyers as they are seen to offer greater convenience, and potentially also enjoy healthier capital gains in the future. Some investors may also think these developments enjoy better rentability.

One of the mixed-use projects is Parktown Residence in Tampines Avenue 11. It can offer 1,193 residential units, and will be integrated with a podium block consisting of retail and commercial offerings, a community club, hawker centre, and a bus interchange. Parktown Residence will also be linked to the future Tampines North MRT station on the Cross Island Line.

In the central business district, the upcoming 246-unit Newport Residences is part of a mixed development comprising residential units, service apartments, and a podium with commercial offerings and offices. The project is minutes' walk to the Prince Edward Road MRT station on the Circle Line which is slated to be operational in 2026. Apart from the commercial podium on site, Newport Residences is also in an amenity-rich area, within walking distance to 100AM mall, Tanjong Pagar Plaza, International Plaza, and Guoco Tower. A key investment highlight is that the development will be near the future Greater Southern Waterfront precinct, which could provide opportunities for growth.

The city fringe has seen a number of new launches in recent years, and in 1H 2025 it could welcome a few interesting new projects. Among them, The Orie in Lorong 1 Toa Payoh which will yield 777 new residential units. This project is likely to see some pent-up demand as it has been several years since a new condo project was launched in that area, the last being the nearby Gem Residences which hit the market in 2016. The Orie is located near a number of schools and is within walking distance to the Braddell MRT station.

Over in one-north, a new project in Media Circle - with an estimated 355 new homes and commercial space on the first storey - will get a head start when it hits the market amidst the government's plans to introduce more high-density housing in the Media Circle area. This project is near to key employment centres such as the R&D hub in one-north and the Science Park, as well as the National University Hospital, and the National University of Singapore.

If prospective buyers aspire for downtown living, the upcoming Marina Gardens Lane project could fit the bill. The 937-unit project in Marina South will also have a commercial space on the first storey which will feature shops, and F&B offerings. Residents will also have easy access to the Marina South MRT station (Thomson-East Coast Line) as it is virtually at its doorstep. This is the first project to be launched for sale in the new Marina South area and could offer a first-mover advantage to buyers.

Still in the downtown area, those seeking a more up-market option can explore buying opportunities at the W Residences Singapore - Marina View. This mixed-use development can offer 683 luxury residential units, and a 350-room luxury hotel (W Singapore - Marina View). It is a stone's throw from the Shenton Way MRT station (TEL) and is easily accessible to a wide range of retail and dining options in the area - including OUE Downtown, Asia Square, Marina One, Lau Pa Sat, International Plaza, and Guoco Tower.

Another CCR project that is anticipated to garner interest is also a mixed development. The Aurea in Beach Road will have 188 residential units, and the residential tower will be connected to The Golden Mile (with retail spaces, offices, and medical units) via an elevated link bridge. The Aurea is strategically located, and could potentially benefit from ongoing transformation of Beach Road, the Ophir-Rochor Corridor, and the Kallang Alive master plan which will turn Kallang precinct into a sports and lifestyle destination.

Meanwhile, the Orchard Boulevard site which can yield an estimated 280 units of new high-end homes and has commercial space on the first storey could also be launched in the first half of 2025. This is yet another attractive project as it will be connected to the Orchard Boulevard MRT station (TEL), and is situated in a predominantly private residential enclave. It is likely that some units overlooking the Chatsworth Park GCB area could have unblocked views. There are also no short of amenities nearby, including Tanglin Mall, the Dempsey lifestyle cluster, the Singapore Botanic Gardens, as well as the malls further up along Orchard Road.

Contact a PropNex salesperson to find out more about these upcoming launches and start planning for your real estate journey.