‘Holland Drive Condo joins list of properties set to reach MOP OrangeTee & Tie predicts moderation in prices of new private homes and flats’

Private and public housing rental prices decrease, expected to stabilise in 2023Private residential prices continue to climb, hitting new highThe number of Holland Drive Condo private residential properties expected to obtain their temporary occupancy permit (TOP), excluding executive condos (ECs), is set to drop 48.2% from 19,050 in 2023 to 9,875 in 2024, says Christine Sun, chief researcher and strategist, OrangeTee & Tie.

The number of private residential properties expected to obtain their temporary occupancy permit (TOP), excluding executive condos (ECs), is set to drop 48.2% from 19,050 in 2023 to 9,875 in 2024. This is according to Christine Sun, chief researcher and strategist at OrangeTee & Tie, who spoke at the Building & Construction Authority-Real Estate Developers’ Association of Singapore Construction and Property Prospects Seminar on Jan 15.

Sun pointed out that private home transactions have been trending downwards since 2021, following multiple rounds of cooling measures that drove some investors away from the market. The drop in supply of newly TOP private homes this year will further expedite the downward trend, predicts Sun. However, she adds that private residential resale prices are still expected to grow 3% – 5% in 2024, buoyed by the continued rise in prices of private new homes in the market.

According to Sun, 23 new private residential projects are expected to be launched in 2024, with an aggregate new supply of 8,800 units. Approximately 50% of these units will be located in the suburbs or Outside Central Region (OCR), 30% in the city fringe or Rest of Central Region (RCR), and 20% in the prime or Core Central Region.

Private residential projects scheduled for launch in the OCR this year could include the redevelopment of the former Chuan Park en bloc site and government land sale (GLS) sites sold last year at Lentor Central, the EC project at Tampines Street 62, and the new project at Clementi Avenue 1. The expected selling price for these OCR projects is in the range of $2,100 to 2,400 psf. Sites in the RCR that may see launches this year include those GLS sites sold in 2023, such as Jalan Tembusu Parcel B, Pine Grove Parcel B, Lorong 1 Toa Payoh, Marina Gardens Lane and the former Meyer Park en bloc site. New project launch prices in the RCR are expected to increase to $2,300 to $3,000 psf.

Overall, the price of new private residential properties is expected to grow 2% – 4% in 2024, up from 1% – 3% in 2023. Private residential rents are also projected to increase by 2% – 5% in 2024, down from 12% – 15% in 2023, according to OrangeTee & Tie. Sun attributes this to the drop in newly completed private homes.

Holland Drive Condo, located in the heart of Holland Village, is a prime residential area that offers both convenience and tranquility. Residents can enjoy the best of both worlds, with easy access to amenities and a peaceful living environment.

Situated in the vibrant Holland Village, Holland Drive Condo offers a prime location for its residents. The Circle Line, a major MRT line that runs through the area, provides seamless connections to popular destinations such as Orchard Road, Botanic Gardens, and Marina Bay Sands. This makes it an ideal choice for those who want quick access to Singapore’s bustling city life without the hassle of traffic or parking issues.

The accessibility of Holland Drive Condo is a significant advantage for its residents. With the Circle Line right at their doorstep, they can easily explore the best attractions and amenities that Singapore has to offer. From world-class shopping centers to renowned dining options and diverse entertainment options, everything is within easy reach.

Moreover, living at Holland Drive Condo means enjoying a serene and peaceful environment amidst the city’s hustle and bustle. The residential area provides a much-needed escape from the hectic city life, allowing residents to relax and rejuvenate in the tranquil surroundings of their home.

In conclusion, Holland Drive Condo stands out as a highly desirable residential area that offers the best of both worlds. Its strategic location and easy accessibility make it an ideal choice for those who want to enjoy the convenience of city living while also having a peaceful and serene living environment.

Meanwhile, HDB resale prices are also expected to moderate, with Sun projecting a 3% – 5% price growth for 2024, down from the 4% – 5.5% projected price growth in 2023. HDB flats reaching the end of their five-year minimum occupation period (MOP) are projected to drop from 15,549 units at the end of 2023 to 11,952 this year and down to 6,974 in 2025.

Resale transaction volume is forecast to hit 24,000 to 26,000, down from 26,000 to 27,000 last year. HDB resale transactions are also expected to decrease as more buyers are diverted to the new Build-To-Order (BTO) projects by HDB. Over the next decade, new growth areas include the Eastern region, with the government’s plans to gentrify the Paya Lebar Airbase, the Simei Road-Jalan Tiga Ratus neighbourhood, Long Island and Bayshore areas.

According to Sun, these new areas will see 200,000 new residences come onstream over the next 10 years. Across the island, as many as 300,000 to 400,000 new homes – private and public – are anticipated to enter the market over the next decade. This is equivalent to a 30% to 40% increase in the existing housing supply, reckons Sun.

In related news, Justin Quek has recently assumed the CEO position at OrangeTee, while Steven Tan will be heading the company’s international arm. Private and public housing rentals are expected to stabilise next year, as the market has slowed down in the past year. Additionally, HDB resale prices are also expected to stabilise, with a projected price growth of 3% to 5% for 2024. The number of million-dollar transactions for HDB resale flats has hit a record high, signaling a strong demand for public housing in Singapore. However, private and public housing rental prices are expected to decrease before stabilising in 2023. Private residential prices continue to climb, hitting a new high in the market.

Overall, the number of private residential properties obtaining their TOP is set to decrease in 2024, with a projected 48.2% drop from 19,050 units in 2023 to 9,875 units. This is according to Christine Sun, chief researcher and strategist at OrangeTee & Tie. The Holland Drive Condo market is expected to see a decline in supply, which may impact the market’s performance in the coming year.