After bidding goodbye to 2022 this Sunday morning, today on 1 January 2023 also marks the opening launch of Sceneca Residence - a 99-year leasehold residential mixed condo development located right next to Tanah Merah MRT Station along Tenah Merah Kechil Link comprising of Sceneca Square shopping mall with more than 20,000 square feet on the ground floor and 268 residential condo units above.
Located at Tanah Merah Kechil Link, Sceneca Residence will be directly connected to the Tanah Merah MRT Station via a sheltered linkway with a mall below - Sceneca Square shopping mall. Future residents of Sceneca Residence will enjoy the ultimate convenience of having Sceneca Square shopping mall with supermarket, eateries, amenities and direct MRT access right below their home.
Jointly developed by MCC Land (Singapore), The Place Holdings, and Ekovest Development, Sceneca Residence is scheduled for sales preview a fortnight later. They have hinted that prices may starts from $1,9xx psf onwards for their sales preview expected to be on 14 Jan 2023. This will make Sceneca Residence an attractively priced project in this new condo launch market today.
Real estate professional Kiwi Lim believe residents staying in Tanah Merah will also be very excited as they will finally enjoy a shopping mall in their neighbourhood, without travelling to Tampines or Bedok. Sceneca Square shopping mall will likely become the focal point of Tanah Merah where shoppers, visitors, commuters and nearby residents can congregate and transit, thereby injecting much vibrancy and excitement into the neighbourhood.
"Sceneca Residences will be launched for sale in January. This will be followed by Blossoms by the Park, Terra Hill and The Botany at Dairy Farm" said Kiwi Lim from real estate firm Huttons Asia.
The top 5 nationalities buying residential properties in 2022 are from China, Malaysia, India, USA and Indonesia. The number of homes in the CCR sold from April also shot up. Developers sold 361 units per month in the CCR in 1Q 2022. This jumped by almost 60% to a quarterly average of 577 units in 2Q and 3Q 2022. The resale market also saw an increase in sales of homes in the CCR, albeit at a lower 36%.
The supply of new homes will pick up in 2023 to an estimated 10,000 to 12,000 units spread over 40 launches. Based on the estimated units, 20% are in the Core Central Region, 50% in the Rest of Central Region and 30% in the Outside Central Region. Several of the major project launches in 1Q 2023 should be well-received by the market. They include 8 Shenton Way, Blossoms by the Park, Jalan Tembusu, Lentor Hill Residences, Marina View, Newport Residences, Sceneca Residences, Terra Hill, The Botany at Dairy Farm, The Continuum, The Hill@OneNorth and The Reserve Residences.
Kiwi Lim from real estate agency Huttons Asia expect the US Federal Reserve to continue raising interest rates in 2023 but believe that interest rates may start dropping in 2024 as we may see a reduction in inflationary figures when the United States experience recessionary pressure after 2023.
Interest in the luxury segment of the non-landed market is expected to continue in 2023 with more ultra-high-net-worth individuals (UHNWIs) expected to be drawn to Singapore's business-friendly environment, high quality of life and vaccination rate. Singapore's relatively low taxes, high education quality, good banking and financial laws as well as being a strong legal mediation centre are all plus points for the rich.
Global uncertainties have also elevated safe havens like Singapore as a prime location for investment properties. The Good Class Bungalow GCB market is expected to remain strong in 2023 as genuine buyers are keen to buy despite the high prices. Private residential home prices may see a slower increase of maybe up to 5% in 2023 and may see lesser transactions of around 10,000 units, lower than 2022 and 2021 as the higher interest rate may price some buyers out of the market coupled with limited supply of new condo units available in the market." said Kiwi Lim who has been studying the real estate market for more than a decade.