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About Projects Slated to be Launched in 2023 | According to URA figures as of the 15th of December, 6981 new residential properties were transacted in the first eleven months of 2022. Analysts are expecting residential sales for this year to be somewhere around 7500 units. In relation to the 13027 brand new residences transacted in 2021, there has been a year on year decrease of between 42% and 44% in the volume of private residential sales.

Projects Slated to be Launched in 2023
Artist Impression of Sceneca Residence

Additionally, the number of fresh projects in 2022 amounts to 17 private condominium developments and 3 executive condominiums. Excluding ECs, around 4500 to 5000 units were launched in 2022. These numbers were also the lowest number of launched units since 2007, according to Mr Lee Sze Teck, Huttons Asia’s Senior Director of research,  He also further states that it is 53% lower than the 10496 units opened in the 25 brand new developments in 2021.

More on Projects Slated to be Launched in 2023


Despite the limited number of fresh developments starting in 2022, “homebuyers had the advantage of selecting units from the left over units from 2021”, according to Gafoor. “Most remaining stocks were older projects which were priced more reasonably than 2022’s launches. For example, 1862 units of Normanton Park had been fetched by the seventh month of 2022 at an average cost of SGD1,865psf – a lower figure than the average cost of SGD2,100 per sqft that recent (OCR) commonly known as Outside Central Region property releases attained in the same year, including Sky Eden at Bedok, Amo Residence as well as Lentor Modern.

As the year winds down, engineers are making final adjustments to the upcoming developments slated for a 2023 unveiling. Many advisors and representatives are betting that Sceneca Residence will be the only one ready in time for the Chinese New Year festivities. This upcoming launch consists of 268 units and 21528 square feet of commercial podium with 19 stores. The development will be connected to the MRT station known as Tanah Merah on the East-West Line. 

Also, another two residential developments with 275 units at Slim Barracks Rise, named the Blossoms by the Park; by EL Development as well as The Botany at Dairy Farm, with 460 units near Dairy Farm Residences by United Engineer will be launched in early 2023.


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