Dominic Choa Real Estate

Mass Market Condominiums


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Blog, HDB, Private Property, Real Estate

Where New Homes Are Being Built in Singapore’s East (2025 Edition)

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Singapore’s eastern region is poised for a major transformation. With over 200,000 new homes planned across areas like Bayshore, Paya Lebar Air Base, and the future Long Island, this wave of redevelopment is set to reshape the real estate landscape and offer unparalleled opportunities to homeowners and investors alike. If you’ve been wondering where the next property hotspots are, here’s what you need to know—and how these developments could impact your decisions. Bayshore: A New Coastal Township with Urban Connectivity After decades of limited residential development, Bayshore is finally stepping into the spotlight with a bold, future-ready estate. The upcoming 60-hectare site will introduce 10,000 new homes—split between 7,000 HDB flats and 3,000 private units. This area has long been underutilised, despite its prime East Coast location and proximity to city-centre amenities. What this means for buyers and investors: This marks the first major housing rollout here since 1997, and judging by the overwhelming demand for 2024’s BTO projects—Bayshore Vista and Bayshore Palms—it’s clear that this location is long overdue for renewal. Paya Lebar Air Base: A Mega Township in the Making Set to be vacated in the 2030s, Paya Lebar Air Base and its surrounding industrial estates will be transformed into a massive township. We’re looking at an area five times the size of Toa Payoh, with plans for up to 150,000 homes, as well as schools, parks, mixed-use developments, and new MRT lines. Why this is a big deal: For buyers planning long-term, or investors thinking ahead to the next frontier, this area could be a key focus over the next two decades. Long Island: Singapore’s Next Waterfront Destination An entirely new coastal district, Long Island will be built on reclaimed land stretching from Marina East to Tanah Merah. This ambitious project will not only offer 30,000 to 60,000 new homes, but also act as a crucial line of defence against rising sea levels. How this affects real estate in the East: This development is decades-long, but for long-term investors and homeowners looking to future-proof their choices, understanding the impact of Long Island now is critical. More Growth in Simei, Chai Chee, and Loyang Beyond the marquee developments, other mature estates are also getting a fresh wave of attention: These estates offer quieter entry points for families and first-time buyers looking for a foothold in a well-connected and mature region, without the price tags of more central areas. Conclusion: Should You Be Looking East? With Eastern Singapore at the heart of urban transformation, it’s no longer just a desirable lifestyle zone—it’s becoming a core investment cluster. Between modern transport links, waterfront developments, and massive new housing pipelines, this region is evolving into a new epicentre for growth. Whether you’re exploring your next home or hunting for long-term property value, understanding the potential of these developments gives you a head start. Interested in learning which projects fit your needs or investment goals?Contact Dominic Choa Real Estate today at 88263821 or dominic.choa93@gmail.com for personalised advice on navigating Singapore’s Eastern property boom.

Lumina Grand Executive Condominium
Blog, Private Property, Real Estate

🏙️ Executive Condos Are Crushing It in 2025…

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Something unexpected happened in March 2025. While new private home sales took a hit—dropping to one of the lowest monthly numbers in recent years—Executive Condominiums (ECs) bucked the trend. Big time. So, what’s going on? And why are so many Singaporeans turning to ECs now? Let’s break it down. Private Home Sales Took a Tumble First, the cold hard truth:In March, developers sold just 301 new private homes (excluding ECs). That’s a month-on-month drop of nearly 50% from the 605 units sold in February. It’s also the lowest March sales figure since 2020, right when COVID-19 started to shake things up. Why the slowdown? EC Sales? Totally Different Story. While the private segment cooled off, Executive Condominiums went the other way. In March, developers sold 193 EC units, more than 60% of total EC sales for the first quarter. And get this—almost all of them came from one project: Lumina Grand in Bukit Batok. Why is that huge? Let’s put it in perspective:A private condo nearby might go for $1,900 to $2,200 psf. That’s a massive difference, especially for families upgrading from HDBs. Why ECs Are the Darling of the Market Lumina Grand: A Case Study Want a real-world example? Let’s talk Lumina Grand in Bukit Batok. That’s a solid upgrade option for families living in Bukit Batok, Choa Chu Kang, or Jurong who are reaching the end of their MOP. So… Should You Jump on the EC Bandwagon? If you’re sitting on the fence, here’s the thing—ECs are limited. And when demand spikes like this, it often leads to fewer units left, less choice, and higher prices. If you qualify for an EC, you’re basically getting a steep discount on private living. Just make sure: Final Word: Don’t Sleep on ECs 2025 might be the year Executive Condos steal the show. They’ve always flown under the radar, but with private home prices holding firm and interest rates still high, ECs are suddenly the sweet spot for smart, value-driven buyers. Want to explore EC options or run the numbers? Let’s chat.It might just be the smartest move you make this year.

Blog, Buy Condominium in Singapore, Real Estate

What are the Executive Condominiums in 2025? The Latest Executive Condo Options and Pricing

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Are Executive Condominiums (ECs) still a good option for home buyers today? They may not be, as buyers are constrained by the amount of loan which they can take up for their EC purchase. This is largely due to the stringent Mortgage Servicing Ratio (MSR) that applies for Executive Condominiums. Even with the maximum combined monthly income ceiling of $16,000, buyers may only qualify for a loan of up to $1 million, requiring them to cover the excess EC cost with cash and/or CPF. With average EC prices starting from $1.4m and above, EC buyers still have to fork out a substantial cash / CPF outlay to afford an EC in 2025. Still, many Singaporeans are drawn to ECs, seeing them as a better value compared to private condos. In 2024, the median transaction price for a new Outside Central Region (OCR) condo unit (900–1,000 sqft) was 42% higher than a similar EC unit. Yet, despite the lower price, EC residents still get to enjoy a comparable lifestyle—with security and full-fledged facilities like swimming pools, gyms, and function rooms. Table 1: Price comparison between a new EC and OCR condo (900 – 1,000sqft) in 2024 Plus, the lower purchase price means a smaller loan amount, which helps reduce interest costs. On top of that, eligible first-time buyers can receive up to $30,000 in grants to offset their initial down payment. Impressive Sales Performances In Recent EC Launches Lumina Grand sold 53% of its units at an average price of $1,464 psf during its launch weekend, while Novo Place moved 57% of its 504 units at an average price of $1,654 psf during its November 2024 launch. When Novo Place opened for a second round of balloting for second-time buyers, it sold another 137 units, bringing total sales to 88%. According to URA caveats, there were 1,185 new EC transactions in 2024. With only a limited number of EC launches each year, buyers have been turning to the remaining supply. As of end-January 2025, the available EC stock had dwindled to just 138 units. What makes ECs so Attractive? Despite the higher upfront costs, buyers remain undeterred for two key reasons. Beyond the lower price, EC buyers aren’t required to sell their existing home before making a purchase. For HDB upgraders, this means they can avoid paying Additional Buyer’s Stamp Duty (ABSD) when buying a new EC. Additionally, EC buyers have the option to use the Deferred Payment Scheme (DPS) at an extra cost, allowing them to pay only a deposit upfront and defer their loan until the EC is completed. This way, they won’t have to manage two mortgage payments while waiting for their new home. With no ABSD payable and the flexibility of the DPS, upgrading to an EC becomes a much smoother process for HDB owners. Why are ECs Becoming Increasingly Expensive? The rise in construction and labor costs has been a significant challenge for property developers, a trend exacerbated by the Covid-19 pandemic. The global supply chain disruptions resulted in a tighter supply of materials, further inflating costs. Coupled with higher inflation rates, developers have faced mounting expenses. Additionally, construction firms are now competing for a limited workforce, as both public sector projects (like the Cross-Island Line and HDB Build-to-Order flats) and private sector developments continue to rise. Another key factor contributing to higher property prices is the escalation in land costs, particularly for new Executive Condominiums (ECs). Developers have been bidding aggressively for EC sites in response to strong market demand. From 2015 to 2024, the average cost of EC land has surged by 164%, increasing from $287 per square foot per plot ratio (psf ppr) to $733 psf ppr. A prime example of this trend is the Tengah Garden Walk EC site, which was awarded to a joint venture between City Development Group and MCL Land for $603 psf ppr in 2021. More recently, in February 2024, another EC site at Plantation Close was awarded to Hoi Hup Realty and Sunway Developments for $701 psf ppr—16% higher than the Copen Grand site, further reflecting the rising costs in the sector. Chart 1: Land cost of ECs since 2015 Thirdly, the harmonisation rule, which took effect on 1 June 2023, has impacted how developers market their properties. Under this new regulation, developers are no longer permitted to sell non-strata areas such as void spaces and air-con ledges. To compensate for the reduced sellable area, developers have adjusted their selling prices, resulting in higher per square foot (psf) pricing. Table 2: Existing launched ECs in the market In 2025, three new ECs are set to launch, with two in the East and one in the West. Here are the upcoming EC launches for 2025: Aurelle of Tampines Estimated launch: Preview in Feb 2025 Planning Region/Area: East/Tampines Distance to Nearest MRT Station: 5-min walk to the upcoming Tampines North MRT Station Number of Units: 760 Developer: Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd The first EC launch of 2025, Aurelle of Tampines, is expected to generate significant interest. This will be the first EC in Tampines since Tenet, which sold 72% of its 618 units upon its launch in December 2022. Residents in the East will be particularly drawn to Aurelle of Tampines, given that Tampines is a well-established town with excellent amenities. By the time buyers collect their keys, the town will feature four shopping malls and two community hubs. Additionally, Tampines is well-connected by transport, with multiple feeder bus services and four MRT stations. As a regional center, Tampines is home to two industrial estates and is conveniently located near commercial hubs such as Changi Business Park, Changi Aviation Park, and Changi Airport. Situated in the heart of Tampines North, a new development area, Aurelle of Tampines will be just a 5-minute walk from the upcoming Tampines North Integrated Transport Hub. This will provide seamless connectivity to the MRT station, air-conditioned bus interchange, community club, hawker center, and a new mall, Parktown Tampines. The Tampines North

Lentor
Blog, Buy Condominium in Singapore

Lentor Property Market: Oversupply Concerns or Golden Investment Opportunity?

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The Lentor area in Singapore has rapidly transformed into a new private residential hub, raising questions about whether the surge in new condominiums signals an oversupply risk or a prime investment opportunity. In this article, we will break down the recent launches, sales trends, pricing, and market outlook, so property investors and homebuyers can make informed decisions. Lentor’s Recent Condo Launches and Sales Performance Over the past few years, multiple condominium projects have been launched in Lentor, with most seeing strong buyer demand despite concerns over a potential oversupply. Here’s a look at the key projects: Project Launch Date Total Units Units Sold % Sold Average Price (PSF) Lentor Modern Sep 2022 605 508 84% $1,856 Lentor Hills Residences Jul 2023 598 559 93.3% $2,269 Lentoria Jan 2024 267 60 22% $1,965 Lentor Mansion Mar 2024 533 400 75% $2,200 (Source) What Do These Sales Figures Tell Us? Despite multiple project launches, demand remains strong, particularly for smaller units. In fact, one- and two-bedroom units in most Lentor projects have been nearly sold out. As of February 2025, only 159 units remain unsold across all major projects, representing just 6.4% of the total launched inventory. This suggests that the fear of oversupply may be overblown, especially since new launches in other areas of Singapore have struggled to achieve similar take-up rates. Lentor in the Context of the Broader Singapore Market Lentor is part of District 26, which had only 2,966 non-landed private homes as of Q4 2024, making it one of the districts with the lowest housing supply in Singapore. This limited supply is crucial because it helps to stabilize property prices and drive future appreciation. Additionally, the nationwide property market has shown resilience, with analysts forecasting a 2% to 4% price increase in 2025 due to strong demand and limited land supply. Will Lentor’s Property Prices Appreciate? Key factors supporting future price growth in Lentor: Conclusion: Is Lentor an Oversupply Risk or an Investment Opportunity? While the initial wave of launches raised concerns about oversupply, the sales figures and market fundamentals tell a different story. For property investors and homebuyers, Lentor presents an attractive investment opportunity—especially for those looking at long-term capital appreciation. Would you like personalized advice on investing in Lentor? Contact me today at 8826 3821, and let’s explore the best options for your real estate goals!

Blog, Buy Condominium in Singapore, Real Estate, Resale Condominium

What are Integrated Developments?

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Integrated developments are large-scale projects that combine multiple uses, such as residential, commercial, and transport hubs, into a single location. Compared with mixed developments, which also have commercial malls and residential units, integrated developments have the additional benefit of direct integration into an MRT station and / or bus interchange. This added advantage means that integrated developments typically command a premium over mixed developments. Imagine staying at an integrated development – you have the convenience of a supermarket, shopping mall, MRT station and bus interchange just seconds away from your doorstep! Whether you have a sudden bubble tea craving or need to buy food for a gathering that you are hosting, everything is within minutes from your home. Your children can attend enrichment classes while your elderly parents, who may be less mobile, need not walk a distance to socialise or run their errands. This is especially so if the integrated development includes a community centre where there are activities for them, or hawker centres for them to chit-chat and have their meals. Rain or shine, all your everyday needs can be settled by just taking the lift. In addition, malls that are part of integrated developments tend to be larger and better managed by the developer themselves or sold collective to another investor (e.g. REIT/fund). Proper mall management ensures a proper tenant mix in the mall which means you will have a wide variety of retail shops to choose from. With a curated tenant mix, the needs of residents are better catered to. Travelling also becomes a breeze – you can always take a direct bus or MRT train to work / school within air-conditioned comfort. Rare Status of Integrated Developments Currently, there are only nine integrated developments – six completed, two under construction and one more in Tampines North that is set to be launched in 1Q 2025. While the LTA has earmarked a further seven ITHs for the future, Hougang is the only site has been confirmed as an integrated development (includes a condominium). Across the nine integrated developments, there are a total of only 6,296 units.  Based on the island-wide stock of 341,131 private residential units, this means that just 1.8% of all non-landed private residential units are in integrated developments (as of 3Q 2024). Profitability of Integrated Developments Looking at recent integrated developments completed in the last five years (since 2019), both Pasir Ris 8 and Sengkang Grand Residences have seen 100% profitable transactions. Both Pasir Ris 8 and Sengkang Grand Residences have outperformed their counterparts from the same area. Based on their median price per square foot (psf), Pasir Ris 8’s grew 12.4%, higher than the 9.3% for the entire Pasir Ris Planning area. Similarly, Sengkang Grand Residences’ price grew by 18.1%, higher than the 17.2% recorded in Sengkang. With Singapore’s public transport network becoming increasingly comprehensive, coupled with the higher costs of car ownership, living near an MRT station is becoming increasingly important for home buyers. Moreover, given the low supply of new integrated developments, seeing such significant price growth is unsurprising. Hence, while integrated developments might come with a price premium, they also result in higher returns. High rental and strong rentability Having direct access to MRT station and bus interchange makes integrated developments highly sought after by tenants. For developments that are less than ten years old, these properties consistently command significantly higher premiums compared to their counterparts in the same area. Being close to the town centre, transport nodes, and amenities, their rents are typically higher. Integrated developments like Bedok Residences, Hillion Residences, Northpark Residences and Sengkang Grand Residences have achieved higher rental prices of over 12.7% to 49.2% as compared to other private condominiums in the district. Compass Heights and The Centris are the exceptions, due to the older age of the developments and the presence of newer developments in those region. As you might imagine, integrated developments are more expensive than non-integrated developments due to their conveniences. It is important to do due diligence to understand what is a fair price premium to pay the conveniences that an integrated development offers. If you are looking to invest into an integrated development in 2025, here is your opportunity! Parktown Residences at Tampines North is scheduled to launch in Feb 2025. It will be the largest integrated development in Singapore with over 1,193 residential units in addition to a mall, MRT station, bus interchange, community centre and hawker centre. If you are keen to explore Parktown Residences for your next home / investment property, connect with Dominic Choa Real Estate today!

How to Negotiate the Best Price for Your Resale Condominium in Singapore
Real Estate, Resale Condominium

How to Negotiate the Best Price for Your Resale Condominium in Singapore

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How to Negotiate the Best Price for Your Resale Condominium in Singapore Singapore’s real estate market is dynamic, and resale condominiums are a popular choice among buyers looking for a blend of modern amenities and strategic locations. However, purchasing a resale condominium requires careful consideration and negotiation skills to secure the best price. This comprehensive guide will help you navigate the complexities of buying a resale condominium in Singapore, ensuring you make a well-informed decision. Understanding Resale Condominiums What is a Resale Condominium? A resale condominium refers to a unit in a private residential development that has been previously owned and is being sold by the current owner. These units are usually ready for immediate occupation and come with established surroundings and amenities. Types of Condominiums in Singapore Advantages of Buying a Resale Condominium Key Challenges When Buying a Resale Condominium Price Negotiation Financing and Additional Costs Property Condition Understanding Resale Levy for Executive Condominiums Negotiating the Best Price Research the Market Set a Budget Approach the Negotiation Strategically Engage a Real Estate Agent Resale Condominiums in Singapore Resale Condominiums in Central Core Region (CCR) Resale Condominium in Orchard Resale Condominium in Bukit Timah Resale Condominium in Marina Bay Resale Condominiums in Rest of Central Region (RCR) Resale Condominium in Queenstown Resale Condominium in Bishan Resale Condominium in Toa Payoh Resale Condominiums in Outside Central Region (OCR) Resale Condominium in Punggol Resale Condominium in Sengkang Resale Condominium in Jurong West Legal and Financial Considerations Understanding the Option to Purchase (OTP) Stamp Duties and Taxes Condominium Resale Certificate FAQs on Resale Condominiums in Singapore Do condos have good resale value? Yes, especially in prime locations or areas with upcoming developments. Can I buy resale if I own another condo? Yes, but ABSD will apply for the second property. Are condos good for flipping? Condos in high-demand areas with growth potential can be profitable for flipping. Can I sell my condo immediately after buying it? Yes, but be aware of Seller’s Stamp Duty (SSD) if sold within three years. Why is a condo better than HDB? Condos offer more privacy, better amenities, and higher investment potential. Who are condos best for? Young professionals, families seeking modern amenities, and investors. Which floor is best to live in a condo? Higher floors offer better views and reduced noise but may come at a premium price. Why is it better to live in a condo? Enhanced lifestyle, access to facilities, and the potential for higher property appreciation. Buying a resale condominium in Singapore is an excellent investment if done right. By understanding the market, negotiating effectively, and addressing key challenges, you can secure the best deal. Engage experienced professionals and stay informed about legal and financial aspects to ensure a seamless purchase experience. For personalized guidance on buying or selling a resale condominium in Singapore, connect with Dominic Choa Real Estate today!