There are just some people that don’t like buying just from a showflat model – they need to see the actual product. Some others may have time constraints and need to move in by a certain date – this could be due to expanding family size, or just a change in environment due to the pandemic. Whatever the reason, there will naturally always be a demand for condos that are approaching their completion date.
In short, there are about 23 condos receiving their Temporary Occupancy Permit (TOP) in 2021/22, from the much-awaited Parc Esta to the gigantic Jadescape.
At this point, you may think it’s a little late to buy a unit – but some buyers have specifically waited till now. Here’s a quick look at what’s still available, and why you might buy at this late stage:
New Launch Condos reaching TOP in 2021/22
| Project | Take Up Rate | TOP |
| Tre Ver | 100% | 2022 |
| The Tapestry | 100% | 2021 |
| Seaside Residences | 100% | 2021 |
| Margaret Ville | 100% | 2021 |
| RV Altitude | 100% | 2022 |
| Parc Esta | 99.60% | 2022 |
| The Garden Residences | 99.50% | 2021 |
| Amber 45 | 99.30% | 2021 |
| Park Colonial | 98.30% | 2022 |
| Riverfront Residences | 97.30% | 2022 |
| Daintree Residences | 97.20% | 2022 |
| Stirling Residences | 96.90% | 2022 |
| Jadescape | 95.90% | 2022 |
| Martin Modern | 93.60% | 2021 |
| 3 Cuscaden | 88.50% | 2021 |
| Boulevard 88 | 70.10% | 2022 |
| The Jovell | 56.30% | 2022 |
| Fourth Avenue Residences | 52.90% | 2022 |
| RoyalGreen | 36.80% | 2022 |
| Meyerhouse | 32.10% | 2021 |
| The Gazania | 12.40% | 2022 |
| One Draycott | 8% | 2022 |
The following developments are still some ways from selling out, so you have a good chance of getting a unit. Note though, that while some of these developments are 100% sold out, you could still have a chance at the sub sale market – as some of the early buyers might have their SSD period fulfilled by now. Just be prepared to pay a higher price for it.
1. One Draycott
Square Foot Research indicates that the last (single) transaction was at $3,112 psf. In May 2019, the median price was $3,634 psf, while the highest price was $3,766 psf. The lowest price was $3,416 psf.
Developer: Champsworth Development Pte. Ltd.
Take-up rate: 8%
Location: Draycott Park (District 10)
TOP date: 2022
Lease: Freehold
Number of units: 64
One Draycott is a boutique development, consisting of purely two-bedder units; although some are large enough to defy that categorisation (732 to 1,345 sq. ft.). The slower pick-up is likely due to the higher quantum, with many units starting from $2.64 million. However, note that the developer has dropped the price significantly since initial sales; this has refreshed its prospects, if you want a luxury condo without a long wait time to move in or rent out.
2. Meyerhouse
We have a full review of Meyerhouse on Stacked.
Square Foot Research indicates a median price of $2,545 psf, with the highest price at $2,740 psf. The lowest price was at $2,450 psf.
Developer: Secure Venture Development No.1 Pte. Ltd.
Take-up rate:32%
Location: Meyer Road (District 15)
TOP date: 2021
Lease: Freehold
Number of units: 56
Meyerhouse saw the second highest transaction for Q1 2021, with a penthouse selling at $13.9 million. It’s nestled among a number of other luxury properties in Meyer Road, and stands out for unit sizes. The smallest units are three-bedders, ranging from 1,862 to 2,013 sq. ft., while four-bedders reach up to 3,240 sq. ft. Units with these extravagant sizes are usually only found in condos built in the 1990’s, which makes this new launch a stand-out for those who prize living space.
3. The Gazania
Square Foot Research indicates a median price of $2,004 psf, with the highest price at $2,070 psf. The lowest price was at $1,938 psf. The last individual transaction in January 2021 was at $1,879 psf.
Developer: SingHaiyi Huajiang Sun Pte. Ltd.
Take-up rate: 11.6%
Location: How Sun Drive (District 19)
TOP date: 2022
Lease: Freehold
Number of units: 250
The Gazania is five minutes walk from Bartley MRT station but has a lack of immediate amenities in its surroundings. This makes it a development that is useful for specific buyers (i.e., you want access to Bartley MRT, or close proximity to schools like Maris Stella and St. Gabriel’s). The new lower price point, coupled with a short wait-time to completion, is likely to drive up sales soon.
4. Royalgreen
We have a full review of Royalgreen on Stacked.
Square Foot Research indicates a median price of $2,691 psf, with the highest price at $2,772 psf. The lowest price was at $2,559 psf.
Developer: Sky Top Investments Pte. Ltd.
Take-up rate: 34.4%
Location: Anamalai Avenue (District 10)
TOP date: 2022
Lease: Freehold
Number of units: 285 units
Royalgreen has an impressive District 10 location, just about five minutes from Sixth Avenue MRT station. It’s recently been overshadowed by a series of strong central region launches like Irwell Hill Residences and The Linq, contributing to a slower pick-up. Nonetheless, buyers who want a more private and “green” Bukit Timah location might prefer this, over more recent urban launches.
It’s also close to Fourth Avenue Residences (see below); another reason for the slow pick-up may be the lower price psf of this nearby project.
Some may attribute to the small unit sizes too, as it doesn’t quite match up with the buyer demand in the more affluent area of Bukit Timah.
5. Fourth Avenue Residences
We have a full review of Fourth Avenue Residences on Stacked. (Plus a buyer’s case study).
Square Foot Research indicates a median price of $2,305 psf, with the highest price at $2,525 psf. The lowest price was at $2,224 psf.
Developer: Valleypoint Investments Pte. Ltd.
Take-up rate: 51.1%
Location: Fourth Avenue (District 10)
TOP date: 2022
Lease: 99-years
Number of units: 476 units
A more affordable, nearby counterpart to Royalgreen. As a trade-off for the lower price point, Fourth Avenue Residences is leasehold rather than freehold; and is somewhat less exclusive at 476 units (although this is still quite small as a project).
Like Royalgreen, this District 10 condo has been overshadowed by other central region projects. However, it’s likely to pick up as it nears completion; the lower price psf, compared to Royalgreen, could make it attractive to a wider range of buyers.
6. The Jovell
We have a full review of The Jovell on Stacked.
Square Foot Research indicates a median price of $1,328 psf, with the highest price at $1,479 psf. The lowest price was at $1,194 psf.
Developer: Tripartite Developments Pte. Ltd.
Take-up rate: 51.1%
Location: Flora Drive (District 17)
TOP date: 2021
Lease: 99-years
Number of units: 428 units
This condo is located just a four-minute drive from Changi Airport, and is close to both Changi Village and Changi Business City. With its large number of two-bedders, this project is clearly intended – and serves well – as a rental property for tenants in the aviation industry.
That also explains the slower pick-up: the aviation industry has been among the worst hit in the Covid-19 crisis, which caused investors to turn wary last year. Sales may pick up again, if pandemic recovery continues as planned.
7. Boulevard 88
The last transaction in January 2021 was at $3,762 psf.
Developer: Granmil Holdings Pte. Ltd.
Take-up rate: 70%
Location: Orchard Boulevard (District 10)
TOP date: 2021
Lease: Freehold
Number of units: 154 units
We have a full review of Boulevard 88 on Stacked.
Don’t let the recent slow take-up fool you. After a strong launch in 2019, Boulevard 88 hit a snag as the pandemic started to bite. Without affluent foreign investors, and locals turning cautious, sales of the very high quantum units (most transactions are above $6 million) slowed significantly last year. With the pandemic easing and foreign investors returning, we expect sales to pick-up again. That said, the high quantum disqualifies a lot of buyers, so we don’t expect transaction volumes to skyrocket anytime soon.
As an important reminder, the Deferred Payment Scheme (DPS) becomes available for some developments once they receive the Temporary Occupancy Permit (TOP).
We have the full details on DPS in this earlier article. This might be attractive as you can put off repayments for as long as two years, and the property is complete so you could rent it out in the meantime. However, this comes at a higher overall cost, and last choice in units.
For pure home buyers who want to avoid interim housing, now is the time to start making serious enquiries into the condos above.
At Stacked, we like to look beyond the headlines and surface-level numbers, and focus on how things play out in the real world.
If you’d like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.
And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com — we read every message.
Frequently asked questions
What are the condos reaching TOP in 2021/22 that still have units available for purchase?
Why might someone consider buying a condo that is almost completed or has just received TOP?
Are there any advantages to purchasing condos near their TOP date?
What are some of the key developments still available for purchase close to TOP in 2021/22?
How does the take-up rate affect the availability of units in these condos nearing TOP?
0 Comments