Q2 2021 new-launch pipeline: developer sales activity, GLS-driven supply, and pricing benchmarks for the quarter. Annual private residential developer-launch volume in 2021 tracked ~13,000 units. A COVID-recovery year with abundant global liquidity. The CCR luxury segment surged on returning HNW demand. The December 2021 cooling measures raised SC second-property ABSD to 17% and foreigner ABSD to 30%, capping the year on a cooler note. (as of 2021-Q2).
Singapore’s new-launch pipeline is dominated by two flows: (a) developer-launched private condos drawn from Government Land Sales (URA GLS) tranches awarded 1–3 years prior, and (b) en-bloc redevelopments. The URA Property Data portal tracks developer-sales caveats separately from resale caveats, allowing analysts to size the launch pipeline distinctly from the resale market.
The macro backdrop for Q2 2021: A COVID-recovery year with abundant global liquidity. The CCR luxury segment surged on returning HNW demand. The December 2021 cooling measures raised SC second-property ABSD to 17% and foreigner ABSD to 30%, capping the year on a cooler note. New-launch absorption depends on three variables: (1) the cooling-measure environment (foreigner and SC second-property ABSD set by the IRAS ABSD schedule), (2) the SORA-driven mortgage cost environment, and (3) the supply pipeline calendar set by URA GLS tranche timing.
For 2021, total developer-launch volume tracked ~13,000 units across the private residential market. The CCR/RCR/OCR mix shifted depending on which GLS sites came to market in the quarter; OCR launches typically account for the largest unit-count share due to lower-tier site sizes and the focus on mass-market upgrader demand. Cross-reference launch caveats with the URA CCR/RCR/OCR segment definitions when sizing the segment mix.
New Launch Pipeline: Q2 2021
Tracking developer launch activity and upcoming project completions in Singapore's private residential market.
- 3,419 new sale transactions recorded in Q2 2021
- 15 active new launch projects with sales this quarter
- Average new launch PSF: $1,929 psf
Most Active New Launches
| Project | District | Developer | Units Sold | Avg PSF |
|---|---|---|---|---|
| IRWELL HILL RESIDENCES | D9 (CCR) | CDL PERSEUS PTE LTD | 332 | $2,638 psf |
| PROVENCE RESIDENCE | D27 (OCR) | - | 223 | $1,155 psf |
| TREASURE AT TAMPINES | D18 (OCR) | Sim Lian (Treasure) Pte Ltd | 193 | $1,419 psf |
| NORMANTON PARK | D5 (RCR) | KINGSFORD HURAY DEVELOPMENT PTE LTD | 190 | $1,795 psf |
| ONE-NORTH EDEN | D5 (RCR) | ONE NORTH DEVELOPMENT PTE LTD | 155 | $1,992 psf |
| PARC CLEMATIS | D5 (OCR) | - | 144 | $1,658 psf |
| MIDWOOD | D23 (OCR) | - | 109 | $1,651 psf |
| PARC CENTRAL RESIDENCES | D18 (OCR) | - | 97 | $1,167 psf |
| AVENUE SOUTH RESIDENCE | D3 (RCR) | - | 89 | $2,197 psf |
| THE FLORENCE RESIDENCES | D19 (OCR) | - | 88 | $1,660 psf |
| SENGKANG GRAND RESIDENCES | D19 (OCR) | TEAMBUILD DEVELOPMENT (S) PTE LTD | 85 | $1,697 psf |
| HYLL ON HOLLAND | D10 (CCR) | - | 78 | $2,391 psf |
| ONE BERNAM | D2 (CCR) | - | 78 | $2,508 psf |
| AMBER PARK | D15 (RCR) | CITY DEVELOPMENTS LTD | 74 | $2,474 psf |
| OLA | D19 (OCR) | - | 73 | $1,152 psf |
Upcoming Completions
| Project | District | Units | TOP Year |
|---|---|---|---|
| NORMANTON PARK | D5 | 1,840 | 2021 |
| RIVERFRONT RESIDENCES | D19 | 1,451 | 2021 |
| PARC CLEMATIS | D5 | 1,450 | 2021 |
| THE FLORENCE RESIDENCES | D19 | 1,410 | 2021 |
| PARC ESTA | D14 | 1,399 | 2021 |
| STIRLING RESIDENCES | D3 | 1,259 | 2021 |
| JADESCAPE | D20 | 1,206 | 2021 |
| AVENUE SOUTH RESIDENCE | D3 | 1,074 | 2021 |
| AFFINITY AT SERANGOON | D19 | 1,012 | 2021 |
| THE TAPESTRY | D18 | 861 | 2021 |
Developer Pipeline & Market Outlook
Editorial analysis for this section is being prepared.
Pricing benchmarks for new launches in Q2 2021 vary materially by segment. CCR new launches typically command a 40–60% PSF premium over OCR equivalents due to land scarcity and the brand recognition of prime districts. Rough segment averages observed across recent cycles:
| Segment | Typical new-launch PSF | Buyer mix |
|---|---|---|
| CCR (D9/D10/D11) | $2,800–$3,500 | SC residential, PR, FTA-eligible foreign |
| RCR (city fringe) | $2,200–$2,700 | SC upgrader, PR, owner-occupier mix |
| OCR (suburban) | $1,900–$2,300 | SC first-time, HDB upgrader |
Absorption rates differ sharply across segments. OCR launches near MRT stations or family-amenity hubs typically see 30–50% sold within the first booking weekend; CCR luxury launches operate on multi-tranche pacing where developers release 10–20% of units per phase to manage pricing power. Use the price heatmap to visualise where new-launch PSF clusters across the island. See the URA private residential data portal for live developer-sales statistics.
The mortgage cost backdrop matters intensely for new-launch buyers because Progressive Payment Schemes (PPS) for under-construction units mean the buyer commits to a price today but only draws the full mortgage on Temporary Occupation Permit (TOP) typically 3–4 years later. SORA can move materially in that window. A buyer signing OTP in Q2 2021 should stress-test affordability at TOP-year rates that could be 100–200bp different from today’s reading. The MAS SORA dashboard provides the daily benchmark; the mortgage calculator models the TOP-year scenario.
Buyer-profile implications: at the current ABSD architecture, the bulk of new-launch demand sits with Singapore Citizen first-time buyers (0% ABSD) and SC upgraders who use the six-month ABSD remission window (sell existing within 6 months of new OTP to recover ABSD). Foreign buyers are largely absent except for FTA-eligible nationals (US, Swiss, Liechtenstein, Norway, Iceland) and HNW residential buyers. Investor-driven SC second-purchase demand (20% ABSD) is materially smaller than pre-2023 levels. The MAS cooling measures explainer describes the buyer-segment policy intent.
The BSD/ABSD stamp duty calculator models exact upfront tax cost by buyer profile, essential for sizing the true day-one cash requirement on a new-launch booking. Add legal fees, agent commissions, and renovation budget via the total acquisition cost calculator.
[
{
"buyer_type": "SC first-time buyer at new launch",
"action": "You pay 0% ABSD — the most favourable position. Stress-test your TDSR at SORA +50bp above current rates (since you commit to a price today but draw the mortgage at TOP, typically 3–4 years later). Use the stamp duty calculator for upfront cost and the mortgage calculator for the TOP-year scenario."
},
{
"buyer_type": "SC upgrader using ABSD remission",
"action": "The 20% ABSD on your new launch is refundable if you sell your existing residential property within 6 months of buying the new one. The remission is automatic if the timing is met — coordinate the HDB sale and the new-launch OTP carefully. Use the BSD/ABSD calculator to model both scenarios."
},
{
"buyer_type": "PR considering first private launch",
"action": "PRs pay 5% ABSD on first private property — manageable but not negligible. The progressive payment schedule for under-construction units means CPF and cash drawdown is staged over the build period; confirm CPF eligibility and TDSR headroom before committing."
},
{
"buyer_type": "Foreign buyer (FTA national)",
"action": "You qualify for Singapore Citizen-equivalent ABSD rates: 0% on first, 20% on second, 30% on third. Verify treaty eligibility with your conveyancing lawyer before signing OTP — eligibility is checked at IRAS submission."
},
{
"buyer_type": "Investor (SC second purchase)",
"action": "At 20% ABSD plus 4%+ all-in mortgage rates, the yield maths is hostile for leveraged investor purchases. The cash flow calculator will show negative carry as the base case for most CCR/RCR new launches at current price points. Consider the decoupling strategy or focus on owner-occupier intent rather than yield."
}
]
- Use the BSD/ABSD stamp duty calculator to model upfront tax cost by buyer profile.
- Model TDSR at TOP-year rate scenarios via the TDSR/MSR affordability calculator — SORA can move materially between OTP and TOP.
- Compare new-launch PSF by segment via the price heatmap and the district comparison calculator.
- Track new-launch caveats and developer-sales statistics on the URA private residential portal.
- Read the URA GLS schedule for forward visibility on upcoming launches.
- Confirm BSD/ABSD treaty eligibility (FTA nationals) via the IRAS ABSD page.
Bull case — tight supply supports pricing. Government Land Sales tranches over 2025–2027 are targeted to release approximately 25,000 private sites — meaningful but not flood-the-market levels. Combined with continued en-bloc activity in well-located older estates, new-launch supply remains tight relative to underlying demographic demand from SC first-timers and HDB upgraders. Mass-market OCR launches near MRT or top primary schools continue to see strong absorption, and developers retain pricing power on tranche-pacing.
Bear case — ABSD + SORA crimp the qualified buyer pool. The combination of elevated foreigner ABSD (60% since April 2023), elevated SC second-property ABSD (20%), high SORA-linked mortgage rates (~4% effective), and tight TDSR enforcement materially reduces the qualified buyer pool for any given launch. Developers respond by adjusting tranche pricing downward or extending booking timelines — meaning headline launch PSF may understate true clearance prices, and on-the-ground absorption may be slower than initial sales-day reports suggest.
Frequently Asked Questions
How many new condo launches were there this quarter?
Should I buy a new launch or resale condo?
What was the new-launch volume in 2021?
Total private residential developer launches in 2021 tracked ~13,000 units. Quarterly distribution varies with GLS tranche timing and developer launch strategy. See the URA Property Data portal for the official quarterly breakdown (as of 2021-Q2).
How are new-launch prices set?
Developers set new-launch indicative pricing based on (a) the GLS land cost they paid, (b) construction cost projections, (c) target margin, and (d) comparable transactions in the same segment. They then release units in phased tranches, adjusting per-tranche pricing based on demand absorption. Heavy first-tranche demand often signals subsequent tranche price increases.
How does TOP timing affect mortgage decisions?
The buyer commits to a price at OTP, but the full mortgage is only drawn down at TOP — typically 3–4 years later. SORA can move materially in that window. A buyer signing OTP at current SORA levels should stress-test affordability at TOP-year rates that could differ by 100–200bp. Use the mortgage calculator to model the TOP-year scenario.
What is the ABSD remission window for SC upgraders?
Singapore Citizens who buy a new property and sell their existing residential property within 6 months can apply for ABSD remission on the new purchase. This effectively reduces the 20% ABSD on a second SC property to 0% net, provided the sale timing is met. The window is strict — coordinate the HDB or condo sale carefully against the new-launch OTP date.
Which segment sees the most new-launch supply?
OCR (Outside Central Region) typically accounts for the largest unit count share due to lower-tier GLS site sizes and mass-market upgrader demand. CCR luxury new-launch supply is structurally tighter due to land scarcity in Districts 9, 10, 11. RCR sits between the two. See the URA segment data for the quarterly distribution.
Methodology & Sources
The dataset behind this report spans Q2 2021; we refresh it every quarter.
Transaction data sourced from URA REALIS.
- Interest rate data from MAS SORA dashboard.
- ABSD rates from IRAS ABSD rates.
Price-per-square-foot (PSF) here means the median deal in the period; means are reserved for volume-weighted aggregates explicitly labelled as such.