New launch prices in Singapore are moving fast.
Recently, we have seen several projects push pricing benchmarks higher. Hudson Place achieved around $24xx psf, Vela Bay moved near the $28xx psf range with strong sales, and Tengah Garden Residences crossed $21xx psf despite being in an area that some buyers may still view as “ulu” or early in its transformation story.
This raises an important question:
Can today’s expensive property become tomorrow’s good value?
Why Buyer Psychology Is Changing
In Singapore’s property market, buyers do not only compare prices to history.
They compare prices to what is available today.
After nearly a decade of rising prices since around 2017–2018, many buyers have become conditioned to a market where prices keep moving upwards. When a new launch resets the benchmark, older projects that once looked expensive can suddenly appear more attractive.
This is the benchmark reset effect.
When future launches are more expensive, smaller, or in less familiar locations, existing launches may start to look like better value.
Projects Quietly Seeing Sales Momentum
Following the recent launches, several existing projects have started to see renewed activity.
Some of the projects that stood out include:
Narra Residences
Union Square Residences
Elta
The Continuum
One Marina Gardens
The key point is not that every project is suddenly flying off the shelves.
The key point is that buyer attention may be shifting back to selected older launches where pricing now looks more reasonable relative to the new market benchmarks.
Narra Residences: A Clear Standout
Narra Residences has been one of the clearer examples of renewed sales momentum.
It did not move a huge number of units at launch, but after Tengah Garden Residences crossed the $21xx psf range, buyers may have started to reassess what “normal” OCR pricing looks like.
Narra Residences is within walking distance to Hillview MRT station on the Downtown Line, and it also benefits from upgrader demand from areas such as Bukit Panjang, Choa Chu Kang and Bukit Batok.
Despite the recent sales uptick, it remains only around 36% sold, which means buyers may still have a meaningful selection of units.
Union Square Residences: A Dark Horse Project
Union Square Residences is another interesting project.
I previously described it as a dark horse, and recent promotions have made certain stacks more attractive, especially for the one-plus-study, two-bedroom and three-bedroom layouts.
Since the launch of Tengah Garden Residences, Union Square Residences has seen renewed movement, with around 14 units sold.
The appeal here is not just pricing. It is also about location, centrality and the possibility that buyers are starting to reassess central region projects as broader market benchmarks rise.
Elta: Clementi Value In A Rising Market
Elta is another project that has quietly continued to move.
Located at Clementi Avenue 1, it sits in a mature and familiar location with strong rental demand and good surrounding amenities.
While some smaller units may no longer look cheap in absolute terms because higher-floor units are left, some larger units, such as the five-bedroom layouts, may still offer attractive entry pricing from around $2,200 psf.
As other launches continue to move upwards, Elta’s original pricing may gradually become more accepted by the market.
The Continuum And One Marina Gardens: Longer-Term Examples
The Continuum is a useful example of how market perception can change over time.
When it launched, many buyers felt that the pricing was high. But today, with leasehold projects in some areas moving towards the $2,500 to $2,800 psf range, a freehold project in the East at around $2,700 to $2,800 psf can start to look more attractive.
It launched at around 26% sold and is now nearing 95% sold.
One Marina Gardens is another example. It launched at around 38% sold and is now nearing 70% sold. With prices around the $28xx psf range and moving towards $3,000 psf, buyers may now view it as relatively good value for a CCR project near Gardens by the Bay and the future growth story of the area.
Important Caveat: Not Every Project Will Benefit
This is not a magic formula.
Benchmark repricing can amplify good projects, but it does not automatically rescue weak ones.
Fundamentals still matter.
Buyers should still look carefully at:
Location
Project size
Layout efficiency
Rental demand
Future transformation plans
Developer pricing strategy
Remaining unit mix
Risk of future price adjustments
If the developer’s pricing was wrong from the start, there is always a risk that prices may be adjusted later. That can affect earlier buyers.
So selection is still key.
What Buyers Should Watch
If you are looking at the new launch market, here are the key things to monitor.
First, look at land bid prices. Land prices often give clues about where future launch prices may head.
Second, monitor upcoming launch prices. If new launches keep pushing benchmarks higher, selected existing projects may start looking relatively attractive.
Third, watch for quiet absorption. If a project that was previously slow starts selling consistently week after week, it may be a signal that buyers are reassessing its value.
Fourth, compare against current alternatives, not just past prices. The market does not wait for buyers to feel comfortable.
Why Timing Matters
Sometimes, entering a project after the initial launch phase can still make sense.
For investors, the project may be closer to TOP, which means rental income can start earlier.
For own-stay buyers, it may also reduce the waiting time before moving in.
But the key is not to chase hype blindly.
The key is to recognise repricing early, before the broader market fully adjusts.
Because if developers realise that newer benchmarks have made their projects look cheaper, what might they do?
They may raise prices.
Some projects have already done so.
Final Thoughts
Today’s “too expensive” can become tomorrow’s good value if future launches continue to push the price ceiling higher.
This does not mean every older launch is a good buy.
But it does mean buyers should pay attention to how the market is repricing, which projects are quietly moving, and where relative value may be appearing.
The market rarely rings a bell before it moves.
The question is whether buyers recognise the shift early — or only after prices have already adjusted.
Ask Jim 