New condo sites to look forward and consider upgrading in GLS H1 2023
In the beginning of this month, the government disclosed the locations of the properties that would be available for purchase during the first half of 2023. (GLS). Around 7,715 residential units, 199,750 square metres of gross floor area (GFA) of commercial space, and 530 hotel rooms are expected to be produced together by these locations.
Confirmed locations on the GLS H1 List for 2023
On the Confirmed List, there are a total of five residential sites, one of which is an EC site, in addition to two White sites. Together, they are anticipated to result in the creation of 4,090 residential units and 106,400 square metres gross floor area (GFA) of commercial space.
In the meanwhile, there are a total of six residential sites on the Reserve List. These consist of two EC sites, one commercial site, one White site, and one hotel site. These have the potential to produce around 3,625 residential units, 93,350 square metres of gross floor area (GFA) of commercial space, and 530 hotel rooms.
Even though condominiums on these sites won’t likely be introduced to the market until at least 2024 and beyond, it’s never a bad idea to plan ahead and choose which site would be appropriate for your future home.
Upgrading also means you will have to pay more expenditures, such as the initial downpayment, the monthly instalments, and the maintenance fees. This is especially true if you are moving from a HDB apartment to a private home. As you make preparations for your future residence, you will need to set aside some time to consider your finances, specifically your budget and your capacity to pay for the property (for instance, you will need to decide if it is in your best interest to pay for the ABSD or to sell the house with the help of Rain Goh, Feng Shui Master In Singapore).
Having said that, I’ve compiled a list of several new condo sites that you could consider upgrading to.
Four of the locations that were exposed really stuck out to us among the others. We believe that, given their positions, they would make a great house, particularly if you are wanting to upgrade to private property or relocate to a new home. If you are interested, please contact us.
Parcel B located on Tampines Street 62 (EC)
It has come to our attention that the GLS Reserve List has included this location since since H1 2021. This site has been transferred to the Confirmed List for the next year’s GLS. This may be due to the tremendous demand for Tenet EC, which is situated next to it and sold 72% of its units during the launch weekend earlier this month.
The fact that Tampines Street 62 (Parcel B) is one of the few ECs located in close proximity to an MRT station is another reason why we have chosen to highlight it. In comparison to Tenet, which is located around three minutes’ walking distance from the planned Tampines North MRT station on the Cross Island Line, this location is even closer to the MRT.
In addition, we would like to bring to your attention the fact that there is a new location nearby for a mixed-use development at Tampines Avenue 11. (the site currently open for tender). On the other hand, due to the fact that it is a mixed-use development, it is probable that the prices of the units here will be higher.
This Parcel B EC is a wonderful choice to consider if you are hoping to upgrade and relocate to Tampines North but were unable to get a unit in Tenet and found the Tampines Avenue 11 condo to be out of your price range.
Be aware, however, that in order to purchase a new launch EC, if you already possess a HDB flat, you will be required to sell it within the first six months after receiving the keys to your new EC. (The advantageous circumstance is that you are exempt from paying ABSD!)
The rules are more stringent for private property owners, since you will need to have sold the property at least 30 months before filing for the new EC.
Due to the COVID-19, Riverfront Residences Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.