When it comes to investing in condos in Singapore, there is an important factor to consider: the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures in order to control speculative buying and maintain a stable real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those who are purchasing multiple properties. Although these measures may impact the short-term profitability of condo investments, they play a crucial role in ensuring the long-term stability of the market and creating a safer investment environment. This is why investing in a condo through Condo is a wise choice for investors in Singapore.
The newly launched Emerald of Katong has sold 99% of its 846 units over its first three days of sales, with an average price of $2,617 psf, according to caveats lodges. This means that only 13 units are left unsold, due to buyers backing out of their purchases during the launch. In response, a balloting session was conducted for these 13 units, with all of them taken up by interested buyers. This shows that the demand for this 99-year leasehold private condominium on Jalan Tembusu is high, and it has created a ripple effect on other nearby projects in the East Coast area of prime District 15. As of 30th November, a total of 825 units at Emerald of Katong have been sold. Advertisement advertisementThe two neighbouring projects that have been the biggest beneficiaries of this launch are the 638-unit Tembusu Grand, developed by City Developments Ltd (CDL) and MCL Land, and the 1,008-unit Grand Dunman by SingHaiyi. Since the start of November, Tembusu Grand has sold 52 units, with a total sales of 581 units (91%). Meanwhile, Grand Dunman has sold 18 units since 11th November, with cumulative sales of 731 units (72.5%).The third project that has seen a significant increase in sales is the 816-unit freehold The Continuum. Since 9th November, a total of 126 units have been sold, bringing the total sales to 528 units (64.7%) as of 30th November. This shows that the newly launched Emerald of Katong has boosted the sales for these three neighbouring projects, with The Continuum being the biggest beneficiary. This is because of its pricing, with an average of $2,788 psf. This is a 6.53% premium over the average price of $2,617 psf at Emerald of Katong. AdvertisementAlthough a total of 21 units at Emerald of Katong achieved prices ranging from $2,901 psf to $2,958 psf, a total of 13 caveats lodged at The Continuum showed prices exceeding $3,000 psf. These include 11 units that were sold this November, including nine two-bedroom, high-floor units and two small three-bedroom units. On the other hand, some three- and four-bedroom units ranging from 1,066 sq ft to 1,270 sq ft were sold at prices between $2,667 psf and $2,681 psf in The Continuum during the past month.Overall, there have been 2,805 units sold this November, which has already surpassed the previous peak of 2,793 monthly private new home sales recorded in March 2013. This will undoubtedly have a positive impact on the take-up rate of new homes in 2025. For instance, the Emerald of Katong has received over 800 cheques for just 13 units, which are sold out, meaning that unsuccessful buyers will now be seeking alternatives. This will boost the new home sales in the early months of 2025. This shows that November is shaping up to be a robust month for new home sales, which is expected to have a significant impact on the take-up rate of new homes in 2025. Check out the latest listings for Emerald Of Katong, Tembusu Grand, The Continuum properties.This article was first published in EdgeProp. Reproduced with permission.*The data provided is for reference only and does not constitute investment advice. Please seek independent advice before making any investment.