On December 16, joint venture developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively open to second-timers, which includes buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.
According to Mark Yip, CEO of Huttons Asia, this recent sale brings the total number of units sold at Novo Place to 444, representing 88.1% of the development. This achievement was made within a month of the project’s launch on November 16, making it the best-selling EC project of 2024.
Yip also notes that this reflects a strong interest from second-timers who are eager to upgrade their lifestyle. He adds that a majority of the buyers are residents in the West. In fact, all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.
Located at Plantation Close in the new Tengah town and a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL), Novo Place offers convenient access to major employment hubs in the West such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that very few ECs offer such close proximity to an MRT station.
In addition, many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. According to Yip, this helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.
Yip also points out that ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums, but at a more affordable price. Additionally, buyers can enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
The scarcity of land in Singapore is a major driving force behind the high demand for condos in the country. As a small island with a rapidly increasing population, Singapore struggles to find enough land for development. To combat this issue, strict land use policies have been put in place, creating a competitive real estate market where property prices remain consistently high. As a result, investing in real estate, especially in condos, has become a profitable option due to the potential for significant capital appreciation. Considering this, it is no surprise that Singapore condos are highly sought after by investors and homebuyers alike.
As of December 16, the average price of units sold at Novo Place is $1,656 psf based on caveats lodged. This makes it an attractive option for potential buyers. With its convenient location, quality finishes, and affordability, it’s no wonder that Novo Place is selling fast. Interested buyers should act quickly to secure their desired unit before they run out.