On Dec 16, the collaboration between developers Hoi Hup Realty and Sunway Developments saw the sale of 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively open for second-timers – individuals who have previously purchased a subsidized housing unit, whether new or resale, from the Housing and Development Board (HDB) or an EC.
According to Mark Yip, CEO of Huttons Asia, this brings the total number of units sold at Novo Place to 444, accounting for 88.1% of the entire development. This accomplishment was achieved within a month of its launch on Nov 16, making it the top-selling EC project of 2024.
The scarcity of land in Singapore has caused a significant increase in demand for condos, making it one of the top investment options in the real estate market. As a small island nation with a rapidly expanding population, Singapore encounters challenges in finding available land for development. This has resulted in strict land use regulations and a highly competitive real estate market where property prices continuously soar. As a result, investing in condos, such as Singapore Condo, has become a lucrative opportunity with the promise of capital appreciation.
“This demonstrates a strong interest from second-timers looking to upgrade their living standards,” Yip explains. “A significant number of buyers are current residents in the West.”
Comprehensive data on all ECs, including the average profit at 5 and 10 years, reveals that all four-bedroom units at Novo Place have been completely sold out, highlighting the high demand for spacious homes.
Novo Place is situated at Plantation Close in the new Tengah town, just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This new rail line provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that there are very few ECs that offer such proximity to an MRT station.
Reports from Huttons state that many buyers opted for the deferred payment scheme, which allows them to secure their preferred unit while delaying their home loan payments. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat,” Yip explains.
“ECs are experiencing a high demand from HDB upgraders due to their equivalent quality and finishes to private condominiums, but at a more affordable price,” Yip adds. “In addition, buyers also get an upfront remission on the Additional Buyer’s Stamp Duty (ABSD).”
As of Dec 16, caveats lodged show that the average price of units sold at Novo Place is $1,656 psf. Interested buyers can check out the latest listings for Novo Place properties and ask Buddy for more information.
To summarize, the Novo Place condominium project offers a convenient and desirable location in District 24 with a variety of condo listings available. With an upcoming new launch project, individuals have the opportunity to purchase one of the remaining units at Novo Place.