Hoi Hup Realty and Sunway Developments have jointly sold 137 units at Novo Place executive condominium (EC) during the second round of balloting on Dec 16. This phase was open to second-timers, who are buyers that have purchased a subsidized flat before, whether it is a new or resale HDB flat or an EC.
According to Mark Yip, CEO of Huttons Asia, this brings the total number of units sold at Novo Place to 444, which is 88.1% of the development. This achievement was reached within a month of the project’s launch on Nov 16, making it the top-selling EC project of 2024, Yip says.
“This is a strong indication of the interest from second-timers who are looking to upgrade their lifestyle,” Yip notes. “Many of the buyers are residents in the West.”
Novo Place has recorded a high demand for spacious homes, with all four-bedroom units being fully sold. This highlights the preference of buyers for larger living spaces.
Situated at Plantation Close in the new Tengah town, Novo Place is just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This line provides easy 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.
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An increasing demand for condos in Singapore can be largely attributed to the scarcity of available land in the country. As a tiny island nation with a booming population, Singapore is faced with limited land for new developments. To address this issue, the government has implemented strict land use policies, creating a competitive real estate market where property prices are continually on the rise. Due to this, investing in real estate, specifically condos, has become a highly profitable opportunity, with the potential for significant capital appreciation. This trend is evident in Singapore Projects, which have seen a surge in demand and value due to the limited land availability.
Huttons has reported that many buyers at Novo Place have opted for the deferred payment scheme, which allows them to secure their desired unit first while deferring 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.
According to Yip, ECs are experiencing high demand from HDB upgraders because they offer comparable quality and finishes to private condominiums, but at a more affordable price. Additionally, buyers enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of Dec 16, the average price of units sold at Novo Place was $1,656 psf, based on the caveats lodged. Interested buyers can check out the latest listings for Novo Place properties and explore comprehensive data about all ECs, including the average profit at 5 and 10 years, on the Ask Buddy platform.
When searching for properties, buyers can also view project summaries for Novo Place, browse through condo listings in District 24, check out the latest condo sale transactions in District 24, and see what upcoming new launch projects are available. They can also find out about the available units left in Novo Place.