Emerald of Katong, the newest private condominium development by Sim Lian Group, achieved strong weekend sales, with 99% of its 846 units being sold in just three days since its launch last fortnight. As of November 30, caveats for Emerald of Katong show that 825 units, or 97.5% have been sold at an average price of $2,617 psf. Out of the remaining 21 units, 13 were sold at a later date, while 8 units remain unsold. The weekend launch began on November 15, with VIP and multiple unit sales, followed by a public launch over the subsequent weekend. Over 800 expressions of interest were received for the sale of 13 units at Emerald of Katong, says Ismail Gafoor, the CEO of PropNex. The developer responded to the buyers backing out by holding a balloting session for the 13 units on the morning of Nov 30, which were subsequently taken up by the first 13 buyers. Neighbouring projects in the prime District 15, such as Tembusu Grand and Grand Duaman benefited from Emerald of Katong’s launch. Cumulative sales reached 581 units or 91% sold at Tembusu Grand, with 52 units being sold in November at an average price of $2,445 psf. Adjacent to Emerald of Katong is Grand Dunman, by SingHaiyi, where 731 units were sold (72.5%) at an average price of $2,531 psf. Emerald of Katong’s launch, with an average price of $2,617 psf has created a ripple effect on the neighbouring projects. However, the biggest beneficiary of the launch was The Continuum, developed by Hoi Hup Realty and Sunway Developments. Since November 9, 126 units were sold at The Continuum, bringing the total sales to 528 units (64.7%), at an average price of $2,788 psf. The strong uptake at The Continuum was driven by a number of factors, including availability and pricing, with a premium of just 6.53%. The highest psf prices were achieved for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on high floors, specifically from the 16th to 21st floors. At the launch, 21 such units recorded prices ranging from $2,901 psf to $2,958 psf. Meanwhile, at The Continuum, 13 caveats lodged so far show prices exceeding $3,000 psf. Of these, 11 units were sold this November, including nine two-bedroom, high-floor units ranging in size from 646 to 721 sq ft, with prices from $3,003 psf to $3,084 psf. The remaining units, of 872 sq ft, were sold at $3,003 psf and $3,060 psf. Some 22 caveats were lodged for The Continuum since its launch in November, where prices ranged from $2,667 psf to $3,003 psf for three- and four-bedroom units, which were between 1,066 sq ft to 1,270 sq ft. Also, 10 caveats were lodged for smaller units from one- to two-bedrooms, averaging between $2,620 psf and $2,697 psf. November, having already been a robust month for new home sales with 2,805 units sold, has surpassed the previous peak of 2,793 monthly private new home sales recorded in March 2013 according to Huttons Data Analytics. Mr Gafoor from PropNex states that this will have a positive impact on the take-up rate in 2025. Homebuyers who missed out on the opportunity to purchase a unit at Emerald of Katong will surely be enticed to purchase alternative units. The robust take-up in November will also translate into a positive boost for new home sales at the start of 2025.
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