Emerald of Katong, a newly launched development by Sim Lian Group, saw a strong sales performance during its launch weekend. Out of a total of 846 units, 835 were sold (98.7%) in just two days. The VIP sales on Nov 15 saw 401 units (47%) snapped up, followed by another 434 units on Nov 16. The average price of units sold over the weekend was $2,621 psf. When asked for comment on the sales, Sim Lian declined.
According to Mark Yip, CEO of Huttons Asia, the launch of Emerald of Katong likely holds the record for the most number of units sold in a day, beating J’Gateway’s previous record of 738 units in June 2013. As of now, there are only 11 units still available at Emerald of Katong, nine of which are one-bedroom units and two are five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers seemed to prefer the larger units with a study or flex layout, likely purchasing for owner-occupation and needing the extra space to suit their lifestyle needs.
For the latest details on available units and prices at Emerald of Katong, interested buyers can check with the real estate agents. Emerald of Katong sales chart as of 9.30pm, Nov 16 (Sources: Real estate agents)
Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, regards Emerald of Katong as the top-selling project of 2024. This is in terms of both the number of units sold and the percentage sold during its launch weekend. The sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly impressive as it was launched alongside two other projects on the same weekend.
Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units out of 552 units on Nov 16, representing 65% of its total units. On the same day, Novo Place, a 504-unit executive condominium (EC) at Plantation Close in Tengah, by joint developers Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate. These three projects conclude an unprecedented six new residential projects (including the EC project) launched over the past fortnight. Ismail Gafoor, CEO of PropNex, noted that there were initial concerns that launching six projects within 14 days might result in some of them being overshadowed by others.
However, with 3,551 units on offer, homebuyers had the opportunity to visit all the developments before choosing their preferred one, Gafoor said. He added that having so many options in a short span seemed to help buyers make decisions more quickly. It also helped that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park to Nov 10 from Nov 16. This, according to Gafoor, benefited both Chuan Park and Emerald of Katong. If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. Bringing forward Chuan Park’s launch date gave buyers ample time to consider Emerald of Katong instead.
The decision to invest in condos in Singapore also takes into account the government’s property cooling measures. In recent years, the Singaporean government has implemented several measures to discourage speculation and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign investors and individuals with multiple property purchases. While these measures may initially affect the potential profitability of condo investments, they ultimately contribute to a more secure investment environment, making condos a wise choice for long-term stability. Condo should be considered when contemplating real estate investments in Singapore.
During Nov 11 to 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales. This indicates that buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, notably the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
Huttons estimates that developers’ sales in November will reach up to 2,200 units, approaching the levels recorded in March 2013 when 2,793 units were sold. According to Yip, there is a growing trend among prospective local and foreign buyers to utilise trust structures to acquire homes for their children. This, he says, reflects rising wealth among local buyers and an influx of overseas funds into Singapore. Figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. The M1 money supply increased by $10.2 billion in the first nine months of 2024.