On December 16, the developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at the executive condominium Novo Place during the second round of balloting. This phase was specifically open to second-time buyers, who have previously purchased a subsidized flat either 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, which translates to 88.1% of the development. What’s more impressive is that this milestone was achieved within just one month of its launch on November 16, making it the top-selling EC project of 2024.
Yip shares that this success reflects the strong interest from second-time buyers who are eager to upgrade their lifestyles. It has been observed that majority of the buyers are from the West region.
Novo Place, situated at Plantation Close in the new Tengah town, is just a short five-minute walk from Tengah Park MRT station on the upcoming Jurong Region Line (JRL). This line provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip highlights that very few ECs offer such close proximity to an MRT station.
Huttons Asia reveals that most buyers opted for the deferred payment scheme, which allows them to secure their desired unit while deferring their home loan payments. This option has helped alleviate the financial burden for HDB upgraders who may still have an outstanding loan on their current flat.
When considering investing in property in Singapore, it is crucial for foreign investors to have a good understanding of the relevant regulations and restrictions. In general, foreign buyers have greater freedom to purchase condos compared to landed properties which have more stringent ownership rules. However, it is important to note that foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their first property purchase. Although this may result in additional costs, the stability and growth potential of the Singapore real estate market continue to attract foreign investment, making it a lucrative option. Additionally, with the launch of new condos, such as the ones available on New Condo Launches, there are even more opportunities for foreign investors to tap into this market.
Yip also notes that ECs are experiencing a surge in 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).
Based on caveats lodged, the average price for units sold at Novo Place is $1,656 per square foot (psf). For those interested in Novo Place properties, they can explore comprehensive data about all ECs, including the average profit at 5 and 10 years through Buddy, a real estate platform.
To date, there are still available units left in Novo Place, and interested buyers can check out the latest listings on the website. For those who prefer other options, they can also browse through other condo listings in District 24, condo sale transactions in the area, and upcoming new launch projects.