Cdls Norwood Grand Achieves 84 Sales Average Price 2067 Psf

Singapore’s leading property developer City Developments Ltd (CDL) has announced a strong response to its latest project, Norwood Grand, with nearly 85% of units sold within the first two weekends of its launch. This sets a new price benchmark for the Woodlands area, as buyers continue to show confidence in the potential of the neighbourhood.CDL group CEO, Sherman Kwek, expressed his satisfaction with the sales results, attributing the strong take-up to the exciting growth prospects and transformation of the Woodlands area into a vibrant economic hub. He believes that Norwood Grand will appeal to buyers who value convenience and connectivity, and wish to be part of one of Singapore’s most promising districts.Out of the 348 units available at Norwood Grand, 292 units have been sold as of 6pm on Sunday, translating to 84% of the total units. The average price achieved was $2,067 psf, and almost all the buyers (99.7%) are Singaporeans and Permanent Residents (PRs) from China, India and Malaysia. According to CDL, this reflects the strong interest from local buyers in this development. The remaining 56 units available are the 4-bedroom premium units, which are the largest units in the development.The sales gallery of Norwood Grand has seen a steady stream of buyers over the past two weekends, with the majority of them being HDB upgraders in their 30s to early 40s who are looking for a new home for their own stay. This is unsurprising, given that around 4,200 HDB flats in Woodlands have reached their Minimum Occupation Period (MOP) since last year.Affordably priced units, combined with latent demand for new private condominiums in the Woodlands area, were the main factors driving the strong sales performance of Norwood Grand. Ismail Gafoor, CEO of PropNex, noted that the developer had priced the project competitively compared to other projects launched in the Outside Central Region (OCR) within the last two years, which were priced around $2,100 psf. Mark Yip, CEO of Huttons, believes that the prices set for Norwood Grand were at the “sweet spot” of $2 million and below, which made them attractive and hard to beat.The Woodlands area has not seen a new private condo launch in the past 12 years, making the location even more appealing to buyers who have grown up in the neighbourhood and wish to upgrade to a new home. The project’s proximity to public transportation, such as the Woodlands South MRT Station, also adds to its value. It is the closest condo to an MRT station in Woodlands, making it a highly desirable and convenient location for buyers.Norwood Grand’s popularity is also attributed to its location within a short walk to the upcoming Woodlands Regional Centre, the 70-ha Woodlands North Coast, an upcoming waterfront mixed-use business and lifestyle precinct, as well as the Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone. Huttons’ Yip noted that many buyers saw the potential for growth in these upcoming developments and took the opportunity to invest in Norwood Grand.Although the year is coming to an end, homebuyers are showing more confidence and optimism after the unexpected 50-basis-point interest rate cut by the US Federal Reserve in September, resulting in a rise in house-hunting activities. As a result, developers are capitalizing on this shift in market sentiment and are planning for a surge of new project launches towards the end of the year.Norwood Grand has been recognized as the best-selling project in 2024, with 84% of its units sold. This is a considerable achievement, given that no new private condo has been launched in the Woodlands area for more than a decade. CDL’s latest development has set a new benchmark for prices in the Woodlands area, signaling the high demand for quality homes in this promising district.

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