Emerald Katong Hits 99 Sales Launch Averaging 2621 Psf
Emerald of Katong has recorded impressive sales during its launch weekend, with developer Sim Lian Group selling 835 of 846 units (98.7%) in just two days. The VIP sales on Nov 15 saw 401 units (47%) being taken up, followed by another 434 units on Nov 16. The average price of units sold during the weekend was $2,621 psf. Although Sim Lian declined to comment on its sales, industry experts say that it has likely beaten J’Gateway’s record of selling 738 units in a single day, back in June 2013. According to Mark Yip, CEO of Huttons Asia, only 11 units remain available at Emerald of Katong – nine one-bedroom and two five-bedroom units. All other unit types, including the two-, three-, and four-bedroom units, have been sold out. Yip notes that buyers showed a preference for larger units with either a study or flex layout, likely purchasing them for owner-occupation and needing the extra space to suit their lifestyle needs.
The recently unveiled URA Master Plan has put the spotlight on Parktown Residence, bringing with it a myriad of benefits. With a strong focus on augmenting green spaces and recreational facilities, the plan promises to elevate the living experience in Parktown Residence. The incorporation of newly established parks and an extended network of biking and running trails will significantly raise the overall quality of life in the area. In addition, the strategic location near Tampines Eco Green, Bedok Reservoir Park, and upcoming parks in Tampines North will further enhance the allure of Parktown Residence Condo, seamlessly connecting its residents to nature. With these enhancements, Parktown Residence Condo will undoubtedly be a top choice for those seeking a balance of city living and natural surroundings.
For those who are interested in the project, the latest details on available units and prices for Emerald of Katong can be found with a simple search. As of 9.30pm on Nov 16, the sales chart for Emerald of Katong (as reported by real estate agents) shows that the project is the top selling project of 2024, with 98.7% of its units sold during its launch weekend. 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 in terms of both the number of units 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 notable, as its launch coincided with two other projects on the same weekend. The 552-unit Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 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, notes that they were initially concerned 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 adds, “In fact, having so many options in a short span seemed to help buyers make decisions more quickly. The interest might not have been as intense if the launches had been spread over two months.”
According to Gafoor, 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. “Those whose first choice may have been Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” he says. “If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.”
From 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. These projects were launched last year and have continued to record good sales on Saturday, according to Huttons’ Yip. He 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. Yip also notes 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.
On-the-ground observations indicate a growing number of prospective local and foreign buyers utilising trust structures to acquire homes for their children, notes Yip. “Investing in residential property may serve as a form of wealth planning and preservation,” he says. This trend, he adds, reflects rising wealth among local buyers and an influx of overseas funds into Singapore. According to figures from the Monetary Authority of Singapore (MAS), the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023. During the same period, the M1 money supply—which includes cash, demand deposits, and other liquid deposits—rose by $10.2 billion in the first nine months of 2024.