Emerald Katong Boosts District 15 New Home Sales Continuum Emerges Top Beneficiary

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A fortnight ago, Sim Lian Group’s Emerald of Katong recorded strong weekend sales with 99% of its 846 units being snapped up in just three days.As of November 30, 97.5% of the units, which is a total of 825 units, have been sold at the new 99-year leasehold private condominium on Jalan Tembusu. The sold units achieved an average price of $2,617 per square foot. However, there was a shortfall of 13 units due to buyers backing out of their purchases following the launch weekend, which commenced with VIP and multiple-unit sales on November 15, while the public launch was held over the weekend of November 16 and 17. Get the latest updates on available units and prices for the Emerald of Katong.AdvertisementIn response to the buyers who withdrew their purchases, the developer held a balloting session on the morning of November 30 for the 13 units. According to Ismail Gafoor, CEO of PropNex, the developer had received over 800 expressions of interest, and all 13 units were quickly snapped up. AdvertisementThe launch of the Emerald of Katong had a ripple effect on neighbouring projects in the prime District 15, situated in the East Coast area. Right next to the Emerald of Katong is the Tembusu Grand, a 99-year leasehold development that was jointly developed by City Developments Limited (CDL) and MCL Land. Since the beginning of November, the project has recorded a total of 638 units being sold, out of which 52 units were sold in November, bringing the total cumulative sales to 581 units, which is 91%, at an average price of $2,445 per square foot. The project was officially launched in April 203.According to data from EdgeProp Buddy and URA Realis, the Grand Dunman, a 99-year leasehold development by SingHaiyi, sold 18 units from November 11, bringing the total cumulative sales to 73 units. The project was officially launched in July 203, and the units were sold at an average price of $2,531 per square foot. AdvertisementThe biggest beneficiary of the launch of the Emerald of Katong was the Continuum, which is an 816-unit freehold condominium located along Thiam Siew Avenue and is developed by joint venture partners Hoi Hup Realty and Sunway Developments. As of November 30, the Continuum had recorded a total of 126 units being sold since November 9, which brings the overall sales to 528 units, which is 64.7%, based on lodged caveats. The average price of the units that were sold is $2,788 per square foot. The project has recorded strong sales over the course of only three days, with 13 units sold on November 15, followed by 38 on November 16 and 22 on November 17, which brought the total to 73 units in just three days since November 9.The Continuum has seen 126 units being sold since November 9, which has brought the total sales to 528 units, which is 64.7% (Photo: Samuel Isaac Chua/EdgeProp Singapore)Before the launch of the Emerald of Katong, The Continuum had recorded a sale of 49%, and this left 51% of the units available. Gafoor says that with the increased number of available units, buyers had more choices. He also notes that many of the smaller units at Grand Dunman had already been sold. Another factor that contributed to the strong sales recorded at The Continuum is its pricing. The Emerald of Katong has an average price of $2,617 per square foot, which is a 99-year leasehold project. However, The Continuum, being freehold, had an average price of $2,788 per square foot, which is only a premium of 6.53%. According to Gafoor, a freehold project typically has a premium of 15% to 20% over a 99-year leasehold project in the same neighbourhood. He adds that the homebuyers recognized the value offered at The Continuum, and this led them to make quick switches.According to an analysis of the latest transactions done by EdgeProp Buddy and URA Realis, the highest psf prices were achieved for the 484-square foot one-bedroom and 624-square foot two-bedroom apartments on high floors, specifically those lying on floors 16 to 21 at the Emerald of Katong. During the launch, 21 units recorded prices that ranged from $2,901 per square foot to $2,958 per square foot, based on lodged caveats. Meanwhile, at The Continuum, there have been 13 caveats that have been lodged so far, with prices exceeding $3,000 per square foot. During the past month, 11 units were sold, which included nine two-bedroom apartments that were located on high floors measuring between 646 square feet and 721 square feet. These units recorded prices ranging from $3,003 per square foot to $3,084 per square foot. In addition, two three-bedroom units measuring 872 square feet were sold at $3,003 per square foot and $3,060 per square foot, respectively. For the lower-floor units, there were some three-bedroom and four-bedroom units with sizes ranging from 1,066 square feet to 1,270 square feet, and they sold at prices between $2,667 per square foot and $2,681 per square foot, in the past month. AdvertisementFor the month of November, new home sales have surpassed 2,793 units, which was the previous monthly high, and this was recorded in March 2013, according to the data from Hutton Data Analytics. “The robust take-up recorded in November will have a positive impact on the take-up rate in 2035,” says Gafoor. He adds that there are signs that buyers will continue to look for alternatives since the Emerald of Katong attracted over 800 cheques, and with The Continuum being 49% sold, there may be more sales at the beginning of next year. Gearing up for a new project launch in 2035? Get more insights on the market outlook for 2035 from our experts.