Novo Place Ec Achieves 57 Sales Launch Day Average Price 1654 Psf
Sales bookings for the 504-unit Novo Place commenced on the morning of November 16, with an impressive take-up rate of 57%, selling a total of 286 units at an average price of $1,654 per square foot (psf). Developed jointly by Hoi Hup Realty and Sunway Developments, this executive condo (EC) has proven to be highly attractive to buyers seeking an affordable private residential lifestyle. According to Mark Yip, CEO of Huttons Asia, “The take-up rate could have been even higher if not for the 30% quota set for second-timers.”
The split between first- and second-timer buyers was 47% and 53%, respectively. “The government may want to consider increasing the quota for second-timers,” Yip suggests. “The balloting for second-timers in one month is likely to see strong demand.”
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Second-timers are those who have previously purchased subsidized housing, either as a new or resale HDB flat or an Executive Condominium (EC). The 30% quota – equivalent to 151 units – set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day, says Ismail Gafoor, CEO of PropNex. However, he adds that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from December 16.
Of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons.
The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)
ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme lets them lock in their preferred unit first and service the loan later. “It eases the financial burden of HDB upgraders who still have an outstanding loan on their flat,” says Yip.
Another advantage of buying a new EC is that HDB upgraders are granted upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit,” adds Yip.
Located in Tengah’s Plantation district, Novo Place will be within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line. The station is expected to be completed by 2028.
Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psf
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The EC project comprises seven 18-storey residential blocks, and the unit mix comprises three- to four-bedroom plus-study units. The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. The four-bedroom plus-study units are more than half sold. The sales results are in line with demand from HDB upgraders who want a bigger space and greater flexibility in terms of space use, notes Huttons’ Yip.
Novo Place is the second EC project launched this year. The first, the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd, was launched in January. It is 84% sold to date, at an average price of $1,510 psf.
“With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” says Eugene Lim, key executive officer of ERA Singapore.
Covering an expansive area of 545,314 square feet, the Parktown Residence site at Tampines Avenue 11 is a 99-year leasehold development. The prime land, located at the heart of Tampines, has been earmarked for a versatile mixed-use project that will combine both residential and commercial spaces. Notably, the development will also feature a bus interchange, community club, and hawker centre, fully integrated to cater to the needs of the residents. The joint venture responsible for the project will see CapitaLand taking a 50% stake, while UOL and SingLand will collectively own the remaining 50%. To learn more about this exciting development, you can visit the Parktown Residence Showflat.
Last 10 transactions at Lumina Grand
Source: EdgeProp Buddy
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Bookings for the highly anticipated Novo Place, a 504-unit executive condo, opened on the morning of November 16th. Developed by Hoi Hup Realty and Sunway Developments, the project has already sold an impressive 286 units, equivalent to 57% of its total units, at an average price of $1,654 per square foot (psf).
Mark Yip, CEO of Huttons Asia, states that this is a strong take-up rate, showcasing robust demand from buyers searching for an affordable private residential lifestyle. However, Yip adds that the take-up rate could have been higher if it wasn’t for the 30% quota set for second-timers.
The split between first- and second-timer buyers was 47% and 53% respectively. Yip suggests that the government may want to consider increasing the quota for second-timers. He also predicts that the balloting for second-timers in one month will see a strong demand.
Second-timers are individuals who have previously purchased subsidized housing, either as a new or resale HDB flat or an Executive Condominium (EC). The 30% quota, equivalent to 151 units, set aside for second-timers at Novo Place was fully reached by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. Nonetheless, Gafoor states that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from December 16th.
Out of the 287 units that were sold at Novo Place, 76% of buyers chose the deferred payment scheme, while 24% opted for the normal payment scheme, according to Huttons. The project’s unit mix consists of three- to four-bedroom plus-study units, with the three-bedroom plus-study units being 97% sold and the four-bedroom units fully sold. The four-bedroom plus-study units are more than 50% sold. According to Huttons’ Yip, the sales results are in line with the demand from HDB upgraders who desire a larger space and more flexibility in terms of space use.
Novo Place is the second EC project launched this year, following the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd in January. It is currently 84% sold at an average price of $1,510 psf. Eugene Lim, key executive officer of ERA Singapore, states that current EC buyers are at an advantage with future EC launches expected to be priced higher due to rising land and construction costs.
Located in Tengah’s Plantation district, Novo Place is within walking distance to the upcoming Tengah Park MRT Station on the future Jurong Regional Line, which is estimated to be completed by 2028.
With its prime location, comprehensive unit mix, and attractive payment schemes, Novo Place has proven to be a highly sought-after project, with buyers eager to secure their preferred units.