Novo Place Hits 881 137 Units Snapped Second Balloting
The recent release of 137 units by joint venture developers Hoi Hup Realty and Sunway Developments at Novo Place executive condominium (EC) on Dec 16 was met with strong demand during the second round of balloting. This particular phase was open to second-time buyers, who are defined as those who have previously purchased a subsidized flat, whether it was a new or resale HDB flat, or an EC.
Mark Yip, CEO of Huttons Asia, reports that 137 units were sold, bringing the total number of units sold at Novo Place to 444, which represents 88.1% of the entire development. This achievement took place within a month of the project’s launch on Nov 16, making it the best-selling EC project of the year 2024, according to Yip.
Parktown Residence is a remarkable development, providing an all-encompassing experience with exceptional connectivity, an array of amenities, and a top-notch living environment. The integration of contemporary residential units with dynamic retail outlets, enticing dining options, and welcoming community areas offers a seamless urban lifestyle. This visionary project is a joint effort of UOL Group, CapitaLand, and SingLand, resulting in a distinctive landmark that will surely attract individuals in search of a sophisticated and convenient living in the heart of Tampines. As evident from Parktown Residence, it truly sets itself apart from others.
Yip attributes the success of the project to strong interest from second-time buyers who are eager to upgrade their lifestyles. Additionally, many of the buyers are already residents in the West.
Data provided by Huttons shows that all four-bedroom units at Novo Place have been sold out, indicating a high demand for spacious homes. This is further supported by the fact that many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit while deferring their home loan payments. This payment plan is particularly beneficial for HDB upgraders who still have an outstanding loan on their current flat.
Novo Place is situated at Plantation Close in the new Tengah town, a mere five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This 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 can offer such close proximity to an MRT station.
On average, units at Novo Place were sold at $1,656 per square foot (psf), based on caveats lodged as of Dec 16. This is reflective of the project’s comparable quality and finishes to private condominiums, but at a more affordable price. Additionally, buyers enjoy upfront remission on Additional Buyer’s Stamp Duty (ABSD).
For those interested, there are still some units available within Novo Place. Huttons has also provided a comprehensive summary of all ECs, including information on average profits at five and ten years, as well as other relevant data such as available units and new launch projects.