Novo Place Ec Achieves 57 Sales Launch Day Average Price 1654 Psf
as buyers rush to beat new cooling measures
Novo Place, a 504-unit executive condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, saw strong demand as sales bookings began on Nov 16. According to Mark Yip, CEO of Huttons Asia, the EC sold 286 units, making up 57% of the total units, at an average price of $1,654 per square foot (psf).
Yip notes that the high take-up rate reflects the robust demand from buyers looking for an affordable private residential lifestyle. However, the take-up rate could have been even higher if not for the 30% quota for second-timer buyers. Yip suggests that the government consider increasing the quota for second-timers, as there is likely to be strong demand for them in the upcoming balloting in one month.
Out of the total units sold at Novo Place, 47% were bought by first-timers, while 53% were bought by second-timers. According to Ismail Gafoor, CEO of PropNex, the 30% quota set aside for second-timers was fully taken up by 1 pm on the launch day. However, second-timers will have another opportunity to purchase units when the quota is lifted in 30 days, allowing them to book units from Dec 16.
Of the units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme. This is because ECs are the only housing segment that offers a deferred payment scheme, which allows buyers to lock in their preferred unit first and service the loan later, easing the financial burden for HDB upgraders. Additionally, HDB upgraders buying a new EC are granted upfront remission on the Additional Buyer’s Stamp Duty (ABSD), allowing them to continue staying in their existing flat and selling it within six months of collecting the keys to their new EC unit.
Novo Place is located in Tengah’s Plantation district and is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line, which is expected to be completed by 2028. The project comprises seven 18-storey residential blocks with a unit mix of three- to four-bedroom plus-study units. Currently, the three-bedroom plus-study units are 97% sold, the four-bedroom units are fully sold, and the four-bedroom plus-study units are more than halfway sold. This demand is in line with HDB upgraders looking for more space and flexibility in terms of space use.
Novo Place is the second EC project launched this year, with the first being Lumina Grand, a 512-unit EC at Bukit Batok West Avenue 5 by City Developments Ltd, which was launched in January. To date, it is 84% sold at an average price of $1,510 psf. Eugene Lim, key executive officer of ERA Singapore, notes that with future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are in a more advantageous position.
Overall, it is expected that there will be a record number of six projects launching in November due to the year-end rush as buyers rush to beat the new cooling measures.
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