The new 99-year leasehold private condominium, Emerald of Katong, developed by Sim Lian Group, has seen brisk sales since its launch. As of November 30, caveats lodged show that 825 units (97.5%) have been sold, achieving an average price of $2,617 psf. The developer held a balloting session for the 13 units that were not taken up during the launch, and all have been sold.Since the launch of Emerald of Katong, neighbouring projects in the East Coast area of District 15 have also seen an increase in sales. Tembusu Grand, a 99-year leasehold development by City Developments Ltd (CDL) and MCL Land, recorded 52 units sold in November, bringing cumulative sales to 581 units or 91% to date.At the 1,008-unit Grand Dunman, also a 99-year leasehold project, 18 units were sold since Nov 11, bringing cumulative sales to 731 units or 72.5% to date. Another project to benefit from the launch of Emerald of Katong is The Continuum, an 816-unit freehold development by joint venture partners Hoi Hup Realty and Sunway Developments. A total of 126 units have been sold since Nov 9, bringing overall sales to 528 units or 64.7% to date, at an average price of $2,788 psf.The new home sales in November have already surpassed the previous peak set in March 2013, according to Hutton Data Analytics. The strong take-up in November is expected to boost new home sales in 2025 as well. The Emerald of Katong launch also saw the highest psf prices achieved for one-bedroom and two-bedroom units on high floors. The units fetched prices from $2,901 psf to $2,958 psf, based on caveats lodged. At The Continuum, 13 caveats have been lodged, with prices exceeding $3,000 psf.
Due to the limited land availability in Singapore, condos have become highly sought after. As a small island country with a fast-growing population, Singapore struggles to find enough land for development. As a result, strict land use policies have been implemented and the real estate market has become fiercely competitive, causing property prices to continuously rise. This has made investing in real estate, specifically condos, a profitable venture with the potential for capital appreciation. This demand has only been amplified with the addition of Singapore Projects, making the market even more attractive for investors.